AGF Management reports Q3 profit down from year ago, revenue higher

Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.

The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”

More coming.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

TORONTO – Shares of Toronto-Dominion Bank were down in early trading following reports the bank is nearing a settlement with U.S. regulators regarding failures of its anti-money laundering safeguards.

Multiple media reports said the bank will pay billions in financial penalties as well as face non-financial sanctions that will put limits on its growth in the U.S.

TD has said it will hold a conference call later today, but did not offer details regarding what the call would be about.

The Canadian bank has been working to resolve investigations into failures in its anti-money laundering program in the U.S.

The probes have been a major overhang for the bank and helped scuttle its proposed US$13.4-billion acquisition of U.S. bank First Horizon Corp.

TD shares were down $5.78, or about 6.6 per cent, at $81.33 by late morning on the Toronto Stock Exchange.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

LEAMINGTON, Ont. – Cannabis company Tilray Brands Inc. reported a loss of US$34.7 million in its first quarter, compared with a loss of US$55.9 million in the same quarter last year, as its net revenue rose 13 per cent.

The company, which keeps its books in U.S. dollars, says the loss amounted to four cents US per diluted share for the quarter ended Aug. 31 compared with a loss of 10 cents US per diluted share a year earlier.

Net revenue totalled US$200.0 million for the three-month period, up from US$176.9 million in the same quarter last year.

The increase came as Tilray’s beverage alcohol business earned net revenue of US$56.0 million, up from US$24.2 million a year ago, while its cannabis business saw net revenue of US$61.2 million, down from US$70.3 million in the same quarter last year.

Tilray’s distribution business earned US$68.1 million in net revenue, down from US$69.2 million, and its wellness business earned US$14.8 million in net revenue, up from US$13.3 million a year ago.

On an adjusted basis, Tilray says it lost a penny US per share in its latest quarter compared with an adjusted loss of four cents US per share a year earlier.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:TLRY)

The Canadian Press. All rights reserved.