Toronto-Dominion Bank (TSX:TD) earned $1.84 billion of net income in its financial fourth quarter, a 5.3% increase from last year despite higher restructuring costs as part of the company’s long-term efforts to improve efficiency.

The profit amounted to 96 cents per share or $1.14 per share on an adjusted basis, after excluding $243 million of after-tax restructuring charges and other items. A year earlier, net income was 91 cents per share and adjusted earnings were 98 cents per share.
Revenue for the three-month period increased to $8.05 billion, up 8% from last year.

TD’s Canadian retail banking arm accounted for $1.5 billion of profit, which was up 15% before adjustments and 10% after adjustments.

The bank says its Canadian retail operations experienced higher loan, deposit and wealth asset volumes, strong credit performance, higher insurance earnings and good expense management.

TD’s U.S. retail banking operations grew net income to $486 million, an increase of 14% that included the positive impact of Canada’s weaker dollar.
The restructuring charges were recorded at the corporate level, part of cost-cutting efforts that included a redesign of TD’s internal processes, branch and real estate optimization and an organizational review.

For the full year ended Oct. 31, TD’s net income was $8.02 billion and revenue was $31.4 billion, up from $7.88 billion of net income and $29.96 billion of revenue in fiscal 2014.

“Results for the year reflect good earnings performance from all businesses, driven by good organic growth, strong credit quality, favourable currency translation and positive operating leverage,” says Bharat Masrani, president and CEO at TD, in a statement.