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Toronto-Dominion Bank reported fourth-quarter earnings on Thursday.Spencer Colby/The Canadian Press
TD Bank Group TD-T raised its dividend as it reported its fourth-quarter profit fell compared with a year ago, weighed down by one-time restructuring charges.
The bank says it will pay a quarterly dividend of $1.08 per share, up from $1.05 per share.
TD says its profit amounted to $3.28-billion or $1.82 per diluted share for the quarter ended Oct. 31, compared with a profit of $3.64-billion or $1.97 per diluted share a year ago.
On an adjusted basis, TD says it earned $2.18 per diluted share for its latest quarter, up from an adjusted profit of $1.72 per diluted share in the same quarter last year.
Revenue for the quarter totalled $15.49-billion, down from $15.51-billion a year ago, while the bank’s provision for credit losses amounted to $982-million, down from $1.11-billion in the same quarter last year.
Analysts on average had expected an adjusted profit of $2.03 per share, according to estimates compiled by LSEG Data & Analytics.
