Canada’s TD Bank posts lower quarterly profit on higher loan loss provisions

By Thomson Reuters Feb 29, 2024 | 5:38 AM

(Reuters) – TD Bank Group reported a fall in first-quarter profit on Thursday as the Canadian lender set aside more funds to cover for souring loans.

The bank’s adjusted net income fell to C$3.64 billion ($2.68 billion), or C$2.00 per share, in the quarter, from C$4.15 billion, or C$2.23 per share, a year earlier.

($1 = 1.3588 Canadian dollars)

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shounak Dasgupta)