Toronto-Dominion Bank or the TD Bank of Canada, which is considered to be the second largest lender of the country, has been showing stronger stock points than ever. Aside from the fact that it has received multiple outperform rating from a lot of analysts, it has reported a good net income and revenue. The digits it reported are more than just enough to prove that the stock of Toronto-Dominion Bank is absolutely strong.
The stronger quarterly profit of the bank is triggered by the buoyant capital markets on the bank’s trading arm and investing banking and its gains at Canadian retail business, which is considered to be its core.
The second largest lender of Canada reported a net income of C$1.11 per share or total net income of C$2.1 billion for the third quarter of the year. Looking back, the Toronto-Dominion Bank only reported 79 Canadian cents per share or C$1.52 billion as its total net income for the previous year’s third quarter. Therefore, the net income for this quarter is up by $490 million since last year.
Despite the strong reports of TD Bank, Colleen Johnston, chief financial officer of the TD Bank, said that she is not expecting any dramatic change. She noted that she thinks TD bank will be staying on where it is right now for a while.