Reports

Wealth Management Surge Boosts Canadian Bank

Nick Parmee 24 August 2007

Wealth Management Surge Boosts Canadian Bank

At Canadian Toronto Dominion Bank, wealth management, including the bank’s equity share of TD Ameritrade, delivered a strong third quarter with a 22 per cent increase in earnings compared with the third quarter of last year. In Canada, the quarter saw continued earnings momentum from TD Mutual Funds and the advice-based businesses, driven by increased volumes and sales, as well as good results in discount brokerage. The third quarter also saw growth in client assets and continued progress on adding to the Canadian network of advisors. TD Ameritrade contributed C$59 million ($56 million) in net income to the bank’s wealth management segment, including record client assets under management and strong levels of both new account openings and client trades per day. Overall, third quarter profit rose to C$1.1 billion from a year-earlier C$796 million.

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