Canadian bank giant TD Bank (TD) allayed investor fields about its money laundering troubles. The firm posted non-GAAP earnings per share of $2.04. Revenue grew by 11.5% Y/Y to $13.82 billion.
The bank benefited from growth in loans and assets managed. Expect its digital transformation focus to pay off after it partnered with Google Cloud (GOOG) and Microsoft (MSFT) Azure.
TD acknowledged gaps in its anti-money laundering program. It let go of more than a dozen staff related to the AML issues. CEO Bharat Masrani said the bank did not effectively monitor, detect, report, and respond to suspicious activity.
In the Canadian stock markets, several firms have yet to show signs of rebounding.
Bausch Health Companies (BHC) lost over 26% in the last month. Selling pressure accelerated after the firm posted quarterly results. Investors are worried about the company’s debt level and the risk of competitive pressure from generic sales of Xifaxan.
Magna (MGA), an auto parts supplier, is showing signs of rebounding. The stock touched a 52-week low shortly after trading ex-dividend on May 16, 2024. The firm makes Fisker electric vehicles. However, Fisker is on the brink of bankruptcy. This takes away Magna’s growth potential from the EV market.
