New alignment of segments reflects the growth
and scale of businesses
TORONTO, Oct. 28,
2022 /CNW/ - TD Bank Group ("TD" or the "bank")
announced today a new alignment of its reportable business segments
to establish a Wealth Management and Insurance segment. This change
is effective the beginning of the fourth quarter of 2022 and
reflects how the Bank will now view its businesses for management
reporting purposes. Previously, Wealth Management and Insurance was
reported along with Canadian Personal and Commercial Banking in the
Canadian Retail segment.
"The Wealth Management and Insurance businesses provide a
significant and growing contribution to TD's success. They have an
increasingly high profile in senior management analysis and
strategic planning and this new reporting alignment provides TD
shareholders with additional information on their performance,"
said Kelvin Tran, Senior Executive
Vice President and Chief Financial Officer, TD Bank Group.
An abridged version of the supplemental financial information
package reflecting the new alignment of the Bank's reportable
segments on a retrospective basis is now available on
td.com/investor.
TD Wealth Management includes the #1 online brokerage, the #1
institutional money manager and a rapidly growing Wealth Management
advice provider in Canada. TD
Insurance includes the #1 Direct-to-Consumer Insurer for Home and
Auto, and the #1 Affinity provider in Canada. With combined compound annual growth
of 12% net income after tax (NIAT) in Wealth Management and
Insurance over the past five years, the businesses are
well-positioned to continue to deliver exceptional experiences for
customers and clients and achieve their strategic ambitions.
SEGMENT ALIGNMENT
The Bank will report its results under the following segments,
with comparative periods showing the new aligned segments:
- Canadian Personal and Commercial Banking, comprised of
the Canadian personal and commercial banking businesses which
provides financial products and services to personal, small
business and commercial customers, and TD Auto Finance Canada.
- U.S. Retail, comprised of the personal and business
banking businesses in the U.S. operating under the brand TD Bank,
America's Most Convenient Bank®, primarily in the Northeast and
Mid-Atlantic regions and Florida,
TD Auto Finance U.S., and the U.S. wealth business, including Epoch
and the Bank's equity investment in Schwab.
- Wealth Management and Insurance, includes the Canadian
wealth business which provides investment products and services to
institutional and retail investors, and the insurance business
which provides property and casualty insurance, as well as life and
health insurance products to customers across Canada.
- Wholesale Banking, provides a wide range of capital
markets, investment banking, and corporate banking products and
services, including underwriting and distribution of new debt and
equity issues, providing advice on strategic acquisitions and
divestitures, and meeting the daily trading, funding, and
investment needs of the Bank's clients.
- Corporate, includes the Bank's other activities.
An abridged version of the supplemental financial information
package reflecting the newly aligned reportable segments is being
provided to help readers of the Bank's financial statements better
understand the impact on the Bank's consolidated financial results.
The comparative period results reflecting the new segment alignment
presented below and in the accompanying supplemental financial
information package are unaudited. Certain information has been
adjusted as defined under the heading 'Non-GAAP Financial Measures'
below.
Presented below are reported and adjusted Net income (loss) by
business segment reflecting the Bank's newly aligned reportable
segments.
Net Income (loss) by
Business Segment1
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions of Canadian
dollars)
|
|
|
|
|
For the three months
ended
|
For the nine months
ended
|
|
|
|
July 31,
2022
|
|
April 30,
2022
|
|
January 31,
2022
|
|
July 31,
2022
|
|
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
Canadian Personal and
Commercial Banking
|
$
|
1,678
|
|
1,678
|
$
|
1,568
|
$
|
1,568
|
$
|
1,618
|
$
|
1,618
|
$
|
4,864
|
$
|
4,864
|
U.S.
Retail2
|
|
1,442
|
|
1,464
|
|
1,367
|
|
1,198
|
|
1,272
|
|
1,272
|
|
4,081
|
|
3,934
|
Wealth Management and
Insurance
|
|
575
|
|
575
|
|
668
|
|
668
|
|
636
|
|
636
|
|
1,879
|
|
1,879
|
Wholesale
Banking
|
|
271
|
|
271
|
|
359
|
|
359
|
|
434
|
|
434
|
|
1,064
|
|
1,064
|
Corporate2
|
|
(752)
|
|
(175)
|
|
(151)
|
|
(79)
|
|
(227)
|
|
(127)
|
|
(1,130)
|
|
(381)
|
Net income
(loss)
|
$
|
3,214
|
|
3,813
|
$
|
3,811
|
$
|
3,714
|
$
|
3,733
|
$
|
3,833
|
$
|
10,758
|
$
|
11,360
|
|
|
|
|
|
|
For the years ended
October 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
Canadian Personal and
Commercial Banking
|
|
|
|
|
|
|
|
|
$
|
5,885
|
$
|
5,885
|
$
|
3,996
|
$
|
3,996
|
U.S. Retail
|
|
|
|
|
|
|
|
|
|
4,985
|
|
4,985
|
|
3,026
|
|
3,026
|
Wealth Management and
Insurance3
|
|
|
|
|
|
|
|
|
|
2,596
|
|
2,596
|
|
2,030
|
|
2,128
|
Wholesale
Banking
|
|
|
|
|
|
|
|
|
|
1,570
|
|
1,570
|
|
1,418
|
|
1,418
|
Corporate4
|
|
|
|
|
|
|
|
|
|
(738)
|
|
(387)
|
|
1,425
|
|
(600)
|
Net income
(loss)
|
|
|
|
|
|
|
|
|
$
|
14,298
|
$
|
14,649
|
$
|
11,895
|
$
|
9,968
|
|
1 For
more detailed information on a reported basis refer to the
Segmented Information disclosure included with this press
release.
|
|
2
Refer to the "How We Performed" section of the Bank's second
quarter 2022 Management's Discussion and Analysis (MD&A) and
third quarter 2022 MD&A which are available on SEDAR at
www.sedar.com, and are incorporated by reference, for a list of the
items of note, and a reconciliation of adjusted to reported
results. Non-GAAP financial measures and ratios used in this
document are not defined terms under IFRS and, therefore, may not
be comparable to similar terms used by other issuers.
|
|
3
Adjusted Net income (loss) excludes charges associated with the
acquisition of Greystone – 2020: $100 million ($98 million after
tax).
|
|
4
Adjusted Net income (loss) excludes the following items of
note:
|
|
i.
|
Amortization of
acquired intangibles – 2021: $285 million ($253 million after tax);
2020: $262 million ($225 million after tax).
|
|
ii.
|
Acquisition and
integration charges related to the Schwab transaction – 2021: $103 million ($98 million
after tax).
|
|
iii.
|
Net gain on sale of
investment in TD Ameritrade – 2020: $1,421 million ($2,250 million after
tax).
|
Caution Regarding Forward-Looking
Statements
From time to time, the Bank (as defined in this document) makes
written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the United States (U.S.) Securities and
Exchange Commission (SEC), and in other communications. In
addition, representatives of the Bank may make forward-looking
statements orally to analysts, investors, the media and others. All
such statements are made pursuant to the "safe harbour" provisions
of, and are intended to be forward-looking statements under,
applicable Canadian and U.S. securities legislation, including the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements made in this document, the Management's Discussion and
Analysis ("2021 MD&A") in the Bank's 2021 Annual Report under
the headings "Economic Summary and Outlook" and "The Bank's
Response to COVID-19", under the headings "Key Priorities for 2022"
and "Operating Environment and Outlook" for the Canadian Retail,
U.S. Retail, and Wholesale Banking segments, and under the heading
"Focus for 2022" for the Corporate segment, and in other statements
regarding the Bank's objectives and priorities for 2022 and beyond
and strategies to achieve them, the regulatory environment in which
the Bank operates, the Bank's anticipated financial performance,
and the potential economic, financial and other impacts of the
Coronavirus Disease 2019 (COVID-19). Forward-looking statements are
typically identified by words such as "will", "would", "should",
"believe", "expect", "anticipate", "intend", "estimate", "plan",
"goal", "target", "may", and "could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include:
strategic, credit, market (including equity, commodity, foreign
exchange, interest rate, and credit spreads), operational
(including technology, cyber security, and infrastructure), model,
insurance, liquidity, capital adequacy, legal, regulatory
compliance and conduct, reputational, environmental and social, and
other risks. Examples of such risk factors include the economic,
financial, and other impacts of pandemics, including the COVID-19
pandemic; general business and economic conditions in the regions
in which the Bank operates; geopolitical risk; the ability of the
Bank to execute on long-term strategies and shorter-term key
strategic priorities, including the successful completion of
acquisitions and dispositions, business retention plans, and
strategic plans; technology and cyber security risk (including
cyber-attacks or data security breaches) on the Bank's information
technology, internet, network access or other voice or data
communications systems or services; model risk; fraud activity; the
failure of third parties to comply with their obligations to the
Bank or its affiliates, including relating to the care and control
of information, and other risks arising from the Bank's use of
third-party service providers; the impact of new and changes to, or
application of, current laws and regulations, including without
limitation tax laws, capital guidelines and liquidity regulatory
guidance and the bank recapitalization "bail-in" regime; regulatory
oversight and compliance risk; increased competition from
incumbents and new entrants (including Fintechs and big technology
competitors); shifts in consumer attitudes and disruptive
technology; exposure related to significant litigation and
regulatory matters; ability of the Bank to attract, develop, and
retain key talent; changes to the Bank's credit ratings; changes in
currency and interest rates (including the possibility of negative
interest rates); increased funding costs and market volatility due
to market illiquidity and competition for funding; Interbank
Offered Rate (IBOR) transition risk; critical accounting estimates
and changes to accounting standards, policies, and methods used by
the Bank; existing and potential international debt crises;
environmental and social risk (including climate change); and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events. The Bank cautions that the preceding
list is not exhaustive of all possible risk factors and other
factors could also adversely affect the Bank's results. For more
detailed information, please refer to the "Risk Factors and
Management" section of the 2021 MD&A, as may be updated in
subsequently filed quarterly reports to shareholders and news
releases (as applicable) related to any events or transactions
discussed under the heading "Pending Acquisition" or "Significant
and Subsequent Events and Pending Acquisitions" in the relevant
MD&A, which applicable releases may be found on www.td.com. All
such factors, as well as other uncertainties and potential events,
and the inherent uncertainty of forward-looking statements, should
be considered carefully when making decisions with respect to the
Bank. The Bank cautions readers not to place undue reliance on the
Bank's forward-looking statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2021
MD&A under the headings "Economic Summary and Outlook" and "The
Bank's Response to COVID-19", under the headings "Key Priorities
for 2022" and "Operating Environment and Outlook" for the Canadian
Retail, U.S. Retail, and Wholesale Banking segments, and under the
heading "Focus for 2022" for the Corporate segment, each as may be
updated in subsequently filed quarterly reports to
shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
Non-GAAP Financial
Measures
In addition to reported results, the Bank also presents certain
financial measures, including non-GAAP financial measures that are
historical, non-GAAP ratios, supplementary financial measures and
capital management measures, to assess its results. Non-GAAP
financial measures, such as "adjusted" results, are utilized to
assess the Bank's businesses and to measure the Bank's overall
performance. To arrive at adjusted results, the Bank adjusts
reported results for "items of note". Items of note are items which
management does not believe are indicative of underlying business
performance. Non-GAAP ratios include a non-GAAP financial measure
as one or more of its components. Examples of non-GAAP ratios
include adjusted basic and diluted earnings per share (EPS),
adjusted dividend payout ratio, adjusted efficiency ratio, and
adjusted effective income tax rate. The Bank believes that non-GAAP
financial measures and non-GAAP ratios provide the reader with a
better understanding of how management views the Bank's
performance. Non-GAAP financial measures and non-GAAP ratios used
in this document are not defined terms under IFRS and, therefore,
may not be comparable to similar terms used by other issuers. For
more information of a general nature, see "How the Bank Reports" in
the Bank's third quarter 2022 MD&A.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves more than 27 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; U.S. Retail,
including TD Bank, America's Most Convenient Bank®, TD
Auto Finance U.S., TD Wealth (U.S.), and an investment in The
Charles Schwab Corporation; Wealth Management and Insurance,
including TD Wealth (Canada), TD
Direct Investing, and TD Insurance; and Wholesale Banking,
including TD Securities. TD also ranks among the world's leading
online financial services firms, with more than 15 million active
online and mobile customers. TD had $1.8
trillion in assets on July 31,
2022. The Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock
Exchanges.
SEGMENTED INFORMATION
For management reporting purposes, commencing the fourth quarter
of 2022, the Bank reports its results under four key business
segments: Canadian Personal and Commercial Banking, which includes
the results of the Canadian personal and commercial banking
businesses, and TD Auto Finance Canada; U.S. Retail, which includes
the results of U.S. personal and business banking, TD Auto Finance
U.S., the U.S. wealth business, and the Bank's investment in
Schwab; Wealth Management and Insurance; and Wholesale Banking. The
Bank's other activities are grouped into the Corporate segment. The
comparative period results have been adjusted accordingly to
reflect the new segment alignment.
Canadian Personal and Commercial Banking provides financial
products and services to personal, small business and commercial
customers, and includes TD Auto Finance Canada. U.S. Retail is
comprised of the personal and business banking in the U.S.
operating under the brand TD Bank, America's Most Convenient Bank®,
primarily in the Northeast and Mid-Atlantic regions and
Florida, TD Auto Finance U.S., and
the U.S. wealth business, including Epoch and the Bank's equity
investment in Schwab. Wealth Management and Insurance includes the
Canadian wealth business which provides investment products and
services to institutional and retail investors, and the insurance
business which provides property and casualty insurance, as well as
life and health insurance products to customers across Canada. Wholesale Banking provides a wide
range of capital markets, investment banking, and corporate banking
products and services, including underwriting and distribution of
new debt and equity issues, providing advice on strategic
acquisitions and divestitures, and meeting the daily trading,
funding, and investment needs of the Bank's clients. The Bank's
other activities are grouped into the Corporate segment. The
Corporate segment includes the effects of certain asset
securitization programs, treasury management, elimination of
taxable equivalent adjustments and other management
reclassifications, corporate level tax items, and residual
unallocated revenue and expenses.
The results of each business segment reflect revenue, expenses,
and assets generated by the businesses in that segment. Due to the
complexity of the Bank, its management reporting model uses various
estimates, assumptions, allocations, and risk-based methodologies
for funds transfer pricing, inter-segment revenue, income tax
rates, capital, indirect expenses and cost transfers to measure
business segment results. The basis of allocation and methodologies
are reviewed periodically to align with management's evaluation of
the Bank's business segments. Transfer pricing of funds is
generally applied at market rates. Intersegment revenue is
negotiated between each business segment and approximates the fair
value of the services provided. Income tax provision or recovery is
generally applied to each segment based on a statutory tax rate and
may be adjusted for items and activities unique to each segment.
Amortization of intangibles acquired as a result of business
combinations is included in the Corporate segment. Accordingly, net
income for business segments is presented before amortization of
these intangibles.
Non-interest income is earned by the Bank primarily through
investment and securities services, credit fees, trading income,
service charges, card services, and insurance revenues. Revenues
from investment and securities services are earned predominantly in
the Wealth Management and Insurance segment. Revenues from credit
fees are primarily earned in the Wholesale Banking and Canadian
Personal and Commercial Banking segments. Trading income is earned
within Wholesale Banking. Both service charges and card services
revenue are mainly earned in the U.S. Retail and Canadian Personal
and Commercial Banking segments. Insurance revenue is earned in the
Wealth Management and Insurance segment.
Net interest income within Wholesale Banking is calculated on a
taxable equivalent basis (TEB), which means that the value of
non-taxable or tax-exempt income, including dividends, is adjusted
to its equivalent before-tax value. Using TEB allows the Bank to
measure income from all securities and loans consistently and makes
for a more meaningful comparison of net interest income with
similar institutions. The TEB adjustment reflected in Wholesale
Banking is reversed in the Corporate segment.
Results by Business
Segment1
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions of Canadian
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
Personal
|
|
|
|
|
Wealth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Commercial
|
|
|
|
|
Management
|
Wholesale
|
|
|
|
|
|
|
|
|
|
|
Banking
|
U.S.
Retail
|
and
Insurance
|
Banking2
|
Corporate2
|
Total
|
|
|
For the three months
ended July 31
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net interest
income
|
$
|
3,199
|
$
|
2,848
|
$
|
2,453
|
$
|
1,990
|
$
|
249
|
$
|
196
|
$
|
786
|
$
|
632
|
$
|
357
|
$
|
338
|
$
|
7,044
|
$
|
6,004
|
Non-interest
income
|
|
1,061
|
|
953
|
|
648
|
|
691
|
|
2,511
|
|
2,582
|
|
290
|
|
451
|
|
(629)
|
|
31
|
|
3,881
|
|
4,708
|
Total
revenue
|
|
4,260
|
|
3,801
|
|
3,101
|
|
2,681
|
|
2,760
|
|
2,778
|
|
1,076
|
|
1,083
|
|
(272)
|
|
369
|
|
10,925
|
|
10,712
|
Provision for (recovery
of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit
losses
|
|
170
|
|
99
|
|
107
|
|
(96)
|
|
–
|
|
1
|
|
25
|
|
2
|
|
49
|
|
(43)
|
|
351
|
|
(37)
|
Insurance claims and
related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
–
|
|
–
|
|
–
|
|
–
|
|
829
|
|
836
|
|
–
|
|
–
|
|
–
|
|
–
|
|
829
|
|
836
|
Non-interest
expenses
|
|
1,807
|
|
1,655
|
|
1,715
|
|
1,518
|
|
1,150
|
|
1,093
|
|
691
|
|
635
|
|
733
|
|
715
|
|
6,096
|
|
5,616
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
taxes and share of net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from investment in
Schwab
|
|
2,283
|
|
2,047
|
|
1,279
|
|
1,259
|
|
781
|
|
848
|
|
360
|
|
446
|
|
(1,054)
|
|
(303)
|
|
3,649
|
|
4,297
|
Provision for (recovery
of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income taxes
|
|
605
|
|
544
|
|
126
|
|
161
|
|
206
|
|
226
|
|
89
|
|
116
|
|
(323)
|
|
(125)
|
|
703
|
|
922
|
Share of net income
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment in Schwab
3,4
|
|
–
|
|
–
|
|
289
|
|
197
|
|
–
|
|
–
|
|
–
|
|
–
|
|
(21)
|
|
(27)
|
|
268
|
|
170
|
Net income
(loss)
|
$
|
1,678
|
$
|
1,503
|
$
|
1,442
|
$
|
1,295
|
$
|
575
|
$
|
622
|
$
|
271
|
$
|
330
|
$
|
(752)
|
$
|
(205)
|
$
|
3,214
|
$
|
3,545
|
Results by Business
Segment (continued)1
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions of Canadian
dollars)
|
|
|
|
|
|
|
|
|
Canadian
Personal
|
|
|
|
|
Wealth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Commercial
|
|
Management
|
Wholesale
|
|
|
|
|
Banking
|
U.S.
Retail
|
and
Insurance
|
Banking2
|
Corporate2
|
Total
|
|
|
For the nine months
ended July 31
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net interest
income
|
$
|
9,008
|
$
|
8,332
|
$
|
6,647
|
$
|
5,971
|
$
|
673
|
$
|
563
|
$
|
2,254
|
$
|
1,941
|
$
|
1,141
|
$
|
1,062
|
$
|
19,723
|
$
|
17,869
|
Non-interest
income
|
|
3,124
|
|
2,731
|
|
2,183
|
|
2,007
|
|
7,556
|
|
7,360
|
|
1,418
|
|
1,609
|
|
(535)
|
|
176
|
|
13,746
|
|
13,883
|
Total
revenue
|
|
12,132
|
|
11,063
|
|
8,830
|
|
7,978
|
|
8,229
|
|
7,923
|
|
3,672
|
|
3,550
|
|
606
|
|
1,238
|
|
33,469
|
|
31,752
|
Provision for (recovery
of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit
losses
|
|
262
|
|
203
|
|
110
|
|
(174)
|
|
1
|
|
2
|
|
11
|
|
(41)
|
|
66
|
|
(91)
|
|
450
|
|
(101)
|
Insurance claims and
related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
–
|
|
–
|
|
–
|
|
–
|
|
2,177
|
|
2,057
|
|
–
|
|
–
|
|
–
|
|
–
|
|
2,177
|
|
2,057
|
Non-interest
expenses
|
|
5,255
|
|
4,928
|
|
4,944
|
|
4,800
|
|
3,503
|
|
3,163
|
|
2,231
|
|
2,051
|
|
2,163
|
|
2,187
|
|
18,096
|
|
17,129
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
taxes and share
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment in
Schwab
|
|
6,615
|
|
5,932
|
|
3,776
|
|
3,352
|
|
2,548
|
|
2,701
|
|
1,430
|
|
1,540
|
|
(1,623)
|
|
(858)
|
|
12,746
|
|
12,667
|
Provision for (recovery
of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income taxes
|
|
1,751
|
|
1,576
|
|
460
|
|
393
|
|
669
|
|
713
|
|
366
|
|
390
|
|
(557)
|
|
(361)
|
|
2,689
|
|
2,711
|
Share of net income
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment in
Schwab3,4
|
|
–
|
|
–
|
|
765
|
|
652
|
|
–
|
|
–
|
|
–
|
|
–
|
|
(64)
|
|
(91)
|
|
701
|
|
561
|
Net income
(loss)
|
$
|
4,864
|
$
|
4,356
|
$
|
4,081
|
$
|
3,611
|
$
|
1,879
|
$
|
1,988
|
$
|
1,064
|
$
|
1,150
|
$
|
(1,130)
|
$
|
(588)
|
$
|
10,758
|
$
|
10,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results by Business
Segment1
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions of Canadian
dollars)
|
|
|
|
|
|
|
|
|
Canadian
Personal
|
|
|
|
|
Wealth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Commercial
|
|
|
|
|
Management
|
Wholesale
|
|
|
|
|
|
|
|
|
|
|
Banking
|
U.S.
Retail
|
and
Insurance
|
Banking2
|
Corporate2
|
Total
|
|
|
For the years ended
October 31
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net interest
income
|
$
|
11,195
|
$
|
11,289
|
$
|
8,074
|
$
|
8,834
|
$
|
762
|
$
|
772
|
$
|
2,630
|
$
|
1,990
|
$
|
1,470
|
$
|
1,612
|
$
|
24,131
|
$
|
24,497
|
Non-interest
income
|
|
3,722
|
|
3,415
|
|
2,684
|
|
2,438
|
|
9,827
|
|
8,857
|
|
2,070
|
|
2,968
|
|
259
|
|
1,471
|
|
18,562
|
|
19,149
|
Total
revenue
|
|
14,917
|
|
14,704
|
|
10,758
|
|
11,272
|
|
10,589
|
|
9,629
|
|
4,700
|
|
4,958
|
|
1,729
|
|
3,083
|
|
42,693
|
|
43,646
|
Provision for (recovery
of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit
losses
|
|
256
|
|
2,746
|
|
(250)
|
|
2,925
|
|
2
|
|
–
|
|
(118)
|
|
508
|
|
(114)
|
|
1,063
|
|
(224)
|
|
7,242
|
Insurance claims and
related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
–
|
|
–
|
|
–
|
|
–
|
|
2,707
|
|
2,886
|
|
–
|
|
–
|
|
–
|
|
–
|
|
2,707
|
|
2,886
|
Non-interest
expenses
|
|
6,648
|
|
6,499
|
|
6,417
|
|
6,579
|
|
4,355
|
|
3,942
|
|
2,709
|
|
2,518
|
|
2,947
|
|
2,066
|
|
23,076
|
|
21,604
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
taxes and share of
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income from investment
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schwab and TD
Ameritrade
|
|
8,013
|
|
5,459
|
|
4,591
|
|
1,768
|
|
3,525
|
|
2,801
|
|
2,109
|
|
1,932
|
|
(1,104)
|
|
(46)
|
|
17,134
|
|
11,914
|
Provision for (recovery
of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income taxes
|
|
2,128
|
|
1,463
|
|
504
|
|
(167)
|
|
929
|
|
771
|
|
539
|
|
514
|
|
(479)
|
|
(1,429)
|
|
3,621
|
|
1,152
|
Share of net income
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment in Schwab
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TD
Ameritrade3,4
|
|
–
|
|
–
|
|
898
|
|
1,091
|
|
–
|
|
–
|
|
–
|
|
–
|
|
(113)
|
|
42
|
|
785
|
|
1,133
|
Net income
(loss)
|
$
|
5,885
|
$
|
3,996
|
$
|
4,985
|
$
|
3,026
|
$
|
2,596
|
$
|
2,030
|
$
|
1,570
|
$
|
1,418
|
$
|
(738)
|
$
|
1,425
|
$
|
14,298
|
$
|
11,895
|
|
1 The
retailer program partners' share of revenues and credit losses is
presented in the Corporate segment, with an offsetting amount
(representing the partners' net share) recorded in Non-interest
expenses, resulting in no impact to Corporate reported Net income
(loss). The Net income (loss) included in the U.S. Retail segment
includes only the portion of revenue and credit losses attributable
to the Bank under the agreements.
|
|
2 Net
interest income within Wholesale Banking is calculated on a taxable
equivalent basis (TEB). The TEB adjustment reflected in Wholesale
Banking is reversed in the Corporate segment.
|
|
3 The
after-tax amounts for amortization of acquired intangibles and the
Bank's share of acquisition and integration charges associated with
Schwab's acquisition of TD Ameritrade are recorded in the Corporate
segment.
|
|
4 The
Bank's share of Schwab's earnings is reported with a one-month lag.
Refer to Note 7 of the Bank's third quarter 2022 Interim
Consolidated Financial Statements for additional
details.
|
Total Assets by
Business Segment
|
|
|
|
|
|
(millions of Canadian
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
Personal
|
|
Wealth
|
|
|
|
|
|
|
|
|
and
Commercial
|
|
|
Management
|
Wholesale
|
|
|
|
|
|
|
|
Banking
|
U.S.
Retail
|
and
Insurance
|
Banking
|
Corporate
|
Total
|
|
|
|
As at July 31,
2022
|
|
Total
assets
|
$
|
519,327
|
$
|
576,952
|
$
|
24,189
|
$
|
579,825
|
$
|
140,518
|
$
|
1,840,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at October 31,
2021
|
|
Total
assets
|
$
|
484,857
|
$
|
559,503
|
$
|
24,579
|
$
|
514,681
|
$
|
145,052
|
$
|
1,728,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at October 31,
2020
|
|
Total
assets
|
$
|
449,656
|
$
|
566,629
|
$
|
22,714
|
$
|
512,886
|
$
|
163,980
|
$
|
1,715,865
|
|
SOURCE TD Bank Group