Its revenue also rose to $3.54 billion during the quarter, up from $3.14 billion during the same period last year.

TD Bank president and CEO Ed Clark said, 'While we expected TD's businesses to hold up well under the weight of a global recession, their resilience is remarkable and has exceeded our expectations.'

He said, 'Adjusted net income was up 17 percent from last year, a new record, with over $1 billion in retail earnings alone. We're obviously feeling pretty good about these results, which really showcase TD's earnings power and why we see tremendous potential upside in those earnings once conditions normalize.'

Record profits by the two banks sent their stock soaring on the Toronto stock exchange (TSX).

Shares of the RBC rose $3.46 to $56.55, while those of TD Bank went up $2.14 to $68.39.

Overall, the financial sector rose 2.27 percent during the day that saw the TSX composite index close up at 10,933.96.