TD Bank quarterly profit jumps on higher rates boost

BY Reuters | ECONOMIC | 12/01/22 06:37 AM EST

Dec 1 (Reuters) - Canada's TD Bank posted a surge in fourth-quarter profit on Thursday as gains from higher interest rates boosted its personal and commercial business and helped offset weakness in underwriting and capital markets.

Net income, excluding one-off items, rose to C$4.07 billion, or C$2.18 per share, for the three months ended Oct. 31, from C$3.87 billion, or C$2.09 per share, a year earlier. Analysts had expected C$2.09 a share, according to Refinitiv data.

Canada's second-largest lender reported overall net profit of C$6.67 billion, or C$3.62 per share, from C$3.78 billion, or C$2.04 per share, a year earlier. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj Kalluvila)

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