That was offset somewhat by a 6% drop on the Canadian commercial banking and wealth management side and a 28% slip in US commercial banking and wealth management, with higher credit-loss provisions for both.

TD said its reported diluted earnings per share were $1.72, down from $2.07 on a year-over-year basis, with reported net income of $3.35 billion compared with $3.81 billion in Q2 2022.

The bank’s provision for credit losses for Q2 was $599 million, an increase from $27 million at the same time last year.

Its Canadian personal and commercial banking saw net income rise by 4% to $1.63 billion, spurred by higher customer activity, a spike in New to Canada account openings, and “continued momentum” in mortgage originations as well as credit card loan growth.

On the US retail side, TD’s net income came in at $1.4 billion (and $1.53 billion on an adjusted basis), with reported net income including acquisition and integration charges related to its nixed First Horizon Corporation deal.