TD Bank shares slip on Q4 miss

Toronto-Dominion Bank (NYSE: TD)reported its fourth quarter financial results that missed estimates, sending shares down 2.9 percent during Thursday’s early morning trading hours.

For the fourth quarter, TD reported total revenue of $9.27 billion, up 11 percent year over year, but missing estimates by $50 million. The bank reported an adjusted EPS of $1.36, higher than the previous year’s same quarter of $1.22, but falling short of analysts’ estimates by $0.02.

The Canadian retail drew in a net income of $1.66 billion, increasing 11 percent year over year. The U.S. retail drew in net income of $812 million, increasing 21 percent in USD year over year.

TD’s wholesale banking segment reported a revenue of $694 million, falling 6 percent year over year.

“We are pleased with our performance this quarter and our overall earnings growth in 2017," said Bharat Masrani, Group President and Chief Executive Officer. "Our businesses delivered good revenue growth and market share gains, and we made significant investments to transform and enhance the customer experience."

"As we build the better bank of the future, we remain focused on harnessing the power of our people, business and brand, and delivering One TD to those we serve,” added Masrani.

TD Bank released a statement declaring dividends for shareholders. The bank announced a dividend of $0.60 per fully paid common share in the capital stock beginning in January 2018.

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