Toronto-Dominion Bank reported fiscal first-quarter net income attributable to common shareholders of C$2.28 billion, or C$1.24 per share, lower than the year-ago profit of C$2.46 billion, or C$1.32 per share.
The S&P Capital IQ consensus normalized EPS estimate was C$1.46.
TD Bank recorded a C$453 million one-time net charge to earnings for the three months ended Jan. 31 as a result of the enactment of U.S. tax reform.
Total revenue for the recent quarter was C$9.36 billion, up from C$9.12 billion a year ago. The company's Canadian retail business reported net income of C$1.76 billion for the recent quarter, up 12% year over year. Net income for the U.S. retail business went up 19% to C$952 million.
Omaha, Neb.-based TD Ameritrade Holding Corp., which is partly owned by TD Bank, contributed C$147 million to the company's net income, up from the previous year's C$113 million.
Provision for credit losses was C$693 million in the fiscal first quarter, up from the linked quarter's C$578 million and the year-ago quarter's C$633 million.
The company also declared a dividend of 67 cents per share for the quarter ending April 30, up 7 cents from the previous dividend. The latest dividend is payable on and after April 30 to shareholders of record on April 10.
