Toronto-Dominion Bank reported first-quarter profit of $4.04 billion, up 45 per cent from $2.79 billion last year, topping analyst expectations by 5 per cent, according to data from Visible Alpha. (The Logic)

Talking point: The bank took a $200-million pre-tax restructuring charge in the quarter, higher than the $125 million it had forecast in the fourth quarter of last year. Profit from TD’s wholesale banking unit, which includes its capital markets business, jumped 88 per cent year over year to $561 million, lifted by stronger revenue. Profit from the bank’s U.S. arm rose to $1.04 billion as TD continued restructuring its balance sheet, while expenses rose 8 per cent to $1.81 billion, driven by higher staff-related costs and continued spending on governance and anti-money-laundering remediation efforts. On artificial intelligence, TD CEO Raymond Chun said on the earnings call the bank is using AI to streamline processes, and is still targeting $1 billion in value “over the medium term.” The lender also put less money aside for bad loans than it did for last year’s first quarter—$1.04 billion, down from $1.21 billion.

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