May 23, 2024 10:14 GMT
TD Bank: Revenue Positive, Credit Solid, Restructuring Means Profit Miss
FINANCIALS
TD Bank (TD: A1/A/AA-) results headlines looks like revenues slightly better, capital and credit losses broadly inline but larger restructuring costs meaning a pre-tax profit miss (CAD3.1bn vs. 4.0bn est). Mgmt claiming underlying beat:
- TD BANK 2Q ADJ EPS C$2.04, EST. C$1.85
- TD BANK 2Q PROVISION FOR CREDIT LOSSES C$1.07B, EST. C$1B
- TD BANK 2Q CET1 RATIO 13.4%, EST. 13.5%
- Toronto-Dominion Bank 2Q Rev C$13.82B >TD (cons: 13.60bn)
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