Toronto-Dominion Bank (The): Q2 2023 financial results: Acquisition and integration-related charges and higher PCL offset solid revenue growth

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....

Moody's assigns Aa2 rating to TD's Fixed-to-Floating Rate Notes due May 1, 2024 - Rating Action – 2023/05/04 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Toronto-Dominion Bank (The): Q1 2023 financial results: Notable margin expansion in Canadian P&C and US Retail offsets higher PCL and expenses - Issuer Comment – 2023/03/02 – US$ 200.00 – ...Regulatory minimum TLAC ratio was 24.0%, including the DSB of 2.5% which was in effect since 31 October 2021. Effective 1 February 2023, the regulatory minimum TLAC ratio is 24.5% reflecting OSFI's increase in the DSB to 3.0%. Source: Moody's Investors Service, company financials...

Toronto-Dominion Bank (The): Q4 2022 financial results: Strong loan growth and margin expansion mitigate higher provisions and challenging markets - Issuer Comment – 2022/12/02 – US$ 200.00 – ...Q4 2021 regulatory minimum TLAC ratio was 22.5%, including the Domestic Stability Buffer (DSB) of 1.0% at that time; Q3 and Q4 2022 regulatory minimum TLAC ratio was 24.0%, including the current DSB of 2.5%. Source: Moody's Investors Service, company financials...

Toronto-Dominion Bank (The): Update to credit analysis - Credit Opinion – 2022/10/28 – US$ 250.00 – ...Toronto-Dominion Bank (The)'s (TD) very high ratings are supported by its strong domestic retail franchise as well as its overall retail-oriented business mix, which generates stable and recurring profits. TD has leading domestic market share positions in many personal & commercial (P&C) financial services products, where the bank typically has a first or second market share position. TD generates approximately 90% (5-year average) of its earnings from its retail businesses, which includes Canadian P&C, wealth management, insurance, and US P&C (excluding its corporate segment), making TD the most retail-oriented bank of its Canadian peers. TD also has a US East Coast regional banking franchise through TD Bank, N.A. that has scale, stable profitability and a strong deposit base and provides it with geographic diversification. TD's announced its USD13.4 billion acquisition of First Horizon Corporation (First Horizon) that is expected to close in the first quarter of fiscal 2023, will extend...

Toronto-Dominion Bank (The): Q3 2022 financial results: Strong loan growth and margin expansion mitigates higher provisions and challenging markets - Issuer Comment – 2022/08/26 – US$ 200.00 – ...This report was republished on 1 September 2022 with a corrected net loss amount resulting from TD's de-designating of hedge accounting for certain interest rate swaps related to the bank's announced acquisition of First Horizon...