TD Bank Group reported a first-quarter profit of $1.58 billion, down from $3.73 billion a year earlier, as it took a number of one-time charges including the cost to settle a lawsuit related to the Stanford Financial Group Ponzi scheme.
The bank says the profit amounted to 82 cents per diluted share for the quarter ended Jan. 31, down from $2.02 per diluted share in the same quarter last year.
Revenue totalled $12.23 billion, up from $11.28 billion a year earlier.
Provisions for credit losses amounted to $690 million, up from $72 million a year earlier.
On an adjusted basis, TD says it earned $2.23 per diluted share, up from an adjusted profit of $2.08 per diluted share in its first quarter last year.
Analysts on average had expected a profit of $2.20 per share, according to estimates compiled by financial markets data firm Refinitiv.
