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TD Bank - sets aside $238 million CDN for Enron Case

Postby montyloree » Fri Aug 26, 2005 12:00:00 AM

Wow. Even TD Canada Trust got hit with the Enron Scandal.

TD Bank - Enron Scandal
Toronto-Dominion 3rd-Qtr Profit Falls on Enron Charge (Update6)

Aug. 25 (Bloomberg) -- Toronto-Dominion Bank, Canada's second- biggest lender, said profit fell for the first time in two years after it set aside C$238 million ($199 million) for potential settlements with Enron Corp. shareholders.

Net income for the fiscal third quarter dropped 27 percent to C$411 million, or 58 cents a share, from C$565 million, or 86 cents, a year ago, the Toronto-based bank said today. Excluding one-time items, profit rose 14 percent to C$1.04 a share on higher loans and insurance revenue from its U.S. unit.

Toronto-Dominion is the second Canadian bank to say Enron costs lowered earnings. Canadian Imperial Bank of Commerce posted the biggest loss in its 138-year history yesterday after a $2.4 billion settlement. Royal Bank of Canada will say tomorrow that Enron cut profit by $25 million.
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