LONDON, UK / ACCESSWIRE / September 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Toronto-Dominion Bank (NYSE: TD, which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TD, following the Company's release of its financial results on August 31, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Toronto, Ontario-based bank's quarterly total revenue and adjusted EPS rose 7% and 19% y-o-y, respectively. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
During the quarter ended on July 31, 2017, Toronto-Dominion Bank's total revenues came in at C$9.29 billion, up from C$8.70 billion in the year-ago same quarter. The Company's net interest income increased to C$5.27 billion in Q3 FY17 from C$4.92 billion in Q3 FY16. Furthermore, non-interest income grew to $4.02 billion during Q3 FY17 from $3.78 billion in Q3 FY16.
The retail and wholesale bank reported net income of C$2.77 billion, or C$1.46 per diluted share, in Q3 FY17, which came in above C$2.36 billion, or C$1.24 per diluted share, in Q3 FY16. Adjusted net income was C$2.87 billion, or C$1.51 per diluted share, for the reported quarter versus C$2.42 billion, or C$1.27 per diluted share, in the year-ago corresponding period.
Performance Metrics
In Q3 FY17, Toronto-Dominion Bank's adjusted return on common equity grew to 16.1% from 14.5% reported in the year-ago same quarter. The bank's adjusted efficiency ratio was 51.4% in Q3 FY17 compared to 52.6% in Q3 FY16. The bank's adjusted net interest margin on average earning assets for the reported quarter stood at 1.94% compared to 1.98% in Q3 FY16.
As on July 31, 2017, the bank's common equity tier 1 ratio was 11.0% compared to 10.4% as on July 31, 2016. The Company's tier 1 capital ratio stood at 12.8% as on July 31, 2017, compared to 11.9% as on July 31, 2016. Total capital ratio stood at 15.6% on July 31, 2017, versus 14.6% as on July 31, 2016, Furthermore, leverage ratio came in at 4.1% as on July 31, 2017, compared to 3.8% on July 31, 2016.
Toronto-Dominion Bank's Segment Performance
For the reported period, Canadian Retail segment's total revenues grew to C$5.33 billion from C$5.14 billion in Q3 FY16. The segment's net income also increased to C$1.73 billion in Q3 FY17 from C$1.51 billion in the last year's comparable quarter.
The US Retail segment's total revenue stood at C$2.64 billion in Q3 FY17 compared to C$2.35 billion in Q3 FY16. During the reported quarter, the segment recorded net income of C$901 million, which came in above the C$788 million recorded in Q3 FY16.
In Q3 FY17, the Wholesale Banking segment's revenue was C$902 million compared to C$859 million in Q3 FY16. In the reported quarter, net income was C$293 million, up from C$302 million in Q3 FY16.
The Corporate segment reported net loss of C$150 million in Q3 FY17 versus net loss of from C$241 million in Q3 FY16. Furthermore, the segment's adjusted net loss stood at C$54 million for Q3 FY17 compared to adjusted net loss of C$183 million in Q3 FY16.
Dividend
In a separate press release on August 31, 2017, Toronto-Dominion Bank's Board of Directors declared a quarterly dividend of C$0.60 per common share. The dividend is payable on and after October 31, 2017, to shareholders of record at the close of business on October 06, 2017.
Acquisition
On September 18, 2017, Toronto-Dominion Bank announced the acquisition and merger of Scottrade Bank for cash consideration equal to approximately US$1.4 billion. The Company also informed that it had completed the previously announced acquisition of Scottrade Financial Services Inc.
Stock Performance
Toronto-Dominion Bank's share price finished yesterday's trading session at $55.95, slightly advancing 0.65%. A total volume of 1.03 million shares have exchanged hands. The Company's stock price surged 13.44% in the last three months, 14.18% in the past six months, and 26.73% in the previous twelve months. Additionally, the stock rallied 13.40% since the start of the year. Shares of the Company have a PE ratio of 12.88 and have a dividend yield of 3.43%. The stock currently has a market cap of $103.35 billion.
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SOURCE: Pro-Trader Daily