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Canadian Firms Confident of US Recovery: TD CEO

Edmund Clark, TD Bank President and Chief Executive Officer
Source: queensu.ca
Edmund Clark, TD Bank President and Chief Executive Officer

Canadian businesses are starting to borrow again, because they have confidence in the US recovery, Ed Clark, CEO and president of TD Bank, told CNBC Thursday.

“All during the downturn we’ve taken market share and we took market share in Canada and in the United States, across all product categories,” said Clark, whose bank is the first of Canada’s top five to raise its dividend after the financial crisis.

The bank posted a first-quarter earnings increase of 18.5 percent, beating analyst expectations.

“But what’s been particularly pleasing is that the US economy seems to be getting a little bit of traction," he added, "and we’re getting very nice volume growth.”

Clark said the bank expects strong growth in 2011 and will make acquisitions only if they “fill a gap” or are strategically important.

One example, he said, was the bank’s acquisition last year of Chrysler Financial, which is an “asset-generating machine.”

He added that the bank would like to have a stronger presence in Florida.