TORONTO-DOMINION BANK $81 (Toronto symbol TD; Conservative Growth Portfolio, Finance sector; Shares outstanding: 922.1 million; Market cap: $74.7 billion; Price-to-sales ratio: 2.4; Dividend yield: 4.0%; TSINetwork Rating: Above Average; www.td.com) is Canada’s second-largest bank, with $826.4 billion of assets.
In the three months ended April 30, 2013, TD’s earnings rose 5.8%, to $1.8 billion from $1.7 billion a year earlier. Because of more shares outstanding, earnings per share rose 4.4%, to $1.90 from $1.82.
Revenue increased 4.3%, to $6.0 billion from $5.75 billion. Revenue at TD’s Canadian retail banking division (which supplies 44% of the bank’s overall revenue) rose 1.5%, as its credit card holders spent more and demand rises for home mortgages and car loans.
The U.S. banking division (28% of the total) saw its revenue rise 9.5%. That’s mainly because TD recently purchased retailer Target Corp.’s (New York symbol TGT) U.S. credit card portfolio. TD will also become the exclusive issuer of Targetbranded cards in the U.S. under a new seven-year deal.
The wealth management and insurance division’s revenue (18%) rose 4.1%. A 10% rise in the value of assets under administration helped offset lost revenue from the bank’s U.S. insurance business, which it sold in 2012. Securities-trading revenue (10%) rose 5.8% on more transactions.
The bank set aside $417 million in the quarter to cover potential bad loans, up 7.5% from $388 million a year earlier. Even so, bad loans as a percentage of TD’s total loans fell to 0.49% from 0.51%.
TD will likely earn $7.86 a share in 2013. The stock trades at 10.3 times that estimate. The $3.24 dividend yields 4.0%.
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