On a wave of improved fundamentals for Canadian lenders, Toronto-Dominion Bank (NYSE:TD) has elected to boost its shareholder payout. The company declared a quarterly common stock distribution of C$0.85 ($0.81) per share, to be paid on October 31 to shareholders of record as of October 3. That amount is incrementally higher than the financial services group's previous payout, which equated to $0.77, and was dispensed at the end of July.

The firm also declared dividends for numerous series of its class A preferred shares. These range from C$0.164 ($0.156) for series T, to C$0.390625 ($0.372360) apiece for series AE, AG, AI, and AK.

The common stock dividend now annualizes to $3.24 per share in U.S. currency. That yields 3.8% at Toronto-Dominion Bank's current stock price of $85.35.