(Toronto) TD Bank Group’s fourth-quarter profit tumbled this year compared to the same period in fiscal 2022.
The financial institution said it earned $2.89 billion, or $1.49 per diluted share, for the quarter ended October 31, down from earnings of $6.67 billion, or $3.62 per share. diluted, a year earlier.
TD Bank Group reported revenue totaling $13.12 billion, down from $15.56 billion in the same quarter last year. Provision for credit losses was $878 million, up from $617 million in the fourth quarter of 2022.
On an adjusted basis, TD says it earned $1.83 per diluted share, down from adjusted earnings of $2.18 per diluted share a year ago. Analysts on average had expected adjusted earnings of $1.90 per share, according to estimates compiled by financial markets data firm Refinitiv.
On the other hand, TD Bank Group announces that it will now pay a quarterly dividend of $1.02 per share, compared to $0.96 previously.
Company cited in this report: TD Bank Group (TSX: TD)
