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Anita BalakrishnanCanadian Press
TD Bank Group topped expectations as it reported its first-quarter profit rose 10% compared with a year ago.
Yet the bank’s Toronto-listed shares fell about 2.5% in midday trading Thursday, after fellow Canadian banks this week also reported better-than-expected earnings growth.
“TD did not benefit from capital markets, wealth management and cost controls to the same degree as its peers,” wrote Barclays analyst John Aiken in a research note.
“What stood out in the quarter from our perspective was the ongoing struggles in its U.S. retail banking platform.”
TD said its wealth management business saw higher transaction and fee-based revenue in Canada, while there was also strong mortgage originations and chequing account growth. Climbing premiums, insurance sales and uptake in digital term life applications lifted the insurance business, the bank said.
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