TD and Scotiabank both report improved quarterly results and announce dividend increases, citing strength in their Canadian banking operations and related business activity. TD says profit rises to $1.93 billion for the quarter, supported by higher earnings from Canadian personal and commercial banking and lower provisions set aside for loan losses. TD also raises its dividend. Scotiabank reports a second-quarter profit of $2.6 billion, higher than a year earlier, and tops profit estimates. Coverage also notes that Scotiabank’s Canadian banking unit contributes to the improvement, with profit up significantly compared with the prior year. Like TD, Scotiabank raises its dividend following the stronger quarter.
Separately, Winnipeg Free Press reports a $2.63 billion second-quarter profit figure for a bank raising its dividend, up from $1.96 billion a year earlier, aligning closely with Scotiabank’s reported results in the other summaries.
