TD Bank Group (TD.TO: Quote,TD: Quote) posted higher third-quarter reported net income of C$1.70 billion, compared with C$1.49 billion last year, and adjusted net income improved to C$1.82 billion, from C$1.64 billion a year ago.
Per share earnings for the recent quarter were C$1.78, an increase from C$1.58 in 2011. On an adjusted basis, per share earnings climbed to $1.91, from $1.75 in the comparable quarter last year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of C$1.84 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total revenue increased to C$5.84 billion, from C$5.38 billion in the prior-year quarter. Analysts estimated revenues of C$5.79 billion for the quarter.
The company said its quarterly results reflect strong retail and solid wholesale earnings. Ed Clark, Group President and Chief Executive said, "We're pleased to announce a dividend increase of 5 cents per common share and an increase in our payout range to 40-50% of adjusted earnings. This marks our second dividend increase this year and means that our fiscal 2012 dividend will increase by 11%, a big positive for our investors."
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by RTT Staff Writer
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