Improved earnings from retail operations on both sides of the border contributed to a 7.9% revenue boost for this bank during the most-recent quarter.
A key wealth management acquisition is also set to add to its revenue and help support its annual dividend increases.
The bank has increased that payment an average 9.5% annually over the last 5 years.
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TORONTO-DOMINION BANK, (Toronto symbol TD; www.td.com)) gets 56% of its earnings from its Canadian retail business. The U.S. supplies a further 35%, and the remaining 9% comes from securities trading and investment banking services.
The bank recently paid $817 million for Regina-based wealth management firm Greystone Managed Investments. As a result, TD is now Canada’s largest wealth management firm.
If you exclude costs related to that purchase and other unusual items, the bank earned $3.27 billion in its fiscal 2019 second quarter, ended April 30, 2019. That’s up 6.7% from $3.06 billion a year earlier. Due to fewer shares outstanding, per-share earnings rose 8.0%, to $1.75 from $1.62. That beat the consensus estimate of $1.68.
Earnings from Canadian retail banking operations (56% of the total) rose 2.4% due to higher interest rates as well as strong demand for new loans from consumers and businesses. Earnings for the U.S. business (37%) jumped 20.1% in the quarter. That’s largely because higher interest rates and better earnings at the bank’s 42%-owned discount brokerage, TD Ameritrade Holding Corp. (Nasdaq symbol AMTD).
However, earnings at the Wholesale division (7%) fell 17.2% as new investments in its operations offset higher underwriting revenue.
Value Stocks: Revenues are up and so is the dividend
TD’s provisions for bad loans rose 13.8% in the quarter, to $633 million from $556 million a year earlier, partly due to the Greystone acquisition. Revenue rose 7.9%, to $10.23 billion from $9.48 billion.
TD now announces dividend increases annually instead of two or more times per year. It raised its quarterly dividend with the April 2019 payment. Shareholders now receive $0.74 a share, up 10.3.8% from $0.67. The new annual rate of $2.96 yields 3.8%.
The bank’s dividend has now increased an average of 9.5% annually over the last 5 years.
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