December 1, 2016 7:03 am

TD Bank fourth quarter earnings rise thanks to U.S. growth

A sign for TD Bank is shown in New York. THE CANADIAN PRESS/AP, Mark Lennihan

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Toronto-Dominion Bank, Canada’s second-biggest lender, on Thursday reported a rise in fourth-quarter earnings, driven by strong growth in the United States.

The bank said its earnings rose to $1.22 per share in the fourth quarter to Oct.31, up from C$1.14 in the same period the year before. Analysts on average had expected earnings of $1.22, according to Thomson Reuters.

READ MORE: TD bank hiking some fixed mortgage rates in December

The bank earned $8.75 billion of revenue during the three-month period ended Oct. 31, up from $8.05 billion a year ago. For the full year, TD Bank had net income of $8.94 billion, or $4.67 per share, compared with $8.02 billion, or $4.21 per share, a year ago.

The bank’s annual revenue was $34.32 billion, up from $31.43 billion last year.

– With files from The Associated Press

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© 2016 Reuters

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