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TD Bank beats profit estimates, lifts dividend 13%

Published 12/02/2021, 06:56 AM
Updated 12/02/2021, 07:01 AM
© Reuters. FILE PHOTO: The Toronto-Dominion (TD) bank logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

© Reuters. FILE PHOTO: The Toronto-Dominion (TD) bank logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

(Reuters) - Toronto-Dominion Bank on Thursday beat analysts' estimates for quarterly profit, driven by growth across its U.S. and Canadian retail banking divisions, and raised its dividend by 13%.

Canada's second-largest lender said its adjusted net income rose to C$3.87 billion ($3.02 billion), or C$2.09, in the fourth quarter ended Oct. 31, from C$2.97 billion, or C$1.60 cents, a year earlier. Analysts on average had expected a profit of C$1.96 a share, according to IBES data from Refinitiv.

© Reuters. FILE PHOTO: The Toronto-Dominion (TD) bank logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

The bank also raised its dividend by 10 Canadian cents for the quarter ending Jan. 31, 2022 from 79 Canadian cents for each of the last six quarters.

($1 = 1.28 Canadian dollars)

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