TD Bank reported third-quarter net income of $4.62 billion, up 38 per cent from a year earlier, while profit in its wholesale banking division, which includes its capital markets business, surged 87 per cent to $743 million, driven mainly by higher revenue and lower provisions for credit losses. (The Logic)

Talking point: TD is continuing to invest in the U.S. despite an asset cap on its U.S. consumer and commercial banking business stemming from its anti-money-laundering settlement. The bank plans to open 100 new U.S. branches by the end of 2028, while U.S. banking head Leo Salom told analysts TD expects to add about 450 bankers as it expands its retail and commercial operations. TD currently has about 1,100 branches in the U.S., so the plans would expand its footprint by about nine per cent. CEO Raymond Chun said the Canadian and U.S. economies remain deeply interconnected and expressed hope the two countries will eventually find common ground on trade. Still, chief risk officer Ajai Bambawale said TD has set aside about $500 million in reserves for tariff-related risks, while maintaining that the bank is well positioned if conditions deteriorate. 

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