Financial Results
Toronto Dominion's Wealth Group Logs 22 Per Cent Net Income Rise

Canada’s Toronto Dominion has reported that net income at its global wealth management arm – excluding TD’s investment in Ameritrade – rose by 22 per cent year-on-year to C$118 million in the three months to 31 October, driven by higher fees, wider interest margins and rising asset levels.
The latest quarter marked the seventh consecutive quarter of improved profit for the business, TD said in a statement yesterday.
Among other details, the firm said that TD Ameritrade contributed $33 million in earnings to the wealth segment, down by 44 per cent from the same period last year, due to lower earnings at TD Ameritrade and the currency translation effect of a stronger Canadian dollar.
“We see good momentum in the business and we remain competitive in attracting new client assets with our product and service offering,” said Mike Pedersen, group head, wealth management, direct channels and corporate shared services, TD. “I’m proud to be leading a business poised for growth.”
For Toronto Dominion as a whole, it reported a fall in diluted earnings per share of C$1.07 from C$1.12 a year ago. Adjusted diluted EPS was C$1.38, down from C$1.46.
There was an after-tax loss of C$4 million, due to the change in fair value of credit default swaps hedging the corporate loan book, net of provision for credit losses, compared with a loss of $19 million after tax in the fourth quarter last year.