The Canadian Press

TD Bank Financial Group (TSX:TD) says one-time items gave its bottom line a boost in the fourth quarter while revenue rose by more than $1 billion from the same period last year.

The Toronto-based bank’s net income for the fourth quarter was essentially flat compared with the same period last year sitting at $1.010 billion compared with $1.014 billion a year earlier.

But the bank’s adjusted earnings were a record $1.3 billion, up from $665 million a year earlier, thanks to a number of onetime items.

On a per-share basis, net income was $1.12, which was down from $1.22 last year on a diluted-share basis but adjusted earnings were up, rising to $1.46 from 79 cents per share in the fourth quarter of 2008.

TD’s revenue was $4.7 billion in the three months ended Oct. 31, up from $3.6 billion a year earlier.

The revenue was in line with analyst estimates compiled by Thomson Reuters but adjusted earnings were ahead of the consensus estimate of $1.30 per share.

“A record fourth quarter completed a record year, with TD earning over $4.7 billion in adjusted earnings in 2009,” TD president and chief executive Ed Clark said in a statement.

“Market and economic conditions were challenging during the year, but they also created opportunities to take advantage of our position of strength.”

TD’s provision for credit losses nearly doubled to $521 million compared with the year-earlier period but was down from the prior quarter.

For the 2009 fiscal year ended Oct. 31, revenue was up more than $3 billion to $17.86 billion from $14.67 billion in fiscal 2008. Annual net income was $3.12 billion or $3.47 per diluted share, down from $3.83 billion or $4.87 per share last year.

Adjusted net income for the year was $4.7 billion or $5.35 per diluted share, from $3.8 billion or $4.88 per diluted share a year ago.