Profit amounted to 82 cents per diluted share for the quarter ended Jan. 31, down from $2.02 per diluted share in the same quarter last year
TORONTO — TD Bank Group reported a first-quarter profit of $1.58 billion, down from $3.73 billion a year earlier, as it took a number of one-time charges including the cost to settle a lawsuit related to the Stanford Financial Group Ponzi scheme.
TD said its latest quarter included a loss of $876 million in connection with the mitigation of the impact of interest rate volatility related to its deal to buy U.S. bank First Horizon Corp. and a $1.6-billion charge related to the Stanford litigation settlement. On an adjusted basis, TD says it earned $2.23 per diluted share, up from an adjusted profit of $2.08 per diluted share in its first quarter last year.
"TD had a strong start to 2023 with Canadian and U.S. retail businesses delivering robust revenue growth and record earnings, demonstrating the benefits of our diversified business mix," TD Bank Group chief executive Bharat Masrani said in a statement.
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