TD Bank profit jumps to $1.8 billion

TD Bank Group is raising its quarterly dividend by five per cent following strong growth in the first quarter at most of its major divisions.

The bank reported $1.79 billion of net income before adjustments, about $300 million higher than the same time last year, and said its quarterly dividend will rise by four cents to 81 cents per share starting in April.

Its Canadian personal and commercial banking division reported $920 million of net income for the quarter, or $944 million on an an adjusted basis.

There was similar growth in adjusted net income at its U.S. personal and commercial banking division, which rose 12 per cent to US$387 million.

TD's wealth and insurance business had a smaller overall increase, although the contribution from its stake in TD Ameritrade was down.

There was also an 18 per cent decrease in net income from wholesale banking, which fell to $159 million.

TD's adjusted net income was $1.92 billion, up from $1.76 billion in the first quarter of its 2012 financial year.