TD Bank Group’s wealth operation delivered a net income of C$158 million for the second quarter ended 30 April 2013, an increase compared to C$155 million in the year ago period.
The division’s assets under administration was C$275 billion as at 30 April 2013, up C$25 billion, or 10%, compared with 30 April 2012. Assets under management of C$247 billion as at 30 April 2013 increased C$45 billion, or 22%, compared with 30 April 30, 2012.
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These increases were mainly driven by the addition of C$28 billion of Epoch assets under management, net new client assets, and an increase in the market value of assets.
Overall, TD Bank Group reported a second-quarter profit of more than C$1.7 billion and growth in most of its major sectors, including its main Canadian and US banking operations.
The bank’s overall net income was up 2% from a year ago at C$1.723 billion or C$1.78 per share while its adjusted earnings were C$1.8 billion, or C$1.90 per diluted common share. A year ago, TD earned a profit of C$1.69 billion or C$1.78 per diluted share and an adjusted profit of C$1.74 billion or C$1.82 per share.
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