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TD Q1 earnings up 24 but miss expectations amid loyalty program charge

Toronto-Dominion Bank increased its dividend as it reported a 2.4 per cent uptick in first-quarter profits to $2.41 billion.TD Bank increased its quarterly payment to common shareholders by seven cents to 74 cents.The bank’s profit for its first quarter amounted to $1.27 per diluted share, up from $1.24 for the quarter ended Jan. 31 last year.The lender said the quarter included a $607-million charge related to the long-term loyalty agreement with Air Canada, which had an impact of 24 cents per share.On an adjusted basis, TD earned $2.95 billion, relatively flat compared with the same period a year earlier.That amounted to $1.57 in adjusted earnings per diluted share, up from $1.56 a year earlier, but below the $1.72 expected by analysts surveyed by Thomson Reuters Eikon.“TD’s retail segments in both Canada and the U.S. had a strong start to the year, with continued revenue growth and solid earnings,” chief executive Bharat Masrani said in a statement.“However, market volatility and lower client activity impacted our Wholesale segment in the quarter.” Companies in this story: (TSX:TD) Companies in this story: (TSX:TD)The Canadian Press read more