Excellent 1Q for Toronto-Dominion; Expense Control and Future U.S. Tax Benefits Both Positives
One-time tax adjustments hurt wide-moat Toronto-Dominion Bank’s first-quarter earnings, but adjusted earnings were solid. The adjusted return on common equity improved to 16.6% from 14.7% the previous quarter. We expect that the 15% to 16% range should be sustainable for the bank over the longer term. Adjusted net income was up 15% year over year, and earnings were up in both the U.S. and Canada, as well as for the Wholesale segment. After making some minor adjustments to our tax rate forecast, ...
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