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Higher margins, volume growth drive Toronto-Dominion Bank fiscal Q2 profit

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Higher margins, volume growth drive Toronto-Dominion Bank fiscal Q2 profit

Toronto-Dominion Bank reported fiscal second-quarter net income attributable to common shareholders of C$2.85 billion, or C$1.54 per share. A year ago it was C$2.43 billion, or C$1.31 per share.

The S&P Capital IQ consensus estimate for normalized EPS for the fiscal second quarter was C$1.50.

Charges associated with the Scottrade transaction were $77 million, or $73 million after tax or 4 cents per share.

The bank's largest segment, Canadian retail, booked net income of C$1.83 billion, up 17% from a year ago. This reflects higher margins, good volume growth, and strong credit performance. The segment also saw increased trading volumes and assets under management in its wealth businesses. The U.S. retail segment also reported an increase in net income, by 16% to C$979 million. Net income of the wholesale banking segment was up 8% to C$267 million.

These were offset by a year-over-year increase in the a mortization of intangibles to $86 million from $78 million and the C$77 million charge associated with the Scottrade transaction.