CIBC and TD Bank both grew their first-quarter profits as tight expense control helped them weather a storm of economic challenges including oilpatch woes, turbulent stock markets and a sluggish economy.
“The hard work we did last year to manage our cost base has equipped us better to respond to volatile markets and rising competition from non-traditional players,” TD (TSX:TD) chief executive Bharat Masrani said during a conference call Thursday to discuss the bank’s results.
TD reported net income of $2.22 billion, up roughly eight per cent from a year ago when it had $2.06 billion in quarterly profits.
