08.31
TD reported diluted cash EPS of $1.16. Adjusted for one-time items, which
totaled $269 million after-tax (or $0.31/share), core cash EPS were $1.47
and came in ahead of last year’s EPS of
$1.43. TD left its quarterly dividend unchanged at $0.61.
The $0.19 EPS “beat” this quarter was due to favorable variances in: 1)
trading ($0.31); 2) LLPs ($0.09); 3) expenses ($0.03); and 4) the tax rate
($0.02). Partly offsetting were unfavorable variances in: 1) core net interest
income (-$0.16); and 2) other (-$0.10).
TD’s credit performance improved in Q3/F09 but not to the same extent as
that of BMO and RY. LLPs were $492MM, lower than last quarter’s $546MM.
GILs totaled $1.95B, slightly above $1.88B last quarter, while GIL
formations remained elevated at $969MM versus $927MM in Q2/F09.
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