Latest news with #Toronto-Dominion
Yahoo
26-05-2025
- Business
- Yahoo
TD's High Costs Hurt Q2 Results, Restructuring Plan Revealed, Stock Up
Shares of Toronto-Dominion Bank TD have risen 4.5% on the NYSE since the unveiling of its restructuring program to boost efficiency last week. Further, the company announced its second-quarter fiscal 2025 (ended April 30) company's quarterly adjusted net income of C$3.6 billion ($2.63 billion) fell 4.3% year over provisions for credit losses and expenses acted as undermining factors. Also, lower loan balances were another negative. Nonetheless, growth in net interest income ('NII') and non-interest income was positive. Adjusted revenues were C$15.1 billion ($11.02 billion), increasing 9% year over grew 8.8% year over year to C$8.13 billion ($5.91 billion). Non-interest income of C$14.81 billion ($10.78 billion) jumped 133.1%.Adjusted non-interest expenses rose 11.6% to C$7.91 billion ($5.76 billion).The adjusted efficiency ratio was 57.6 as of April 30, 2025, up from 56.1 recorded in the prior-year the reported quarter, Toronto-Dominion recorded a provision for credit losses of C$1.34 billion ($0.98 billion), which surged 25.2% from the year-ago quarter. Total assets were C$2.06 trillion ($1.5 trillion) as of April 30, 2024, down 1.4% loans declined 3% from the fiscal first quarter to C$936.4 billion ($681.6 billion) and deposits fell 1.8% to C$1.27 trillion ($0.9 trillion).As of April 30, 2025, the common equity Tier I capital ratio was 14.9, up from 13.4 as of April 30, 2024. The total capital ratio was 18.5 compared with the prior-year quarter's 17.1. TD unveiled a restructuring program to mitigate costs, which included the reduction of roughly 2% of its workforce. The bank will incur approximately C$700 million ($505 million) on a pre-tax basis to implement the plan over the next the bank anticipates pre-tax savings of about C$100 million in fiscal 2025 and annual savings of up to C$650 million beyond that. Moreover, the bank will present its revised strategy and financial targets in the Investor Day presentation on Sept. 29, 2025. Supported by a diverse geographical presence, Toronto-Dominion's efforts toward improving revenues and market share seem impressive. Relatively high interest rates, restructuring efforts and decent loan demand will also likely aid its concerns related to tough regulatory requirements following the settlement of the AML probe are expected to weigh on its financials. Further, weakening asset quality due to an uncertain macroeconomic backdrop is a headwind. Toronto Dominion Bank (The) price-consensus-eps-surprise-chart | Toronto Dominion Bank (The) Quote TD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. HSBC Holdings HSBC reported first-quarter 2025 pre-tax profit of $9.48 billion, which declined 25% from the prior-year quarter. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)HSBC's results were affected by a fall in revenues, higher expected credit losses and other credit impairment charges, partially offset by a fall in Bank DB reported first-quarter 2025 earnings attributable to its shareholders of €1.78 billion ($2.01 billion), up 39.2% year over results were aided by a rise in revenues and lower expenses. However, higher provision for credit losses was a spoilsport. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Deutsche Bank Aktiengesellschaft (DB) : Free Stock Analysis Report Toronto Dominion Bank (The) (TD) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
22-05-2025
- Business
- Yahoo
Toronto-Dominion Bank (TD) Tops Q2 Earnings and Revenue Estimates
Toronto-Dominion Bank (TD) came out with quarterly earnings of $1.39 per share, beating the Zacks Consensus Estimate of $1.25 per share. This compares to earnings of $1.50 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.20%. A quarter ago, it was expected that this retail and wholesale bank would post earnings of $1.38 per share when it actually produced earnings of $1.39, delivering a surprise of 0.72%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Toronto-Dominion , which belongs to the Zacks Banks - Foreign industry, posted revenues of $16.14 billion for the quarter ended April 2025, surpassing the Zacks Consensus Estimate by 50.25%. This compares to year-ago revenues of $10.18 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Toronto-Dominion shares have added about 21.7% since the beginning of the year versus the S&P 500's decline of -0.6%. While Toronto-Dominion has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Toronto-Dominion: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.40 on $11.06 billion in revenues for the coming quarter and $5.36 on $43.86 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Foreign is currently in the top 9% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Bank of Montreal (BMO), has yet to report results for the quarter ended April 2025. The results are expected to be released on May 28. This bank is expected to post quarterly earnings of $1.85 per share in its upcoming report, which represents a year-over-year change of -3.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Bank of Montreal's revenues are expected to be $6.44 billion, up 9.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toronto Dominion Bank (The) (TD) : Free Stock Analysis Report Bank Of Montreal (BMO) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Toronto Sun
22-05-2025
- Business
- Toronto Sun
TD plans to cut about 2% of workforce amid restructuring program
A strategic review aimed at finding efficiencies in part by automating processes. Published May 22, 2025 • Last updated 0 minutes ago • 2 minute read The Toronto-Dominion (TD) bank headquarters in the financial district of Toronto. Photo by Laura Proctor / Bloomberg Toronto-Dominion Bank said it will cut about 2% of its workforce as part of a restructuring program begun in the second quarter following its historic anti-money laundering settlement. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The bank, with about 95,000 employees, said the restructuring will cost up to C$700 million in pre-tax charges over the next several quarters, according to a statement Thursday. It expects the effort will generate about C$100 million in pre-tax savings this fiscal year and annual savings of up to C$650 million going forward. Canada's second-largest lender reported earnings that beat estimates after setting aside less money than expected for souring loans. It earned C$1.97 per share on an adjusted basis in its fiscal second quarter, topping the C$1.78 average analyst forecast. Provisions for credit losses totaled C$1.34 billion for the three months through April, less than the C$1.41 billion analysts had forecast. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Under new Chief Executive Officer Raymond Chun, the bank embarked on a strategic review after it agreed to pay almost $3.1 billion to settle with US authorities last year over anti-money-laundering failures. The firm is also constrained from growing its American retail assets and has said it will direct new capital spending to its domestic banking and capital-markets operations. Kelvin Tran, the bank's chief financial officer, said the cost-cutting program is part of the strategic review aimed at finding efficiencies in part by automating processes. 'We're looking at how we can structurally reduce costs across the bank,' he said in an interview, adding that some of the employee exits will be 'managed through attrition.' This advertisement has not loaded yet, but your article continues below. The bank said it already incurred C$163 million of pre-tax restructuring charges, tied to 'real estate optimization, employee severance and other personnel-related costs, and asset impairment and other rationalization, including certain business wind-downs.' Toronto-Dominion is the first of its large rivals to report earnings since US tariffs on a range of Canadian imports kicked in, raising the specter of slowing growth and job losses. That's focused attention on the credit quality of businesses and consumers — and on the money lenders are setting aside in case they start to default on their debt. 'TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian personal and commercial Banking,' Chun said in a statement. The bank's wealth-management and insurance division as well as its capital-markets business also saw revenue growth in the quarter, TD said. Toronto-Dominion has ample capital — it raised $13.9 billion after selling its 10.1% stake in Charles Schwab Corp. earlier this year — and plans to buy back up to C$8 billion worth of its shares. Its stock has steadily climbed after settling the US money-laundering probes and its shares are up about about 18% year-to-date. Sunshine Girls Sunshine Girls World Canada Sports
Bloomberg
11-02-2025
- Business
- Bloomberg
TD Bank to Plow Money Into Canada Unit After $14 Billion Schwab Sale
Toronto-Dominion Bank 's Canadian operations and capital-markets franchise will be priorities under new Chief Executive Officer Raymond Chun, who will soon have a stockpile of cash to spend after exiting the lender's stake in Charles Schwab Corp. The sale of Toronto-Dominion's 10.1% interest in Schwab will net the Canadian bank $13.9 billion after taxes and fees, executives said on an investor call Tuesday.
