TORONTO — TD Bank Group beat expectations as it reported a fourth-quarter profit of $3.8 billion and raised its quarterly dividend by 13 per cent.
The bank says it will now pay a quarterly dividend of 89 cents per share, up from 79 cents per share. TD also says it plans to buy back up to 50 million of its shares.
The decision comes after the federal banking regulator lifted restrictions last month on dividend increases, share buybacks and increases in executive compensation that were put in place at the start of the pandemic.
TD says its profit amounted to $2.04 per diluted share for the quarter ended Oct. 31 compared with a profit of $5.1 billion or $2.80 per diluted share a year ago when its results were boosted by a gain on the sale of its investment in TD Ameritrade. Revenue totalled $10.9 billion, up from $10.7 billion.
On an adjusted basis, TD says it earned $2.09 per diluted share, up from an adjusted profit of $1.60 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.96 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Dec. 2, 2021.
Companies in this story: (TSX:TD)
The Canadian Press