Toronto-Dominion Bank (The): Provisions and restructuring expenses cut earnings, capitalization remains strong despite decline

Toronto-Dominion Bank (The): Anti-money-laundering provision, restructuring expense overshadow strong core earnings - Issuer Comment – 2024/05/24 – US$ 200.00 – ...Effective 1 November 2023, the regulatory minimum TLAC risk-based and leverage ratios are 25.0% and 7.25%, respectively, reflecting OSFI's DSB of 3.5% and 0.5% Tier 1 capital buffer requirement. For Q2 2023, the regulatory minimum TLAC risk-based and leverage ratios were 24.5% and 7.25%, respectively. Sources: Company Financials and Moody's Ratings...

Toronto-Dominion Bank (The): TD's initial provision and severity of allegations related to its BSA/AML program are credit negative - Issuer Comment – 2024/05/15 – US$ 200.00 – ...Data is for Q1 2024 for all banks. The leverage ratios of the US banks are the supplemental leverage ratio. The CET1 ratio for US banks is calculated under the advanced approach. Sources: Company financials and Moody's Ratings...

Toronto-Dominion Bank (The): Update to credit analysis - Credit Opinion – 2024/02/13 – US$ 250.00 – ...Toronto-Dominion Bank (The) (TD) has a baseline credit assessment (BCA) of a1, reflecting the bank's strong domestic retail franchise, which generates stable and recurring profits. TD typically has a first or second market share position in many personal and commercial (P&C) products, with the bank generating approximately 90% (5-year average) of its earnings from its retail businesses (including Canadian and US P&C, wealth management, and insurance, excluding its corporate segment), making TD the most retail-oriented bank of its Canadian peers. TD's ratings are further supported by strong asset quality, strong capitalization, and very good liquidity, which protects against unexpected losses and market shocks. The ratings also take into account TD's exposure to the highly leveraged Canadian consumer through credit card and auto finance debt. TD's US regional banking franchise, which is operated through TD Bank, N.A., has a predominantly US East Coast footprint that has scale, stable profitability,...

Toronto-Dominion Bank (The): Earnings decline on higher provisions, restructuring expenses and acquisition-related charges - Issuer Comment – 2023/12/01 – US$ 200.00 – ...Effective 1 February 2023, the regulatory minimum TLAC risk-based and leverage ratios are 24.5% and 7.25%, respectively, reflecting OSFI's increase in the DSB to 3.0%. For prior periods, the regulatory minimum TLAC risk-based and leverage ratios were 24.0% and 6.75%, respectively, including the DSB of 2.5%, which was in effect since 31 October 2021. Source: Moody's Investors Service, Company Financials...

Toronto-Dominion Bank (The): Update following ratings affirmation - Credit Opinion – 2023/11/22 – US$ 250.00 – ...Toronto-Dominion Bank (The) (TD) has a baseline credit assessment (BCA) of a1, which was affirmed on 6 November 2023. TD's ratings reflect the bank's strong domestic retail franchise, which generates stable and recurring profits. TD typically has a first or second market share position in many personal and commercial (P&C) products, with the bank generating approximately 90% (5-year average) of its earnings from its retail businesses (including Canadian and US P&C, wealth management, and insurance, excluding its corporate segment), making TD the most retail-oriented bank of its Canadian peers. TD's ratings are further supported by strong asset quality, strong capitalization, and very good liquidity, which protects against unexpected losses and market shocks. The ratings also take into account TD's exposure to the highly leveraged Canadian consumer through credit card and auto finance debt. TD's US regional banking franchise, which is operated through TD Bank, N.A., has a predominantly US...

Toronto-Dominion Bank (The): Update to credit analysis - Credit Opinion – 2023/09/15 – US$ 250.00 – ... is supported by its strong domestic retail franchise as well as its overall retail-oriented business mix, which generates stable and recurring profits. TD typically has a first or second market share position in many personal and commercial (P&C) products, with the bank generating approximately 90% (5-year average) of its earnings from its retail businesses (including Canadian P&C, wealth management, insurance, and US P&C and excluding its corporate segment), making TD the most retail-oriented bank of its Canadian peers. This disciplined, retail-oriented management culture has yielded exceptional risk-adjusted returns over time, benefitting creditors, and is recognized through a one-notch positive qualitative scorecard adjustment for Corporate Behavior. TD's ratings are further supported by strong asset quality, peer- leading capitalization, and very good liquidity, which protects against unexpected losses and market shocks. TD's US regional...

Toronto-Dominion Bank (The): Q3 2023 financial results: Higher PCL, elevated expenses and US margin compression offset solid revenue growth - Issuer Comment – 2023/08/25 – US$ 200.00 – ...This report was republished on 25 August 2023 with a corrected sequential earnings decline for the Wealth Management and Insurance segment....