TD Bank (TD, Financial) saw its shares drop over 5% to $53.76. The bank reported its fourth-quarter earnings for the 2024 fiscal year, with revenue reaching CAD 15.51 billion, a 17.7% increase year-over-year. This surpassed analysts' expectations of CAD 12.47 billion. However, adjusted earnings per share were CAD 1.72, falling short of the expected CAD 1.82. The Common Equity Tier 1 ratio decreased from 14.4% to 13.1%.
TD Bank indicated that profit growth in the 2025 fiscal year will be challenging. The bank has paused its mid-term financial targets and plans to update them in the second half of 2025.
