However, increased operating expenses were the primary headwinds. The Toronto-Dominion Bank ( TD ) reported its fiscal third quarter 2012 (ended July 31, 2012) adjusted earnings per share of C$1.91, which compares favorably with the prior quarter earnings of C$1.82 as well as the year-ago earnings of C$1.75. Better-than-expected results were driven by enhanced net interest revenue and non-interest income. The total assets and profitability ratio also remained strong in the quarter. However, elevated operating expenses were the primary headwinds. Our Viewpoint We expect Canadian Imperial's acquisition activities to positively impact its financials in the long run. Further, investor confidence is expected to be boosted since the company has announced a meaningful capital deployment program. However, a persistent low interest rate environment, weak economic recovery and stringent regulatory requirements will remain a drag on its financials.