September 23, 2020

TD Bank will report credit trading losses

TORONTO – Toronto-Dominion Bank, the parent company of Maine-based TD Banknorth, said it would report $272 million in after-tax credit trading losses in its fourth quarter.

In a preview of an earnings report expected in two weeks, the bank said Thursday it would report a profit before one-time charges of $500 million.

The charge to earnings from TD’s wholesale banking division is a result of lower trading revenue due to the ongoing credit crisis.

But the bank says it is still on track to deliver a promised $3.1 billion in earnings from its retail banking business for all of 2008.

TD Banknorth, which has its headquarters in Portland, Maine, and Cherry Hill, N.J., has 59 bank branches in Maine.

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