TD Bank Group Inc. reported a $181 million loss in its latest quarter due to charges related to an ongoing U.S. investigation into its anti-money laundering program.
The banking giant on Thursday reported a loss of 14 cents per diluted share for the quarter ended July 31. This compares with profit of $2.88 billion, or $1.53 per diluted share, in the same period a year earlier.
The third-quarter results included a $3.57 billion provision related to an investigation into the bank’s U.S. anti-money laundering programs.
On an adjusted basis, TD reported diluted earnings per share of $2.05 for the most recent quarter, compared with $1.95 a year ago.
Fourth-quarter revenue was $14.18 billion, up from $12.91 billion in the same period last year.
The bank’s allowance for credit losses was $1.07 billion, up from $766 million a year earlier.
“TD delivered record revenue and net income in Canadian personal and commercial banking, maintained momentum in the U.S. and delivered strong performance across our markets-driven businesses,” TD CEO Bharat Masrani said in a statement.
“We continued to invest in new innovative capabilities and expanded our product offerings to better serve our customers and clients.”
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TD said its Canadian personal and commercial banking business made $1.87 billion in profit in the most recent quarter, up from $1.66 billion a year earlier.
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Meanwhile, its U.S. retail business posted a loss of $2.28 billion for the quarter, compared with a profit of $1.31 billion a year earlier.
TD’s asset management and insurance division made $430 million in the third quarter, down from $431 million a year earlier, while its wholesale banking division made $317 million, up from $272 million a year earlier.
The bank’s corporate unit reported a loss of $525 million for the quarter, compared with a loss of $782 million in the same period a year ago.
The bank said on Wednesday it would sell 40.5 million shares of Charles Schwab Co., valuing the shares at a closing price of $64.57 a share, reducing its stake in the company to 10.1 percent from 12.3 percent.
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