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TD Bank reports second-quarter income miss and issues medium-term profit warning

Investing.com -- TD Bank (NYSE:TD) (TSX:TD) reported a decline in second-quarter income that missed expectations and warned that it does not expect to meet its previously outlined earnings target, as Canada's second-largest lender was hit by broader economic pressures and a terminated tie-up with First Horizon (NYSE:FHN).

The firm posted adjusted diluted earnings per share of $1.94 in the three months ended on April 30, slipping from $2.02 in the corresponding period last year. Bloomberg consensus estimates had placed the figure at $2.08.

TD Bank flagged that it does not believe it will hit its medium-term objective for adjusted income growth of between 7% to 10%, blaming the "deterioration in the macroeconomic environment."

It also cited an impact from its mutual decision with Tennessee-based regional bank First Horizon to scrap a planned $13.4 billion merger. Under the terms of the agreement, TD pledged to make a $200 million cash payment to First Horizon. In addition, Canada's second-largest bank said it would pay $25M that it contractually owed to First Horizon if the deal failed to get the green light from regulators.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.