TD Bank has reported net income at its global wealth division, excluding its reported investment in TD Ameritrade, of C$150 million ($153.6 million) for the second quarter, up by 35 per cent year-over-year. Net income at TD Ameritrade, meanwhile, rose 2 per cent to $57 million.

These figures were achieved on total wealth management revenue of C$706 million for the three months to 30 April.

Assets under administration in wealth management were C$248 billion, compared to C$214 a year earlier, and assets under management were C$190 billion, compared to C$175 billion in 2010.

Average full-time equivalent staff at the division were 7,340 in Q2 2011, meaning the bank had increased wealth management headcount from a year earlier when it was 7,112 for the second quarter.

TD’s results were boosted by a very high level of trading activity in the first half of the quarter, as well as the performance of equity markets, according to Mike Pedersen, group head, wealth management, direct channels and corporate shared services at the firm. He added that he expected strong results for the year based on the performance over the first six months.