TD’s Revenue Increase by more than $1B

TD Bank Financial Group has noted that its onetime items gave its bottom line a boost in the fourth quarter while revenue has increased more than $1 billion from the same period last year.

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.