Question-and-Answer SessionAjai BambawaleGroup Head & Chief Risk Officer Thanks for the question. So with the risk environment so heightened, Brian, I mean, there's naturally more than one thing that's top of mind for me, but let me call out the top 3. The first is geopolitical risk, okay? The landscape, as you know, is turbulent, and it's characterized by things like deglobalization, trade protectionism, the ongoing conflicts, the strained relations. And the way I'm looking at it is this risk is unlikely t ...

Question-and-Answer SessionAjai BambawaleGroup Head & Chief Risk Officer Thanks for the question. So with the risk environment so heightened, Brian, I mean, there's naturally more than one thing that's top of mind for me, but let me call out the top 3. The first is geopolitical risk, okay? The landscape, as you know, is turbulent, and it's characterized by things like deglobalization, trade protectionism, the ongoing conflicts, the strained relations. And the way I'm looking at it is this risk is unlikely t ...

Summary of TD Bank Group FY Conference Call - September 09, 2025 Company Overview - **Company**: TD Bank Group (NYSE: TD) - **Key Speaker**: Ajai Bambawale, Chief Risk Officer Key Points Industry and Economic Environment - **Geopolitical Risks**: The current geopolitical landscape is turbulent, characterized by deglobalization, trade protectionism, and ongoing conflicts, which are expected to have macroeconomic implications [3][4] - **Macroeconomic Uncertainty**: The macro environment is uncertain, driven by policy and trade issues alongside geopolitical risks. The U.S. economy shows resilience, while Canada is forecasted to experience low economic growth of 1.3% in 2025 and 1.4% in 2026 [6][7] - **Unemployment Rates**: Expected to rise in both Canada (from 7% to 7.3%) and the U.S. (to 4.4%) [6][7] - **Interest Rates**: Anticipated reductions in policy rates by 50 basis points in the U.S. and 75 basis points this calendar year [7] Credit Performance and Provisions - **Impaired PCLs**: The bank expects an increase in impaired provisions for credit losses (PCLs) in Q4 due to seasonal spending patterns, with a full-year expectation of 45 to 55 basis points [9][11] - **Credit Quality**: Overall credit quality remains strong, with no immediate impacts from tariffs at the borrower level. The bank has built reserves of $600 million to prepare for potential economic downturns [10][12] - **Tariff Impact**: The bank has factored tariff impacts into its macro scenarios, with a focus on industries sensitive to tariffs, which constitute about 9% of gross loans [14][19] Consumer Lending and Real Estate - **Real Estate-Secured Lending**: TD Bank has a significant real estate-secured lending portfolio of $407 billion in Canada, with a strong customer profile (average bureau score of 792) [22][23] - **Condo Market Pressure**: There is some pressure in the Canadian condo market due to lower population growth and macroeconomic uncertainties, but the bank's exposure is manageable [25][26] Anti-Money Laundering (AML) and Risk Culture - **AML Focus**: AML remains the bank's top priority, with a multi-year remediation program expected to be largely completed by the end of 2025. The bank is enhancing its risk culture and accountability across all lines of defense [28][33] - **Cultural Changes**: The bank is actively working on improving risk culture, leadership behaviors, and collaboration across departments following past AML events [30][31] Strategic Review and Risk Appetite - **Risk Appetite**: The bank maintains a principles-based risk appetite that has not changed despite current economic uncertainties. Underwriting standards remain consistent [37][38] - **Strategic Refresh**: A strategy refresh is underway, with excitement internally about upcoming changes and leadership, fully vetted by the risk organization [39] Additional Insights - **Reserves and Capitalization**: The bank is well-capitalized with reserves at 103 basis points, indicating a strong position to handle potential economic challenges [12][20] - **Monitoring and Stress Testing**: Continuous monitoring and stress testing of various scenarios, including tariff impacts, are part of the bank's risk management strategy [21][20] This summary encapsulates the key insights from the TD Bank Group FY Conference Call, highlighting the company's focus on risk management, credit quality, and strategic positioning in a challenging economic environment.

美银称，这六大银行第三财季"良好但不算出色"的业绩超预期所引发的股价过度反应，验证了该行此前 关于投资者在这些银行股的仓位偏轻的观点。展望未来，美加贸易协定若最终落地，将成为积极催化 剂，推动企业从观望转向实际招聘/投资。此外，市场的关注点在于卡尼政府能否兑现其竞选时"优先发 展亲商政策"的承诺。 智通财经APP获悉，美银证券发布研报称，加拿大六大银行——加拿大皇家银行(RY.US)、多伦多道明 银行(TD.US)、加拿大帝国商业银行(CM.US)、加拿大国家银行、蒙特利尔银行(BMO.US)、丰业银行 (BNS.US)——公布了稳健的2025年第三财季业绩。该行认为，尽管存在宏观逆风，但这六大银行的每 股收益(EPS)上修趋势仍在继续。 美银指出，上述加拿大六大银行第三财季EPS平均超预期8.1%，其中以加拿大皇家银行表现最为突出 (超预期15.7%)，推动市场对这六大银行的2026年EPS一致预期较第三财季业绩公布前上调2.0%。强劲 的资本市场表现和上升的净息差抵消了上升但可控的信贷成本。美银认为，凭借超额资本投放(平均 CET1资本充足率为13.3%)以及GDP增长加快，这六大银行的2026年EPS仍 ...

Summary of TD Bank (TD) 2025 Conference Call Company Overview - **Company**: TD Bank (TD) - **Date**: September 03, 2025 - **Speaker**: Leo Salom, Group Head of TD's U.S. Retail Business Macroeconomic Environment - The U.S. economy is described as resilient, with strong consumer performance and stable unemployment rates [5][6] - Concerns regarding tariffs have not significantly impacted the economy as initially feared, with investment dollars poised for certain industries like technology and biomedical [6][7] - Geopolitical risks and uncertainties regarding tariff frameworks remain, but the outlook for the U.S. market in 2026 is considered constructive [7] Credit Outlook - TD Bank has set aside a performing reserve of CAD 600 million to address potential stress in vulnerable industries due to tariffs [8][9] - The U.S. credit book has shown strong performance, with a PCL (Provision for Credit Losses) of CAD 230 million, down CAD 80 million quarter-on-quarter [8][9] - Lower-income segments are experiencing some stress, particularly in commercial real estate, but overall credit performance is sound [10][11] Retail Business Performance - The retail side remains stable, with no signs of stress in near-prime auto lending [12][13] - The bank does not operate in the subprime market, focusing instead on prime and near-prime lending [13] Anti-Money Laundering (AML) Initiatives - Significant progress has been made in AML remediation, with a dedicated team and the implementation of a new transaction monitoring platform [15][16] - The bank plans to spend CAD 500 million on AML remediation this year, with similar spending expected next year [19] - Investments in AML are expected to enhance overall operational efficiency and build a sustainable foundation for the bank [20] Balance Sheet Optimization - TD Bank has achieved a 10% headroom off the asset cap of CAD 434 billion, with total assets at CAD 386 billion [24][25] - The bank is focused on core loan growth and has posted growth in the last three quarters, with expectations for acceleration [30] Margin Outlook - The bank reported a net interest margin (NIM) of 3.19%, up 15 basis points quarter-on-quarter, driven by investment bond repositioning and reduced excess liquidity [31][32] - A moderate expansion in NIM is expected in the fourth quarter, with a constructive outlook for 2026 [32] Growth Strategies - TD Bank aims to enhance its wealth management and card businesses, with a focus on deepening relationships with existing clients [39][41] - The wealth management segment is seen as a significant growth opportunity, particularly for mass affluent clients [42][43] - Fee-based revenue is prioritized for growth, alongside traditional net interest income [45][46] Expense Management - The bank is investing in governance and control environments, with a focus on digital capabilities and technology modernization [50][51] - Expenses are expected to moderate in 2026, with a focus on productivity and optimizing the store network [52][53] Synergies with Wholesale Business - The integration of TD Cowen with the commercial bank is expected to enhance mid-market client relationships and fee revenues [55][56] AI and Operational Efficiency - AI is viewed as a significant lever for productivity and operational automation, with ongoing investments in model development and process reengineering [62][67] Key Takeaways - TD Bank has made substantial progress in its U.S. operations, with a focus on AML remediation, balance sheet restructuring, and enhancing profitability [69][70] - The bank's return on equity improved to 8.9%, with expectations for continued growth [71] - The long-term outlook for TD Bank in the U.S. is optimistic, with plans to build a more formidable competitive position in the marketplace [72][73]

Core Insights - Science World has received $240,000 in funding from TD Bank Group to support the Ken Spencer Science Park Re-Wild Project, aimed at restoring the park's ecosystem and enhancing biodiversity [1][3] - The project includes the introduction of pollinator habitats and the restoration of wetland areas, which will create a biologically rich environment [2][4] - Educational programs, such as Bioblitz events, are being developed to engage the community and track ecological progress [4][5] Funding and Support - TD Bank Group's funding is part of the TD Ready Commitment, which focuses on supporting green spaces in urban areas [3] - The funding will help create immersive educational environments and empower visitors to conserve natural areas [3] Project Details - The Ken Spencer Science Park spans over 35,000 square feet and has welcomed over 330,000 visitors since its reopening in March 2025 [8] - The project aims to restore over 4,000 square feet of the park, including at least 750 square feet for pollinator pathways [8] - The wetland revitalization has incorporated over 46 different aquatic and terrestrial plant types [8] Community Engagement - Over 355 participants have engaged in Bioblitz events, resulting in 206 observations of 110 different species [8] - The project aims to inspire the next generation of environmental stewards and field ecologists through hands-on learning experiences [4][5]

Group 1 - Toronto-Dominion Bank reported better than expected earnings, aligning with the performance of most Canadian banking peers [1] - The results indicate the company's ability to grow and provide value to investors [1] Group 2 - The article highlights the importance of dividend stocks for passive income and retirement planning [1]

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

Financial Data and Key Metrics Changes - The bank reported earnings of $3.9 billion and EPS of $2.20, with a strong quarter driven by robust fee and trading income [13][14] - The CET1 ratio was 14.8%, reflecting strong capital generation, and the bank repurchased 46 million shares for over CAD 4 billion [14][44] - Total bank TTPP increased by 13% year over year, with revenue growing by 10% driven by higher fee income and trading-related revenue [31][32] Business Line Data and Key Metrics Changes - Canadian Personal and Commercial Banking achieved record revenue, earnings, deposits, and loan volumes, with RESO volumes surpassing $400 billion [15][36] - U.S. Retail saw core loans grow by 2% year over year, with bank card balances up 12% reaching $3 billion [16][38] - Wealth Management and Insurance delivered record earnings and assets, with direct investing trades per day up 18% year over year [19][41] Market Data and Key Metrics Changes - The U.S. economy showed resilience despite trade uncertainties, with the bank's U.S. Retail segment expected to grow core loans without breaching asset limitations [8][28] - The bank's investment portfolio repositioning resulted in a $1.3 billion pretax loss but is expected to generate a $500 million NII benefit in fiscal 2025 [29][30] Company Strategy and Development Direction - The bank announced a strategic relationship with Fiserv to simplify its portfolio and reduce costs, enhancing client experience [11] - The bank is focused on digital and mobile leadership, with plans to share strategies at the upcoming Investor Day [21][22] - Ongoing investments in AML remediation and governance are expected to continue, with a focus on strengthening the bank's risk management capabilities [23][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Canadian and U.S. economies, highlighting the need for decisive leadership to navigate trade challenges [6][9] - The bank is positioned to manage through economic uncertainties with prudent provisioning and strong capital positions [50][51] - Future profitability is expected to improve despite ongoing remediation costs, with a focus on productivity initiatives [88][89] Other Important Information - The bank incurred restructuring charges of $333 million pretax in Q3, with expected annual savings of $550 million to $650 million [33][34] - The bank's allowance for credit losses increased to $9.7 billion, reflecting additional reserves for policy and trade uncertainties [50] Q&A Session Summary Question: Update on AML remediation and balance sheet restructuring - Management confirmed that the majority of management remediation actions are expected to be completed by the end of 2025, with some extending into 2026 and 2027 [91][92] Question: Impact of loan runoff on profitability - Management indicated that while there will be a runoff scenario, core underlying growth is still taking place in various segments, with expectations for revenue dynamics to remain strong [55][88] Question: Expense growth and its drivers - Management acknowledged that the majority of year-over-year expense growth is governance and control related, with ongoing investments in AML and other risk programs [65][66] Question: Capital markets activity and growth expectations - Management expressed confidence in continued growth in capital markets, with a diversified approach across various industries contributing to revenue [78][80]

TD Bank (TD) Q3 2025 Earnings Call August 28, 2025 08:30 AM ET Speaker0Good morning, everyone, and welcome to the TD Bank Group Q3 twenty twenty five Earnings Conference Call. I would now like to turn the meeting over to Ms. Brooke Hales, Head of Investor Relations. Please go ahead, Ms. Hales.Speaker1Thank you, operator. Good morning, and welcome to TD Bank Group's third quarter twenty twenty five results presentation. We will begin today's presentation with remarks from Raymond Chen, the Bank's CEO followe ...