Article content

TORONTO — Toronto-Dominion Bank on Thursday reported second quarter results which were ahead of market expectations helped by a strong performance at its retail and investment banking businesses.

Canada’s second-biggest bank said earnings per share, excluding one-off items, rose to $1.34 in the quarter to April 30, from $1.20 in the same period the previous year. Analysts had on average forecast earnings of $1.24, according to Thomson Reuters I/B/E/S data.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or TD Bank boosts profit by 22 per cent to $2.5 billion Back to video

The bank also said that it had largely completed a review of its sales practices that it initiated after CBC News, Canada’s national broadcaster, reported in March that TD branch staffers had said they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge.

“We continue to believe that we do not have a widespread problem with people acting unethically in order to achieve sales goals,” Chief Executive Bharat Masrani said.

Net income rose to $2.5 billion in the quarter from $2.1 billion the previous year.

Net income at the bank’s Canadian retail business grew by 7 per cent to $1.6 billion, benefiting from record account balances in personal chequing accounts and strong growth in commercial loans and deposits.

© Thomson Reuters 2017