The company sustained a loss of $45m due to the change in fair value of derivatives hedging the reclassified available-for-sale securities portfolio, compared to a gain of $75m after tax in the first quarter last year.
The bank’s adjusted net income stood at $1.76bn compared to $1.61bn during the same quarter a year ago.
TD Bank group president and chief executive officer Ed Clark said entering into 2012, the bank knew that it will continue to grow in the face of a challenging environment; the bank’s performance has exceeded its expectations.
"TD’s adjusted quarterly earnings reached a new record, up 9% over the same period last year, with our North American retail businesses leading the way with $1.6 billion in adjusted earnings, also a new record. These results again showcase how our customer-focused strategy enables us to grow during tough times," Clark said.
Canadian Personal and Commercial Banking registered net income of $826m, while its adjusted net income stood at $850m, up 11% from the same period last year.
Results for the quarter were boosted by good volume growth in commercial lending and in personal deposits and loans, stable credit and record efficiency, said the bank.
The group’s wealth and insurance segment recorded net income, excluding TD’s reported investment in TD Ameritrade, $294m in the quarter, up 14% from the same period previous year.
