TD reports 17% profit rise

By Steve Randall
The last of Canada's big banks to report quarterly earnings, Toronto-Dominion Bank, has seen third quarter profit rise 17% from the same period of a year earlier, to $2.77 billion.

TD saw its Canadian retail banking business jump 14% to $1.73 billion of net income.

Reported diluted earnings per share were $4.08 compared with $3.47 in the third quarter of 2016.

Provisions for credit loss increased to $505 million from $500 million in the previous quarter, but down from $556 million a year earlier.

"This was a great quarter for TD reflecting impressive earnings and revenue growth, better credit performance across all our businesses, and lower insurance claims," said Bharat Masrani, Group President and Chief Executive Officer.

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