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TD Bank Group reports $1.9bn adjusted earnings for Q1 2013

TD Bank Group (TD) has reported adjusted earnings of $1.9bn for the first quarter of 2013, up by 9% compared to the same period earlier year.

For the quarter period ended on 31 January 2013, its total revenues stood at $5.97bn, compared to $5.64bn during the comparable period last fiscal.

Canadian Personal and Commercial Banking division’s net income on an adjusted basis stood at $944m, with an increase of 11% from the comparable period a year ago.

The results were boosted by good loan and deposit volume growth, favorable credit performance and effective expense management.

Wealth and Insurance segment net income was $377m, up 8% from the same period last year.

The Wealth business grew by 15%, driven by higher fee-based revenue from increased client assets; while the Insurance business rose by 10%, driven by lower weather-related claims and increased revenue from premiums.

TD Ameritrade contributed $47m in earnings to the segment, down 15% from the same period last year.

US Personal and Commercial Banking division reported net income of $316m, while on an adjusted basis, net income stood at $387 million, up 12% from the same period last year.

Wholesale Banking registered net income of $159m, down by 18% from the same period last year, mainly due to reduced trading-related revenue from fixed income businesses, partially offset by improved credit origination fees.

TD’s Common Equity Tier 1 ratio on a Basel III "all-in" basis stood at 8.8% at the end of first quarter of 2013.