Canada’s second-largest bank by market value, Toronto-Dominion Bank, reported net income of C$4.62 billion, or C$2.74 a share, in the third quarter, up sharply from C$3.34 billion, or C$1.89 a share, a year earlier. Stripping out restructuring costs, adjusted per-share earnings came in at C$2.77, beating the C$2.47 mean estimate of analysts polled by Fact Set. Overall revenue rose 10% to C$16.89 billion, ahead of expectations.

President and Chief Executive Raymond Chun said it was a strong quarter with record earnings in the bank’s Canadian and wholesale banking businesses and continued momentum in the U.S. Return on equity widened to 15.8% from 11.3% a year prior, reaching 16% on an adjusted basis. “ROE was up significantly and we generated positive operating leverage while continuing to invest in front-line talent, AI and innovation,” Chun said. TD’s provisions for credit losses fell to C$917 million, below the nearly C$1.1 billion analysts expected. The provision for loans deemed impaired dropped about 4% year-over-year to C$865 million, while the provision for performing loans was C$52 million.

TD’s common equity Tier 1 capital ratio stood at 14.3% as of the end of July, above the 11% minimum required by Canada’s banking regulator.