TD Bank Beats Q3 Estimates as Scotiabank Raises Price Target

Key Facts

1Toronto-Dominion Bank reported a Q3 profit of $4.60 billion, up significantly from $3.30 billion in the same period last year.

2Adjusted earnings per share reached $2.77, well above the average analyst forecast of $2.47.

3Scotiabank raised its price target for TD Bank to C$187.00 while reaffirming an 'Outperform' rating.

In a move reflecting the resilience of the Canadian banking sector amid economic shifts, Toronto-Dominion Bank (TD) announced robust financial results for the third quarter of 2026. According to reports, the bank posted a profit of $4.60 billion, a significant increase from the $3.30 billion reported in the same period last year. Adjusted earnings per share reached $2.77, comfortably beating the average analyst estimate of $2.47, supported by a rise in total revenue to $16.89 billion.

The financial data highlighted improved credit health, as provisions for credit losses decreased to $917 million from $971 million a year earlier. Following these results, Scotiabank raised its price target for TD Bank to C$187.00 while reaffirming an 'Outperform' rating. This performance is bolstered by the bank's strategic expansion plans in the United States, which include opening 100 new branches, further solidifying its position as a leading North American financial institution.

Looking ahead, investors are monitoring the sustainability of this growth against a backdrop of shifting global consumer sentiment, as market data showed South Korea's consumer confidence dipping to 104.5 on August 24. While current price levels for TD are unavailable in this report, market participants will focus on upcoming macroeconomic catalysts, such as inflation and personal spending data, to gauge the operating environment for major banks through the remainder of the year.