OUR STRATEGY

Proven Business Model

We are committed to earning and keeping the trust of those we serve.

  • We have diversification, scale, and a unique footprint

    • $17.4 billion

      2022 Reported Earnings

      2,220

      Retail locations in North America

    • $15.4 billion

      2022 Adjusted Earnings1

      16

      TD Securities offices worldwide

    TD’s Premium Retail Earnings Mix2

    Canadian Personal & Commercial Banking: 41%, U.S. Retail: 35%, Wealth Management & Insurance: 15%, Wholesale Banking: 8%

         Canadian Personal & Commercial Banking
         U.S. Retail
         Wealth Management & Insurance
         Wholesale Banking

     

    92% Retail*

    8% Wholesale Banking

    * Retail = Canadian Personal & Commercial Banking, U.S. Retail, Wealth Management & Insurance

  • Illustrative maps of TD locations across North America and globally
    Exterior of a TD Bank branch

We are deeply committed to sustaining the trust of those we serve

We take risks required to build our business, but only if those risks:

Three core principles of our Risk Appetite

  • Fit our business strategy

    and can be understood and managed

  • Do not expose the enterprise

    to any significant single loss events; we don’t “bet the bank” on any single acquisition, business or product

  • Do not risk harming the TD brand

2022 Snapshot

Performance indicators focus effort, communicate our priorities, and benchmark our results against key elements of our proven business model.

We have a strong balance sheet

  • $1.9 trillion

    Assets

    16.2%

    CET1 Ratio3

  • $1.2 trillion

    Deposits

    128%

    Liquidity Coverage Ratio3

  • 3.53%

    Return on Risk-Weighted Assets4

    (Financial information as at October 31, 2022)

Strategic Growth

In 2022, we accelerated our growth strategy with the announcement of a strategic transaction in the U.S. Once completed, the Cowen acquisition will add scale and new capabilities in U.S. equities, including a strong sales, trading and execution platform and deep relationships with corporate and financial clients across key growth verticals.5

Cowen Logo

  • PERFORMANCE INDICATORS6

    • Deliver above-peer-average total shareholder return4,10
    • Grow medium-term adjusted EPS by 7 to 10%4
    • Grow revenue4 faster than expenses

  • 2022 RESULTS1,6 (on an adjusted basis)

    • 0.9% vs. Canadian peer average of -7.3%10
    • 5.7% EPS growth
    • Revenue growth of 8.1% vs. expense growth of 6.3%

  • NET INCOME

    available to common shareholders (millions of Canadian dollars)

         Reported         Adjusted1

    Net Income available to common shareholders (millions of Canadian dollars) 2018 Reported: 11,120, Adjusted: 11,969; 2019 Reported: 11,434, Adjusted: 12,251; 2020 Reported: 11,628, Adjusted: 9,701; 2021 Reported: 14,049, Adjusted: 14,400; 2022 Reported: 17,170, Adjusted: 15,166

    TD’s 5-year CAGR

    10.7% Reported

    8.1% Adjusted1

  • DILUTED EARNINGS PER SHARE (EPS)

    (Canadian dollars)
     

         Reported         Adjusted1

    Diluted Earnings Per Share (EPS) (Canadian dollars) 2018 Reported: 6.01, Adjusted: 6.47; 2019 Reported: 6.25, Adjusted: 6.69; 2020 Reported: 6.43, Adjusted: 5.36; 2021 Reported: 7.72, Adjusted: 7.91; 2022 Reported: 9.47, Adjusted: 8.36

    TD’s 5-year CAGR

    11.5% Reported

    8.6% Adjusted1

  • RETURN ON COMMON EQUITY4

    (percent)
     

         Reported         Adjusted1

    Return on Common Equity (4) (percent) 2018 Reported: 15.7, Adjusted: 16.9; 2019 Reported: 14.5, Adjusted: 15.6; 2020 Reported: 13.6, Adjusted: 11.4; 2021 Reported: 15.5, Adjusted: 15.9; 2022 Reported: 18.0, Adjusted: 15.9

    TD’s 2022 ROE

    18% Reported

    15.9% Adjusted1

DIVIDEND HISTORY

Dividend History (Canadian dollars) 1997: 0.28, 1998: 0.33, 1999: 0.36, 2000: 0.46, 2001: 0.55, 2002: 0.56, 2003: 0.58, 2004: 0.68, 2005: 0.79, 2006: 0.89, 2007: 1.06, 2008: 1.18, 2009: 1.22, 2010: 1.22, 2011: 1.31, 2012: 1.45, 2013: 1.62, 2014: 1.84, 2015: 2.00, 2016: 2.16, 2017: 2.35, 2018: 2.61, 2019: 2.89, 2020: 3.11, 2021: 3.16, 2022: 3.56

  • 166-year

    Continuous Dividend History

  • 3.8%

    2022 Dividend Yield4

  • 7.8%

    Total Shareholder Return4

    (5-year CAGR9)

1 Adjusted results are non-GAAP financial measures. Refer to “Non-GAAP and Other Financial Measures” in the “Financial Results Overview” section in the 2022 Management’s Discussion & Analysis (MD&A).
2 Reported basis excluding Corporate segment. Numbers may not add due to rounding.
3 These measures have been calculated in accordance with OSFI’s Capital Adequacy Requirements and Liquidity Adequacy Requirements guidelines.
4 For additional information about this metric, refer to the Glossary in the 2022 MD&A.
5 The closing of the Cowen transaction is subject to customary closing conditions, including approvals from U.S. and Canadian regulatory authorities.
6 Performance indicators that include an earnings component are based on TD’s full-year adjusted results (except as noted)
7 Revenue is net of insurance claims and related expenses.
8 25-year CAGR is the compound annual growth rate calculated from 1997 to 2022.
9 5-year CAGR is the compound annual growth rate calculated from 2017 to 2022.
10 Canadian Peers – defined as the other four big banks (RY, BMO, BNS and CM). All Peers are based on fiscal 2022 results ended October 31, 2022.