07:21 AM EST, 12/04/2025 (MT Newswires) -- TD Bank (TD.TO, TD), the last of Canada's Big Six banks to report quarterly results, was at last look down in U.S. pre-market trade Thursday despite reporting a fourth-quarter adjusted earnings beat, after delivering "robust" fee and trading income in its markets-driven businesses as well as volume growth year-over-year in Canadian Personal and Commercial Banking, and raising its dividend.

For Q4, TD reported adjusted diluted earnings per share were $2.18, compared with $1.72. FactSet had forecast $2.01. Meanwhile, adjusted net income was $3,905 billion, versus $3,205 billion.

It had total revenues of $15,494 million compared to $15,514 million in the year earlier period. Total revenue adjusted was $16,028 million versus $14,897 million.

Among highlights, PCL for the quarter was $982 million, a decrease of $127 million. The bank reported restructuring charges of $190 million ($140 million after tax or 8 cents per share).

Separately, TD also shifted from an annual to a semi-annual dividend review cycle and declared a quarterly dividend of $1.08 per common share (jump from $1.05 announced during last quarter), payable January 31, 2026, to shareholders of record on January 9.

"TD had a strong fourth quarter, delivering robust fee and trading income in our markets-driven businesses as well as volume growth year-over-year in Canadian Personal and Commercial Banking, capping a year of strong performance," said Raymond Chun, chief executive officer of TD Bank Group.

TD's Canadian Personal and Commercial Banking unit delivered record revenue, deposit, and loan volumes. Its net income was $1,865 million, an increase of 2% compared with the fourth quarter last year, reflecting higher pre-tax, pre-provision earnings (PTPP), an increase of 6% year-over year.

Canadian Personal Banking also delivered a record year in digital sales for day-to-day banking products, and a record fourth quarter in Real Estate Secured Lending originations, driven by speed and specialization.

U.S. Retail reported net income was $719 million, up 31% on an annual basis, excluding contributions of $154 million in the fourth quarter last year from the Bank's investment in The Charles Schwab Corporation. This primarily reflects the impact of U.S. balance sheet restructuring activities, lower PCL, and the impact of the charges for the global resolution of the investigations into the Bank's U.S. BSA/AML program in the fourth quarter last year, partially offset by higher governance and control investments.

Wealth Management and Insurance segment's net income was $699 million, an increase of $350 million year-over-year, driven by record earnings in Wealth Management and lower losses from catastrophe claims in Insurance. Wealth Management continued to drive growth with record sales of $1.6 billion in ETFs, trades per day up 37% year-over-year, and total assets exceeding a record $1.3 trillion, TD said.

Wholesale Banking reported net income of $494 million for the quarter, an increase of $259 million year-over-year, primarily reflecting higher revenue and lower PCL, partially offset by higher non-interest expenses.

In its outlook, TD said the global economy remains on track to slow in calendar 2025 with decelerating cyclical momentum reinforced by trade barriers. Higher U.S. tariffs appear likely to persist under the current administration.

"Inflation expectations have increased as the U.S. tariffs exert upward pressure on prices and complicate global supply chains. This puts global central banks in the challenging position of gauging whether any resulting inflation is a one-time shock or will prove persistent," TD said.

Shares of the bank were last down US$0.40 at US$84 on the NYSE on Thursday. They closed C$0.50 down at C$117.70 in Toronto on Wednesday.