TD Bank quarterly profit beats estimates on fewer provisions than expected

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Canada’s second-biggest lender said adjusted net income marginally rose to C$2.97 billion ($2.30 billion), or C$1.60 a share, from C$2.95 billion, or C$1.59 a share, a year ago. Analysts had expected C$1.28.

TD set aside C$917 million to cover bad loans, lower than the estimated C$1.58 billion and less than half the amount taken in the second quarter.

($1 = 1.2927 Canadian dollars)