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What you need to know
- TD Bank shares fell Thursday after the bank's fourth-quarter profits fell short of analyst projections, leading the bank to suspend several medium-term growth goals.
- Estimates for revenue and net income interest exceeded.
- After pleading guilt to violations of U.S. laws against money laundering, the bank paid a fine in excess of $3 billion.
Toronto-Dominion Bank shares fell on Thursday as the bank missed its fourth-quarter profit estimates. It also suspended some mid-term growth goals after failing to meet them in fiscal year 2024.
TD Bank beat expectations for its revenue at C$15.51 (US$11.05) billion and Net Interest Income (NII) of C$7.94 (percentage). Visible Alpha estimates had analysts expecting the numbers to be C$14.72 and C$7.75.
Analysts had predicted a profit of C$4.00 Billion, but the bank only made C$3.64 Billion.
TD suspends growth goals
TD’s anti-money launder (AML), policies were investigated during this quarter. TD has agreed to pay a $3 billion fine and is the first U.S. Bank to plead guilty for conspiring to launder money.
TD stated that 2025 was the target date “a transition year” The bank. The lender did not give any forecasts for its next fiscal year, but said that they would be suspending their medium-term targets in relation to return on equity and operating lever. In October, in accordance with its settlement agreement with federal authorities, the company agreed to limit growth for its U.S. operations.
“TD faced challenges in 2024, but we have a strong Bank, with well-positioned businesses serving millions of customers,” Raymond Chun is the COO at TD Bank. “Our AML remediation is our top priority, and we remain focused on strengthening our risk and controls to meet our obligations.”
TD's U.S.-listed shares fell 6.7% Thursday. The shares have fallen by 18% in value so far this year.
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