Canada’s big banks have historically fared well come earnings time, and the most recent quarterly announcements this week didn’t break tradition. In particular, Toronto-Dominion Bank (TSX:TD)(NYSE:TD) has surpassed analysts’ expectations for the quarter, reaffirming why the company is such a great investment option.

Here’s a look at how TD Bank fared in the most recent quarter, and what investors can expect going forward.

Strong Q3 results for TD Bank

TD Bank continued to show financial strength with adjusted earnings coming in at $2.4 billion for the quarter, representing a 6% increase over the same quarter last year. The company cited both organic growth and a focus on reining in expenses as reasons for the strong performance.

TD’s Canadian retail segment reported $1.5 billion in net income for the quarter, which was a drop from the $1.6 billion that was reported in net income for the same quarter last year. This decrease was primarily due to higher insurance claims stemming from the Fort McMurray wildfires this past spring and what amounted to a higher effective tax rate.

TD Bank showed fairly strong growth in the U.S. retail segment, posting a net income of $788 million, which is a significant increase over the $674 million reported in the same quarter last year. This growth can be attributed to improved expense management as well as stronger customer balance growth.

TD Bank, like the other big banks, provides a provision for credit losses. Last year when the economy–particularly in Alberta–began to slow, the banks started to shore up those accounts. In the most recent quarter TD maintained a provision of $556 million for credit losses this past quarter–a slight drop from the $584 million in provisions at the end of the previous quarter.

TD Bank’s wholesale banking unit posted net income of $302 million, an impressive 26% increase over the same quarter last year. This increase can be primarily tied to corporate lending growth and trading-related revenue, as well as higher origination activity in both equity capital and debt markets.

On an earnings-per-share basis, TD Bank continued to post improvements over the same quarter last year. Reported diluted earnings per share came in at $1.24 for the quarter surpassing analysts’ expectations. By way of comparison, in the same quarter last year TD posted just $1.19 per share.

Looking beyond the results

TD Bank is one of the best options–if not the best–in the banking sector for investors to purchase, and for good reason. TD Bank pays a quarterly dividend, which is currently set to $0.55 per share, giving the stock a very impressive 3.82% yield at the current stock price.

Over the past few years TD has consistently raised the dividend, and there is little reason to doubt that a further increase will occur over the next year. The most recent bump of $0.04 per share came at the turn of the year. TD currently trades at just over $57 per share and is currently up by 6.1% year-to-date.

In my opinion, TD remains a great option for those investors who are looking for long-term growth. TD continues to post favourable results, pay a strong dividend, and invest in growth.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.