November 29, 2018 / 11:47 AM / 15 days ago

Canada's Toronto-Dominion Bank quarterly earnings up 20 percent

Picture taken March 16, 2017. The Toronto Dominion (TD) Canada Trust Tower is reflected in the windows of the Royal Bank of Canada (RBC) headquarters in Toronto, Ontario, Canada March 16, 2017. REUTERS/Chris Helgren

TORONTO (Reuters) - Canada’s Toronto-Dominion Bank (TD.TO) reported on Thursday a 20 percent rise in fourth-quarter earnings, marginally ahead of analysts’ expectations, helped by strong growth at its U.S. retail business.

TD said earnings per share, excluding one-off items, rose to C$1.63 in the quarter ended Oct. 31, compared with C$1.36 a year ago. Analysts had, on average, forecast earnings of C$1.62, according to IBES data from Refinitiv.

Canada’s second biggest lender by market value, which has substantial operations in the United States, said net income, excluding one-off items, rose by 17 percent to C$3.05 billion during the period.

The bank’s Canadian retail business grew net income by 5 percent to C$1.74 billion, helped by gaining market share in mortgages. Its U.S. retail business saw a 44 percent increase in net income to C$1.14 billion, reflecting higher margins resulting from interest rate hikes and beneficial tax reforms.

For the full year, TD reported net income of C$12.2 billion, up 15 percent on the year before.

Reporting by Matt Scuffham; Editing by Kirsten Donovan and Edmund Blair

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