TD Bank reports Q2 earnings of $2.02 per share

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Tap here to see other videos from our team. The earnings of TD came out to $2.02 per share in the three months ending April 30, compared to $2.04 reported in the second quarter last year. Bloomberg analysts had been expecting a profit of $1.93 a share. The Canadian retail branch saw a two per cent increase to $2.2 billion compared to the same quarter last year, although revenues were slightly offset by higher non-interest expenses, insurance costs and credit loss provisions. TD said that the momentum in this segment continued this quarter with record revenue in personal and commercial banking stemming from stronger customer activity and commercial lending growth. The US retail banking unit saw a four per cent increase in net income to approximately $1.4 billion compared to the second quarter last year. This segment saw higher revenue, but it was partially offset by higher provisions for credit losses.

TD Bank Group president and chief executive officer Bharat Masrani said in a press release that TD Bank Group president and chief executive officer Bharat Masrani reflects the strength of our diversified business model and customer-centric approach. As a gloomier macroeconomic forecast threatens to weigh on Canada's banking valuations, Masrani remained confident in TD's ability to weather the storm. As we continue to emerge from the COVID 19 pandemic, we face new economic uncertainties and growing geopolitical tensions, Masrani said. TD has proven its ability to adapt to changing circumstances and deliver performance and progress.