TD Bank Financial Earnings Drop By Thirty One Percent
The Business Review (Albany)– On Thursday, May 28, 2009, TD Bank Financial Group stated that as a result of its almost tripled loan-loss reserve and a substantial rise in non-interest expenditures, its net earnings for the last quarter slumped 31%.
It was the second quarter for the Toronto-based company that completed on April 30, 2009.
The net income of the company was 577 million Canadian dollars or US $517.7 million. In other words, it was 68 Canadian cents per share or 61 US cents, which is a drop from 841 million Canadian dollars or Canadian $1.12 per share at the time of the same quarter previous year.
The parent company of TD Bank is TD Bank Financial, which is the second biggest depositor in the Philadelphia area and the proprietor of the erstwhile Commerce Bank charter.
The company mentioned that it raised its loan-loss reserve for the second financial quarter to Canadian $656 million or US $588.6 million from Canadian $232 million at the time of the same quarter previous year. In addition, there was a 38% hike in non-interest expenditures to Canadian $3.05 billion or US $2.74 billion from Canadian $2.21 billion at the same time a year back.
Stated net income for operations in the US throughout the quarter was $618 million, a drop of 27% or $234 million in comparison to the second quarter previous year. However, adjusted net income for the second quarter was $1.09 billion, a growth of 12% or $116 million. The bank stated the growth in adjusted net income was as a result of increased income in personal banking, wholesale banking and commercial banking in the US, which was to some extent counterbalanced by reduced income from the wealth management division and higher loss in the corporate division.
Adjusted net income for US commercial and personal banking rose mostly due to revenue from Commerce Bank after its acquisition on 31st March, 2008.
Net earnings for US operations dropped by $94 million or 13% from the first quarter.
TD acquired Commerce Bancorp Incorporated based in Cherry Hill, NJ previous spring and renamed it as TD Bank. In Albany, NY region, it ranks as the seventh biggest bank that has $1.1 billion as deposits and 23 branches.
The foreign exchange impact on diluted adjusted earnings per share in Q1/09 was $0.08/share.
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