TD and CIBC post third quarter earnings

TD and CIBC post third quarter earnings

TD and CIBC post third quarter earnings TD Bank is reporting a third-quarter profit of $2.36 billion, up four per cent from a year ago on strong earnings from its U.S. retail banking operations.

Last year, the bank earned $2.27 billion during the three months ended July 31.

On a per share basis, TD earned $1.24 during the third quarter, compared with $1.19 during the same period last year.

After adjustments, the bank earned $2.42 billion during the quarter, or $1.27 per share, up from $2.29 billion or $1.20 per share a year ago.

TD raked in $8.70 billion in quarterly revenue, up from $8.01 billion.

CIBC is reporting a big jump in third-quarter profit, which rose nearly 50 per cent from a year ago to $1.44 billion, partly due to the sale of its minority investment in American Century Investments.

The Toronto-based bank (TSX:CM) had $978 million of net income during the same quarter last year.

CIBC says that without the gains from the American Century Investments sale, its profit was up eight per cent to $1.07 billion from $990 million.

On a per-share basis, net income for the three months ended July 31 was $3.61 _ up from $2.42 in last year's third quarter.

After adjustments, CIBC earned $2.67 per share, up from $2.45 a year ago.

Revenue for the quarter was $4.14 billion, up from $3.52 billion during the same period last year