Canada’s second-largest lender, Toronto-Dominion Bank, is set to report third-quarter earnings on Thursday before the market opens, with analysts projecting an 11.4% year-over-year increase in net income.
Consensus estimates call for earnings per share of CAD 2.45, up from CAD 2.38 in the prior quarter and ahead of the CAD 2.25 forecast at the time of the May results. Revenue is expected to total CAD 15.17 billion, a 5% decline from the CAD 16.04 billion reported in the previous quarter but an 8% increase from the same period last year.
Over the past two months, EPS estimates have risen 1.3%, while revenue forecasts have edged down 1.2%. The bank’s U.S. operations account for roughly 44% of total revenue, with the remainder generated primarily in Canada.
In the May quarter, TD reported actual EPS of CAD 2.38, beating the CAD 2.25 consensus, and revenue of CAD 16.04 billion, exceeding the CAD 14.5 billion forecast. The stock has since retreated about 6% from recent highs, trading near CAD 119.07 within a 52-week range of CAD 72.73 to CAD 125.47.
The lender has also been active in capital markets, completing several fixed-income offerings in August while redeeming existing subordinated notes.
