TD Bank released its financial results for the first quarter ended January 31, 2019, with reported earnings of C$2.4 billion ($1.8 billion), up 2% on a reported basis and flat on an adjusted basis, compared with the same quarter last year.

“TD’s Retail segments in both Canada and the U.S. had a strong start to the year, with continued revenue growth and solid earnings. However, market volatility and lower client activity impacted our Wholesale segment in the quarter,” said Bharat Masrani, TD Bank group president and CEO. “TD’s diversified business and geographic mix continues to serve us well, and we are focused on the work ahead to advance our business strategy and innovate to build new capabilities to serve our over 25 million customers.”

The bank also announced a dividend increase of seven cents per common share for the quarter ending in April, an increase of 10%.

Reported net income for Canadian Retail was C$1,379 million ($1,049 million), down 22% from the first quarter last year. Adjusted net income was C$1,855 million ($1,410 million), an increase of 6% over the first quarter of 2018. Revenue growth was 8%, reflecting contributions across all businesses.

U.S. Retail reported net income of C$1,240 million ($935 million), an increase of 30% (25% in U.S. dollars) and up 21% (16% in U.S. dollars) on an adjusted basis, compared with the same quarter last year. TD Ameritrade contributed C$311 million ($235 million) to the segment this quarter compared to C$106 million in the same quarter last year.

The U.S. Retail Bank, which excludes the Bank’s investment in TD Ameritrade, reported net income of C$929 million ($700 million), up 10% (5% in U.S. dollars) on a reported basis and 9% (4% in U.S. dollars) on an adjusted basis, from the same period last year. Earnings reflect loan and deposit volume growth, and higher margins.

“We’re continuing to invest in our business, colleauges, and brand, and the dividend increase announced today further reinforces the confidence we have in our proven business model,” said Masrani. “We continue to face many of the same challenges and opportunities that we identified at the end of 2018. Subject to these, and assuming the improvements in market conditions we are now seeing are sustained, we expect our full-year performance to be closer to the low end of our 7-10 per cent medium-term target for adjusted EPS growth.”