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The firm posted adjusted diluted earnings per share of $1.94 in the three months ended on April 30, slipping from $2.02 in the corresponding period last year. Bloomberg consensus estimates had placed the figure at $2.08.
TD Bank flagged that it does not believe it will hit its medium-term objective for adjusted income growth of between 7% to 10%, blaming the “deterioration in the macroeconomic environment.”
It also cited an impact from its mutual decision with Tennessee-based regional bank First Horizon to scrap a planned $13.4 billion merger. Under the terms of the agreement, TD pledged to make a $200 million cash payment to First Horizon. In addition, Canada’s second-largest bank said it would pay $25M that it contractually owed to First Horizon if the deal failed to get the green light from regulators.
