07:54 AM EST, 12/05/2024 (MT Newswires) -- TD Bank (TD.TO, TD), down 3.2% in U.S. premarket trade, on Thursday reported a fourth-quarter adjusted profit miss.

The bank, which recently settled with U.S. regulators over money laundering charges, said profit, adjusted to exclude one-time items, fell 8% to $3.2 billion, or $1.72 per adjusted diluted share, from $3.48 billion, or $1.82 per adjusted share, last year. The result missed the consensus analyst forecast of $1.92, according to FactSet.

Reported earnings, which were up 26% to $3.64 billion, or $1.97 per diluted share, beat the FactSet estimate of $1.82.

Total adjusted revenue increased to $14.9 billion, from $13.2 billion. Reported revenue of $15.5 billion, was higher than last year's $13.2 billion.

TD Bank said its Canadian personal and commercial banking reported a 7% increase in revenue to a record $5 billion, while profit increased 9%.

Its U.S. retail operations saw a 14% drop in adjusted profit. TD also reported profit declines in its wealth management and insurance division.

TD Bank said it will be challenging to generate earnings growth in fiscal 2025 and is suspending its medium-term financial targets of 7-10% adjusted EPS growth, 16%+ return on equity and positive operating leverage. The Bank expects to update its medium-term financial targets in the second half of 2025.

The bank will pay a cash dividend of $1.05 per share, up from $1.02, on Jan. 31.

The company's shares were last seen down US$1.81, to US$53.79, in premarket trading in New York.