Canada’s TD Bank Financial Group, which provides services including wealth management, said its earnings per share stood at $1.29 in the three months to 31 July, a rise of almost 28 per cent from the same period a year ago.

On the wealth side of the business, net income excluding the firm’s reported investment in TD Ameritrade, was $117 million in the quarter, up 23 per cent from the same period last year, largely driven by fee revenue from higher client assets and an improved net interest margin.

TD Ameritrade contributed $62 million in earnings to the segment, a fall of 9 per cent from the same period last year, due to the impact of a stronger Canadian dollar which was partially offset by higher earnings, the Toronto-listed banking group said in a statement.

“This was a solid quarter for the wealth business. Our profit improved for the sixth quarter in a row and we continued to invest in our operations to ensure future growth,” said Bill Hatanaka, chief executive of TD Waterhouse. “However, we are cautious about the next several quarters, given the potential impact of a slowing US economy on the equity markets,” he said.

TDBFG’s Tier 1 capital ratio reached a record high of 12.5 per cent, up by 50 basis points from the previous quarter.