TD Bank Group reported strong third-quarter 2026 results across several of its major businesses, with Wholesale Banking standing out as net income increased 87% year-over-year and revenue reached record levels.
Wholesale Banking generated C$743 million of net income during the quarter.
Reported earnings increased 87% from the prior-year period, while adjusted net income increased 76%.
Revenue increased 25% year-over-year as heightened client activity and favorable market conditions supported stronger performance.
The segment generated a return on equity of 16.7%.
The significant earnings increase demonstrates the operating leverage available in TD’s Wholesale Banking franchise when capital-markets activity strengthens.
The segment participates in areas including corporate and investment banking, trading and related financial-market services, creating opportunities for revenue expansion when client activity and transaction volumes rise.
The strong Wholesale Banking performance came alongside higher companywide earnings.
TD reported C$4.615 billion of quarterly net income compared with C$3.336 billion a year earlier.
Adjusted net income increased 21% to C$4.671 billion from C$3.871 billion.
Reported diluted EPS increased to C$2.74 from C$1.89, while adjusted diluted EPS increased 26% to C$2.77.
TD’s Canadian Personal and Commercial Banking business also delivered record results.
The segment generated C$5.517 billion of revenue, an increase of 5%, while net income increased 7% to C$2.095 billion.
The business benefited from growth in deposits and loans along with higher margins.
Digital sales in Canadian Personal Banking increased 17%, demonstrating continued customer adoption of digital channels.
Canadian Business Banking also increased commercial client acquisition by 10% year-to-date.
U.S. Banking showed another important improvement.
Reported net income increased 41% to C$1.074 billion, or approximately US$771 million.
Adjusted profit increased 12%.
The segment’s reported ROE reached 10.2%, representing a 310-basis-point improvement, while adjusted ROE increased approximately 130 basis points.
Wealth Management and Insurance also generated record revenue, earnings and assets.
Net income for that business increased 20% to C$841 million.
The breadth of these gains means TD’s quarterly growth was not confined to the particularly strong Wholesale Banking business.
Canadian Banking, U.S. Banking, Wealth Management and Insurance all contributed to the improvement.
TD ended the quarter with a Common Equity Tier 1 ratio of 14.3%.
That capital position gives the bank capacity to continue investing in its businesses while retaining flexibility around capital deployment.
Management is also continuing investments in AI and innovation as part of its efforts to deepen client relationships and improve productivity.
The quarter therefore combines a standout 87% increase in Wholesale Banking earnings with broader evidence that TD’s other major franchises are also gaining momentum.
KEY QUOTES:
“TD had a very strong quarter, with record earnings in our Canadian businesses and Wholesale Banking, and growing momentum in U.S. Banking.”
“With a focus on disciplined execution, ROE was up significantly and we generated positive operating leverage while continuing to invest in front-line talent, AI and innovation.”
Raymond Chun, Group President and Chief Executive Officer of TD Bank Group
