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TD Bank Group's quarterly profit falls 3.5% as loan loss provisions rise


(Reuters) - TD Bank Group reported a 3.5% fall in fourth-quarter profit on Thursday, as Canada's second-biggest lender by market value was hurt by higher provisions for loan losses and a restructuring charge.

Provisions for credit losses also rose at other major Canadian banks, including bigger rival Royal Bank of Canada , Bank of Montreal , Canadian Imperial Bank of Commerce and Bank of Nova Scotia .

TD Bank's provisions for loan losses, or the amount a bank sets aside to cover bad loans, rose 33%.

Net income at the domestic retail business rose marginally to C$1.75 billion ($1.32 billion), while U.S. retail business' net income grew nearly 7% to C$1.19 billion.

The lender disclosed a restructuring charge of $154 million in the quarter.

Net income fell to C$2.86 billion, or C$1.54 per share, in the quarter ended Oct. 31, from C$2.96 billion, or C$1.58 per share, a year earlier.

Excluding items, the lender earned C$1.59 per share.

($1 = 1.3301 Canadian dollars)

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi)

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