TD Bank Group and the Canadian Imperial Bank of Commerce have fallen in line with the rest of Canada’s Big Six financial institutions in reporting significant drops in profit and increases in their provisions for credit losses amid the novel coronavirus pandemic.
TD revealed Thursday that its second-quarter profit slipped to nearly $1.52 billion or 80 cents per diluted share, down from $3.17 billion or $1.70 per diluted share a year ago.
Analysts on average had expected an adjusted profit of 89 cents per share for the period ended April 30, according to financial markets data firm Refinitiv.
On an adjusted basis, the bank earned 85 cents per share in its most recent quarter, down from $1.75 in the same quarter last year. “This quarter we