TD Bank profit in U.S. surges 31% in third quarter

Toronto-Dominion Bank has closed out Big Six earnings season with a profit beat amid double-digit growth in the lender's stateside division.

TD's total fiscal third-quarter net income rose 12 per cent year-over-year to $3.1 billion. On an adjusted basis, the company earned $1.66 per share; analysts, on average, were expecting $1.63 in earnings per share.

The bank's core retail Canadian operations delivered the bulk of the profit, with net income rising seven per cent to $1.85 billion amid loan growth and higher net interest margins after recent interest rate hikes by the Bank of Canada.

But it was TD's U.S. division that delivered the strongest growth, with adjusted net income surging 31 per cent to US$891 million.

TD has 1,246 branches and almost 27,000 full-time employees in the United States, compared with 1,108 branches and almost 39,000 full-time employees in Canada.

"While we continue to see pockets of market uncertainty stemming from the geopolitical climate, both the Canadian and U.S. economies continue to perform well and support a positive outlook for our diversified businesses across the bank as we head into the final stretch of the year," said TD CEO Bharat Masrani in a release.