The Toronto-based bank says it earned $618 million or 68 cents per share for the quarter ended April 30, down from profit of $852 million or $1.12 per share recorded during the same quarter the year before.

TD says the increased earnings in wholesale were partially offset by a 31 per cent decline in net income from its wealth management group.

Despite the decrease in profits, TD Chief Executive Ed Clark says the bank is well-positioned to come through the global recession and may in fact grow volumes during that time.

TD says quarterly revenue rose slightly to $4.3 billion compared to $4.1 billion reported a year ago.

The bank's tier one capital ratio, a key performance indicator, stands at 10.9 per cent.