TD Bank profit rises 29 percent

Toronto-Dominion Bank, the fifth largest bank operator in Connecticut with more than 80 branches, increased profit by 29 percent in the third quarter on a record quarter by its Canadian retail banking operations, The Associated Press reports.

The Toronto-based bank earned $1.18 billion Canadian (US$1.12 billion), or $1.29 Canadian a share ($1.23), for the quarter ended July 31. That's up from a year-earlier profit of $912 million Canadian (US$868 million), or $1.01 Canadian (US96 cents) per share.

Canada's second largest bank entered the U.S. market six years ago and bulked up its presence with the 2007 purchase of New Jersey-based Commerce Bancorp. TD CEO Ed Clark says the bank's U.S. operations posted their highest level of profit since entering the market.

TD has more than 2,300 retail operations in both Canada and the U.S.