The bank closed out the Big Six's first-quarter earnings announcements
Toronto-Dominion Bank reported adjusted net income of $4.15 billion for 2023’s first quarter compared with $3.83 billion the same time last year, with adjusted diluted earnings per share rising to $2.23 from the Q1 2022 figure of $2.08.
Reported earnings of $1.6 billion were 58% lower than the first quarter of last year, although adjusted earnings were up by 8% – driven by strong revenue growth in its Canadian personal and commercial banking, which took in $4.59 billion (17% higher than last year).
TD’s US retail bank also saw net income surge in the first quarter, increasing by 25% to $1.59 billion on a year-over-year basis, with reported net income including charges related to the acquisition and integration of First Horizon Corporation.
On the wealth management and insurance side, TD said a 14% decrease to $550 million was due to difficult market conditions, while wholesale banking also reported lower net income than in Q1 2022 - $331 million, down by 24%.
Bharat Masrani, TD’s president and CEO, described the bank’s Q1 performance as a “strong start to 2023” and highlighted the recent close of its deal for New York-based investment bank Cowen Inc.
