TD - Toronto-Dominion Bank: The Quarter Opens Room For Future Growth
After covering Scotia’s Q3 earnings in a recent article, I wanted to share some insights into Toronto-Dominion Bank (TD), another very popular pick among Canadian banks. The bank reported this week above-consensus EPS of $1.25 thanks to strong trading activity. As noted for major US banks, capital markets acted as a counter-balancing factor to the large provisions for credit losses. Despite the uptick in provisions, the fact that TD is over-performing on capitalization and that loan deferrals are declining provides comfort. It also suggests TD is being conservative enough to cover future