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TD Bank Group released its latest earnings report on Thursday, May 27, posting a three-digit year-over-year (YoY) profit rise and setting a higher benchmark for its peers. This surge came in the wake of significant improvement in its provisions for credit losses (PCL) and earnings per share.
TD reported a bottom line of C$ 3.7 billion for the second quarter of fiscal 2021, soaring as much as 144 per cent YoY.
The lender generated adjusted diluted earnings per share of C$ 2.04 in Q2 FY21 against that of C$ 0.8 in Q2 FY20. It also surpassed Bay Street analysts’ expectations on average.
TD’s revenue in the Canadian retail division saw an uptick to C$ 6.1 billion for the quarter, while its consolidated sum from Canadian residential mortgages was up nearly eight per cent YoY to C$ 216 billion.
The financial group will distribute C$ 0.79 a share for its fiscal third quarter of 2021.
TD may increase its dividends for the fourth quarter of fiscal 2021 if the central bank removes COVID-related restrictions before August. It has a current dividend yield of 3.558 per cent.
The key driver of TD’s record profit was its US retail banking division, where the bottom line zoomed 949 per cent YoY to C$1.1 billion due to the strong credit quality. Back home in Canada, its banking operations profit increased by 86 per cent YoY to C$ 2.2 billion for the quarter.
Robust TD Asset Management Operations
As of April 30, 2021, the financial group held assets under administration (AUA) of C$ 514 billion, a 27 per cent YoY rise, indicating appreciation in new assets. It reported assets under management (AUM) of C$ 397 billion at the end of the latest quarter, a 15 per cent increase YoY against its AUM a year ago.
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Let us glance at the blue-chip stock’s price movement:
Toronto-Dominion Bank (TSX:TD)
TD bank stock is up 23.5 per cent this year, and its one-year return stands at 48.5 per cent.
Its stock performance has beaten the S&P/TSX Diversified Banks Index in the past one year.
At Wednesday’s closing price of C$ 88.81 apiece, the financial stock was up 22.45 per cent against its 200-day simple moving average, indicating a bullish movement.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
