TD Bank beats profit estimates, lifts dividend 13%

(Reuters) - Toronto-Dominion Bank on Thursday beat analysts' estimates for quarterly profit, driven by growth across its U.S. and Canadian retail banking divisions, and raised its dividend by 13%.

Canada's second-largest lender said its adjusted net income rose to C$3.87 billion ($3.02 billion), or C$2.09, in the fourth quarter ended Oct. 31, from C$2.97 billion, or C$1.60 cents, a year earlier. Analysts on average had expected a profit of C$1.96 a share, according to IBES data from Refinitiv.

The bank also raised its dividend by 10 Canadian cents for the quarter ending Jan. 31, 2022 from 79 Canadian cents for each of the last six quarters.

($1 = 1.28 Canadian dollars)

(Reporting by Nichola Saminather in Toronto and Sohini Podder in Bengaluru; Editing by Maju Samuel)