TORONTO â€” TD Bank beat analyst expectations Thursday as it reported $2.53 billion of net income during the first quarter, up 13.9 per cent from $2.22 billion a year ago.
The earnings amounted to $1.32 per diluted share (TSX:TD), compared with $1.17 per diluted share during the first quarter of last year.
After adjustments, the bank had $1.33 of earnings per diluted share â€” better than the $1.27 that analyst estimated, according to data compiled by Thomson Reuters.
“We are pleased with our start to 2017,” president and CEO Bharat Masrani said in a statement.
“Our focus on organic growth, combined with favourable market conditions this quarter led to strong results in our retail and wholesale business segments on both sides of the border.”
Adjusted net income was $2.56 billion during the quarter, compared with $2.25 billion a year earlier.
TD also reported $9.12 billion of revenue during the quarter, up from $8.61 billion a year ago.
The bank says its quarterly dividend will rise by five cents to 60 cents per share, payable on May 1.
TD also announced plans to return capital to shareholders by buying back 15 million of its common shares.
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The Canadian Press