On Thursday, Canada’s TD Bank posted a rise in Q4 profit as gains from elevated interest rates increased its personal and commercial business and assisted in offsetting weakness in underwriting and capital markets.

Reportedly, the bank marked C$617 million in loan loss provisions. The figure was C$123 million a year before.
Also, the lender joined counterparts Bank of Nova Scotia, Royal Bank of Canada, and National Bank of Canada to set aside higher funds this year to prepare for potential loan losses since there persist worries of an economic downturn.

The lender’s commercial and personal business reported an 11 per cent increase in net income, reflecting strong volume growth and higher margins.

The bank’s results are in sharp contrast to its counterparts as they reported lower quarterly profits as a dearth of deals hurt its capital markets businesses.

Reportedly, the overall net profit was C$6.67 billion, or C$3.62 per share, compared with C$3.78 billion, or C$2.04 per share. Canada’s second-largest bank said net income, excluding one-off items, increased to C$4.07 billion, or C$2.18 per share, from C$3.87 billion, or C$2.09 per share, a year before.