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TD Bank profit inches higher; stock split announced

Thursday, 5 Dec 2013 | 6:58 AM ET

TORONTO, Dec 5 (Reuters) - Toronto-Dominion Bank, Canada's second-biggest bank, said on Thursday that its quarterly profit rose 1.6 percent, missing expectations, and it announced a 2-for-1 stock split.

TD, which in addition to its Canadian retail bank operates a 1,300-branch network on the U.S. Eastern Seaboard, earned C$1.62 billion ($1.52 billion), or C$1.68 a share, in the fourth quarter ended Oct. 31. That compared with a year-earlier profit of C$1.60 billion, or C$1.66 a share.

Excluding a C$90 million restructuring charge, a C$59 million hit for amortization of intangibles, and other items, the bank earned C$1.90 a share, up from C$1.83. Analysts on average had expected C$1.99, according to Thomson Reuters I/B/E/S.

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