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Financials

TD Bank beats profit expectations on lower loan loss provisions

Feb 25 (Reuters) - Toronto-Dominion Bank beat analysts’ estimates for quarterly profit on Thursday, driven by lower provisions to cover potential loan losses from the COVID-19 pandemic and better performance of its Canadian retail banking unit.

Adjusted net income rose to C$3.4 billion ($2.72 billion), or C$1.83 a share, in the three months to Jan. 31, compared with C$3.1 billion, or C$1.66 a share, a year earlier. Analysts had expected C$1.49 a share, according to IBES data from Refinitiv.

Reported net income was C$3.3 billion, or C$1.77 a share, up from C$3 billion, or C$1.61 a share, a year earlier. ($1 = 1.2480 Canadian dollars) (Reporting By Nichola Saminather and Noor Zainab Hussain; Editing by Aditya Soni)

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