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BMLP - Dorsey Wright MLP Index ETN Due 10 Dec 2036 News Story

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WRAPUP 1-TD Bank profit misses estimates, while National Bank, rivals shine

By Abhishek Manikandan and Nichola Saminather
    Feb 27 (Reuters) - TD Bank Group  TD.TO  on Thursday posted
quarterly profit that fell short of estimates, a sharp contrast
to National Bank of Canada  NA.TO  and other rivals, which have
pulled off earnings beats. 
   TD Bank took a hit from its U.S retail business, which fell
8% to C$1.15 billion in the first quarter, as Brokerage TD
Ameritrade, in which the bank holds a stake, earned 35% less on
reduced trading commissions.  
    The rest of the year will "continue to show the effects" of
both the reduction in contributions from TD Ameritrade and the
Federal Reserve's three interest rate cuts last year, TD Bank
Chief Financial Officer Riaz Ahmed told Reuters. 
    Ahmed also warned that margins will continue to remain at
current levels or move lower over the next quarter.
    Last year, Charles Schwab Corp  SCHW.N  said it would buy TD
Ameritrade Holding Corp  AMTD.O  in a $26 billion deal. After
the deal closes, expected in the second half of 2020, roughly
13% stake will be held by TD Bank, TD Ameritrade's largest
    The domestic retail unit of TD Bank posted a 2% dip in
adjusted net income, hit by higher non-interest expenses,
provisions for credit losses, and insurance claims.
    Meanwhile, National Bank reported higher earnings and beat
analysts' estimates, driven by growth in its financial markets
and wealth management units.
    The strong results mirrored those of Royal Bank of Canada
 RY.TO , Bank of Montreal  BMO.TO , Canadian Imperial Bank of
Commerce  CM.TO  and Scotiabank  BNS.TO , which also benefited
from strength in their capital markets business.
    Net income at National Bank's wealth management business
rose 10% to C$135 million, boosted by higher fee-based revenues.
    The sixth-largest Canadian lender said net income from its
financial markets unit jumped 10%, helped by stronger revenue
from the global markets segment.
    Net income at the bank rose 10.5% to C$610 million ($459.13
million), or C$1.67 per share, in the first quarter ended Jan.
31, while TD Bank's net income rose 24% to C$3 billion, or
C$1.61 per share.*:nCNWqmr9ma
    Excluding one-time items, National Bank earned C$1.70 per
share, beating analysts' expectations for a profit of C$1.66 per
share, according to IBES data from Refinitiv.
    However, TD earned C$1.66 per share on an adjusted basis,
falling short of the average analyst estimate of C$1.69. 

($1 = 1.3286 Canadian dollars)

 (Reporting by Abhishek Manikandan in Bengaluru and Nichola
Saminather in Toronto, Additional reporting by C Nivedita;
Editing by Devika Syamnath and Shinjini Ganguli)
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8780, outside the U.S. +91 80 6749 9246;))
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