W. Edmund Clark, the president and chief executive of Toronto-Dominion Bank, on Tuesday said the down economy should not keep his Toronto-based bank from continuing to grow profits in the U.S.
U.S. borrowers are getting stronger, he said, and Toronto-Dominion sees an opportunity to offer more mortgages and financial advice to its four million U.S. debit card holders.
Toronto-Dominion U.S. profits were up 24% year-over-year to $1.5 billion in the fiscal year ended Oct. 31.
Clark’s relatively upbeat forecast contrasted with an announcement from another foreign bank heavily active in the U.S. on Tuesday. Spain’s Banco Bilbao Vizcaya Argenteria said that it would take a goodwill impairment charge of roughly $1.3 billion on its U.S. unit in the fourth quarter due to the uncertain economy.