Topic: How To Invest

The Successful Investor Hotline – Friday, March 2, 2018

Article Excerpt

TORONTO-DOMINION BANK, $74.63, Toronto symbol TD, earned $2.95 billion in its fiscal 2018 first quarter, ended January 31, 2018. That’s a 17.3% rise over $2.56 billion a year earlier. Due to more shares outstanding, per-share earnings rose 15.2%, to $1.56 from $1.33. Those amounts exclude a one-time charge related to the new U.S. tax rules and other unusual items. On that basis, the latest earnings beat the consensus estimate of $1.46. Earnings from Canadian banking operations (58% of the total) rose 12.2%. That gain was due to strong demand for new loans from consumers and businesses, as well as higher interest rates. TD also saw strong growth at its wealth management operations. Earnings from U.S. banking (33%) jumped 28.0%. That’s largely because TD and 42%-owned TD Ameritrade Holding Corp. (Nasdaq symbol AMTD) recently acquired Scottrade Bank. That firm offers retail banking and discount brokerage services. Lower U.S. corporate taxes and higher interest rates also fuelled this division’s earnings. Profits from wholesale banking (9%) rose…