Find out how the banking giant fared in 2022’s third quarter
TD Bank Group reported that its net income for the third quarter was down year over year, coming in at $3.21 billion compared with $3.55 billion in Q3 2021, although the banking giant surpassed average analyst expectations on net interest income and overall profit.
Net interest income was up to $7.04 billion, a 17% jump, with analysts having estimated an average of $6.62 billion. Profit amounted to $2.09 per diluted share in Q3, higher than analysts’ average projected profit for the bank of $2.04 per diluted share.
The bank put away $351 million in provisions for credit losses, while it said its Canadian retail division had posted record revenue in Q3, “supported by continued momentum in banking and insurance volumes, rising interest rates, and growth in customer activity.”
Its net interest margin rose to 1.74% from 1.64% in Q2, meaning the difference between its loan earnings and expenses on deposit is expanding.
TD’s CEO Bharat Masrani pointed to several factors that fuelled the company’s performance during the third quarter.
“Continued business momentum, increased customer activity and the benefits of our deposit rich franchise contributed to TD’s strong performance in the third quarter,” Masrani said in prepared remarks accompanying the news release.
“Investments in talent and innovation, combined with our focus on prudent risk and financial management, strengthened our business and extended our competitive advantage.”
