TORONTO (Reuters) Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported mixed fourth-quarter results yesterday, as a sharp drop in trading offset stronger retail banking results.

TD, Canada’s second-biggest lender, earned C$994 million ($984 million), or C$1.07 a share, in the quarter that ended October 31, down from a profit of C$1 billion, or C$1.12 a share, in the year-earlier quarter.

Excluding items, the bank earned C$1.38 a share, coming in shy of the profit of C$1.46 a share expected by analysts polled by Thomson Reuters.

Wholesale banking profit, expected to be a weak spot for the Canadian industry this quarter due to strong recovery-driven results last year, fell 74 percent at TD.

This overshadowed a 24 percent rise in profit at TD’s Canadian retail bank and a more than doubling of income at TD’s US retail bank.

TD pushed into the US retail market with the purchase of a stake in Banknorth about five years ago. The franchise covers the US East Coast and boasts more branches than TD has in Canada.

Return on equity fell to 9.7 percent from 11 percent a year ago, while the bank’s Tier 1 capital ratio, a measure of its financial stability, was 12.2 percent.

Wholesale banking was also a weak spot for CIBC, Canada’s No. 5 bank, but better-than-expected retail banking results allowed the lender to top market expectations.

Adjusted per-share earnings were C$1.60, versus analysts’ estimates of C$1.64.

On a net basis, which included items including a C$122 million charge to exit a structured credit business, the bank earned C$500 million, or C$1.17 a share, down from C$644 million, or C$1.59 a share, a year earlier.

“Retail banking core earnings . . . were above our estimate on higher revenues and lower loan losses than we had forecast,” RBC Dominion Securities analyst Andre-Philippe Hardy said in a note.

Return on equity was 19.4 percent, while the bank’s Tier 1 capital ratio was 13.9 percent at the end of the quarter.

The results follows a stronger-than-expected profit at dividend increase at National Bank of Canada on Tuesday.

National’s dividend increase made it the first of Canada’s big banks to raise the payout since the financial crisis.

Royal Bank of Canada and Bank of Nova Scotia will report their year-end results today.