The Globe and Mail reports in its Thursday edition that TD Bank plans to buy back up to $10-billion worth of its shares. A Canadian Press dispatch to The Globe says TD plans to repurchase up to 61 million of its shares under a program it expects to complete by July next year. The new buyback, which is subject to approval by the Office of the Superintendent of Financial Institutions Canada, will represent up to 3.74 per cent of the bank's issued and outstanding shares as of Aug. 31. TD says it plans to cancel all of the purchased shares. The move comes after TD spent $7-billion to buy back 47.2 million of its shares as of Sept. 25 in a program that began on Jan. 20. By buying back its shares, the bank reduces its equity base, spreading profits over fewer shares, increasing its return on equity and earnings per share, two key ratios used to assess its financial health. TD closed Wednesday at $167.33, down $1.50 on the Toronto Stock Exchange.