- TD Bank's adjusted Q3 earnings reached C$2.77 per share, exceeding the average analyst estimate of C$2.47.
- TD's wholesale banking net income increased 87%, while its U.S. segment net income rose 41%.
- Canada's six largest banks all beat Bay Street profit estimates in Q3 despite trade tensions and geopolitical uncertainty.
- Canadian banks benefited from strong deal flow, higher trading income and a revival in IPO markets, but valuations are at their highest average forward multiple since 2010.
Quotes
“These results reflect three forces working together: diversified business model, strong client activity, and a favorable market backdrop”
“I feel very comfortable with the reserve we have ... the situation is still quite fluid; we have to look at the specifics of the tariffs, how long it lasts, the detail of (the government) responses”
“That's something that we're monitoring very carefully.”