Yet the bank's
"TD did not benefit from capital markets, wealth management and cost controls to the same degree as its peers," wrote Barclays analyst
"What stood out in the quarter from our perspective was the ongoing struggles in its
Profits fell in TD's
TD’s
Climbing premiums, insurance sales and uptake in digital term life applications lifted insurance profits by 22 per cent, the bank said.
"As an online insurer we have, I think, the business model, capabilities and customer experience for the future. And in Q1, we had record earnings in that business," said Currie.
TD said its wealth management business's profits rose 55 per cent in
"On the wealth side there was strength across the board, and we did have the highest wealth asset levels on record," said Currie. "We've been adding advisors for wealth... to help our customers who are often, right now, sitting on more liquidity than they had planned for."
Overall, TD earned net income of
On an adjusted basis, TD says it earned
Provisions for credit losses amounted to
"While TD did come in well ahead of expectations, the entire quantum of the beat can essentially be chalked up to lower than expected provisions," Aiken wrote.
Currie said that customers have been paying down credit cards amid COVID-19 lockdowns, and that January tends to be a slow month for the credit card business.
The bank has a split of customers focused on travel and luxury cards and cash back and everyday spending cards, and Currie said TD is well-positioned for an economic rebound in its partnerships with Amazon and
TD chief executive
"(We) also continue to work with governments to facilitate access to relief programs and introduce new initiatives to help those most impacted by the pandemic," Masrani said.
This report by
Companies in this story: (TSX:TD)
© 2021 The Canadian Press. All rights reserved., source