Toronto-Dominion Posts Downbeat Q4 Profit

The Toronto-Dominion Bank TD reported a downbeat profit for the fourth quarter. The bank's quarterly net income climbed to C$1.75 billion, or 91 Canadian cents per share, compared to C$1.62 billion, or 84 Canadian cents per share, in the year-ago period. Excluding special items, the bank earned 98 Canadian cents per share, versus analysts' estimates of C$1.05 per share. Canadian Retail posted net income of C$1.3 billion in the quarter, while U.S. Retail posted net income of US$462 million. Net income at its wholesale banking surged 31% to C$160 million. Its total revenue surged to C$7.45 billion from C$7.0 billion. "U.S. Retail continued to outgrow the industry in 2014," said Mike Pedersen , Group Head, U.S. Banking. "Despite a challenging operating and evolving regulatory environment, we had a good overall performance. Our fundamentals are solid going in to 2015, as we focus on deepening customer relationships, evolving our distribution strategy and increasing productivity." Toronto-Dominion Bank shares fell 0.70% to $49.70 in pre-market trading.