TD Bank posts $181M loss amid anti-money laundering probe charge
Global News
The third-quarter results included a $3.57-billion provision related to the investigations into TD Bank's anti-money laundering program in the U.S.
TD Bank Group reported a loss of $181 million in its latest quarter as it was hit by a charge related to ongoing U.S. investigations into its anti-money laundering program.
The big bank said Thursday its loss amounted to 14 cents per diluted share for the quarter ended July 31. The result compared with a profit of $2.88 billion or $1.53 per diluted share a year ago.
The third-quarter results included a $3.57-billion provision related to the investigations into the bank’s anti-money laundering program in the U.S.
On an adjusted basis, TD says it earned $2.05 per diluted share in its latest quarter compared with an adjusted profit of $1.95 per diluted share in the same quarter last year.
Revenue in the quarter totalled $14.18 billion, up from $12.91 billion a year ago.
The bank’s provision for credit losses amounted to $1.07 billion, up from $766 million in the same quarter last year.
“TD delivered record revenue and net income in Canadian personal and commercial banking, continued operating momentum in the U.S., and strong results across our markets-driven businesses,” TD chief executive Bharat Masrani said in a statement.
“We continued to invest in new and innovative capabilities and expanded our product offerings to better serve our customers and clients.”
