By Sean B. Pasternak
April 2 (Bloomberg) -- Toronto-Dominion Bank may post earnings this year that are little changed from last year, and is unlikely to raise its dividend as it sets aside more money for bad loans in the U.S.
“In 2009, our job may be to simply maintain flat earnings per share,” Chief Executive Officer Edmund Clark said. “That would be a big accomplishment in today’s environment.”
Provisions for credit losses in the U.S. may be higher than the bank previously estimated as the economy slows, Clark told shareholders at the bank’s annual meeting today in Saint John, New Brunswick.
Canada’s second-biggest bank is expected to post earnings per share of C$4.38 in fiscal 2009, based on a survey of seven analysts by Bloomberg. Net income was C$4.87 a share for the year ended Oct. 31, 2008.
Read on Toronto-Dominion Profit May Be Unchanged, Clark Says
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