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TD Bank reports $3.11B third-quarter profit, up from $2.77B a year ago

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TORONTO — TD Bank Group says it earned nearly $3.11 billion in its latest quarter, up from $2.77 billion in the same quarter last year, boosted by growth in its U.S. business.

The bank says the profit amounted to $1.65 per diluted share for the three months ended July 31, up from $1.46 a year ago.

On an adjusted basis, TD says it earned $1.66 per diluted share, up from an adjusted profit of $1.51 per diluted share a year ago.

Analysts on average had expected TD to report a profit of $1.63 per share, according to Thomson Reuters Eikon.

TD’s Canadian retail business saw its profit grow seven per cent compared with a year ago, while its U.S. retail business saw its profit grow 27 per cent.

TD chief executive Bharat Masrani says the bank delivered strong earnings for the quarter and continued to invest in its key priorities.

“As we enter the final quarter of fiscal 2018, we are operating from a position of strength and are focused on accelerating investment in strategic initiatives,” Masrani said in a statement.

“While we continue to see pockets of market uncertainty stemming from the geo-political climate, both the Canadian and U.S. economies continue to perform well and support a positive outlook for our diversified businesses across the bank as we head into the final stretch of the year.”

Companies in this story: (TSX:TD)

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