TD Bank Group reports Q3 loss as it takes charge on anti-money laundering probe
Written by The Canadian Press on August 22, 2024
TORONTO — TD Bank Group reported a loss of $181 million in its latest quarter as it was hit by a charge related to ongoing U.S. investigations into its anti-money laundering program.
The big bank says its loss amounted to 14 cents per diluted share for the quarter ended July 31. The result compared with a profit of $2.88 billion or $1.53 per diluted share a year ago.
The third-quarter results included a $3.57-billion provision related to the investigations into the bank’s anti-money laundering program in the U.S.
On an adjusted basis, TD says it earned $2.05 per diluted share in its latest quarter compared with an adjusted profit of $1.95 per diluted share in the same quarter last year.
Revenue in the quarter totalled $14.18 billion, up from $12.91 billion a year ago.
The bank’s provision for credit losses amounted to $1.07 billion, up from $766 million in the same quarter last year.
This report by The Canadian Press was first published Aug. 22, 2024.
Companies in this story: (TSX:TD)
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