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A TD Canada Trust Bank branch in the financial district of Toronto.
A TD Canada Trust Bank branch in the financial district of Toronto.
(Ryan Carter/The Globe and Mail)

U.S. foray set to goose TD profits

Toronto-Dominion Bank’s second-quarter earnings Thursday showed that a sluggish Canadian economy is indeed affecting our banks. But, as has become increasingly apparent in recent years, not all Canadian banks are the same, and TD’s big bold foray into U.S. retail banking leaves the bank in a relatively better position than others. TD has been promising to increase the size of its smallish loan book in the United States to drive profit growth, but the bank has another trick up its sleeve south of the border to goose profits.