TD grows its first-quarter profit to $2.22 billion; raises dividend

TORONTO – TD Bank (TSX:TD) grew its first-quarter profit by roughly eight per cent to $2.22 billion on higher earnings from its Canadian and U.S. retail banking operations.

That’s up from the $2.06 billion that the bank reported during the first quarter of last year.

The earnings amounted to $1.17 per diluted share, up from $1.09 per share a year ago.

On an adjusted basis, TD earned $2.25 billion, or $1.18 per share, up from $2.12 billion, or $1.12 per share, during the same period last year.

Revenue for the quarter came to $8.61 billion, up from $7.61 billion a year ago.

TD also says its its quarterly dividend will rise by four cents, or eight per cent, to 55 cents per share — payable on April 30.