Excluding one-time items, Toronto-Dominion Bank reported earnings per share of $2.23 in the first quarter, compared with analysts’ expectations of $2.19
reported first-quarter profit that beat analyst expectations as the it benefited from wider lending margins even after it set aside more money than anticipated for potentially sour loans.
The bank’s earnings for the quarter were affected by three large, unusual items. It took a previously announced legal provision of $1.6-billion tofrom investors accusing it of contributing to one of the world’s largest Ponzi schemes by former Texas billionaire Allen Stanford. The bank denies any allegations of liability.
“TD is fully committed to the transaction and we are in discussions with First Horizon about a potential further extension beyond May 27th,” Mr. Masrani said in a statement. “This is a great transaction that offers scale and new capabilities for the U.S. bank.”Toronto-Dominion Bank is the final lender of the Big Six banks to report first quarter earnings.
Profit from Canadian personal and commercial banking was $1.73-billion, an increase of 7 per cent from a year earlier, on higher lending margins.
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