Summary

  • TD offers a full range of financial products and services to over 26 million customers worldwide
  • TD had CDN$1.7 trillion in assets on July 31, 2021.
  • TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers.

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Company Overview

TD Bank Group

Toronto Dominion Bank (NYSE:TD, TSX:TD) Headquartered in Toronto, Canada, with approximately 90,000 employees in offices around the world, the Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD offers a full range of financial products and services to over 26 million customers worldwide through three key business lines:1

  • Canadian Retail
  • U.S. Retail
  • Wholesale Banking

TD had CDN$1.7 trillion in assets on July 31, 2021. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. The Toronto-Dominion Bank trades on the Toronto and New York stock exchanges under the symbol "TD".

The Toronto-Dominion Bank is a chartered bank subject to the provisions of the Bank Act (Canada). It was formed on February 1, 1955 through the amalgamation of The Bank of Toronto, chartered in 1855, and The Dominion Bank, chartered in 1869.

Canadian Retail

TD Canada Trust

TD Canada Trust is TD Bank Group's customer-focused personal and small business banking business. Serving more than 13.5 million customers nationally, TD Canada Trust provides a full range of financial products and services through its retail branch network, mobile app, telephone, Internet banking, and ‘TD Green Machine’ automated banking machines.

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Business Banking

Business Banking provides financial solutions to Canadian businesses of all sizes across a wide range of industries. Dedicated Business Banking Specialists deliver customized solutions to meet the unique needs of business customers. Drawing on a range of products and services including financing, deposit, investment, cash management, international trade and foreign exchange, its relationship teams provide the right tools and advice to help customers achieve their goals. Business Banking includes:

  • TD Auto Finance Canada
  • Small Business Banking
  • Mid-Market Commercial Banking
  • Specialized Commercial Banking that is comprised of:
  • Commercial National Accounts and Asset Based Lending
  • National Real Estate Group
  • Commercial Mortgage Group
  • TD Equipment Finance
  • Agriculture Services
  • Aboriginal Banking

MBNA

MBNA is a division of The Toronto-Dominion Bank. With the MBNA portfolio, TD is a leading provider of co-branded and affinity credit card programs in Canada. MBNA MasterCard credit cards are associated with hundreds of Canadian membership organizations, credit union and financial institutions, sports associations, educational institutions and charities.

TD Wealth and TD Asset Management

TD Wealth provides investors and financial advisors with a broad range of brokerage, mutual fund, banking and other consumer financial products on an integrated basis. TD Wealth consists of:

  • TD Direct Investing – provides clients access to information, tools and support that empower them to invest for themselves with confidence.
  • TD Wealth Financial Planning – allows clients to work with a professional Financial Planner to develop and implement a financial plan.
  • TD Wealth Private Wealth Management – provides discretionary wealth management, private banking and private trust services for high net worth clients.
  • TD Wealth Private Investment Advice – offers a full-service brokerage and connects clients with a professional Investment Advisor to design custom wealth strategies to meet their unique needs.

TD Asset Management Inc.

TD Asset Management (TDAM), a member of TD Bank Group, is a North American investment management firm. Operating through TD Asset Management Inc. in Canada and TDAM USA Inc. in the U.S., TDAM brings new thinking to investors' most important challenges. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $428 billion in assets as at June 30, 2021. Assets under management include TD Asset Management Inc., TDAM USA Inc. and Epoch Investment Partners Inc. (Epoch). All entities are wholly-owned subsidiaries of The Toronto-Dominion Bank.

TD Insurance

TD Insurance is a part of TD Bank Group and provides these products:

  • Auto Insurance
  • Home Insurance
  • Life Insurance
  • Health Insurance
  • Travel Medical Insurance
  • TD Protection Plans
  • Motorcycle and Recreational Vehicle Insurance
  • Business Credit Life Insurance

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U.S. Retail

TD Bank, America's Most Convenient Bank

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.6 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance.

TD Auto Finance (U.S.)

TD Auto Finance offers new and used vehicle financing through an extensive network of dealers across the United States.

TD Wealth (U.S.)

TD Wealth offers integrated, comprehensive and customized financial solutions to help high net worth individuals and institutions build, preserve and transition wealth. The company provide expertise in Private Client services including Private Banking, Private Trust and Private Investment Counsel, and Institutional Trust services.

The Charles Schwab Corporation

On October 6, 2020, TD became the largest shareholder in The Charles Schwab Corporation (Schwab) (NYSE: SCHW) when the transaction announced on November 25, 2019 between TD Ameritrade and Schwab closed. Schwab is a leading provider of financial services which, through its operating subsidiaries, provides a full range of wealth management, securities brokerage, banking, asset management, custody and financial advisory services.

Wholesale Banking

TD Securities

As a leading corporate and investment bank, TD Securities provides a wide range of integrated capital market products and services to corporations, governments and institutions. The company's clients choose it for its knowledge, innovation and experience in the following key areas of finance: investment, corporate and government banking, capital markets, interest rate, currency and derivative products.

Operating out of 15 offices in key financial centres, the company provide superior advice and execution to clients around the world. The company's services include the underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and executing daily trading and investment needs.

Industry Overview

The global economic recovery has slowed after an initial burst of growth following the end of lockdowns in the early summer months. A resurgence in COVID-19 cases across Europe and North America has prompted renewed restraints on activity, leaving economic momentum vulnerable in the fourth calendar quarter of 2020. Until an effective vaccine or treatment is widely distributed, the global economy is likely to remain susceptible to such periodic setbacks.2

susceptible to such periodic setbacks. The Bank expects global real GDP to contract by 3.8% in calendar 2020, the largest annual decline in the post-war era. China is the only major economy that is likely to record growth this year, with early control of the virus, state-supported investment and rising exports supporting economic activity.

The global economic outlook for 2021 remains very uncertain and will depend on the timing and effectiveness of a vaccine. Assuming a vaccine is widely distributed by the summer, the Bank expects global real GDP to rebound by 6.2% in calendar 2021. Recent news of potentially earlier vaccine roll out offers some upside risk to that estimate. However, nonvirus-related negative risks also exist, including the possibility of no-deal Brexit, escalating U.S.-China tensions, and continued geopolitical risks.

U.S. real GDP continues to recover. The economy expanded by 33.1% (annualized) in the third calendar quarter of 2020. Monthly data on consumer spending shows growth was especially rapid through May and June, while the unemployment rate has continued to improve. Since hitting a peak of 14.7% in April, it has fallen to 6.9% as of October, although this remains well above the 3.5% rate recorded in February. Likewise, real GDP remains 3.5% below its level in the fourth calendar quarter of 2019. The recent rise in COVID-19 cases is expected to slow U.S. growth in the final months of the calendar year, but not stall it outright. Business restrictions have so far been less severe and less widespread than what has been observed in other major economies. However, this also creates a risk that the intensity of business restrictions may eventually rise should the medical system become overly burdened.

The Federal Reserve cut its policy interest rate to the 0% to 0.25% range in March and continues to expand its balance sheet by purchasing U.S. Treasuries and mortgage-backed securities. In late August, the U.S. central bank announced an update to its long-run goals and monetary policy strategy, committing to target an inflation rate that “averages two percent over time.” With inflation currently well under two percent, this revised strategy suggests interest rates will remain very low for some time. The Bank expects the federal funds rate to remain at its current setting until calendar 2024. Historically, low interest rates have helped drive a rapid rebound in the housing market and this remains true today. Home sales are already above pre-crisis levels and price growth has been accelerating. Housing activity is expected to slow in calendar 2021, but a low homeownership rate and a favourable starting point for housing affordability suggests that growth will continue.

Canada’s economy was impacted more negatively than the U.S. in the first half of calendar 2020 and since then has recovered somewhat faster. The Bank estimates real GDP grew by 44.2% (annualized) in the third calendar quarter of the year. Despite this increase, real GDP was approximately 4.5% below the pre-COVID level in the fourth calendar quarter of 2019. The recovery in Canada’s job market, meanwhile, has outperformed that of its U.S. counterpart. As of October 2020, almost four-fifths of the jobs lost during the initial lockdown have been recovered in Canada, which is a significantly better performance than in the U.S. The Canadian unemployment rate has fallen from a peak of 13.7% in May to 8.9% in October.

Similar to the Federal Reserve, the Bank of Canada has acted aggressively to support the economy, bringing interest rates down to 0.25% in March and rapidly expanding the size of its balance sheet. The Canadian central bank has explicitly committed to hold its overnight rate steady at its effective lower bound of 0.25% until at least 2023. In an environment of stable short-term interest rate differentials between the U.S. and Canada, the Bank projects the Canadian dollar will trade in the moderate range of 76-78 US cents over the next four calendar quarters.

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Business Overview

Canadian Retail

Canadian Retail serves over 16 million customers in the Canadian personal and commercial banking, wealth, and insurance businesses. Personal Banking provides financial products and advice through its network of 1,085 branches, 3,440 automated teller machines (ATM), telephone, digital and mobile banking. The credit cards business provides a comprehensive line-up of credit cards including proprietary, co-branded, and affinity credit card programs. Auto Finance provides flexible financing options to customers at point of sale for automotive and recreational vehicle purchases. Business Banking offers a broad range of customized products and services to help business owners meet their financing, investment, cash management, international trade, and day-to-day banking needs. Merchant Solutions provides point-of-sale payment solutions for large and small businesses. The wealth business offers wealth and asset management products and advice to retail and institutional clients in Canada through the direct investing, advice-based, and asset management businesses. The insurance business offers property and casualty insurance, as well as life and health insurance products to customers across Canada.

Canadian Retail reported net income for the year was $6,026 million, a decrease of $837 million, or 12%, compared with last year. The decrease in earnings reflects higher PCL and higher insurance claims, partially offset by revenue growth and higher non-interest expenses in the prior year related to the agreement with Air Canada and the acquisition of Greystone. On an adjusted basis, net income for the year was $6,124 million, a decrease of $1,297 million, or 17%. The reported and adjusted annualized ROE for the year was 33.4% and 33.9%, respectively, compared with 38.6% and 41.7%, respectively, last year.

Canadian Retail revenue is derived from the Canadian personal and commercial banking, wealth, and insurance businesses. Revenue for the year was $24,333 million, an increase of $107 million, compared with last year reflecting strong growth in wealth and insurance revenue as well as volume driven growth in personal and commercial banking revenue, offset by margin compression from lower interest rates in the year.

Net interest income decreased $288 million, or 2%, reflecting lower margins, partially offset by volume growth. Average loan volumes increased $16 billion, or 4%, reflecting 3% growth in personal loans and 7% growth in business loans. Average deposit volumes increased $46 billion, or 14%, reflecting 11% growth in personal deposits, 15% growth in business deposits, and 28% growth in wealth deposits. Net interest margin was 2.79%, or a decrease of 17 bps, reflecting lower interest rates.

AUA were $433 billion as at October 31, 2020, an increase of $11 billion, or 3%, compared with last year, reflecting new asset growth. AUM were $358 billion as at October 31, 2020, an increase of $5 billion, or 1%, compared with last year, reflecting market appreciation.

PCL for the year was $2,746 million, an increase of $1,440 million, compared with last year. PCL – impaired was $1,256 million, an increase of $130 million, or 12%, reflecting higher provisions in the commercial and consumer lending portfolios. PCL – performing was $1,490 million, compared with $180 million last year, primarily related to a significant deterioration in the economic outlook, including the impact of credit migration, with the increase reflected in the consumer and commercial lending portfolios. Annualized PCL as a percentage of credit volume was 0.62%, an increase of 31 bps.

U.S. Retail

U.S. Retail comprises the Bank’s personal and business banking operations under the brand TD Bank, America’s Most Convenient Bank®, and wealth management in the U.S. Personal banking provides a full range of financial products and services to over 9 million retail customers through multiple delivery channels, including a network of 1,223 stores located along the east coast from Maine to Florida, mobile and internet banking, ATM, and telephone. Business banking serves the needs of businesses, through a diversified range of products and services to meet their financing, investment, cash management, international trade, and day-to-day banking needs. Wealth management offers a range of wealth products and services to retail and institutional clients. The results of the Bank’s equity investment in TD Ameritrade are included in U.S. Retail and reported as equity in net income of an investment in TD Ameritrade with a one-month lag. The same convention is being followed for Schwab, and the Bank will begin recording its share of Schwab’s earnings on this basis in the first quarter of fiscal 2021. Refer to “Significant Events” in the “Financial Results Overview” section of this document.

U.S. Retail net income for the year was $3,026 million (US$2,278 million), a decrease of $1,955 million (US$1,472 million), or 39% (39% in U.S. dollars), compared with last year. The ROE for the year was 7.7%, compared with 12.6%, in the prior year.

U.S. Retail net income includes contributions from the U.S. Retail Bank and the Bank’s investment in TD Ameritrade. Net income for the year from the U.S. Retail Bank and the Bank’s investment in TD Ameritrade were $1,935 million (US$1,467 million) and $1,091 million (US$811 million), respectively

The contribution from TD Ameritrade of US$811 million decreased US$58 million, or 7%, compared with last year, primarily reflecting reduced trading commissions, lower asset-based revenue, and higher operating expenses, partially offset by higher trading volumes.

U.S. Retail Bank net income for the year was US$1,467 million, a decrease of US$1,414 million, or 49%, compared with last year, primarily reflecting higher PCL and lower revenue, partially offset by lower tax expense.

U.S. Retail Bank revenue is derived from personal and business banking, and wealth management. Revenue for the year was US$8,380 million, a decrease of US$496 million, or 6%. Net interest income decreased US$176 million, or 3%, as growth in loan and deposit volumes was more than offset by deposit margin compression in the low interest rate environment. Net interest margin was 2.69%, a decrease of 62 bps primarily reflecting lower deposit margins and balance sheet mix. Noninterest income decreased US$320 million, or 15%, reflecting lower deposit and credit card activity as well as higher losses on low income housing tax credit investments.

Average loan volumes increased US$12 billion, or 7%, compared with last year, reflecting growth in personal and business loans of 6% and 8%, respectively, with significant increases in business loans reflecting increased draws on commercial lines of credit and originations under the SBA PPP. Average deposit volumes increased US$53 billion, or 20%, compared with last year, reflecting a 26% increase in business deposit volumes, a 25% increase in sweep deposit volumes, and a 10% increase in personal deposit volumes.

AUA were US$24 billion as at October 31, 2020, an increase of US$3 billion, or 16%, compared with last year, reflecting loan and deposit growth. AUM were US$39 billion as at October 31, 2020, a decrease of US$5 billion, or 11%, reflecting net fund outflows.

PCL for the year was US$2,145 million, an increase of US$1,331 million, compared with last year. PCL – impaired was US$738 million, an increase of US$33 million, or 5%. PCL – performing was US$1,407 million, an increase of US$1,298 million, primarily related to a significant deterioration in the economic outlook, including the impact of credit migration, and predominantly reflected in the commercial, credit card, and auto lending portfolios. U.S. Retail PCL including only the Bank’s contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 1.30%, or an increase of 78 bps.

Wholesale Banking

Wholesale Banking offers a wide range of capital markets and corporate and investment banking services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding, and investment needs of its clients. Operating under the TD Securities brand, its clients include corporates, governments, and institutions in key financial markets around the world. Wholesale Banking is an integrated part of TD’s strategy, providing market access to TD’s wealth and retail operations, and providing wholesale banking solutions to its partners and their customers.

The Bank’s other business activities are not considered reportable segments and are, therefore, grouped in the Corporate segment. Corporate segment is comprised of a number of service and control groups such as technology solutions, shared services, treasury and balance sheet management, marketing, human resources, finance, risk management, compliance, legal, anti-money laundering, and others. Certain costs relating to these functions are allocated to operating business segments. The basis of allocation and methodologies are reviewed periodically to align with management’s evaluation of the Bank’s business segments.

Wholesale Banking net income for the year was a record $1,418 million, an increase of $810 million, compared with the prior year reflecting higher revenue, partially offset by higher PCL and higher non-interest expenses.

Revenue for the year was $4,958 million, an increase of $1,727 million, or 53%, compared with the prior year reflecting higher trading-related revenue, higher underwriting fees, and higher loan fees.

PCL for the year was $508 million, an increase of $464 million compared to the prior year. PCL – impaired was $279 million reflecting credit migration largely in the oil and gas sector. PCL – performing was $229 million, primarily related to a significant deterioration in the economic outlook, including the impact of credit migration.

Non-interest expenses were $2,518 million, an increase of $125 million, or 5%, compared with the prior year. The increase reflects higher variable compensation, higher volume related expenses, and the impact of foreign exchange translation.

Corporate segment

Corporate segment is comprised of a number of service and control groups. Certain costs relating to these functions are allocated to operating business segments. The basis of allocation and methodologies are reviewed periodically to align with management’s evaluation of the Bank’s business segments.

Corporate segment includes expenses related to a number of service and control functions, the impact of treasury and balance sheet management activities, certain tax items at an enterprise level, and intercompany adjustments such as elimination of TEB and the retailer program partners’ share relating to the U.S. strategic cards portfolio.

Corporate segment reported net income for the year was $1,425 million, compared with a reported net loss of $766 million last year. The year-overyear increase was primarily attributable to a net gain on sale of the Bank’s investment in TD Ameritrade of $1,421 million ($2,250 million after-tax), as well as a higher contribution from other items, partially offset by higher net corporate expenses in the current year and a contribution from non-controlling interests in the prior year. Other items increased reflecting the impact of legal provisions and the negative impact of tax items in the prior year, partially offset by lower contribution from treasury and balance sheet management activities. Net corporate expenses increased primarily reflecting the impact of corporate real estate optimization costs of $163 million in the current year, partially offset by restructuring charges of $51 million in the prior year. The adjusted net loss for the year was $600 million, compared with an adjusted net loss of $507 million last year

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Financial Highlights

Reported income for the year was $11,895 million, an increase of $209 million, or 2%, compared with last year. The increase reflects a net gain on sale of the Bank’s investment in TD Ameritrade and charges in the prior year related to the agreement with Air Canada. On an adjusted basis, income for the year was $9,968 million, a decrease of $2,535 million, or 20%, compared with last year reflecting higher PCL, lower revenue in the personal and commercial banking businesses, and higher non-interest expenses, partially offset by higher revenue in Wholesale Banking and the wealth and insurance businesses. The reported ROE for the year was 13.6%, compared with 14.5% last year. The adjusted ROE for the year was 11.4%, compared with 15.6% last year.

By segment, the increase in reported net income reflects an increase in the Corporate segment of $2,191 million, and an increase in Wholesale Banking of $810 million, partially offset by a decrease in U.S. Retail of $1,955 million, and a decrease in Canadian Retail of $837 million.

Reported diluted EPS for the year was $6.43, an increase of 3%, compared with $6.25 last year. Adjusted diluted EPS for the year was $5.36, a 20% decrease, compared with $6.69 last year.

Reported revenue was $43,646 million, an increase of $2,581 million, or 6%, compared with last year. Adjusted revenue was $42,225 million, an increase of $1,160 million, or 3%, compared with last year.

Net interest income for the year was $25,611 million, an increase of $1,680 million, or 7%, compared with last year. The increase reflects higher trading-related net interest income, and volume growth in the personal and commercial banking businesses, partially offset by lower margins.

By segment, the increase in reported net interest income reflects an increase in Wholesale Banking of $1,079 million, and an increase in the Corporate segment of $1,006 million, partially offset by a decrease in Canadian Retail of $288 million, and a decrease in U.S. Retail of $117 million. Net interest income reported in the Corporate segment includes the impact of treasury and balance sheet management activities, which are largely offset in non-interest income.

Net interest margin decreased by 16 bps during the year to 1.80%, compared with 1.96% last year, primarily reflecting the impact of lower interest rates and higher deposit balances in the personal and commercial banking businesses.

Reported non-interest income for the year was $18,035 million, an increase of $901 million, or 5%, compared with last year reflecting the net gain on sale of the Bank’s investment in TD Ameritrade, higher revenue in the wealth and insurance businesses, higher trading-related revenue and fee income in Wholesale Banking, partially offset by lower fee income in the personal and commercial banking businesses.

Reported total income and other taxes decreased by $1,675 million, or 38.0%, compared with last year, reflecting a decrease in income tax expense of $1,583 million, or 57.9%, and a decrease in other taxes of $92 million, or 5.5%. Adjusted total income and other taxes decreased by $1,021 million from last year, or 22.1%, reflecting a decrease in income tax expense of $929 million, or 31.5%.

Third Quarter 2021 Results

August 26, 2021 – TD Bank Group (“TD” or the “Bank”) today announced its financial results for the third quarter ended July 31, 2021. Reported earnings were $3.5 billion, up 58% compared with the third quarter last year, and adjusted earnings were $3.6 billion, up 56%.

“TD’s strong performance in the third quarter was supported by solid revenue growth in its Canadian and U.S. Retail businesses as economic activity and employment levels continued to improve on both sides of the border,” said Bharat Masrani, Group President and CEO, TD Bank Group. “TD’s strategy – anchored in its proven business model – enabled it once again to deliver for its shareholders, meet the needs of its customers and clients and contribute to the economic recovery, while continuing to invest in its people, technology, and capabilities.”

“While businesses and consumers are resuming some of their normal activities and more people are getting vaccinated, recent developments and new variants remind it that the global pandemic is not yet over,” added Masrani. “TD will continue to adapt in this fluid environment, adjust in real-time, and prioritize the wellbeing of its people and all those the company serve.”

Canadian Retail

Canadian Retail reported net income was $2,125 million, an increase of 68% compared with the third quarter last year. Revenue increased 9%, supported by continued momentum in mortgage originations and deposits, strong commercial loan growth and mutual fund sales, as well as record card sales. Reported expenses increased 8%, reflecting business growth spend including volume-driven and employee-related expenses and investments in technology and marketing. Provisions for credit losses (PCL) decreased by $851 million from the prior year, reflecting lower impaired PCL and a recovery in performing PCL.

Canadian Retail continued to innovate to serve customers where and when they want. This includes a new strategic alliance with Canada Post that will see the Personal Bank provide Canadians – particularly those in rural, remote and Indigenous communities – with expanded access to financial services, and the launch of new TD Insurance tools such as mobile severe weather and safety alerts and a new digital virtual assistant. In the Commercial Bank, the acquisition of Wells Fargo’s Canadian Direct Equipment Finance business closed, delivering scaled expertise in equipment leasing and finance.

U.S. Retail

U.S. Retail net income was $1,295 million (US$1,052 million), an increase of 92% (115% in U.S. dollars) compared with the third quarter last year. The Bank’s investment in The Charles Schwab Corporation (Schwab) contributed $197 million (US$161 million) in earnings, compared with the contribution of $317 million (US$230 million) from TD Ameritrade a year ago.

The U.S. Retail Bank, which excludes the Bank’s investment in Schwab, reported record net income of $1,098 million (US$891 million), an increase of 208% (243% in U.S. dollars) from the third quarter last year. In U.S. dollars, revenue increased 5% reflecting higher non-interest income, partially offset by lower deposit margins. PCL decreased by US$729 million ($993 million) reflecting lower impaired and performing PCL. Expenses increased 2% in U.S. dollars, reflecting higher investment in the business and employee-related expenses, partially offset by productivity savings. In Canadian dollars, revenue and expenses declined 6% and 8%, respectively, primarily as a result of appreciation in the Canadian dollar since the third quarter last year.

The U.S. Retail Bank continued to support customers by expanding the tools and advice it provides, generating strong results from increased customer activity and higher personal and business deposit volumes. This quarter, TD Bank, America’s Most Convenient Bank® (TD AMCB) introduced TD Essential Banking, a lowcost, no-overdraft-fee deposit account, and announced overdraft policy changes as part of its ongoing efforts to meet evolving customer needs and provide underserved communities with affordable access to mainstream financial services and products. TD AMCB also announced the establishment of a US$100 million equity fund in support of minority-owned small businesses, further demonstrating its commitment to provide opportunity in underserved communities and help combat racial inequities. The U.S. Retail Bank continued to invest in enhancing the customer experience, including the ability to book in-store appointments online for retail, small business and wealth services and simplifying how debit or credit cards are added to digital wallets.

Wholesale

Wholesale Banking reported net income of $330 million this quarter, a decrease of 25% compared to the third quarter last year, reflecting lower revenue, partially offset by lower PCL and lower non-interest expenses. Revenue for the quarter was $1,083 million, a decrease of 22% from a year ago, primarily reflecting lower trading-related revenue, partially offset by higher advisory fees. PCL decreased by $121 million from the prior year, reflecting lower impaired and performing PCL.

This quarter, TD Securities was named “Canada’s Best Investment Bank” by the 2021 Euromoney Awards and recognized as the 2021 Canadian FX Service Quality Leader as measured by the Greenwich Quality Index for the second year in a row. TD Securities was selected as one of two Structuring Advisors to the Government of Canada’s inaugural issuance of green bonds, reflecting leadership in the Environmental, Social and Governance (ESG) space. The Wholesale Bank continued to invest in its client-centric strategy and further extended its global reach and capabilities with the completion of TD’s acquisition of Headlands Tech Global Markets, LLC.

References

  1. ^ https://www.td.com/about-tdbfg/corporate-information/corporate-profile/profile.jsp
  2. ^ https://www.td.com/document/PDF/ar2020/ar2020-Managements-Discussion-and-Analysis.pdf
Tags: US:TD CA:TD
Created by Asif Farooqui on 2021/09/16 09:41
     

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  116. GB:DGE
  117. GB:FERG
  118. GB:GLEN
  119. GB:HL
  120. GB:HSBA
  121. GB:IHG
  122. GB:III
  123. GB:IMB
  124. GB:INCH
  125. GB:NWG
  126. GB:NXR
  127. GB:OCDO
  128. GB:REL
  129. GB:RKT
  130. GB:SGE
  131. GB:SGRO
  132. GB:SKG
  133. GB:SMIN
  134. GB:SN
  135. GB:STAN
  136. GB:STJ
  137. GB:ULVR
  138. Great Britain
  139. HK:0995
  140. HK:1052
  141. HK:107
  142. HK:189
  143. HK:548
  144. HK:819
  145. HK:995
  146. IN:3MINDIA
  147. IN:ADANITRANS
  148. IN:BHARATFORG
  149. IN:CIPLA
  150. IN:CROMPTON
  151. IN:GODREJIND
  152. IN:HDFCAMC
  153. IN:IDEA
  154. IN:INDUSTOWER
  155. IN:LICI
  156. IN:LUPIN
  157. IN:LUPINE
  158. IN:MFSL
  159. IN:MOFSL
  160. IN:MOTHERSUMI
  161. IN:MUTHOOTFIN
  162. IN:NATCOPHARM
  163. IN:NATIONALUM
  164. IN:NBCC
  165. IN:NESTLEIND
  166. IN:NIACL
  167. IN:NMDC
  168. IN:OBEROIRLTY
  169. IN:OFSS
  170. IN:PAGEIND
  171. IN:PAYTM
  172. IN:PEL
  173. IN:PETRONET
  174. IN:PFIZER
  175. IN:PGHH
  176. IN:PIDILITIND
  177. IN:PIIND
  178. IN:PNB
  179. IN:PNBHOUSING
  180. IN:POWERGRID
  181. IN:QUESS
  182. IN:RAMCOCEM
  183. IN:RELAXO
  184. IN:SAIL
  185. IN:SANOFI
  186. IN:SBILIFE
  187. IN:SIEMENS
  188. IN:SRF
  189. IN:SUPREMEIND
  190. IN:TATAPOWER
  191. IN:TECHM
  192. IN:TITAN
  193. IN:TORNTPHARM
  194. IN:TORNTPOWER
  195. IN:TRENT
  196. IN:TVSMOTOR
  197. IN:UBL
  198. IN:ULTRACEMCO
  199. IN:UNIONBANK
  200. IN:UPL
  201. IN:VBL
  202. IN:WHIRLPOOL
  203. IN:ZEEL
  204. India
  205. Ireland
  206. JP:1070
  207. JP:2654
  208. JP:4220
  209. JP:4734
  210. JP:6916
  211. SG:BCY
  212. SG:F13
  213. UK:IHG
  214. US:AABA
  215. US:AAOI
  216. US:AAPL
  217. US:AAUKF
  218. US:ABEO
  219. US:ABUS
  220. US:ACAD
  221. US:ACAN
  222. US:ACBFF
  223. US:ACDVF
  224. US:ACHN
  225. US:ACIA
  226. US:ACRX
  227. US:ADAP
  228. US:ADMP
  229. US:ADMS
  230. US:ADXS
  231. US:AEM
  232. US:AEZS
  233. US:AFMD
  234. US:AGEN
  235. US:AGI
  236. US:AGRX
  237. US:AGTK
  238. US:AKAO
  239. US:ALDR
  240. US:ALIM
  241. US:ALQA
  242. US:AMC
  243. US:AMD
  244. US:AMDA
  245. US:AMIGF
  246. US:AMMJ
  247. US:AMN
  248. US:AMPE
  249. US:AMRN
  250. US:AMRS
  251. US:AMZN
  252. US:ANCUF
  253. US:ANFGF
  254. US:ANLDF
  255. US:ANTH
  256. US:ANY
  257. US:APHQF
  258. US:AQMS
  259. US:AQSZF
  260. US:ARDX
  261. US:ARGS
  262. US:ARLZ
  263. US:ARNA
  264. US:ARRY
  265. US:ARWR
  266. US:ASBFF
  267. US:ASHTF
  268. US:ATDRY
  269. US:ATHX
  270. US:ATNM
  271. US:ATOS
  272. US:ATRS
  273. US:AUPH
  274. US:AUY
  275. US:AVASF
  276. US:AVEO
  277. US:AVEVF
  278. US:AVGR
  279. US:AVIR
  280. US:AVP
  281. US:AVVIY
  282. US:AVXL
  283. US:AXON
  284. US:AXSM
  285. US:AZN
  286. US:BABA
  287. US:BAC
  288. US:BAESF
  289. US:BAM
  290. US:BBRY
  291. US:BCE
  292. US:BCOR
  293. US:BCS
  294. US:BHC
  295. US:BHP
  296. US:BIOA
  297. US:BIOC
  298. US:BLCM
  299. US:BLDP
  300. US:BLEVF
  301. US:BLOZF
  302. US:BLPH
  303. US:BLRX
  304. US:BMO
  305. US:BMRPF
  306. US:BNS
  307. US:BP
  308. US:BPMX
  309. US:BSTG
  310. US:BTDPF
  311. US:BTE
  312. US:BTG
  313. US:BTI
  314. US:BW
  315. US:BZUN
  316. US:CALA
  317. US:CANN
  318. US:CAPR
  319. US:CARA
  320. US:CASC
  321. US:CATB
  322. US:CBDS
  323. US:CCJ
  324. US:CEI
  325. US:CERC
  326. US:CERU
  327. US:CHK
  328. US:CIE
  329. US:CLDX
  330. US:CLF
  331. US:CLOV
  332. US:CLSN
  333. US:CLVS
  334. US:CM
  335. US:CMPGF
  336. US:CNAB
  337. US:CNAT
  338. US:CNBX
  339. US:CNI
  340. US:CNQ
  341. US:CNSWF
  342. US:CORT
  343. US:CP
  344. US:CPRX
  345. US:CRBP
  346. US:CRIS
  347. US:CRMD
  348. US:CTRV
  349. US:CU
  350. US:CUR
  351. US:CVE
  352. US:CVSI
  353. US:CYCC
  354. US:CYTR
  355. US:CYTX
  356. US:DCTH
  357. US:DEPO
  358. US:DGEAF
  359. US:DMPI
  360. US:DRKTF
  361. US:DRYS
  362. US:DVAX
  363. US:DXTR
  364. US:DYLLF
  365. US:EARS
  366. US:ECYT
  367. US:EDIT
  368. US:EGLT
  369. US:EKSO
  370. US:ELVT
  371. US:ENB
  372. US:ENDP
  373. US:ENRT
  374. US:ETRM
  375. US:EVC
  376. US:EXEL
  377. US:FATE
  378. US:FB
  379. US:FERG
  380. US:FINL
  381. US:FIT
  382. US:FLXN
  383. US:FOLD
  384. US:FQVLF
  385. US:FRFHF
  386. US:FSV
  387. US:FTR
  388. US:FTS
  389. US:FVE
  390. US:FWDG
  391. US:GALE
  392. US:GALT
  393. US:GBHPF
  394. US:GBT
  395. US:GERN
  396. US:GFL
  397. US:GIB
  398. US:GILD
  399. US:GLDFF
  400. US:GLEN
  401. US:GLYC
  402. US:GME
  403. US:GNCA
  404. US:GNMX
  405. US:GOLD
  406. US:GPRO
  407. US:GSAT
  408. US:GVXXF
  409. US:GWLIFU
  410. US:HLTH
  411. US:HMNY
  412. US:HRGLF
  413. US:HRTX
  414. US:HSBA
  415. US:HTGM
  416. US:HTZ
  417. US:HUSA
  418. US:ICPT
  419. US:IDRA
  420. US:IDXG
  421. US:IFCZF
  422. US:IHG
  423. US:IMBBF
  424. US:IMGN
  425. US:IMMU
  426. US:IMNP
  427. US:IMO
  428. US:IMUC
  429. US:INFI
  430. US:INPX
  431. US:INSM
  432. US:INVA
  433. US:ITEK
  434. US:IVITF
  435. US:JD
  436. US:JOBS
  437. US:JVA
  438. US:KAYS
  439. US:KEM
  440. US:KERX
  441. US:KGC
  442. US:KTOS
  443. US:KTOV
  444. US:LKM
  445. US:LODE
  446. US:LPCN
  447. US:LULU
  448. US:LXRP
  449. US:MACK
  450. US:MARA
  451. US:MBOT
  452. US:MBRX
  453. US:MDCL
  454. US:MDCO
  455. US:MEET
  456. US:MEIP
  457. US:MEOH
  458. US:MFC
  459. US:MGA
  460. US:MGWFF
  461. US:MNKD
  462. US:MOMO
  463. US:MQPXF
  464. US:MRNS
  465. US:MRTX
  466. US:MSFT
  467. US:MTRAFU
  468. US:MU
  469. US:MVIS
  470. US:MZOR
  471. US:NAK
  472. US:NBEV
  473. US:NBRV
  474. US:NEOS
  475. US:NG
  476. US:NH
  477. US:NLNK
  478. US:NMUS
  479. US:NTIOF
  480. US:NTNX
  481. US:NTR
  482. US:NVAX
  483. US:NVCN
  484. US:NVDA
  485. US:NVRO
  486. US:NWBO
  487. US:NWG
  488. US:NXTTF
  489. US:NYMX
  490. US:OCDGF
  491. US:OCLR
  492. US:OCUL
  493. US:OGRMF
  494. US:OMER
  495. US:ONCS
  496. US:ONTX
  497. US:ONVO
  498. US:OPGN
  499. US:OPHT
  500. US:OPK
  501. US:OPTT
  502. US:OTEX
  503. US:OTIC
  504. US:P
  505. US:PANXF
  506. US:PBYI
  507. US:PETS
  508. US:PETX
  509. US:PGNX
  510. US:PHOT
  511. US:PIRS
  512. US:PLSE
  513. US:PLUG
  514. US:PLX
  515. US:PRTO
  516. US:PSDV
  517. US:PTI
  518. US:PTN
  519. US:PTX
  520. US:PUFXF
  521. US:PULM
  522. US:PVG
  523. US:QRSRF
  524. US:QSR
  525. US:RAD
  526. US:RBA
  527. US:RBGPF
  528. US:RCI
  529. US:RCKT
  530. US:RDHL
  531. US:RDUS
  532. US:RELX
  533. US:REPH
  534. US:RGLS
  535. US:RIGL
  536. US:RNN
  537. US:RNVA
  538. US:ROX
  539. US:RSSFF
  540. US:RTTR
  541. US:RY
  542. US:SCYX
  543. US:SDRL
  544. US:SEGXF
  545. US:SENS
  546. US:SESN
  547. US:SGBY
  548. US:SGGEF
  549. US:SGMO
  550. US:SGYP
  551. US:SHOP
  552. US:SJR
  553. US:SKLN
  554. US:SLF
  555. US:SLFPF
  556. US:SMFTF
  557. US:SMGKF
  558. US:SNAP
  559. US:SNN
  560. US:SPHS
  561. US:SPLIF
  562. US:SPRWF
  563. US:SQ
  564. US:SRNA
  565. US:SRNE
  566. US:SRRA
  567. US:SSRM
  568. US:STJPF
  569. US:STLY
  570. US:STML
  571. US:STMP
  572. US:STRRF
  573. US:SU
  574. US:SWN
  575. US:SYN
  576. US:TAC
  577. US:TBQBF
  578. US:TD
  579. US:TECK
  580. US:TENX
  581. US:TEVA
  582. US:TFII
  583. US:TGOPF
  584. US:TGTX
  585. US:THCBF
  586. US:TK
  587. US:TMXXF
  588. US:TNDM
  589. US:TOP
  590. US:TRI
  591. US:TROV
  592. US:TRP
  593. US:TRTC
  594. US:TRVN
  595. US:TRXC
  596. US:TSG
  597. US:TSLA
  598. US:TTM
  599. US:TTNP
  600. US:TTNQY
  601. US:TU
  602. US:TVTY
  603. US:TWTR
  604. US:TXMD
  605. US:UBQU
  606. US:UNXL
  607. US:VAPE
  608. US:VBLT
  609. US:VCEL
  610. US:VDQSF
  611. US:VPCO
  612. US:VSTM
  613. US:WIT
  614. US:WLDFF
  615. US:WLL
  616. US:WMIH
  617. US:WMT
  618. US:XGTI
  619. US:XON
  620. US:XTNT
  621. US:XXII
  622. US:ZGNX
  623. US:ZSAN
  624. US:ZYNE
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