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TD Bank reported a quarterly loss due to a hefty provision set aside for fines associated with U.S. regulatory probes.
TD Bank, Canada’s second-largest lender, reported a quarterly loss on Thursday due to a significant provision for fines related to U.S. regulatory investigations into its anti-money laundering (AML) program. The bank allocated C$3.57 billion ($2.63 billion) for these fines, marking a major financial setback.
The ongoing U.S. regulatory probes have weighed heavily on TD’s stock over the past year, with investors growing increasingly concerned about the timeline for resolution and the potential financial implications. The uncertainty surrounding these investigations has created a significant overhang on the bank’s market performance.
TD Bank announced on Wednesday that it anticipates reaching a global resolution to the AML probes by the end of the year. This resolution is expected to include both monetary and non-monetary penalties.
Analysts have warned that TD could face restrictions on its future growth in the U.S. as a result of the probe, including the possibility of an asset cap as a non-monetary penalty.
For the three months ending July 31, TD Bank reported a net loss of C$181 million, or 14 Canadian cents per share. This sharply contrasts the profit of C$2.88 billion, or C$1.53 per share, reported during the same period last year.
TD Bank’s earnings report marks the beginning of the earnings season for Canadian banks, with other major lenders scheduled to release their financial results in the coming week.
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