Toronto-Dominion Bank at National Bank Financial Services Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. So let's talk about -- I mean, I don't want to spend too much time on retrospective, but obviously, the last year was very challenging for results, and we're starting to come out of the downturn here. Can you talk about some of the biggest challenges that were in place last year? And how you see those challenges kind of either diminishing? And basically, what's driving your improved outlook, some of the key factors for that in the year or two ahead?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. And you've got a very large and -- a large consumer lending business. (technical difficulty) set mortgages aside, but you talked about cards. You mentioned auto lending. Are there any, I hate to use the term, green shoots here when you're looking at the cards business and going on today in terms of spending in balances and auto lending? Are there -- is there acceleration of momentum there? If you can throw some numbers around that, that would be great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : I know my wife and I are looking forward to spending on travel, again, the big debate is whether we take the kids or not. But on the cards business, yours is -- you've got the travel with all the cash back component, but also, I don't know what the size of it within the balance is, but the old MD&A business, more of a financing type cards business. Is that one the primary -- like which of these 3, I guess, are the primary reason why balances are down, and to the extent that there is -- I'll call it the legacy MBNA, but -- for lack of a better description. But is it going to take a long time for that -- those balances to come back? Simply because the borrowers that would probably veer towards those products are getting government support?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. Last one on cards, in particular, pointed to the Aeroplan portfolio. Is there any thought towards -- like an additional investment in that partnership? I mean in the States, we've seen a few banks make additional commitments to point purchases with their airline partners because they're -- it's in their financing mechanism for the airlines in a tough period. Is there anything brewing on that front with TD and Aeroplan?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. I'll move on to the commercial lending side of the business. And just your perspective on where things stand with commercial loan growth, your outlook, is it going to be positive this year? What's the pulse of the business borrower as you see it? Is this -- I mean there's got to be -- there's no homogeneity there like (inaudible) but are they still very reluctant to take on credit? Or is that freeze thawing slowly but surely.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : And then your perspective of the -- because commercial -- deposit balances, sorry, are quite high, loan growth is subdued. I've heard some bankers talk about that commercial deposit balance could actually stay high, and you'll see loan growth come back without having to see the deposit REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : You did touch upon the interplay of the deposits and the wealth business. Like have you stepped up efforts there to identify which customers have excess cash earning, low yield and then could be better off, so we can enter the wealth product. Like what's the modus operandi of the bank? And how -- have you -- can you quantify some sort of incremental wealth growth -- AUM growth from that strategy?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Well, let's talk about the branch network. And I know there's -- I mean I'm hearing different opinions. But to me, it seems like the branch network of banks today for all banks, including TD, you've -- what happened in the past year was the book traffic falling off a cliff, some of that traffic might not come back like with the structural changes, like the -- is the acceleration of branch footprint reduction something you're thinking about? What are your thoughts there?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. Well, we're past the 25-minute mark. We've had a very thorough discussion here. And I appreciate us making up for lost time from last year, and I hope the rest of your day and week go great. Nice to see you again. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : You bet. DISCLAIMER Refinitiv reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES REFINITIV OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.