TD Bank has reported adjusted net income of C$3.79 billion for the second quarter of 2024, outperforming analyst predictions of C$1.85 per share. This Canadian banking giant's results were bolstered by its solid performance in domestic operations, as noted by Reuters.
A key aspect of the report was the significant increase in loan loss provisions, which rose to C$1.07 billion, up from C$599 million in the same period last year. Meanwhile, the U.S. operations encountered hurdles, largely due to ongoing investigations into their anti-money laundering practices, resulting in a 58% drop in U.S. earnings.
Domestically, TD Bank experienced a 7% rise in net income thanks to loan growth and new account openings, partly fueled by a partnership with HDFC Bank of India. Despite concerns over U.S. tariffs, the bank's overall performance has proven resilient, demonstrating strength particularly in its Canadian market operations.
