(Toronto) TD Bank Group reported a loss of $181 million in its latest quarter, due to a charge related to ongoing U.S. investigations into its anti-money laundering program.
The big bank said Thursday that its loss was 14 cents per diluted share for the quarter ended July 31, compared with a year-earlier profit of $2.88 billion, or $1.53 per diluted share.
The third-quarter results include a $3.57 billion provision related to investigations into the bank’s anti-money laundering program in the United States.
On an adjusted basis, TD said it earned $2.05 per diluted share in its latest quarter, compared with adjusted earnings of $1.95 per diluted share in the same quarter last year.
Revenue for the quarter totaled $14.18 billion, up from $12.91 billion a year ago.
The bank’s provision for credit losses stood at $1.07 billion, up from $766 million in the same quarter last year.
“TD delivered record revenue and net income in Canadian Personal and Commercial Banking, continued improvement in U.S. operating results and strong results across our markets-focused businesses,” President and CEO Bharat Masrani said in a statement.
“We have continued to invest in innovative new capabilities and expanded our product offering to better serve our customers,” he added.
TD said its Canadian personal and commercial banking business generated $1.87 billion in its most recent quarter, up from $1.66 billion in the same quarter last year.
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 ago.
TD’s wealth management and insurance business generated $430 million in the quarter, down from $431 million in the same quarter last year, while its wholesale banking business reported a profit of $317 million, up from $272 million a year earlier.
The bank’s corporate segment reported a loss of $525 million in the quarter, compared with a loss of $782 million a year ago.
On Wednesday, the bank also announced the sale of 40.5 million shares of Charles Schwab, worth about $2.6 billion based on a closing price of $64.57. This reduces the bank’s stake in the company from 12.3% to 10.1%.