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As it expands its U.S. branches, Toronto-Dominion is hoping to sell more products to existing customers and to emulate its cross-selling success in its home country of Canada.
April 27 -
TD is investing in a massive brick-and-mortar expansion even as its U.S. competitors increasingly question the future of the traditional storefront.
April 5
Buoyed by strong revenue and loan growth, the U.S. operations of TD Bank Group in Toronto reported earnings of $358 million in the quarter that ended April 30, up 16% from the same period last year.
Overall, profits at the parent company of Toronto-Dominion Bank and TD Bank of Wilmington, Del., climbed 23% from the prior year, to $1.6 billion, while earnings per share rose 19%, to $1.78.
Ed Clark, the chief executive of the $773 billion-asset company, said that the growth was driven by increased loan volume in Canada and the U.S., as well as contributions from recently acquired credit card and automobile loan portfolios. He said that slowing loan growth, persistently low interest rates and "regulatory headwinds" will present challenges in the second half of the year, but that he still expects earnings per share to increase between 7% and 10%.
In the U.S., net interest income climbed 7.4% year over year, to nearly $1.2 billion, while noninterest income rose 28%, to $412 million. Noninterest income was aided by gains on sales of securities, which helped offset declines resulting from caps on interchange fees imposed late last year.
Revenue for the quarter increased 12% year over year, to $1.6 billion, which the company attributed to strong loan and deposit growth, securities gains and its acquisition last year of the finance company Chrysler Financial.
TD Bank ranks among the 10 largest banks in the U.S. with more than $200 billion of assets and more than 1,300 branches in 15 states and the District of Columbia.
