UPDATE: Toronto-Dominion Bank Q1 Earnings Meet Estimates

reported in-line earnings for the first quarter and raised its dividend. TD Bank posted quarterly earnings of 2.06 billion Canadian dollars ($1.66 billion), or C$1.09 per share, versus C$2.04 billion, or C$1.07 per share, in the year-ago period. Excluding items, the bank earned C$2.12 billion, or C$1.12 per share, versus analysts' estimates of C$1.12 per share. Net income at Canadian retail rose 8% to C$1.4 billion in the first quarter, while U.S. retail posted a net income of US$536 million. Net income at wholesale banking declined 17% to C$192 million in the quarter. TD Bank announced its plans to lift its dividend by 9% to 51 Canadian cents per share. "We are pleased with our start to 2015, with adjusted earnings of $2.1 billion , up 5% from the same quarter last year," said Bharat Masrani, Group President and Chief Executive Officer. "Our results reflect strong retail earnings on both sides of the border and strong fundamentals." TD Bank shares gained 1.88% to close at $43.44 yesterday.