Awards for Excellence
A seventh year of record earnings in the fiscal period 2016 – and a first half of 2017 that promises another blockbuster year – saw TD Bank prove yet again that it is the franchise to beat in Canada. The firm’s unrivalled breadth and depth secure it Euromoney’s best bank in Canada award for another year. CEO Bharat Masrani, who only assumed the top job in 2015, was characteristically understated in his assessment of the bank’s most recent two quarterly results, declaring himself “pleased” with the firm’s 14% year-on-year rise in earnings in the first quarter and noting that “all of our business segments performed well” in the second quarter – which saw an even more remarkable 22% rise.
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| Bharat Masrani |
Masrani has certainly cut costs in the last two years, and the benefits of that prudence are likely to become more evident as Canada’s banking sector is buffeted by the headwinds predicted by many analysts. Private sector debt-to-GDP continues to rise, hitting 185% at the end of 2016.