Higher credit costs and lower interest rates cut into the profits of the U.S. operations of Toronto-Dominion Bank in the most recent quarter.

Toronto-Dominion's personal and commercial banking arm in the U.S. — which includes more than 1,000 branches along the East Coast under the names TD Banknorth and TD Bank — had net income of $107 million in the quarter ended Oct. 31, down 25% from the prior quarter and down 53% from a year earlier.

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