This quarterly earnings news release should be read in conjunction with the Bank's unaudited fourth quarter 2022 consolidated financial results for the year ended October 31, 2022, included in this Earnings News Release and the audited 2022 Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which is available on TD's website at http://www.td.com/investor/. This analysis is dated November 30, 2022. Unless otherwise indicated, all amounts are expressed in Canadian dollars, and have been primarily derived from the Bank's Annual or Interim Consolidated Financial Statements prepared in accordance with IFRS. Certain comparative amounts have been revised to conform to the presentation adopted in the current period. Additional information including the 2022 MD&A relating to the Bank is available on the Bank's website at http://www.td.com, as well as on SEDAR at http://www.sedar.com and on the U.S. Securities and Exchange Commission's (SEC) website at http://www.sec.gov (EDGAR filers section).

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. Adjusted results are non-GAAP financial measures. For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document.


FOURTH QUARTER FINANCIAL HIGHLIGHTS, compared with the fourth quarter last year:

  • Reported diluted earnings per share were $3.62 compared with $2.04.
  • Adjusted diluted earnings per share were $2.18, compared with $2.09.
  • Reported net income was $6,671 million, compared with $3,781 million.
  • Adjusted net income was $4,065 million, compared with $3,866 million.

FULL YEAR FINANCIAL HIGHLIGHTS, compared with last year:

  • Reported diluted earnings per share were $9.47, compared with $7.72.
  • Adjusted diluted earnings per share were $8.36, compared with $7.91.
  • Reported net income was $17,429 million, compared with $14,298 million.
  • Adjusted net income was $15,425 million, compared with $14,649 million.

FOURTH QUARTER ADJUSTMENTS (ITEMS OF NOTE)

The fourth quarter reported earnings figures included the following items of note:

  • Amortization of intangibles of $57 million ($51 million after-tax or 3 cents per share), compared with $74 million ($65 million after-tax or 4 cents per share) in the fourth quarter last year.
  • Acquisition and integration charges related to the Schwab transaction of $18 million ($16 million after-tax or 1 cent per share), compared with $22 million ($20 million after-tax or 1 cent per share) in the fourth quarter last year.
  • Acquisition and integration-related charges for pending acquisitions of $85 million ($65 million after-tax or 3 cents per share).
  • Mitigation of interest rate volatility to closing capital on First Horizon acquisition, net gain of $2,319 million ($1,741 million after-tax or 96 cents per share).
  • Gain on sale of Schwab shares of $997 million ($997 million after-tax or 55 cents per share).

TORONTO, Dec. 1, 2022 /CNW/ - TD Bank Group ("TD" or the "Bank") today announced its financial results for the fourth quarter ended October 31, 2022. Reported earnings were $6.7 billion, up 76% compared with the fourth quarter last year, and adjusted earnings were $4.1 billion, up 5%.

"I'm extremely pleased with our earnings performance this quarter, which capped off a strong year demonstrating the benefit of our diversified business model and prudent risk and financial management," said Bharat Masrani, President and CEO, TD Bank Group. "The strength and resilience of our franchise enabled the Bank to invest in our business and deliver for our shareholders."

Canadian Personal and Commercial Banking delivered a strong quarter with record earnings from continued growth momentum

Canadian Personal and Commercial Banking finished the year in a position of strength with net income of $1,694 million, an increase of 11% compared with the fourth quarter last year reflecting higher margins and strong volume growth. Revenue growth of 16% resulted in a fourth consecutive quarter of record revenue.

The strong momentum in Canadian Personal and Commercial Banking was supported by continued strength in customer acquisition and higher customer activity. The Personal Bank launched a banking package specifically created for International Students – a first among Canadian peers – contributing to record New to Canada growth. TD Canada Trust was ranked "Highest in Customer Satisfaction in Small Business Banking1" by J.D. Power, reflecting the trusted relationships built with our customers.

______________________________

1 TD Canada Trust received the highest score in the J.D. Power 2022 Canada Small Business Banking Satisfaction Study of customers' satisfaction with their primary business bank. Visit jdpower.com/awards for more details.

 

The U.S. Retail Bank delivered strong results supported by broad-based growth in its businesses

U.S. Retail reported net income for the quarter was $1,539 million (US$1,163 million), an increase of 12% (7% in U.S. dollars) compared with the fourth quarter last year. On an adjusted basis, net income for the quarter was $1,590 million (US$1,200 million), an increase of 16% (10% in U.S. dollars). Reported net income included acquisition and integration-related charges for the First Horizon acquisition of $67 million (US$50 million) or $51 million (US$37 million) after-tax. The Bank's investment in The Charles Schwab Corporation (Schwab) contributed $310 million (US$237 million) in earnings, an increase of 26% (22% in U.S. dollars) compared with the fourth quarter last year.

The U.S. Retail Bank, which excludes the Bank's investment in Schwab, reported net income of $1,229 million (US$926 million), an increase of 9% (3% in U.S. dollars) from the fourth quarter last year. On an adjusted basis, net income was a record $1,280 million (US$963 million).

The U.S. Retail Bank was pleased to announce extended partnership agreements with Nordstrom through 2026 and Target Corporation through 2030. In addition, the Bank continued to modernize its distribution network with enhanced capabilities in sales and advice, including converting select retail stores to wealth advice centres, while expanding its presence in North Carolina and South Florida, including plans to open 15 new stores in Charlotte by 2025.

TD Bank, America's Most Convenient Bank® (TD AMCB), ranked No. 1 in its footprint by total number of approved U.S. Small Business Administration (SBA) loan units for the sixth consecutive year and ranked #2 National SBA Lender in 2022.

Wealth Management and Insurance delivered solid performance in the fourth quarter amid challenging market conditions

Wealth Management and Insurance net income was $516 million, a decrease of 15% compared with the fourth quarter last year. Insurance claims and related expenses rose 11%, reflecting increased driving activity and more severe weather-related events. This quarter's results highlighted the benefits of the segment's diversified business model as higher net interest income and insurance revenue largely offset the impact of market volatility and trading normalization.

Wealth Management and Insurance continued to deliver high quality advice and innovative financial products to help customers navigate the challenging economic environment. Wealth Management expanded its advisor base to better service mass affluent and high net worth client segments. TD Asset Management launched new investment solutions, including a carbon credit ETF and a multi-asset solution with exposure to alternative investments to enhance diversification for retail and institutional clients. TD Insurance continued its digital transformation, with over 20% of new sales this quarter completed digitally.

Solid Wholesale Banking performance reflects strength of diversified business model

Wholesale Banking reported net income for the quarter was $261 million, a decrease of 38%, compared with the fourth quarter last year. On an adjusted basis, net income was $275 million, a decrease of 35%. Revenue was up 1%, as a challenging underwriting environment was offset by higher deposit, lending, and trading-related revenues, reflecting the strength of Wholesale Banking's diversified business model.

This quarter, TD Securities launched a Carbon Advisory business within the ESG Solutions group, bolstering the team's capabilities to support clients' transitions to a low-carbon economy. As part of this effort, TD Securities announced a $10 million investment into the Boreal Wildlands Carbon Project – the largest single private conservation project ever undertaken in Canada – further demonstrating the Bank's commitment to supporting the growth and development of the voluntary carbon markets.

Capital

TD's Common Equity Tier 1 Capital ratio was 16.2%.

Conclusion

For the year ahead, there are both tailwinds (including the interest rate environment and the anticipated closing of the announced acquisitions) and headwinds (including geopolitical tensions, the complex operating environment, and the potential for an economic slowdown). On balance, unless macroeconomic conditions were to shift dramatically, TD expects to meet or exceed its medium-term adjusted EPS growth target range of 7-10% in fiscal 2023.

"We enter 2023 from a position of strength, with growing businesses and a powerful purpose-driven brand. While there will be macroeconomic and geopolitical challenges in the year ahead, the progress we made in 2022 gives me great confidence in our future success," added Masrani.

"I would like to thank our colleagues around the world for living the TD brand and for their unwavering commitment to enriching the lives of our customers and our communities," concluded Masrani.

The foregoing contains forward-looking statements. Please refer to the "Caution Regarding Forward-Looking Statements".

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 ("2022 MD&A") in the Bank's 2022 Annual Report under the heading "Economic Summary and Outlook", under the headings "Key Priorities for 2023" and "Operating Environment and Outlook" for the Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking segments, and under the heading "2022 Accomplishments and Focus for 2023" for the Corporate segment, and in other statements regarding the Bank's objectives and priorities for 2023 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank's anticipated financial performance. 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 general business and economic conditions in the regions in which the Bank operates; geopolitical risk; inflation, rising rates and recession; the economic, financial, and other impacts of pandemics, including the COVID-19 pandemic; 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, data security breaches or technology failures) 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; 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 foreign exchange rates, interest rates, credit spreads and equity prices; 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 2022 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 "Significant Acquisitions" or "Significant 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 2022 MD&A under the heading "Economic Summary and Outlook", under the headings "Key Priorities for 2023" and "Operating Environment and Outlook" for the Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking segments, and under the heading "2022 Accomplishments and Focus for 2023" 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.

This document was reviewed by the Bank's Audit Committee and was approved by the Bank's Board of Directors, on the Audit Committee's recommendation, prior to its release.

 

TABLE 1: FINANCIAL HIGHLIGHTS
















(millions of Canadian dollars, except as noted)

As at or for the three months ended


As at or for the twelve months ended





31-Oct



31-Jul



31-Oct



31-Oct



31-Oct




2022


2022


2021


2022


2021


Results of operations
















Total revenue – reported

$

15,563


$

10,925


$

10,941


$

49,032


$

42,693


Total revenue – adjusted1


12,247



11,603



10,941



46,170



42,693


Provision for (recovery of) credit losses


617



351



-123



1,067



-224


Insurance claims and related expenses


723



829



650



2,900



2,707


Non-interest expenses – reported


6,545



6,096



5,947



24,641



23,076


Non-interest expenses – adjusted1


6,430



6,033



5,898



24,359



22,909


Net income – reported


6,671



3,214



3,781



17,429



14,298


Net income – adjusted1


4,065



3,813



3,866



15,425



14,649


Financial positions (billions of Canadian dollars)














Total loans net of allowance for loan losses

$

831


$

790.8


$

722.6


$

831


$

722.6


Total assets


1,917.50



1,840.80



1,728.70



1,917.50



1,728.70


Total deposits


1,230.00



1,201.70



1,125.10



1,230.00



1,125.10


Total equity


111.4



102.6



99.8



111.4



99.8


Total risk-weighted assets2


517



495.7



460.3



517



460.3


Financial ratios
















Return on common equity (ROE) – reported3

26.5

%


13.5

%


15.7

%


18

%


15.5

%

Return on common equity – adjusted1

16



16.1



16.1



15.9



15.9


Return on tangible common equity (ROTCE)1

35.4



18.4



21.3



24.3



21.2


Return on tangible common equity – adjusted1

21.2



21.6



21.4



21.2



21.4


Efficiency ratio – reported3


42.1



55.8



54.4



50.3



54.1


Efficiency ratio – adjusted1,3


52.5



52



53.9



52.8



53.7


Provision for (recovery of) credit losses as a % of net

















average loans and acceptances

0.29



0.17



-0.07



0.14



-0.03



















Common share information – reported (Canadian dollars)
















Per share earnings

















Basic

$

3.62


$

1.76


$

2.04


$

9.48


$

7.73



Diluted


3.62



1.75



2.04



9.47



7.72


Dividends per share


0.89



0.89



0.79



3.56



3.16


Book value per share3


55



52.54



51.66



55



51.66


Closing share price4


87.19



83.18



89.84



87.19



89.84


Shares outstanding (millions)

















Average basic

1,812.10



1,804.50



1,820.50



1,810.50



1,817.70



Average diluted

1,814.40



1,807.10



1,823.20



1,813.60



1,820.20



End of period


1,820.70



1,813.10



1,822.00



1,820.70



1,822.00


Market capitalization (billions of Canadian dollars)

$

158.7


$

150.8


$

163.7


$

158.7


$

163.7


Dividend yield3


4.2

%


4

%


3.7

%


3.8

%


3.9

%

Dividend payout ratio3


24.6



50.6



38.7



37.5



40.9


Price-earnings ratio3


9.2



10.6



11.6



9.2



11.6


Total shareholder return (1 year)3


0.9



4.2



58.9



0.9



58.9


Common share information – adjusted (Canadian dollars)1,3
















Per share earnings

















Basic

$

2.18


$

2.09


$

2.09


$

8.38


$

7.92



Diluted


2.18



2.09



2.09



8.36



7.91


Dividend payout ratio


40.8

%


42.5

%


37.8

%


42.5

%


39.9

%

Price-earnings ratio


10.4



10



11.3



10.4



11.3


Capital Ratios2
















Common Equity Tier 1 Capital ratio

16.2

%


14.9

%


15.2

%


16.2

%


15.2

%

Tier 1 Capital ratio


18.3



16.3



16.5



18.3



16.5


Total Capital ratio


20.7



18.8



19.1



20.7



19.1


Leverage ratio


4.9



4.3



4.8



4.9



4.8


Total Loss Absorbing Capacity (TLAC) ratio

35.2



32



28.3



35.2



28.3


TLAC Leverage ratio


9.4



8.5



8.2



9.4



8.2


1

The Toronto-Dominion Bank ("TD" or the "Bank") prepares its Consolidated Financial Statements in accordance with IFRS, the current Generally Accepted Accounting Principles (GAAP),
and refers to results prepared in accordance with IFRS as the "reported" results. The Bank also utilizes non-GAAP financial measures such as "adjusted" results and non-GAAP ratios to
assess each of its businesses and to measure overall Bank performance. To arrive at adjusted results, the Bank adjusts reported results for "items of note". Refer to the "How We
Performed" section of this document for further explanation, 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.

2

These measures have been included in this document in accordance with the Office of the Superintendent of Financial Institutions Canada's Capital Adequacy Requirements, Leverage
Requirements, and TLAC guidelines. Refer to the "Capital Position" section in the 2022 MD&A for further details. 

3

For additional information about this metric, refer to the Glossary in the 2022 MD&A, which is incorporated by reference.

4

Toronto Stock Exchange (TSX) closing market price.

 

SIGNIFICANT EVENTS AND PENDING ACQUISITIONS

Acquisition of Cowen Inc.

On August 2, 2022, the Bank and Cowen Inc. ("Cowen") announced a definitive agreement for TD to acquire Cowen in an all-cash transaction valued at US$1.3 billion, or US$39.00 for each share of Cowen common stock. The Bank is currently planning to close the transaction in the first calendar quarter of 2023, subject to customary closing conditions, including approvals from certain U.S., Canadian, and foreign regulatory authorities. Regulatory approvals are not within the Bank's control. The results of the acquired business will be consolidated by the Bank from the closing date and reported in the Wholesale Banking segment. Based on the estimated financial performance and balance sheets of the Bank and Cowen, including transaction-related impacts, the Bank expects that its Common Equity Tier 1 (CET1) Capital ratio will be comfortably above 11% upon the closing of the Cowen acquisition, pro forma for the closing of the Bank's acquisition of First Horizon Corporation ("First Horizon").

Sale of Schwab Common Shares

On August 1, 2022, in order to provide the capital required for the acquisition of Cowen, the Bank sold 28.4 million non-voting common shares of The Charles Schwab Corporation ("Schwab") at a price of US$66.53 per share for proceeds of $2.5 billion (US$1.9 billion). Approximately 15 million shares were sold to Schwab pursuant to a repurchase agreement at a price equal to the price obtained in the sale of 13.4 million shares sold to a broker dealer pursuant to Rule 144 of the Securities Act of 1933. All shares sold automatically converted into shares of Schwab voting common stock and the shares acquired by Schwab are no longer outstanding. The sales reduced the Bank's ownership interest in Schwab from approximately 13.4% to 12.0%. The Bank recognized $997 million as other income (net of $368 million loss from accumulated other comprehensive income (AOCI) reclassified to earnings), in the fourth quarter of fiscal 2022.

Acquisition of First Horizon Corporation

On February 28, 2022, the Bank and First Horizon announced a definitive agreement for the Bank to acquire First Horizon in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon. In connection with this transaction, the Bank has invested US$494 million in non-voting First Horizon preferred stock (convertible in certain circumstances into up to 4.9% of First Horizon's common stock). The Bank is currently planning to close the transaction in the first half of fiscal 2023, subject to customary closing conditions, including approvals from U.S. and Canadian regulatory authorities. Regulatory approvals are not within the Bank's control. The results of the acquired business will be consolidated by the Bank from the closing date and reported in the U.S. Retail segment.

First Horizon shareholders will receive, at closing, an additional US$0.65 per share on an annualized basis for the period from November 27, 2022 through the day immediately prior to the closing. Either party will have the right to terminate the agreement if the transaction has not closed by February 27, 2023 (the "outside date"), subject to the right of either party (under certain conditions) to extend the outside date to May 27, 2023.

During the year, the Bank implemented a strategy to mitigate interest rate volatility to capital on closing of the acquisition.

The fair value of First Horizon's fixed rate financial assets and liabilities and certain intangible assets are sensitive to interest rate changes. The fair value of net assets will determine the amount of goodwill to be recognized on closing of the acquisition. Increases in goodwill and intangibles will negatively impact capital ratios because they are deducted from capital under OSFI Basel III rules. In order to mitigate this volatility to closing capital, the Bank de-designated certain interest rate swaps hedging fixed income investments in fair value hedge accounting relationships.

After the de-designation, mark-to-market gains (losses) on these swaps are recognized in earnings, without any corresponding offset from the previously hedged investments. Such gains (losses) will mitigate the capital impact from changes in the amount of goodwill recognized on closing of the acquisition. The de-designation also triggered the amortization of the investments' basis adjustment to net interest income over the remaining expected life of the investments.

For the year ended October 31, 2022, the Bank reported $1,487 million in non-interest income related to the mark-to-market on the swaps, and $154 million in net interest income related to the basis adjustment amortization. In addition, for the year ended October 31, 2022, the Bank reported $121 million in non-interest income related to the net interest earned on the swaps since the de-designation of the hedge accounting relationships.

HOW WE PERFORMED

Economic Summary and Outlook

The outlook for the global economy for the next two years was downgraded relative to the prior quarter. In Europe, an energy crisis continues to impact household finances and weigh on industrial output. China is reckoning with the fallout of its real estate slowdown and strict COVID-19 controls. In North America, COVID-19 is causing fewer supply chain disruptions, but the legacy of high domestic inflation and tight labour markets has led to central banks raising policy rates at the fastest pace in roughly four decades. This has significantly weakened the economic growth prospects over the next twelve to twenty-four months.

The U.S. economy expanded by 2.6% annualized in the third calendar quarter of 2022, after having contracted in the first half of the year. However, this was largely due to a surge in exports relative to imports. In contrast, domestic demand grew by a soft 0.5%. Consumer spending growth decelerated to 1.4% relative to the prior calendar quarter of 2.0%, as inflation continued to weigh on the purchasing power of households, which are also normalizing spending away from goods after a surge during the pandemic. The ongoing downturn in housing also weighed on the economy in the third calendar quarter, subtracting 1.4 percentage points from growth.

As the lagged effect of interest rate increases is expected to continue to feed through the economy in 2023, it should lead to some cooling in the job market, where the unemployment rate was 3.7% in October, near a cyclical low. Consumer Price Index (CPI) inflation has shown modest signs of cooling, but at 7.7% year-over-year in October, it is still close to 40-year highs. Slower global growth and a high U.S. dollar are expected to help goods inflation ease, while services inflation is likely to prove more persistent.

 The Federal Reserve continued its aggressive pace of rate increases, with a fourth 75 basis points (bps) hike in early November. TD Economics expects further interest rate hikes will take the Federal Funds rate to a range of 4.50-5.00% in calendar 2023. This historically large increase in interest rates raises the risk that the economy will slow more quickly and trigger an outright recession. Financial markets have reflected this risk with the yield curve inverting.

 The Canadian economy has begun to slow after growing at a very healthy pace in the first half of the year. The interest-rate sensitive housing market was the first area of the economy to respond to the Bank of Canada's rapid increase in the policy rate. As of October, home sales were down 40% from the peak in February of this year. Housing demand is expected to cool further as higher interest rates continue to weigh on affordability. Canadian inflation has begun to decelerate but remained high at 6.9% year-over-year in October. The labour market has also remained quite strong through October, although TD Economics expects job market conditions to ease in the coming quarters, in line with weaker demand in the broader economy.

 The Bank of Canada raised its overnight interest rate by 50 bps in October, to 3.75%.TD Economics expects further increases in the overnight rate to a range of 4.25-4.50% in calendar 2023. With interest rates expected to increase to a lesser degree in Canada than in the United States, the Canadian dollar may reach a low of 70 U.S. cents in the first half of calendar 2023.

HOW THE BANK REPORTS

The Bank prepares its Consolidated Financial Statements in accordance with IFRS, the current GAAP, and refers to results prepared in accordance with IFRS as "reported" results.

Non-GAAP and Other 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 for "items of note", from reported results. Items of note are items which management does not believe are indicative of underlying business performance and are disclosed in Table 3. 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. Supplementary financial measures depict the Bank's financial performance and position, and capital management measures depict the Bank's capital position, and both are explained in this document where they first appear.

U.S. Strategic Cards

The Bank's U.S. strategic cards portfolio is comprised of agreements with certain U.S. retailers pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit cards to their U.S. customers. Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after credit losses. Under IFRS, TD is required to present the gross amount of revenue and provisions for credit losses (PCL) related to these portfolios in the Bank's Consolidated Statement of Income. At the segment level, 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's 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 TD under the agreements.

Investment in The Charles Schwab Corporation

On October 6, 2020, the Bank acquired an approximately 13.5% stake in Schwab following the completion of Schwab's acquisition of TD Ameritrade Holding Corporation ("TD Ameritrade") of which the Bank was a major shareholder (the "Schwab transaction"). On August 1, 2022, the Bank sold 28.4 million non-voting common shares of Schwab, which reduced the Bank's ownership interest in Schwab to approximately 12.0%. For further details, refer to Note 12 of the 2022 Consolidated Financial Statements. The Bank's share of Schwab's earnings is reported with a one-month lag, and the Bank started recording its share of Schwab's earnings on this basis in the first quarter of fiscal 2021. The U.S. Retail segment reflects the Bank's share of net income from its investment in Schwab. The Corporate segment net income (loss) includes amounts for amortization of acquired intangibles and the acquisition and integration charges related to the Schwab transaction.

On November 25, 2019, the Bank and Schwab entered into an insured deposit account agreement (the "Schwab IDA Agreement"), which became effective upon closing of the Schwab transaction and has an initial expiration date of July 1, 2031. Refer to the "Related Party Transactions" section in the 2022 MD&A for further details.

The following table provides the operating results on a reported basis for the Bank.

 

TABLE 2: OPERATING RESULTS – Reported












(millions of Canadian dollars)

For the three months ended

For the twelve months ended




October 31

July 31

October 31

October 31

October 31




2022

2022

2021

2022

2021


Net interest income

$

7,630

$

7,044

$

6,262

$

27,353

$

24,131


Non-interest income


7,933


3,881


4,679


21,679


18,562


Total revenue


15,563


10,925


10,941


49,032


42,693


Provision for (recovery of) credit losses


617


351


(123)


1,067


(224)


Insurance claims and related expenses


723


829


650


2,900


2,707


Non-interest expenses


6,545


6,096


5,947


24,641


23,076


Income before income taxes and share of net income from













investment in Schwab


7,678


3,649


4,467


20,424


17,134


Provision for (recovery of) income taxes


1,297


703


910


3,986


3,621


Share of net income from investment in Schwab


290


268


224


991


785


Net income – reported


6,671


3,214


3,781


17,429


14,298


Preferred dividends and distributions on other equity instruments


107


43


63


259


249


Net income available to common shareholders

$

6,564

$

3,171

$

3,718

$

17,170

$

14,049


 

The following table provides a reconciliation between the Bank's adjusted and reported results.

 

TABLE 3: NON-GAAP FINANCIAL MEASURES – Reconciliation of Adjusted to Reported Net Income1






(millions of Canadian dollars)

For the three months ended

For the twelve months ended




October 31

July 31

October 31

October 31

October 31



2022

2022

2021

2022

2021


Operating results – adjusted












Net interest income6

$

7,627

$

7,001

$

6,262

$

27,307

$

24,131


Non-interest income1,6


4,620


4,602


4,679


18,863


18,562


Total revenue


12,247


11,603


10,941


46,170


42,693


Provision for (recovery of) credit losses


617


351


(123)


1,067


(224)


Insurance claims and related expenses


723


829


650


2,900


2,707


Non-interest expenses2


6,430


6,033


5,898


24,359


22,909


Income before income taxes and share of net income from













investment in Schwab


4,477


4,390


4,516


17,844


17,301


Provision for income taxes


747


892


921


3,595


3,658


Share of net income from investment in Schwab3


335


315


271


1,176


1,006


Net income – adjusted


4,065


3,813


3,866


15,425


14,649


Preferred dividends and distributions on other equity instruments


107


43


63


259


249


Net income available to common shareholders – adjusted


3,958


3,770


3,803


15,166


14,400


Pre-tax adjustments for items of note












Amortization of acquired intangibles4


(57)


(58)


(74)


(242)


(285)


Acquisition and integration charges related to the Schwab transaction5


(18)


(23)


(22)


(111)


(103)


Acquisition and integration-related charges for pending acquisitions2


(85)


(29)



(114)



Mitigation of interest rate volatility to closing capital on First Horizon acquisition6


2,319


(678)



1,641



Gain on sale of Schwab shares1


997




997



Litigation settlement recovery1





224



Less: Impact of income taxes












Amortization of acquired intangibles


(6)


(6)


(9)


(26)


(32)


Acquisition and integration charges related to the Schwab transaction


(2)


(3)


(2)


(16)


(5)


Acquisition and integration-related charges for pending acquisitions5


(20)


(7)



(27)



Mitigation of interest rate volatility to closing capital on First Horizon acquisition


578


(173)



405



Gain on sale of Schwab shares







Litigation settlement recovery





55



Total adjustments for items of note


2,606


(599)


(85)


2,004


(351)


Net income available to common shareholders – reported

$

6,564

$

3,171

$

3,718

$

17,170

$

14,049


Adjusted non-interest income excludes the following item of note:



i.       

The Bank reached a settlement in TD Bank, N.A. v. Lloyd's Underwriter et al., in Canada, pursuant to which the Bank recovered losses resulting from the previous resolution by the
Bank of multiple proceedings in the U.S. related to an alleged Ponzi scheme, perpetrated by, among others, Scott Rothstein – Q2 2022: $224 million. This amount is reported in the
U.S. Retail segment; and



ii.       

The Bank sold 28.4 million non-voting common shares of Schwab and recognized a gain on the sale – Q4 2022: $997 million. This amount is reported in the Corporate segment.





Adjusted non-interest expenses exclude the following items of note related to the Bank's asset acquisitions and business combinations:



i.       

Amortization of acquired intangibles – Q4 2022: $24 million, Q3 2022: $23 million, 2022: $106 million, Q4 2021: $40 million, 2021: $148 million. These charges are reported in the
Corporate segment;



ii.       

The Bank's own integration and acquisition costs related to the Schwab transaction – Q4 2022: $6 million, Q3 2022: $11 million, 2022: $62 million, Q4 2021: $9 million, 2021:
$19 million. These costs are reported in the Corporate segment; and



iii.       

Acquisition and integration-related charges for pending acquisitions – Q4 2022: $85 million, Q3 2022: $29 million, 2022: $114 million. These charges are primarily related to
professional services and other incremental operating expenses for various acquisitions, and are reported in the U.S. Retail and Wholesale Banking segments. 





Adjusted share of net income from investment in Schwab excludes the following items of note on an after-tax basis. The earnings impact of both items is reported in the Corporate segment:



i.       

Amortization of Schwab-related acquired intangibles – Q4 2022: $33 million, Q3 2022: $35 million, 2022: $136 million, Q4 2021: $34 million, 2021: $137 million; and



ii.       

The Bank's share of acquisition and integration charges associated with Schwab's acquisition of TD Ameritrade – Q4 2022: $12 million, Q3 2022: $12 million, 2022: $49 million,
Q4 2021: $13 million, 2021: $84 million.





Amortization of acquired intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of acquired
intangibles relating to the Share of net income from investment in Schwab, reported in the Corporate segment. Refer to footnotes 2 and 3 for amounts.



5

Acquisition and integration charges related to the Schwab transaction include the Bank's own integration and acquisition costs, as well as the Bank's share of acquisition and integration charges
associated with Schwab's acquisition of TD Ameritrade on an after-tax basis, both reported in the Corporate segment. Refer to footnotes 2 and 3 for amounts.



Mitigation of interest rate volatility to closing capital on First Horizon acquisition includes the following components, reported in the Corporate segment: i) mark-to-market gains (losses)
on interest rate swaps recorded in non-interest income – Q4 2022: $2,208 million, Q3 2022: $(721) million, ii) basis adjustment amortization related to de-designated fair value hedge
accounting relationships, recorded in net interest income – Q4 2022: $111 million, Q3 2022: $43 million, and iii) interest income (expense) recognized on the interest rate swaps,
reclassified from non-interest income to net interest income with no impact to total adjusted net income – Q4 2022: $108 million. Refer to the "Significant Events and Pending Acquisitions"
section for further details.

 

TABLE 4: RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE1


(Canadian dollars)

For the three months ended

For the twelve months ended



October 31

July 31

October 31

October 31

October 31



2022

2022

2021

2022

2021


Basic earnings per share – reported

$

3.62

$

1.76

$

2.04

$

9.48

$

7.73


Adjustments for items of note


(1.44)


0.33


0.05


(1.11)


0.19


Basic earnings per share – adjusted

$

2.18

$

2.09

$

2.09

$

8.38

$

7.92














Diluted earnings per share – reported

$

3.62

$

1.75

$

2.04

$

9.47

$

7.72


Adjustments for items of note


(1.44)


0.33


0.05


(1.10)


0.19


Diluted earnings per share – adjusted

$

2.18

$

2.09

$

2.09

$

8.36

$

7.91


1   

EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the period. Numbers may not add due to rounding.

 

TABLE 5: NON-GAAP FINANCIAL MEASURES – Reconciliation of Reported to Adjusted Provision for Income Taxes


(millions of Canadian dollars, except as noted)

For the three months ended


For the twelve months ended




October 31


July 31


October 31


October 31


October 31




2022


2022


2021


2022


2021


Provision for income taxes – reported

$

1,297


$

703


$

910


$

3,986


$

3,621


Total adjustments for items of note


(550)



189



11



(391)



37


Provision for income taxes – adjusted

$

747


$

892


$

921


$

3,595


$

3,658


Effective income tax rate – reported


16.9

%


19.3

%


20.4

%


19.5

%


21.1

%

Effective income tax rate – adjusted1


16.7



20.3



20.4



20.1



21.1


For additional information about this metric, refer to the Glossary in the 2022 MD&A.

 

RETURN ON COMMON EQUITY

The consolidated Bank ROE is calculated as reported net income available to common shareholders as a percentage of average common equity. The consolidated Bank adjusted ROE is calculated as adjusted net income available to common shareholders as a percentage of average common equity. Adjusted ROE is a non-GAAP ratio, and can be utilized in assessing the Bank's use of equity.

ROE for the business segments is calculated as the segment net income attributable to common shareholders as a percentage of average allocated capital. The Bank's methodology for allocating capital to its business segments is largely aligned with the common equity capital requirements under Basel III. Capital allocated to the business segments increased to 10.5% CET1 Capital effective the first quarter of 2022 compared with 9% in fiscal 2021.

 

TABLE 6: RETURN ON COMMON EQUITY








(millions of Canadian dollars, except as noted)


For the three months ended


For the twelve months ended




October 31


July 31


October 31


October 31


October 31




2022


2022


2021


2022


2021


Average common equity

$

98,199


$

92,963


$

93,936


$

95,326


$

90,677


Net income available to common shareholders – reported


6,564



3,171



3,718



17,170



14,049


Items of note, net of income taxes


(2,606)



599



85



(2,004)



351


Net income available to common shareholders – adjusted

$

3,958


$

3,770


$

3,803


$

15,166


$

14,400


Return on common equity – reported


26.5

%


13.5

%


15.7

%


18.0

%


15.5

%

Return on common equity – adjusted


16.0



16.1



16.1



15.9



15.9


 

RETURN ON TANGIBLE COMMON EQUITY

Tangible common equity (TCE) is calculated as common shareholders' equity less goodwill, imputed goodwill and intangibles on the investments in Schwab and other acquired intangible assets, net of related deferred tax liabilities. ROTCE is calculated as reported net income available to common shareholders after adjusting for the after-tax amortization of acquired intangibles, which are treated as an item of note, as a percentage of average TCE. Adjusted ROTCE is calculated using reported net income available to common shareholders, adjusted for all items of note, as a percentage of average TCE. TCE, ROTCE, and adjusted ROTCE can be utilized in assessing the Bank's use of equity. TCE is a non-GAAP financial measure, and ROTCE and adjusted ROTCE are non-GAAP ratios.

 

TABLE 7: RETURN ON TANGIBLE COMMON EQUITY








(millions of Canadian dollars, except as noted)

For the three months ended


For the twelve months ended




October 31


July 31


October 31


October 31


October 31




2022


2022


2021


2022


2021


Average common equity

$

98,199


$

92,963


$

93,936


$

95,326


$

90,677


Average goodwill


17,334



16,704



16,408



16,803



16,404


Average imputed goodwill and intangibles on

















investments in Schwab


6,374



6,600



6,570



6,515



6,667


Average other acquired intangibles1


463



476



565



492



439


Average related deferred tax liabilities


(172)



(172)



(173)



(172)



(171)


Average tangible common equity


74,200



69,355



70,566



71,688



67,338


Net income available to common shareholders – reported


6,564



3,171



3,718



17,170



14,049


Amortization of acquired intangibles, net of income taxes


51



52



65



216



253


Net income available to common shareholders adjusted for

















amortization of acquired intangibles, net of income taxes


6,615



3,223



3,783



17,386



14,302


Other items of note, net of income taxes


(2,657)



547



20



(2,220)



98


Net income available to common shareholders – adjusted

$

3,958


$

3,770


$

3,803


$

15,166


$

14,400


Return on tangible common equity


35.4

%


18.4

%


21.3

%


24.3

%


21.2

%

Return on tangible common equity – adjusted


21.2



21.6



21.4



21.2



21.4


Excludes intangibles relating to software and asset servicing rights.

 

Impact of Foreign Exchange Rate on U.S. Retail Segment Translated Earnings

The following table reflects the estimated impact of foreign currency translation on key U.S. Retail segment income statement items. The impact is calculated as the difference in translated earnings using the average US to Canadian dollars exchange rates in the periods noted.

 

TABLE 8: IMPACT OF FOREIGN EXCHANGE RATE ON U.S. RETAIL SEGMENT TRANSLATED EARNINGS


(millions of Canadian dollars, except as noted)

For the three months ended

For the twelve months ended




October 31, 2022 vs.

October 31, 2022 vs.




October 31, 2021

October 31, 2021




Increase (Decrease)

Increase (Decrease)


U.S. Retail Bank









Total revenue – reported



$

201


$

312


Total revenue – adjusted1




201



311


Non-interest expenses – reported




110



171


Non-interest expenses – adjusted1




106



166


Net income – reported, after-tax




69



111


Net income – adjusted, after-tax1




72



114


Share of net income from investment in Schwab2




11



15


U.S. Retail segment net income – reported, after-tax




80



126


U.S. Retail segment net income – adjusted, after-tax1




83



129


Earnings per share (Canadian dollars)









Basic – reported



$

0.04


$

0.07


Basic – adjusted1




0.05



0.07


Diluted – reported




0.04



0.07


Diluted – adjusted1




0.05



0.07


For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document.

Share of net income from investment in Schwab and the foreign exchange impact are reported with a one-month lag.

 





Average foreign exchange rate (equivalent of CAD $1.00)

For the three months ended

For the twelve months ended




October 31

October 31

October 31

October 31




2022

2021

2022

2021


U.S. dollar

0.751

0.796

0.777

0.795








 

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, commencing the fourth quarter of 2022, the Bank's operations and activities are organized around the following four key business segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment. The comparative period information has been adjusted to reflect the new segment alignment.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. Where applicable, the Bank measures and evaluates the performance of each segment based on adjusted results and ROE, and for those segments the Bank indicates that the measure is adjusted. For further details, refer to Note 29 of the Bank's Consolidated Financial Statements for the year ended October 31, 2022.

PCL related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees is recorded within the respective 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 increase to net interest income and provision for income taxes reflected in Wholesale Banking results is reversed in the Corporate segment. The TEB adjustment for the quarter was $36 million, compared with $36 million in the fourth quarter last year, and $41 million in the prior quarter.

Share of net income from investment in Schwab is reported in the U.S. Retail segment. Amounts for amortization of acquired intangibles and the acquisition and integration charges related to the Schwab transaction are recorded in the Corporate segment.

 

TABLE 9: CANADIAN PERSONAL AND COMMERCIAL BANKING



(millions of Canadian dollars, except as noted)

For the three months ended 



October 31 


July 31 


October 31 



2022


2022


2021


Net interest income

$

3,388


$

3,199


$

2,863


Non-interest income


1,066



1,061



991


Total revenue


4,454



4,260



3,854


Provision for (recovery of) credit losses – impaired


184



142



140


Provision for (recovery of) credit losses – performing


45



28



(87)


Total provision for (recovery of) credit losses


229



170



53


Non-interest expenses


1,921



1,807



1,720


Provision for (recovery of) income taxes


610



605



552


Net income

$

1,694


$

1,678


$

1,529












Selected volumes and ratios










Return on common equity1


41.9

%


42.3

%


46.4

%

Net interest margin (including on securitized assets)2


2.70



2.59



2.48


Efficiency ratio


43.1



42.4



44.6


Number of Canadian Retail branches at period end


1,060



1,060



1,061


Average number of full-time equivalent staff


28,936



28,944



27,693


Capital allocated to the business segment was increased to 10.5% CET1 Capital effective the first quarter of fiscal 2022 compared with 9% in the prior year.

Net interest margin is calculated by dividing net interest income by average interest-earning assets. Average interest-earning assets used in the calculation of net interest margin
is a non‑GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document and the Glossary in the 2022 MD&A,
for additional information about these metrics.

 

Quarterly comparison – Q4 2022 vs. Q4 2021

Canadian Personal and Commercial Banking net income for the quarter was $1,694 million, an increase of $165 million, or 11%, compared with the fourth quarter last year, reflecting higher revenue, partially offset by higher non-interest expenses and PCL. The annualized ROE for the quarter was 41.9%, compared with 46.4%, in the fourth quarter last year.

Revenue for the quarter was $4,454 million, an increase of $600 million, or 16%, compared with the fourth quarter last year.

Net interest income was $3,388 million, an increase of $525 million, or 18%, reflecting higher margins and volume growth. Average loan volumes increased $44 billion, or 9%, reflecting 8% growth in personal loans and 15% growth in business loans. Average deposit volumes increased $18 billion, or 4%, reflecting 8% growth in personal deposits and 2% decrease in business deposits. Net interest margin was 2.70%, an increase of 22 bps, primarily due to higher margins on deposits reflecting rising interest rates, partially offset by lower margin on loans, and changes in balance sheet mix.

Non-interest income was $1,066 million, an increase of $75 million, or 8%, reflecting increased client activity, including credit card-related and foreign exchange revenue.

PCL was $229 million, an increase of $176 million compared with the fourth quarter last year. PCL – impaired for the quarter was $184 million, an increase of $44 million, or 31%, reflecting some normalization of credit performance. PCL – performing was $45 million, compared with a recovery of $87 million in the prior year. The performing build this quarter reflects some normalization of credit performance, deterioration in the economic outlook, and volume growth. Total PCL as an annualized percentage of credit volume was 0.17%, an increase of 13 bps compared with the fourth quarter last year.

Non-interest expenses for the quarter were $1,921 million, an increase of $201 million, or 12%, compared with the fourth quarter last year, primarily reflecting higher spend supporting business growth, including technology and employee-related expenses.

The efficiency ratio for the quarter was 43.1%, compared with 44.6% in the fourth quarter last year.

Quarterly comparison – Q4 2022 vs. Q3 2022

Canadian Personal and Commercial Banking net income for the quarter was $1,694 million, an increase of $16 million, or 1%, compared with the prior quarter, reflecting revenue growth, partially offset by higher non-interest expenses and PCL. The annualized ROE for the quarter was 41.9%, compared with 42.3% in the prior quarter.

Revenue increased $194 million, or 5%, compared with the prior quarter. Net interest income increased $189 million, or 6%, reflecting higher margins and volume growth. Average loan volumes increased $9 billion, or 2%, reflecting 2% growth in personal loans and 3% growth in business loans. Average deposit volumes were relatively flat compared with the prior quarter, reflecting 2% growth in personal deposits and 2% decrease in business deposits. Net interest margin was 2.70%, an increase of 11 bps, due to higher margins on deposits reflecting rising interest rates, partially offset by lower margin on loans. 

Non-interest income was relatively flat compared with the prior quarter. 

PCL increased by $59 million compared with the prior quarter. PCL – impaired increased by $42 million, or 30%, reflecting some normalization of credit performance. PCL – performing was $45 million, an increase of $17 million. The performing build this quarter reflects some normalization of credit performance, deterioration in the economic outlook, and volume growth. Total PCL as an annualized percentage of credit volume was 0.17%, an increase of 4 bps.

Non-interest expenses increased $114 million, or 6%, compared with the prior quarter, primarily reflecting higher spend supporting business growth, including employee-related expenses, technology, and marketing costs.

The efficiency ratio for the quarter was 43.1%, compared with 42.4% in the prior quarter.

 

TABLE 10: U.S. RETAIL










(millions of dollars, except as noted)

For the three months ended




October 31


July 31


October 31


Canadian Dollars


2022



2022



2021


Net interest income

$

2,957


$

2,453


$

2,103


Non-interest income


638



648



677


Total revenue


3,595



3,101



2,780


Provision for (recovery of) credit losses – impaired


166



135



68


Provision for (recovery of) credit losses – performing


59



(28)



(144)


Total provision for (recovery of) credit losses


225



107



(76)


Non-interest expenses – reported


1,976



1,715



1,617


Non-interest expenses – adjusted1,2


1,909



1,686



1,617


Provision for (recovery of) income taxes – reported


165



126



111


Provision for (recovery of) income taxes – adjusted1


181



133



111


U.S. Retail Bank net income – reported


1,229



1,153



1,128


U.S. Retail Bank net income – adjusted1


1,280



1,175



1,128


Share of net income from investment in Schwab3,4


310



289



246


Net income – reported

$

1,539


$

1,442


$

1,374


Net income – adjusted1


1,590



1,464



1,374













U.S. Dollars










Net interest income

$

2,220


$

1,905


$

1,673


Non-interest income


479



504



539


Total revenue


2,699



2,409



2,212


Provision for (recovery of) credit losses – impaired


125



105



53


Provision for (recovery of) credit losses – performing


44



(22)



(115)


Total provision for (recovery of) credit losses


169



83



(62)


Non-interest expenses – reported


1,482



1,332



1,288


Non-interest expenses – adjusted1,2


1,432



1,310



1,288


Provision for (recovery of) income taxes – reported


122



98



89


Provision for (recovery of) income taxes – adjusted1


135



103



89


U.S. Retail Bank net income – reported


926



896



897


U.S. Retail Bank net income – adjusted1


963



913



897


Share of net income from investment in Schwab3,4


237



226



195


Net income – reported

$

1,163


$

1,122


$

1,092


Net income – adjusted1


1,200



1,139



1,092













Selected volumes and ratios










Return on common equity – reported5


15.4

%


14.8

%


14.5

%

Return on common equity – adjusted1,5


15.8



15.0



14.5


Net interest margin1,6


3.13



2.62



2.21


Efficiency ratio – reported


54.9



55.3



58.2


Efficiency ratio – adjusted1


53.1



54.4



58.2


Assets under administration (billions of U.S. dollars)7

$

34


$

32


$

30


Assets under management (billions of U.S. dollars)7


33



36



41


Number of U.S. retail stores


1,160



1,158



1,148


Average number of full-time equivalent staff


26,710



25,968



24,771


For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this
document.

2

Adjusted non-interest expenses exclude the acquisition and integration-related charges for the First Horizon acquisition – Q4 2022: $67 million or US$50 million ($51 million or
US$37 million after-tax), Q3 2022: $29 million or US$22 million ($22 million or US$17 million after-tax)

The Bank's share of Schwab's earnings is reported with a one-month lag. Refer to Note 12 of the 2022 Consolidated Financial Statements for further details.

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.

Capital allocated to the business segment was increased to 10.5% CET1 Capital effective in the first quarter of the fiscal 2022 compared with 9% in the prior year.

Net interest margin is calculated by dividing U.S. Retail segment's net interest income by average interest-earning assets excluding the impact related to sweep deposits
arrangements and the impact of intercompany deposits and cash collateral, which management believes better reflects segment performance. In addition, the value of tax-exempt
interest income is adjusted to its equivalent before-tax value. Net interest income and average interest-earning assets used in the calculation are non-GAAP financial measures.

For additional information about this metric, refer to the Glossary in the 2022 MD&A.

 

Quarterly comparison – Q4 2022 vs. Q4 2021

U.S. Retail reported net income for the quarter was $1,539 million (US$1,163 million), an increase of $165 million (US$71 million), or 12% (7% in U.S. dollars) compared with the fourth quarter last year. On an adjusted basis, net income for the quarter was $1,590 million (US$1,200 million), an increase of $216 million (US$108 million), or 16% (10% in U.S. dollars). The reported and adjusted annualized ROE for the quarter were 15.4% and 15.8%, respectively, compared with 14.5% in the fourth quarter last year.

U.S. Retail net income includes contributions from the U.S. Retail Bank and the Bank's investment in Schwab. Reported net income for the quarter from the Bank's investment in Schwab was $310 million (US$237 million), an increase of $64 million (US$42 million), or 26% (22% in U.S. dollars), reflecting higher net interest income, partially offset by higher expenses, lower asset management fees and lower trading revenue.

U.S. Retail Bank reported net income was $1,229 million (US$926 million), an increase of $101 million (US$29 million), or 9% (3% in U.S. dollars), compared with the fourth quarter last year, primarily reflecting higher revenue, partially offset by higher PCL and non-interest expenses including acquisition and integration-related charges for the First Horizon acquisition. U.S. Retail Bank adjusted net income was $1,280 million (US$963 million), an increase of $152 million (US$66 million), or 13% (7% in U.S. dollars), compared with the fourth quarter last year, reflecting higher revenue, partially offset by higher PCL and non-interest expenses.

U.S. Retail Bank revenue is derived from the personal and business banking and wealth management businesses. Revenue for the quarter was US$2,699 million, an increase of US$487 million, or 22%, compared with the fourth quarter last year. Net interest income of US$2,220 million, increased US$547 million, or 33%, driven by the benefit of higher deposit margins from the rising rate environment, higher business and personal deposits and higher loan volumes along with higher earnings on investments, partially offset by lower income from PPP loan forgiveness and lower margin on loans. Net interest margin of 3.13%, increased 92 bps, as higher margin on deposits reflecting the rising interest rate environment and positive balance sheet mix was partially offset by lower income from PPP loan forgiveness and lower margin on loans. Non-interest income of US$479 million decreased US$60 million, or 11%, compared with the fourth quarter last year, reflecting lower overdraft fees and higher valuation of certain investments in the prior year.

Average loan volumes increased US$7 billion, or 4%, compared with the fourth quarter last year. Personal loans increased 10%, reflecting higher residential mortgage and auto originations coupled with lower prepayments, and higher credit card volumes. Business loans were flat, reflecting strong originations, new customer growth, higher commercial line utilization and increased customer activity, offset by PPP loan forgiveness. Excluding PPP loans, business loans increased 5%. Average deposit volumes were flat, reflecting a 5% increase in personal deposits, flat business deposit volumes, and a 5% decrease in sweep deposits.

Assets under administration (AUA) were US$34 billion as at October 31, 2022, an increase of US$4 billion, or 13%, compared with the fourth quarter last year, reflecting net asset growth. Assets under Management (AUM) were US$33 billion as at October 31, 2022, a decrease of US$8 billion, or 20%, compared with the fourth quarter last year, reflecting market depreciation and net asset outflows.

PCL for the quarter was US$169 million, compared with a recovery of US$62 million in the fourth quarter last year. PCL – impaired was US$125 million, an increase of US$72 million, or 136%, reflecting some normalization of credit performance. PCL – performing was US$44 million, compared with a recovery of US$115 million in the prior year. The performing build this quarter reflects some normalization of credit performance, deterioration in the economic outlook, and volume growth. U.S. Retail PCL including only the Bank's share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.40%, an increase of 55 bps, compared with the fourth quarter last year.

Reported non-interest expenses for the quarter were US$1,482 million, an increase of US$194 million, or 15%, compared with the fourth quarter last year, reflecting higher employee-related expenses, acquisition and integration-related charges for the First Horizon acquisition and higher investments in the business. On an adjusted basis, excluding acquisition and integration-related charges for the First Horizon acquisition, non-interest expenses increased US$144 million, or 11%.

The reported and adjusted efficiency ratios for the quarter were 54.9% and 53.1%, respectively, compared with 58.2%, in the fourth quarter last year.

Quarterly comparison – Q4 2022 vs. Q3 2022

U.S. Retail reported net income of $1,539 million (US$1,163 million) increased $97 million (US$41 million), or 7% (4% in U.S. dollars), compared with the prior quarter. On an adjusted basis, net income for the quarter was $1,590 million (US$1,200 million), an increase of $126 million (US$61 million), or 9% (5% in U.S. dollars). The reported and adjusted annualized ROE for the quarter were 15.4% and 15.8%, respectively, compared with 14.8% and 15.0%, respectively, in the prior quarter.

The contribution from Schwab of $310 million (US$237 million), increased $21 million (US$11 million), or 7% (5% in U.S. dollars), reflecting higher net interest income.

U.S. Retail Bank reported net income was $1,229 million (US$926 million), an increase of $76 million (US$30 million), or 7% (3% in U.S. dollars), compared with the prior quarter, reflecting higher revenue, partially offset by higher PCL and non-interest expenses including acquisition and integration-related charges for the First Horizon acquisition. U.S. Retail Bank adjusted net income was $1,280 million (US$963 million), an increase of $105 million (US$50 million), or 9% (5% in U.S. dollars), reflecting higher revenue, partially offset by higher PCL and non-interest expenses.

Revenue increased US$290 million, or 12%, compared with the prior quarter. Net interest income of US$2,220 million increased US$315 million, or 17%, reflecting the benefit of higher deposit margins due to the rising interest rate environment, partially offset by lower margin on loans. Net interest margin of 3.13% increased 51 bps quarter over quarter, as higher margin on deposits reflecting the rising interest rate environment and positive balance sheet mix was partially offset by lower margin on loans. Non-interest income of US$479 million decreased US$25 million, or 5%, reflecting lower overdraft fees.

Average loan volumes increased US$4 billion, or 2%, compared with the prior quarter. Personal loans increased 4%, reflecting higher originations in residential mortgage, auto, and home equity coupled with lower prepayments, and higher credit card volumes. Business loans increased 1%, or 2% excluding PPP loans, reflecting strong originations, new customer growth, and increased customer activity. Average deposit volumes decreased US$10 billion, or 3%, compared with the prior quarter reflecting a 1% decrease in personal deposits and a 7% decline in sweep deposits, partially offset by a 1% increase in business deposits.

AUA were US$34 billion as at October 31, 2022, an increase of US$2 billion, or 6%, compared with the prior quarter, reflecting net asset growth. AUM were US$33 billion as at October 31, 2022, a decrease of US$3 billion, or 8%, reflecting market depreciation and net asset outflows.

PCL increased by US$86 million compared with the prior quarter. PCL – impaired increased US$20 million, or 19%, reflecting some further normalization of credit performance. PCL – performing was US$44 million, compared with a recovery of US$22 million in the prior quarter. The performing build this quarter reflects some normalization of credit performance, deterioration in the economic outlook and volume growth. U.S. Retail PCL including only the Bank's share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.40%, higher by 20 bps.

Reported non-interest expenses for the quarter were US$1,482 million, an increase of US$150 million, or 11%, reflecting higher employee-related expenses, higher investments in the business, and acquisition and integration-related charges for the First Horizon acquisition. On an adjusted basis, excluding acquisition and integration-related charges for the First Horizon acquisition, non-interest expenses increased US$122 million, or 9%.

The reported and adjusted efficiency ratios for the quarter were 54.9% and 53.1%, respectively, compared with 55.3% and 54.4%, respectively, in the prior quarter.

 

TABLE 11: WEALTH MANAGEMENT AND INSURANCE



(millions of Canadian dollars, except as noted)

For the three months ended 



October 31 


July 31


October 31 



2022


2022


2021


Net interest income

$

272


$

249


$

199


Non-interest income


2,359



2,511



2,467


Total revenue


2,631



2,760



2,666


Provision for (recovery of) credit losses – impaired







Provision for (recovery of) credit losses – performing







Total provision for (recovery of) credit losses







Insurance claims and related expenses


723



829



650


Non-interest expenses


1,208



1,150



1,192


Provision for (recovery of) income taxes


184



206



216


Net income

$

516


$

575


$

608












Selected volumes and ratios










Return on common equity1


39.5

%


44.6

%


51.4

%

Efficiency ratio


45.9



41.7



44.7


Assets under administration (billions of Canadian dollars)2

$

517


$

526


$

557


Assets under management (billions of Canadian dollars)


397



408



427


Average number of full-time equivalent staff


15,952



16,092



14,512


1

Capital allocated to the business segment was increased to 10.5% CET1 Capital effective the first quarter of 2022 compared with 9% in the prior year.

2

Includes AUA administered by TD Investor Services, which is part of the Canadian Personal and Commercial Banking segment.

 

Quarterly comparison – Q4 2022 vs. Q4 2021

Wealth Management and Insurance net income for the quarter was $516 million, a decrease of $92 million, or 15%, compared with the fourth quarter last year, reflecting lower non-interest income in the wealth management business and higher claims in the insurance business, partially offset by higher net interest income. The annualized ROE for the quarter was 39.5%, compared with 51.4%, in the fourth quarter last year.

Revenue for the quarter was $2,631 million, a decrease of $35 million, or 1%, compared with the fourth quarter last year. Non-interest income was $2,359 million, a decrease of $108 million, or 4%, reflecting lower transaction and fee-based revenue in the wealth management business and a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in insurance claims, partially offset by higher insurance premiums. Net interest income was $272 million, an increase of $73 million, or 37%, reflecting volume growth and higher margins. 

AUA were $517 billion as at October 31, 2022, a decrease of $40 billion, or 7%, and AUM were $397 billion as at October 31, 2022, a decrease of $30 billion, or 7%, compared with the fourth quarter last year, both reflecting market depreciation, partially offset by net asset growth.

Insurance claims and related expenses were $723 million, an increase of $73 million, or 11%, compared with the fourth quarter last year, reflecting increased driving activity, inflationary costs and more severe weather-related events, partially offset by favourable prior years' claims development and the impact of a higher discount rate which resulted in a similar decrease in the fair value of investments supporting claims liabilities reported in non-interest income.

Non-interest expenses for the quarter were $1,208 million, an increase of $16 million, or 1%, compared with the fourth quarter last year, reflecting higher spend supporting business growth, including higher employee-related expenses and technology costs, largely offset by the impact of lower legal provisions and variable compensation.

The efficiency ratio for the quarter was 45.9%, compared with 44.7% in the fourth quarter last year.

Quarterly comparison – Q4 2022 vs. Q3 2022

Wealth Management and Insurance net income for the quarter was $516 million, a decrease of $59 million, or 10%, compared with the prior quarter, reflecting lower revenue and higher non-interest expenses, partially offset by lower insurance claims and related expenses. The annualized ROE for the quarter was 39.5%, compared with 44.6%, in the prior quarter.

Revenue decreased $129 million, or 5%, compared with the prior quarter. Non-interest income decreased $152 million, or 6%, reflecting lower transaction and fee-based revenue in the wealth management business, lower insurance premiums and a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in insurance claims. Net interest income increased $23 million, or 9%, reflecting higher margins. 

AUA decreased $9 billion, or 2% compared with the prior quarter, reflecting market depreciation, partially offset by net asset growth. AUM decreased $11 billion, or 3%, compared with the prior quarter, primarily reflecting market depreciation.

Insurance claims and related expenses decreased $106 million, or 13%, compared with the prior quarter, reflecting the impact of a higher discount rate which resulted in a similar decrease in the fair value of investments supporting claims liabilities reported in non-interest income, favourable prior years' claims development and current year claims experience.

Non-interest expenses for the quarter increased $58 million, or 5%, compared with the prior quarter, reflecting higher spend supporting business growth, including marketing and technology costs and higher employee-related expenses.

The efficiency ratio for the quarter was 45.9%, compared with 41.7% in the prior quarter.

 

TABLE 12: WHOLESALE BANKING










(millions of Canadian dollars, except as noted)

For the three months ended 




October 31


July 31


October 31




2022


2022


2021


Net interest income (TEB)

$

683


$

786


$

689


Non-interest income


476



290



461


Total revenue


1,159



1,076



1,150


Provision for (recovery of) credit losses – impaired


24





(14)


Provision for (recovery of) credit losses – performing


2



25



(63)


Total provision for (recovery of) credit losses


26



25



(77)


Non-interest expenses – reported


802



691



658


Non-interest expenses – adjusted1,2


784



691



658


Provision for (recovery of) income taxes (TEB) – reported


70



89



149


Provision for (recovery of) income taxes (TEB) – adjusted1


74



89



149


Net income – reported


261



271



420


Net income – adjusted1

$

275


$

271


$

420













Selected volumes and ratios










Trading-related revenue (TEB)3

$

560


$

547


$

510


Average gross lending portfolio (billions of Canadian dollars)4


85.0



72.2



58.1


Return on common equity – reported5


8.2

%


8.9

%


18.6

%

Return on common equity – adjusted1,5


8.6



8.9



18.6


Efficiency ratio – reported


69.2



64.2



57.2


Efficiency ratio – adjusted1


67.6



64.2



57.2


Average number of full-time equivalent staff


5,301



5,163



4,910


1

For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document.

2

Adjusted non-interest expenses exclude the acquisition and integration-related charges primarily for the Cowen acquisition – Q4 2022: $18 million ($14 million after-tax).

3

Includes net interest income TEB of $407 million (July 2022 – $567 million, October 2021 – $514 million), and trading income (loss) of $153 million (July 2022 – ($20) million,
October 2021 – ($4) million). Trading-related revenue (TEB) is a non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section
and the Glossary in the 2022 MD&A, for additional information about this metric.

4

Includes gross loans and bankers' acceptances relating to Wholesale Banking, excluding letters of credit, cash collateral, credit default swaps, and allowance for credit losses.

Capital allocated to the business segment was increased to 10.5% CET1 Capital effective in the first quarter of the fiscal 2022 compared with 9% in the prior year.

 

Quarterly comparison – Q4 2022 vs. Q4 2021

Wholesale Banking reported net income for the quarter was $261 million, a decrease of $159 million, or 38%, compared with the fourth quarter last year, reflecting higher non-interest expenses and PCL. On an adjusted basis, net income was $275 million, a decrease of $145 million, or 35%.

Revenue for the quarter was $1,159 million, an increase of $9 million, or 1%, compared with the fourth quarter last year, reflecting higher global transaction banking, trading-related, and lending revenue, partially offset by lower underwriting revenue and markdowns in certain loan underwriting commitments.

PCL for the quarter was $26 million, compared with a recovery of $77 million in the fourth quarter last year. PCL – impaired was $24 million primarily reflecting credit migration. PCL – performing was $2 million.

Reported non-interest expenses were $802 million, an increase of $144 million, or 22%, compared with the fourth quarter last year, reflecting the continued investments in Wholesale Banking's U.S. dollar strategy, including the hiring of banking, sales and trading, and technology professionals, timing of employee-related costs, acquisition and integration-related charges primarily for the Cowen acquisition, and the impact of foreign exchange translation. On an adjusted basis, non-interest expenses were $784 million, an increase of $126 million or 19%.

Quarterly comparison – Q4 2022 vs. Q3 2022

Wholesale Banking reported net income for the quarter was $261 million, a decrease of $10 million, or 4%, compared with the prior quarter, reflecting higher non-interest expenses, partially offset by higher revenue. On an adjusted basis, net income was $275 million, an increase of $4 million, or 1%.

Revenue for the quarter increased $83 million, or 8%, reflecting higher global transaction banking revenue, loan fees, and lending revenue, partially offset by lower advisory revenue and markdowns in certain loan underwriting commitments.

PCL increased by $1 million compared with the prior quarter. PCL – impaired was $24 million primarily reflecting credit migration. PCL – performing was $2 million.

Reported non-interest expenses for the quarter increased $111 million, or 16%, reflecting the timing of employee-related costs, continued investments in technology, acquisition and integration-related charges primarily for the Cowen acquisition, and the impact of foreign exchange translation. On an adjusted basis, non-interest expenses increased $93 million or 13%.

 

TABLE 13: CORPORATE








(millions of Canadian dollars)

For the three months ended 




October 31

July 31

October 31




2022

2022

2021


Net income (loss) – reported

$

2,661

$

(752)

$

(150)


Adjustments for items of note








Amortization of acquired intangibles before income taxes


57


58


74


Acquisition and integration charges related to the Schwab transaction


18


23


22


Mitigation of interest rate volatility to closing capital on First Horizon acquisition


(2,319)


678



Gain on sale of Schwab shares


(997)




Less: impact of income taxes


(570)


182


11


Net income (loss) – adjusted1

$

(10)

$

(175)

$

(65)











Decomposition of items included in net income (loss) – adjusted








Net corporate expenses2

$

(187)

$

(196)

$

(202)


Other


177


21


137


Net income (loss) – adjusted1

$

(10)

$

(175)

$

(65)











Selected volumes








Average number of full-time equivalent staff


21,373


20,950


17,772


For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document.

For additional information about this metric, refer to the Glossary in the 2022 MD&A.

 

Quarterly comparison – Q4 2022 vs. Q4 2021

Corporate segment's reported net income for the quarter was $2,661 million, compared with reported net loss of $150 million in the fourth quarter last year. The year-over-year increase primarily reflects gains from mitigation of interest rate volatility to closing capital on First Horizon acquisition and from the sale of Schwab shares, lower net corporate expenses, and a higher contribution from other items. The decrease in net corporate expenses largely reflects corporate real estate optimization costs in the prior year. The increase in other items primarily reflects the favourable tax impact of earnings mix and the recognition of unused tax losses, partially offset by lower revenue from treasury and balance sheet management activities this quarter. The adjusted net loss for the quarter was $10 million, compared with an adjusted net loss of $65 million in the fourth quarter last year.

Quarterly comparison – Q4 2022 vs. Q3 2022

Corporate segment's reported net income for the quarter was $2,661 million, compared with reported net loss of $752 million in the prior quarter. The quarter-over-quarter increase primarily reflects gains from mitigation of interest rate volatility to closing capital on First Horizon acquisition and from the sale of Schwab shares, lower net corporate expenses, and a higher contribution from other items. The increase in other items primarily reflects the favourable tax impact of earnings mix and the recognition of unused tax losses, partially offset by lower revenue from treasury and balance sheet management activities this quarter. The adjusted net loss for the quarter was $10 million, compared with an adjusted net loss of $175 million in the prior quarter.

CONSOLIDATED FINANCIAL STATEMENTS

 

CONSOLIDATED BALANCE SHEET1






(millions of Canadian dollars)




As at




October 31

October 31





2022


2021


ASSETS




Cash and due from banks

$

8,556

$

5,931


Interest-bearing deposits with banks


137,294


159,962





145,850


165,893


Trading loans, securities, and other


143,726


147,590


Non-trading financial assets at fair value through profit or loss


10,946


9,390


Derivatives


103,873


54,427


Financial assets designated at fair value through profit or loss


5,039


4,564


Financial assets at fair value through other comprehensive income


69,675


79,066





333,259


295,037


Debt securities at amortized cost, net of allowance for credit losses


342,774


268,939


Securities purchased under reverse repurchase agreements


160,167


167,284


Loans






Residential mortgages


293,924


268,340


Consumer instalment and other personal


206,152


189,864


Credit card


36,010


30,738


Business and government


301,389


240,070





837,475


729,012


Allowance for loan losses


(6,432)


(6,390)


Loans, net of allowance for loan losses


831,043


722,622


Other






Customers' liability under acceptances


19,733


18,448


Investment in Schwab


8,088


11,112


Goodwill


17,656


16,232


Other intangibles


2,303


2,123


Land, buildings, equipment, and other depreciable assets


9,400


9,181


Deferred tax assets


2,193


2,265


Amounts receivable from brokers, dealers, and clients


19,760


32,357


Other assets


25,302


17,179





104,435


108,897


Total assets

$

1,917,528

$

1,728,672


LIABILITIES






Trading deposits

$

23,805

$

22,891


Derivatives


91,133


57,122


Securitization liabilities at fair value


12,612


13,505


Financial liabilities designated at fair value through profit or loss


162,786


113,988





290,336


207,506


Deposits






Personal


660,838


633,498


Banks


38,263


20,917


Business and government


530,869


470,710





1,229,970


1,125,125


Other






Acceptances


19,733


18,448


Obligations related to securities sold short


45,505


42,384


Obligations related to securities sold under repurchase agreements


128,024


144,097


Securitization liabilities at amortized cost


15,072


15,262


Amounts payable to brokers, dealers, and clients


25,195


28,993


Insurance-related liabilities


7,468


7,676


Other liabilities


33,552


28,133





274,549


284,993


Subordinated notes and debentures


11,290


11,230


Total liabilities


1,806,145


1,628,854


EQUITY






Shareholders' Equity






Common shares


24,363


23,066


Preferred shares and other equity instruments


11,253


5,700


Treasury – common shares


(91)


(152)


Treasury – preferred shares and other equity instruments


(7)


(10)


Contributed surplus


179


173


Retained earnings


73,698


63,944


Accumulated other comprehensive income (loss)


1,988


7,097


Total equity


111,383


99,818


Total liabilities and equity

$

1,917,528

$

1,728,672


1

The amounts as at October 31, 2022 and October 31, 2021, have been derived from the audited financial statements. 

 

CONSOLIDATED STATEMENT OF INCOME1










(millions of Canadian dollars, except as noted)

For the three months ended

For the twelve months ended




October 31

October 31

October 31

October 31



2022

2021

2022

2021


Interest income2










Loans

$

9,793

$

6,009

$

29,666

$

23,959


Securities











Interest


3,419


960


7,928


3,721



Dividends


500


394


1,822


1,594


Deposits with banks


987


76


1,616


307




14,699


7,439


41,032


29,581


Interest expense










Deposits


5,255


776


9,748


3,742


Securitization liabilities


185


88


573


343


Subordinated notes and debentures


105


93


397


374


Other


1,524


220


2,961


991




7,069


1,177


13,679


5,450


Net interest income


7,630


6,262


27,353


24,131


Non-interest income










Investment and securities services


1,381


1,565


5,869


6,179


Credit fees


438


374


1,615


1,453


Trading income (loss)


(219)


(12)


(257)


313


Service charges


719


711


2,871


2,655


Card services


750


651


2,890


2,435


Insurance revenue


1,310


1,248


5,380


4,877


Other income (loss)


3,554


142


3,311


650




7,933


4,679


21,679


18,562


Total revenue


15,563


10,941


49,032


42,693


Provision for (recovery of) credit losses


617


(123)


1,067


(224)


Insurance claims and related expenses


723


650


2,900


2,707


Non-interest expenses










Salaries and employee benefits


3,507


3,051


13,394


12,378


Occupancy, including depreciation


433


440


1,660


1,882


Technology and equipment, including depreciation


521


449


1,902


1,694


Amortization of other intangibles


147


179


599


706


Communication and marketing


403


378


1,355


1,203


Brokerage-related and sub-advisory fees


97


112


408


427


Professional, advisory and outside services


692


568


2,190


1,620


Other


745


770


3,133


3,166




6,545


5,947


24,641


23,076


Income before income taxes and share of net income from investment











 in Schwab


7,678


4,467


20,424


17,134


Provision for (recovery of) income taxes


1,297


910


3,986


3,621


Share of net income from investment in Schwab


290


224


991


785


Net income


6,671


3,781


17,429


14,298


Preferred dividends and distributions on other equity instruments


107


63


259


249


Net income available to common shareholders

$

6,564

$

3,718

$

17,170

$

14,049


Earnings per share (Canadian dollars)










Basic

$

3.62

$

2.04

$

9.48

$

7.73


Diluted


3.62


2.04


9.47


7.72


Dividends per common share (Canadian dollars)


0.89


0.79


3.56


3.16


1

The amounts for the three months ended October 31, 2022, and October 31, 2021, have been derived from unaudited financial statements. The amounts for the twelve months ended
October 31, 2022 and October 31, 2021, have been derived from the audited financial statements.

2

Includes $12,315 million and $35,277 million, for the three and twelve months ended October 31, 2022, respectively (three and twelve months ended October 31, 2021 – $6,646 million
and $26,706 million, respectively) which have been calculated based on the effective interest rate method.

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME1










(millions of Canadian dollars)

For the three months ended

For the twelve months ended





October 31

October 31

October 31

October 31





2022

2021

2022

2021


Net income

$

6,671

$

3,781

$

17,429

$

14,298


Other comprehensive income (loss)










Items that will be subsequently reclassified to net income











Net change in unrealized gain/(loss) on financial assets at fair value through












other comprehensive income











Change in unrealized gain/ (loss)


(269)


(124)


(1,343)


27



Reclassification to earnings of net loss /(gain)


7


(11)


2


(75)



Changes in allowance for credit losses recognized in earnings


(2)


3


(5)


1



Income taxes relating to:












Change in unrealized gain/(loss)


63


30


360


(2)




Reclassification to earnings of net loss/(gain)



2



16






(201)


(100)


(986)


(33)



Net change in unrealized foreign currency translation gain/(loss) on












investments in foreign operations, net of hedging activities











Unrealized gain/(loss)


5,871


(699)


9,230


(6,082)



Reclassification to earnings of net loss /(gain)


50



50




Net gain/(loss) on hedges


(2,084)


312


(3,271)


2,649



Reclassification to earnings of net loss /(gain) on hedges


(68)



(68)




Income taxes relating to:












Net gain/(loss) on hedges


548


(82)


859


(694)




Reclassification to earnings of net loss /(gain) on hedges


18



18







4,335


(469)


6,818


(4,127)



Net change in gain/(loss) on derivatives designated as cash flow hedges











Change in gain/(loss)


(1,485)


(2,016)


(6,179)


(3,172)



Reclassification to earnings of loss/(gain)


(3,600)


185


(4,100)


607



Income taxes relating to:












Change in gain/(loss)


419


518


1,660


761




Reclassification to earnings of loss/(gain)


890


(41)


972


(92)






(3,776)


(1,354)


(7,647)


(1,896)



Share of other comprehensive income (loss) from investment in Schwab


(721)


(198)


(3,200)


(768)


Items that will not be subsequently reclassified to net income











Remeasurement gain/(loss) on employee benefit plans











Gain/(loss)


(399)


659


1,105


2,422



Income taxes


105


(172)


(290)


(635)






(294)


487


815


1,787



Change in net unrealized gain/(loss) on equity securities designated at












fair value through other comprehensive income











Change in net unrealized gain/(loss)


(62)


55


(214)


587



Income taxes


16


(15)


56


(154)






(46)


40


(158)


433



Gain/(loss) from changes in fair value due to own credit risk on












financial liabilities designated at fair value through profit or loss











Gain/(loss)


52


19


87


69



Income taxes


(14)


(5)


(23)


(18)






38


14


64


51


Total other comprehensive income (loss)


(665)


(1,580)


(4,294)


(4,553)


Total comprehensive income (loss)

$

6,006

$

2,201

$

13,135

$

9,745


Attributable to:











Common shareholders

$

5,899

$

2,138

$

12,876

$

9,496



Preferred shareholders and other equity instrument holders


107


63


259


249


The amounts for the three months ended October 31, 2022, and October 31, 2021, have been derived from unaudited financial statements. The amounts for the twelve months ended
October 31, 2022 and October 31, 2021, have been derived from the audited financial statements.

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY1










(millions of Canadian dollars)

For the three months ended

For the twelve months ended



October 31

October 31

October 31

October 31



2022

2021

2022

2021


Common shares










Balance at beginning of period

$

23,744

$

22,945

$

23,066

$

22,487


Proceeds from shares issued on exercise of stock options


23


19


120


165


Shares issued as a result of dividend reinvestment plan


596


102


1,442


414


Purchase of shares for cancellation and other




(265)



Balance at end of period


24,363


23,066


24,363


23,066


Preferred shares and other equity instruments










Balance at beginning of period


7,350


6,700


5,700


5,650


Issue of shares and other equity instruments


3,903



5,553


1,750


Redemption of shares and other equity instruments



(1,000)



(1,700)


Balance at end of period


11,253


5,700


11,253


5,700


Treasury – common shares










Balance at beginning of period


(104)


(189)


(152)


(37)


Purchase of shares


(2,721)


(2,461)


(10,852)


(10,859)


Sale of shares


2,734


2,498


10,913


10,744


Balance at end of period


(91)


(152)


(91)


(152)


Treasury – preferred shares and other equity instruments










Balance at beginning of period


(16)


(5)


(10)


(4)


Purchase of shares and other equity instruments


(113)


(98)


(255)


(205)


Sale of shares and other equity instruments


122


93


258


199


Balance at end of period


(7)


(10)


(7)


(10)


Contributed surplus










Balance at beginning of period


169


125


173


121


Net premium (discount) on sale of treasury instruments


(19)


5


(3)



Issuance of stock options, net of options exercised


2


3


18


6


Other


27


40


(9)


46


Balance at end of period


179


173


179


173


Retained earnings










Balance at beginning of period


69,090


61,167


63,944


53,845


Net income attributable to equity instrument holders


6,671


3,781


17,429


14,298


Common dividends


(1,613)


(1,437)


(6,442)


(5,741)


Preferred dividends and distributions on other equity instruments


(107)


(63)


(259)


(249)


Share and other equity instrument issue expenses


(19)



(24)


(5)


Net premium on repurchase of common shares and redemption of preferred shares and other equity instruments




(1,930)


(1)


Remeasurement gain/(loss) on employee benefit plans


(294)


487


815


1,787


Realized gain/(loss) on equity securities designated at fair value through other comprehensive income


(30)


9


165


10


Balance at end of period


73,698


63,944


73,698


63,944


Accumulated other comprehensive income (loss)










Net unrealized gain/(loss) on financial assets at fair value through other comprehensive income:










Balance at beginning of period


(275)


610


510


543


Other comprehensive income (loss)


(199)


(103)


(981)


(34)


Allowance for credit losses


(2)


3


(5)


1


Balance at end of period


(476)


510


(476)


510


Net unrealized gain/(loss) on equity securities designated at fair value through other comprehensive income:










Balance at beginning of period


69


141


181


(252)


Other comprehensive income (loss)


(76)


49


7


443


Reclassification of loss/(gain) to retained earnings


30


(9)


(165)


(10)


Balance at end of period


23


181


23


181


Gain/(loss) from changes in fair value due to own credit risk on financial liabilities designated at fair value through











profit or loss:










Balance at beginning of period


40



14


(37)


Other comprehensive income (loss)


38


14


64


51


Balance at end of period


78


14


78


14


Net unrealized foreign currency translation gain/(loss) on investments in foreign operations, net of hedging activities:










Balance at beginning of period


7,713


5,699


5,230


9,357


Other comprehensive income (loss)


4,335


(469)


6,818


(4,127)


Balance at end of period


12,048


5,230


12,048


5,230


Net gain/(loss) on derivatives designated as cash flow hedges:










Balance at beginning of period


(1,941)


3,284


1,930


3,826


Other comprehensive income (loss)


(3,776)


(1,354)


(7,647)


(1,896)


Balance at end of period


(5,717)


1,930


(5,717)


1,930


Share of accumulated other comprehensive income (loss) from Investment in Schwab


(3,968)


(768)


(3,968)


(768)


Total accumulated other comprehensive income


1,988


7,097


1,988


7,097


Total equity

$

111,383

$

99,818

$

111,383

$

99,818













The amounts for the three months ended October 31, 2022, and October 31, 2021, have been derived from unaudited financial statements. The amounts for the twelve months ended
October 31, 2022 and October 31, 2021, have been derived from the audited financial statements.

 

CONSOLIDATED STATEMENT OF CASH FLOWS1










(millions of Canadian dollars)

For the three months ended

For the twelve months ended




October 31

October 31

October 31

October 31




2022

2021

2022

2021


Cash flows from (used in) operating activities










Net income

$

6,671

$

3,781

$

17,429

$

14,298


Adjustments to determine net cash flows from (used in) operating activities











Provision for (recovery of) credit losses


617


(123)


1,067


(224)



Depreciation


316


296


1,167


1,360



Amortization of other intangibles


147


179


599


706



Net securities loss/(gain)


(8)


(11)


(60)


(14)



Share of net income from investment in Schwab


(290)


(224)


(991)


(785)



Gain on sale of Schwab shares


(997)



(997)




Deferred taxes


469


99


502


258


Changes in operating assets and liabilities











Interest receivable and payable


(150)


(30)


(412)


(288)



Securities sold under repurchase agreements


1,078


(11,766)


(16,073)


(44,779)



Securities purchased under reverse repurchase agreements


1,108


(5,130)


7,117


1,878



Securities sold short


(4,563)


5,661


3,121


7,030



Trading loans, securities, and other


4,407


(152)


3,864


1,177



Loans net of securitization and sales


(40,791)


(3,314)


(109,463)


(3,660)



Deposits


33,435


(110)


105,759


(6,494)



Derivatives


(9,817)


1,722


(15,435)


3,734



Non-trading financial assets at fair value through profit or loss


480


(138)


(1,556)


(842)



Financial assets and liabilities designated at fair value through profit or loss


22,697


21,701


48,323


54,498



Securitization liabilities


(215)


(138)


(1,083)


(719)



Current taxes


(1,121)


(682)


(4,100)


239



Brokers, dealers and clients amounts receivable and payable


2,165


(3,968)


8,799


(4,592)



Other, including unrealized foreign currency translation loss/(gain)


(13,047)


6,472


(8,628)


27,348


Net cash from (used in) operating activities


2,591


14,125


38,949


50,129


Cash flows from (used in) financing activities










Redemption or repurchase of subordinated notes and debentures


(42)


(11)


6


(7)


Common shares issued, net


21


17


108


145


Repurchase of common shares




(2,195)



Preferred shares and other equity instruments issued


3,884



5,529


1,745


Redemption of preferred shares and other equity instruments




(1,000)


(700)


Sale of treasury shares and other equity instruments


2,837


2,596


11,168


10,943


Purchase of treasury shares and other equity instruments


(2,834)


(2,559)


(11,107)


(11,064)


Dividends paid on shares and distributions paid on other equity instruments


(2,156)


(1,387)


(6,665)


(5,555)


Repayment of lease liabilities 


(185)


(102)


(663)


(543)


Net cash from (used in) financing activities


1,525


(1,446)


(4,819)


(5,036)


Cash flows from (used in) investing activities










Interest-bearing deposits with banks


(532)


6,967


30,455


(729)


Activities in financial assets at fair value through other comprehensive income











Purchases


(7,079)


(5,526)


(31,135)


(21,056)



Proceeds from maturities


8,002


6,631


33,158


33,541



Proceeds from sales


1,540


2,594


6,723


5,363


Activities in debt securities at amortized cost











Purchases


(30,848)


(36,360)


(149,560)


(153,896)



Proceeds from maturities


20,250


12,888


68,719


92,131



Proceeds from sales


5,160


652


8,720


2,365


Net purchases of land, buildings, equipment, other depreciable assets, and other intangibles


(461)


(358)


(1,454)


(1,129)


Net cash acquired from (paid for) divestitures and acquisitions


2,479



2,479


(1,858)


Net cash from (used in) investing activities


(1,489)


(12,512)


(31,895)


(45,268)


Effect of exchange rate changes on cash and due from banks


255


(53)


390


(339)


Net increase (decrease) in cash and due from banks


2,882


114


2,625


(514)


Cash and due from banks at beginning of period


5,674


5,817


5,931


6,445


Cash and due from banks at end of period

$

8,556

$

5,931

$

8,556

$

5,931


Supplementary disclosure of cash flows from operating activities










Amount of income taxes paid (refunded) during the period

$

301

$

1,590

$

4,404

$

4,071


Amount of interest paid during the period


6,428


1,136


12,523


5,878


Amount of interest received during the period


13,408


6,974


37,642


28,127


Amount of dividends received during the period


281


443


1,792


1,844


1

The amounts for the three months ended October 31, 2022, and October 31, 2021, have been derived from unaudited financial statements. The amounts for the twelve months ended
October 31, 2022 and October 31, 2021, have been derived from the audited financial statements.

 

Appendix A – 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 the U.S. personal and commercial banking businesses, U.S. credit cards, TD Auto Finance U.S., 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.

Results for these segments for the years ended October 31, 2022 and October 31, 2021 are presented in the following tables.

 

Results by Business Segment1,2





















(millions of Canadian dollars)



























Canadian





Wealth














Personal and





Management















Commercial Banking 

U.S. Retail

and Insurance

Wholesale Banking3

Corporate3

Total









For the three months ended October 31




2022


2021


2022


2021


2022


2021


2022


2021


2022


2021


2022


2021

Net interest income (loss)

$

3,388

$

2,863

$

2,957

$

2,103

$

272

$

199

$

683

$

689

$

330

$

408

$

7,630

$

6,262

Non-interest income (loss) 


1,066


991


638


677


2,359


2,467


476


461


3,394


83


7,933


4,679

Total revenue 


4,454


3,854


3,595


2,780


2,631


2,666


1,159


1,150


3,724


491


15,563


10,941

Provision for (recovery of)


























credit losses


229


53


225


(76)




26


(77)


137


(23)


617


(123)

Insurance claims and


























related expenses






723


650






723


650

Non-interest expenses


1,921


1,720


1,976


1,617


1,208


1,192


802


658


638


760


6,545


5,947

Income (loss) before income taxes


























and share of net income from


























investment in Schwab


2,304


2,081


1,394


1,239


700


824


331


569


2,949


(246)


7,678


4,467

Provision for (recovery of)


























income taxes


610


552


165


111


184


216


70


149


268


(118)


1,297


910

Share of net income from


























investment in Schwab4,5




310


246






(20)


(22)


290


224

Net income (loss)

$

1,694

$

1,529

$

1,539

$

1,374

$

516

$

608

$

261

$

420

$

2,661

$

(150)

$

6,671

$

3,781





































For the twelve months ended October 31




2022


2021


2022


2021


2022


2021


2022


2021


2022


2021


2022


2021

Net interest income (loss)

$

12,396

$

11,195

$

9,604

$

8,074

$

945

$

762

$

2,937

$

2,630

$

1,471

$

1,470

$

27,353

$

24,131

Non-interest income (loss) 


4,190


3,722


2,821


2,684


9,915


9,827


1,894


2,070


2,859


259


21,679


18,562

Total revenue 


16,586


14,917


12,425


10,758


10,860


10,589


4,831


4,700


4,330


1,729


49,032


42,693

Provision for (recovery of)


























credit losses


491


256


335


(250)


1


2


37


(118)


203


(114)


1,067


(224)

Insurance claims and


























related expenses






2,900


2,707






2,900


2,707

Non-interest expenses


7,176


6,648


6,920


6,417


4,711


4,355


3,033


2,709


2,801


2,947


24,641


23,076

Income (loss) before income taxes


























and share of net income from


























investment in Schwab


8,919


8,013


5,170


4,591


3,248


3,525


1,761


2,109


1,326


(1,104)


20,424


17,134

Provision for (recovery of)


























income taxes


2,361


2,128


625


504


853


929


436


539


(289)


(479)


3,986


3,621

Share of net income from


























investment in Schwab4,5




1,075


898






(84)


(113)


991


785

Net income (loss)

$

6,558

$

5,885

$

5,620

$

4,985

$

2,395

$

2,596

$

1,325

$

1,570

$

1,531

$

(738)

$

17,429

$

14,298

 

Total Assets by Business Segment6














(millions of Canadian dollars)












Canadian




Wealth











Personal and




Management


Wholesale








Commercial Baking

U.S. Retail

and Insurance

Banking 

Corporate 

Total 




As at October 31, 2022


Total assets

$

526,374

$

585,297

$

23,721

$

635,094

$

147,042

$

1,917,528


















As at October 31, 2021


Total assets

$

484,857

$

559,503

$

24,579

$

514,681

$

145,052

$

1,728,672


The amounts for the three months ended October 31, 2022 and October 31, 2021 have been derived from the unaudited financial statements. The amounts for the twelve months
ended October 31, 2022 and October 31, 2021 have been derived from the audited financial statements.

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.

Net interest income within Wholesale Banking is calculated on a TEB. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.

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.

The Bank's share of Schwab's earnings is reported with a one-month lag. Refer to Note 12 for further details.

Total assets as at October 31, 2022 and October 31, 2021 have been derived from the audited financial statements.

 

SHAREHOLDER AND INVESTOR INFORMATION        

Shareholder Services

If you:

And your inquiry relates to:

Please contact:

Are a registered shareholder (your name
appears on your TD share certificate)

Missing dividends, lost share certificates, estate
questions, address changes to the share register,
dividend bank account changes, the dividend
reinvestment plan, eliminating duplicate mailings of
shareholder materials, or stopping (or resuming)
receiving annual and quarterly reports

Transfer Agent:

TSX Trust Company
P.O. Box 700, Station B

Montréal, Québec H3B 3K3

1-800-387-0825 (Canada and U.S. only)

or 416-682-3860

Facsimile: 1-888-249-6189

shareholderinquiries@tmx.com or

http://www.tsxtrust.com

Hold your TD shares through the

Direct Registration System

in the United States

Missing dividends, lost share certificates, estate
questions, address changes to the share register,
eliminating duplicate mailings of shareholder materials
or stopping (or resuming) receiving annual and quarterly
reports

Co-Transfer Agent and Registrar:

Computershare
P.O. Box 43006

Providence, RI 02940-3006

or

Computershare

150 Royall Street

Canton, MA 02021

1-866-233-4836

TDD for hearing impaired: 1-800-231-5469

Shareholders outside of U.S.: 201-680-6578

TDD shareholders outside of U.S.: 201-680-6610
www.
computershare.com/investor

Beneficially own TD shares that are held in
the name of an intermediary, such as a bank,
a trust company, a securities broker, or other
nominee

Your TD shares, including questions regarding the
dividend reinvestment plan and mailings of shareholder
materials

Your intermediary

 

For all other shareholder inquiries, please contact TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com.
Please note that by leaving us an e-mail or voicemail message, you are providing your consent for us to forward your inquiry to the appropriate party for response.

Annual Report on Form 40-F (U.S.)

A copy of the Bank's Annual Report on Form 40-F for fiscal 2022 will be filed with the Securities and Exchange Commission later today and will be available at http://www.td.com. You may obtain a printed copy of the Bank's Annual Report on Form 40-F for fiscal 2022 free of charge upon request to TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or e-mail tdshinfo@td.com.

Access to Quarterly Results Materials

Interested investors, the media, and others may view this fourth quarter earnings news release, results slides, supplementary financial information, supplemental regulatory disclosure, and the 2022 Consolidated Financial Statements and MD&A documents on the TD website at www.td.com/investor/.

General Information

Products and services: Contact TD Canada Trust, 24 hours a day, seven days a week: 1-866-567-8888 French: 1-866-233-2323
Cantonese/Mandarin: 1-800-328-3698
Telephone device for the hearing impaired (TTY): 1-800-361-1180

Website: www.td.com
Email: customer.service@td.com

Media contacts: https://stories.td.com/media-contacts

Quarterly Earnings Conference Call

TD Bank Group will host an earnings conference call in Toronto, Ontario on December 1, 2022. The call will be available live via TD's website at 1:30 p.m. ET. The call and audio webcast will feature presentations by TD executives on the Bank's financial results for the fourth quarter, followed by a question-and-answer period with analysts. The presentation material referenced during the call will be available on the TD website at www.td.com/investor on December 1, 2022 before 1:30 p.m. ET. A listen-only telephone line is available at 416-641-6150 or 1-866-696-5894 (toll free) and the passcode is 2727354#.

The audio webcast and presentations will be archived at www.td.com/investor. Replay of the teleconference will be available from 5:00 p.m. ET on December 1, 2022, until 11:59 p.m. ET on December 16, 2022 by calling 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 7300743#.

Annual Meeting

Thursday, April 20, 2023
Toronto, Ontario
Record Date for Notice and Voting:
February 21, 2023

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 over 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 $1.9 trillion in assets on October 31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD Bank Group

Copyright 2022 Canada NewsWire

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