President Donald Trump<\/a>‘s tariffs sparked fears of a trade war across North America.<\/p>\nCanadian banks had built higher provisions fearing a macroeconomic slowdown, anticipating defaults on commercial loans, credit cards, and mortgages.<\/p>\n
TD’s provision for credit losses was C$971 million ($702.76 million) in the reported period, down from C$1.34 billion in the previous quarter. The lender had set aside C$1.07 billion for rainy day funds last year.<\/p>\n
TD’s shares have rallied over 37% so far this year, as of last close, eclipsing double-digit rallies by the rest of the big six Canadian banks.<\/p>\n
The rally in TD’s shares follows a tumultuous 2024 – when it agreed to pay over $3 billion in penalties to U.S. regulators for money laundering charges – ending the year down 10.6%.<\/p>\n
The penalty also sparked a broader makeover to comply with the U.S. government-ordered anti-money laundering remediation program. In July, the bank named independent director John MacIntyre as the new chair of its board.<\/p>\n
Earlier this week, peers Bank of Montreal, Bank of Nova Scotia, and Royal Bank of Canada beat third-quarter earnings estimates on smaller-than-expected loan loss provisions.<\/p>\n
On an adjusted basis, the second largest Canadian bank reported a profit of C$3.87 billion, or C$2.20 per share, for the quarter ended July 31, compared with C$3.65 billion, or C$2.05 per share, a year earlier.<\/p>\n
($1 = 1.3817 Canadian dollars)<\/p>\n
(Reporting by Ateev Bhandari in Bengaluru; Editing by Shailesh Kuber)<\/p>\n","protected":false},"excerpt":{"rendered":"(Reuters) -TD Bank reported a rise in third-quarter profit on Thursday, as the Canadian lender built lower cash…\n","protected":false},"author":2,"featured_media":103069,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49,48,59319,59320,31327,1376,59321,44,3916,55204,57010],"class_list":["post-103068","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-ca","tag-canada","tag-canadian-banks","tag-canadian-lender","tag-cash-reserves","tag-donald-trump","tag-loan-loss-provisions","tag-news","tag-royal-bank-of-canada","tag-td-bank","tag-third-quarter-profit"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/103068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=103068"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/103068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/103069"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=103068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=103068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=103068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}