TD Bank reports $4.6B Q3 profit, up from $3.3B a year ago, revenue also up

TD Bank Group announced a 2023 third-quarter profit of $4.62 billion, a significant increase from $3.34 billion in the same period last year. The company's Canadian businesses and wholesale banking units were key contributors to the higher earnings. The profit translated to $2.74 per diluted share, up from $1.89 per share in the previous year.

Adjusted earnings were $2.77 per diluted share, an improvement from $2.20 per share in the prior quarter. Revenue for the quarter reached $16.89 billion, up from $15.30 billion a year earlier. Despite a $917 million provision for credit losses, which was a decrease from $971 million in the same quarter last year, TD Bank Group exceeded analysts' expectations of $2.47 per share in profit and $15.28 billion in revenue.