TD Bank reports lower profit, revenues in Q4 but raises dividend

TD Bank says its profit and revenues were lower year-over-year in its fourth fiscal quarter, missing analyst expectations, but it raised its quarterly dividend.

TD Bank Group reported its fourth-quarter profit fell compared with a year ago, but raised its dividend.

The bank says it will now pay a quarterly dividend of $1.02 per share, up from 96 cents.

The increased payment to shareholders came as TD said it earned $2.89 billion or $1.49 per diluted share for the quarter ended Oct. 31, down from a profit of $6.67 billion or $3.62 per diluted share a year earlier.

TD reported revenue totalled $13.12 billion, down from $15.56 billion in the same quarter last year, while its provision for credit losses amounted to $878 million, up from $617 million a year earlier.

On an adjusted basis, TD says it earned $1.83 per diluted share, down from an adjusted profit of $2.18 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.90 per share, according to estimates compiled by financial markets data firm Refinitiv.