Toronto-Dominion Bank (TD) announced a dividend raise from a quarterly amount of $0.47 to $0.51, an increase of 8.5%. The new dividend is payable on Apr 30, 2015 for shareholders on record on Apr 7, 2015, with an ex-div date on Apr 3, 2015.
From the earnings release statement:
FIRST QUARTER FINANCIAL HIGHLIGHTS, compared with the first quarter a year ago:
- Reported diluted earnings per share were $1.09, compared with $1.07.
- Adjusted diluted earnings per share were $1.12, compared with $1.06.
- Reported net income was $2,060 million, compared with $2,042 million.
- Adjusted net income was $2,123 million, compared with $2,024 million.
FIRST QUARTER ADJUSTMENT (ITEMS OF NOTE)
The first quarter reported earnings figures included the following items of note, compared with the first quarter a year ago:
- Amortization of intangibles of $63 million after tax (3 cents per share), compared with $61 million after tax (3 cents per share).
“We are pleased with our start to 2015, with adjusted earnings of $2.1 billion, up 5% from the same quarter last year,” said Bharat Masrani, Group President and Chief Executive Officer. “Our results reflect strong retail earnings on both sides of the border and strong fundamentals.“
“Our first quarter results showcase the power of our franchise model in the face of a continuously challenging environment,” said Masrani. “The dividend increase demonstrates TD’s ability to grow earnings over the long term. We will continue taking advantage of growth opportunities, increasing productivity, investing in the future of our business and meeting the evolving needs of our customers.“
My portfolio consists of 25 shares of TD, which increases my annual dividends from $47 to $51, an increase of $4.