TD Bank reports $1.7 billion in net income, share buyback planned

TORONTO – TD Bank Group (TSX:TD) says it had $1.723 billion in net income in its second quarter, up nearly two per cent from a year earlier.

The bank also announced its adjusted earnings were $1.8 billion, or $1.90 per common share.

While the adjusted earnings were also up from a year ago, they were just short of a consensus estimate of $1.91 per share.

Outgoing TD chief executive Ed Clark described it as a “solid” quarter considering the challenging operating environment for the bank.

Clark had told shareholders at their annual meeting last month that it would be tougher for TD to meet its growth targets due to the slow economy.

TD bank also announced Thursday that it plans to buy back up to 12 million of its common shares over the coming year, or about 1.3 per cent of the total.