06:45 AM EDT, 08/22/2024 (MT Newswires) -- TD Bank (TD.TO, TD) -- which late Wednesday afternoon provided an update on its U.S. anti-money laundering issues, saying it had taken a provision of US$2.6 billion, which will be partially offset by a sale of Schwab shares -- on Thursday reported third quarter adjusted diluted earnings per share were $2.05, compared with $1.95 a year earlier.

Adjusted net income was $3,646 million, compared with $3,649 million.

But it reported a diluted loss per share of $0.14, compared with income of $1.53 a year earlier. It reported net loss of $181 million, compared with income of $2,881 million.

It is difficult to tell if TD beat or missed forecasts as the comparable figures provided by Capital IQ were different from those reported by TD today.

"TD delivered record revenue and net income in Canadian Personal and Commercial Banking, continued operating momentum in the U.S., and strong results across our markets-driven businesses," said Bharat Masrani, Group President and CEO, TD Bank Group, in a statement.

Canadian Personal and Commercial Banking net income was $1,872 million, an increase of 13% compared to the third quarter last year, reflecting higher revenue, partially offset by higher non-interest expenses and provisions for credit losses. The segment delivered record revenue of $5,003 million, an increase of 9%, primarily reflecting volume growth and margin expansion.

U.S. Retail reported net loss for the quarter was $2,275 million (US$1,658 million), compared with reported net income of $1,305 million (US$977 million) in the third quarter last year. On an adjusted basis, net income was $1,291 million (US$942 million), a decrease of $77 million (US$83 million). Reported net income for the quarter from the Bank's investment in The Charles Schwab Corporation was $178 million (US$129 million), a decrease of $13 million (US$13 million).

Wealth Management and Insurance net income was $430 million , relatively flat compared with the third quarter last year.

Wholesale Banking reported net income for the quarter was $317 million, an increase of $45 million compared with the third quarter last year, primarily reflecting higher revenues, partially offset by higher PCL and non-interest expenses. On an adjusted basis, net income was $377 million, flat compared to the third quarter last year. Revenue for the quarter was $1,795 million, an increase of $227 million, or 14%, compared with the third quarter last year, reflecting higher trading-related revenue, lending revenue, advisory and underwriting fees.

Among other highlights, TD announced that a dividend in an amount of $1.02 per fully paid common share in the capital stock of the Bank has been declared for the quarter ending October 31, 2024 , payable on and after October 31, 2024 , to shareholders of record at the close of business on October 10, 2024.

The third quarter reported earnings figures included the following items of note:

- Amortization of acquired intangibles of $64 million ($56 million after-tax or $0.03 per share), compared with $88 million ($75 million after-tax or $0.04 per share) in the third quarter last year.

- Acquisition and integration charges related to the Schwab transaction of $21 million ($18 million after-tax or $0.01 per share), compared with $54 million ($44 million after-tax or $0.02 per share) in the third quarter last year.

- Restructuring charges of $110 million ($81 million after-tax or $0.05 per share).

- Acquisition and integration charges related to the Cowen acquisition of $78 million ($60 million after-tax or $0.03 per share), compared with $143 million ($105 million after-tax or $0.06 per share) in the third quarter last year.

- Impact from the terminated First Horizon Corporation (FHN) acquisition-related capital hedging strategy of $62 million ($46 million after-tax or $0.03 per share), compared with $177 million ($134 million after-tax or $0.08 per share) in the third quarter last year.

- Provision for investigations related to the Bank's AML program of $3,566 million ($3,566 million after-tax or $2.04 per share).