Toronto-Dominion Bank saw its expenses and provisions for credit losses rise in the third quarter, another signal that borrowers are feeling squeezed by aggressive rate hikes.
The Canadian bank set aside C$766 million for troubled loans in the quarter ended July 31, about 4% more than analysts had projected. Non-interest expenses were up 24% over the previous year.
“TD delivered strong revenue growth in the quarter and demonstrated the value of its diversified business mix in a challenging economic environment,” Chief Executive Officer Bharat Masrani said in a statement Thursday. The deal’s collapse left the bank with a much fatter capital cushion than its rivals. Its common equity tier 1 capital ratio, barometer of financial strength, clocked in at 15.2% as of July. That’s far above the regulatory minimum and has raised questions about how Toronto-Dominion will deploy that capital — and where it will find growth.
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