TD Bank Group reported first‑quarter 2026 results, posting adjusted earnings per share of C$2.44, a beat of C$0.18 over the consensus estimate of C$2.26. The company also generated revenue of C$16.63 billion, surpassing the consensus estimate of C$15.4 billion and reflecting a year‑over‑year increase of roughly 10.6 percent.
The earnings beat was driven by disciplined cost management and a favorable mix of fee‑income products. Canadian Personal and Commercial Banking continued to deliver record loan volumes, while Wholesale Banking and Wealth Management contributed strong trading and fee income growth. The overall net interest margin expanded to 3.38 percent, up from 3.25 percent in the prior quarter, reflecting higher loan rates and a shift toward higher‑margin products.
Management highlighted that the U.S. retail segment’s net interest margin rose to 3.19 percent, and that the bank’s capital position remained robust with a Common Equity Tier 1 ratio of 14.5 percent. CEO Raymond Chun said, “Our record earnings in Q1 2026 demonstrate the effectiveness of our growth strategies and disciplined cost management.” He added that the bank’s “simpler and faster” approach is driving deeper customer relationships and operational efficiency.
The company maintained its full‑year 2026 guidance, reaffirming a revenue outlook of C$42.85 billion and an adjusted EPS target of C$6.58. TD also launched a C$7 billion share‑buyback program, underscoring management’s confidence in the bank’s valuation and cash‑flow generation.
Despite the strong results, TD acknowledged ongoing U.S. remediation costs and regulatory scrutiny, which continue to weigh on earnings. The bank’s strategy to strengthen its U.S. retail footprint and invest in digital capabilities is expected to support future growth, while the Canadian franchise remains a resilient source of profitability.
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