The reported net income for the fourth quarter for TD is somewhat “flat” compared with the same period of last year as it is $1.010 billion, while in 2008 it was $1.014 billion.
However, the adjusted earnings were a record $1.3 billion up from $665 million a year earlier which is due to a number of onetime items.
On a per share basis, net income was $1.12, which was down from $1.22 seen last year, however on a diluted share basis; adjusted earnings were up rising to $1.46 from 79 cents per share in the fourth quarter of 2008.
TD’s revenue stood at $4.7 billion in the three months that ended on October 31st, up from $3.6 billion seen in the same period of 2008.
The revenue was in line with analyst estimates noted Thomson Reuters; however adjusted earnings were ahead of the estimate of $1.30 per share.
TD’s provision for credit losses has nearly doubled to $521 million compared with 2008; however it is still down from the previous quarter.
For the 2009 fiscal year which ended on October 31st, revenue was up more than $3 billion to $17.86 billion compared to the $14.67 billion seen in fiscal 2008.
Annual net income was $3.12 billion, or $3.47 per diluted share, down from $3.83 billion or $4.97 per share which was seen last year.
Adjusted net income for 2009 was $4.7 billion or $5.35 per diluted share from $3.8 billion or $4.88 per diluted share seen a year ago.