UPDATE: Toronto-Dominion Bank Posts Upbeat Q1 Profit, Raises Dividend

Toronto-Dominion Bank

posted a drop in its first-quarter profit. TD raised its quarterly dividend to 72 Canadian cents per share. TD posted its quarterly earnings at C$1.48 billion, or C$1.55 per share, versus C$1.56 billion, or C$1.67 per share, in the year-ago period. Its adjusted earnings rose to C$1.76 billion, or C$1.86 per share, versus C$1.62 billion, or C$1.73 per share. Analysts were expecting earnings of C$1.76 per share. TD's loan-loss provisions dropped to C$404 million from C$421 million. TD shares closed at $81.52 yesterday.