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7 years ago
TD Bank sees $1.6 bln profit from US unit in 3 yrs
June 16, 2010 / 4:50 PM / 7 years ago

TD Bank sees $1.6 bln profit from US unit in 3 yrs

1 Min Read

* U.S. bank profit to double from $781 mln last year

* TD has added 1,200 U.S. branches since 2005 (In U.S. dollars unless noted)

TORONTO, June 16 (Reuters) - Toronto-Dominion Bank (TD.TO) is targeting $1.6 billion in annual earnings from its U.S. retail bank in three years, more than double last year's levels, it said in an investor presentation on Wednesday.

According to figures on the bank's website to be used in a presentation in New York, the profit growth will be driven by acquisitions, organic growth and lower loan losses.

Adjusted earnings from TD Bank's U.S. unit, totaled $781 million in 2009.

TD, Canada's No. 2 bank, entered the U.S. sector in 2005, when it bought 51 percent of east coast banker Banknorth. TD has since made more acquisitions and has more than 1,200 branches in 15 eastern states.

TD's shares were down 10 Canadian cents at C$73.38 on Wednesday on the Toronto Stock Exchange.

$1=$1.02 Canadian Reporting by Cameron French; editing by Rob Wilson

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