TD Bank Group has published its financial results for the quarter ended January 31, revealing a “relatively flat” showing for its wealth management and insurance segment.
Here’s how TD fared in the quarter:
|
Metric |
Q1 2024 |
Q1 2023 |
|---|---|---|
|
Net income – Canadian personal & commercial banking |
$1.8 billion |
$1.7 billion |
|
Net income – US retail bank |
$907 million |
$1.6 billion |
|
Net income – wealth management & insurance |
$555 million |
$554 million |
|
Net income – wholesale banking |
$205 million |
$331 million |
|
Net income – group |
$2.8 billion |
$1.6 billion |
TD noted: “Wealth management and insurance net income for the quarter was $555 million, an increase of $1 million, or relatively flat compared with the first quarter last year, reflecting higher revenue, offset by higher insurance service expenses and non-interest expenses. The annualized ROE (return on common equity) for the quarter was 37.5%, compared with 39.1% in the first quarter last year.
“Revenue for the quarter was $3,135 million, an increase of $220 million, or 8%, compared with the first quarter last year. Non-interest income was $2,850 million, an increase of $218 million, or 8%, reflecting higher insurance premiums, and higher fee-based revenue in the wealth management business. Net interest income was $285 million, an increase of $2 million, or 1%, compared with the first quarter last year.”
TD also noted that insurance service expenses for the quarter grew to $1.4 billion following increased claims severity and less favourable prior years’ claims development.
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