TD Bank Group reported a first-quarter profit of $4.04 billion, a 45% increase from the $2.79 billion reported during the same period last year, according to a statement released Thursday.
The profit translates to $2.34 per diluted share for the quarter ended January 31, up from $1.55 per diluted share a year prior. Total revenue rose to $16.59 billion, exceeding the $14.05 billion recorded in the first quarter of 2025.
TD Bank’s Canadian personal and commercial banking division achieved a record $2.04 billion in earnings, a 12% increase from $1.83 billion the previous year, driven by increased loan and deposit volumes. The bank’s U.S. Banking operations similarly saw significant growth, earning $1.04 billion in the quarter, a substantial jump from $342 million in the same period last year.
“We achieved robust trading and fee income growth in our markets-driven businesses, volume growth in Canadian personal and commercial banking, and margin expansion,” said Raymond Chun, TD’s chief executive, in a prepared statement. The bank reported record adjusted earnings for the quarter.
Provision for credit losses decreased to $1.04 billion, down from $1.21 billion a year ago. On an adjusted basis, TD reported earnings of $2.44 per diluted share, surpassing the average analyst estimate of $2.26 per share, according to LSEG Data & Analytics.
TD’s wealth management and insurance business contributed $757 million to the overall profit, up from $680 million a year earlier, benefiting from record assets and increased transaction revenue. Wholesale banking operations, including capital markets, earned $561 million, a significant increase from $299 million in the first quarter of 2025.
The bank also recognized a $200 million restructuring charge related to past anti-money-laundering remediation efforts, with an anticipated additional charge of $125 million in the first quarter of 2026, according to the bank’s chief financial officer, Kelvin Tran. Tran stated the bank continues to seek ways to enhance productivity across business segments, including a workforce reduction of 3%, increased from a previously announced 2% cut.
The reported efficiency ratio improved to 52.8% from 57.4%.
