Due to allegations of money laundering, TD Bank reports a $181M loss

In the most recent quarter, TD Bank Group recorded a $181 million loss due to a charge arising from ongoing investigations by the United States into its anti-money laundering program.

The large bank said on Thursday that its loss for the quarter that ended on July 31 was 14 cents per diluted share. The outcome was in contrast to a $2.88 billion profit, or $1.53 per diluted share, recorded a year prior.

$3.57 billion was set aside in the third quarter results for the bank's U.S. anti-money laundering program investigations.

TD reports that it made $2.05 per diluted share on an adjusted basis in the most recent quarter, up from $1.95 per diluted share in the same period the previous year.

The quarter's revenue was $14.18 billion, up from $12.91 billion in the same period last year.

The bank increased its provision for credit losses from $766 million to $1.07 billion over the same quarter of the previous year.

Bharat Masrani, the CEO of TD, said in a statement that the company achieved record revenue and net income in both personal and commercial banking in Canada, sustained operating momentum in the United States, and good outcomes in all of its market-driven businesses.

In order to better serve their consumers and clients, he continued to invest in fresh, creative capabilities and increase the range of products they offered.

According to TD, earnings for its personal and commercial banking division in Canada increased to $1.87 billion in the most recent quarter from $1.66 billion in the same period the previous year.