Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Toronto-Dominion Bank (TD) - TD currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for outperformance in the market [3][4]. - Over the past quarter, TD shares have increased by 27.26%, and by 32.08% over the last year, significantly outperforming the S&P 500, which rose by 8.73% and 13.86% respectively [7]. Performance Metrics - In the past week, TD shares rose by 0.11%, while the Zacks Banks - Foreign industry declined by 0.44%. Over the past month, TD's price change was 5.13%, compared to the industry's 2.52% [6]. - The average 20-day trading volume for TD is 1,798,049 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the last two months, 6 earnings estimates for TD have been revised upwards, increasing the consensus estimate from $5.38 to $5.70. For the next fiscal year, 5 estimates have moved up while 1 has been revised down [10].

Core Viewpoint - The Toronto-Dominion Bank has emerged as one of the top-performing big bank stocks in 2025, with a year-to-date increase of 36.34%, translating to a total return of 40% [1]. Performance Summary - The stock has significantly outperformed major indices, including the TSX, S&P 500, and the North American Bank Index [1].

Core Points - TD Bank Group has renewed its support for the OHSOTO'KINO Indigenous Programming Initiative with a $750,000 investment over the next three years [1] - The initiative aims to amplify Indigenous voices and support emerging artists through various programs [4][5] Group 1: Financial Commitment - TD Bank Group's investment of $750,000 will be allocated over three years to support Indigenous programming [1] - The bank has been a supporter of NMC's Indigenous-focused programming since 2014, expanding its commitment with the launch of the OHSOTO'KINO initiative in 2022 [3] Group 2: Program Objectives - The OHSOTO'KINO initiative focuses on three key pillars: creation of new music, artist development, and storytelling [4] - The program provides access to NMC's recording studios, fosters artist development through the Music Incubator, and amplifies Indigenous voices through exhibitions and digital content [4] Group 3: Impact on Indigenous Artists - Indigenous artists will benefit from world-class recording facilities and professional development opportunities [5] - The initiative aims to inspire the next generation of Indigenous musicians by providing creative spaces and knowledgeable support [5]

Core Viewpoint - The article argues that despite AGNC Investment offering a high dividend yield of over 16%, Toronto-Dominion Bank (TD) is a more reliable investment due to its stable dividend history and lower risk profile [1][7]. Company Analysis: AGNC Investment - AGNC Investment is a mortgage real estate investment trust (REIT) that invests in mortgage-backed securities, aiming to profit from the interest collected versus its operating costs [2]. - The company's dividend has been in decline for years, indicating potential instability in its income generation [4]. - Although AGNC has paid out more in dividends than it has lost in share price, this does not align with the typical expectations of dividend investors who seek stable and growing dividends [6]. Company Analysis: Toronto-Dominion Bank - Toronto-Dominion Bank offers a lower dividend yield of 4.5%, but it has a consistent dividend history, having not cut its dividend during economic downturns like the Great Recession [7]. - The current dividend yield is relatively high compared to the S&P 500's 1.3% and the finance industry's 2.7%, and it is historically significant for TD Bank [9]. - TD Bank's U.S. operations face regulatory challenges due to weak internal controls against money laundering, which has affected its growth prospects in the U.S. market [10]. - Despite these challenges, TD Bank remains a strong financial institution with reported earnings that exceeded Wall Street expectations, indicating resilience [11]. Investment Recommendation - The article advises against chasing high yields like that of AGNC Investment, suggesting that investing in TD Bank could provide a more reliable income stream and potential for stock price recovery [12].

Core Viewpoint - Toronto-Dominion Bank (TD) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Stock Performance - The Zacks rating system focuses on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts for the current and following years [2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, driven by institutional investors who adjust their valuations based on these estimates [5][7]. Recent Developments for Toronto-Dominion - For the fiscal year ending October 2025, Toronto-Dominion is expected to earn $5.64 per share, reflecting a -1.7% change from the previous year, but the Zacks Consensus Estimate has increased by 4% over the past three months [9]. - The upgrade to Zacks Rank 2 places Toronto-Dominion in the top 20% of Zacks-covered stocks, suggesting potential for higher stock movement in the near term [11]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8][10]. - The system maintains a balanced distribution of 'buy' and 'sell' ratings, ensuring that only the top 5% of stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions [10].

Core Viewpoint - Toronto-Dominion Bank (TD) has initiated a restructuring program aimed at enhancing efficiency, which has positively impacted its stock price, rising 4.5% since the announcement [1]. Financial Performance - For the second quarter of fiscal 2025, TD reported an adjusted net income of C$3.6 billion ($2.63 billion), reflecting a year-over-year decline of 4.3% [1]. - Adjusted revenues increased by 9% year over year to C$15.1 billion ($11.02 billion) [3]. - Net interest income (NII) grew by 8.8% year over year to C$8.13 billion ($5.91 billion) [3]. - Non-interest income surged by 133.1% to C$14.81 billion ($10.78 billion) [3]. - Adjusted non-interest expenses rose by 11.6% to C$7.91 billion ($5.76 billion) [3]. - The adjusted efficiency ratio increased to 57.6 from 56.1 in the prior-year period [3]. Credit Loss Provisions - The bank recorded a provision for credit losses of C$1.34 billion ($0.98 billion), which is a significant increase of 25.2% from the previous year [4]. Balance Sheet Overview - As of April 30, 2025, total assets were C$2.06 trillion ($1.5 trillion), down 1.4% sequentially [5]. - Net loans decreased by 3% to C$936.4 billion ($681.6 billion) and deposits fell by 1.8% to C$1.27 trillion ($0.9 trillion) [5]. - The common equity Tier I capital ratio improved to 14.9 from 13.4 year-over-year, while the total capital ratio rose to 18.5 from 17.1 [5]. Restructuring Plan - TD's restructuring program includes a workforce reduction of approximately 2%, with an estimated pre-tax cost of C$700 million ($505 million) for implementation [6]. - The bank expects pre-tax savings of about C$100 million in fiscal 2025 and annual savings of up to C$650 million thereafter [6]. - A revised strategy and financial targets will be presented on September 29, 2025 [7]. Market Position and Outlook - TD's diverse geographical presence and efforts to improve revenues and market share are viewed positively [8]. - The bank is expected to benefit from relatively high interest rates, restructuring efforts, and decent loan demand [8]. - However, challenges related to regulatory requirements and weakening asset quality due to macroeconomic uncertainties are noted as potential headwinds [8].

Core Insights - The Toronto-Dominion Bank reported second quarter earnings that exceeded analyst expectations in both revenue and earnings, with revenue surpassing estimates by $1.7 billion [1] Financial Performance - The company's U.S. retail segment continues to show weakness, indicating potential challenges in that market [1]

[TD Bank Group Q2 2025 Financial Highlights](index=1&type=section&id=TD%20Bank%20Group%20Reports%20Second%20Quarter%202025%20Results) [Q2 2025 Financial Highlights](index=1&type=section&id=SECOND%20QUARTER%20FINANCIAL%20HIGHLIGHTS) TD Bank Group reported a significant increase in Q2 2025 net income to **$11.1 billion**, up 334% YoY, primarily due to the sale of its equity investment in The Charles Schwab Corporation, while adjusted earnings decreased by 4% to **$3.6 billion** Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 Reported | Q2 2024 Reported | Change | | :--- | :--- | :--- | :--- | | Net Income | $11,129 million | $2,564 million | +334% | | Diluted EPS | $6.27 | $1.35 | +364% | | Adjusted Net Income | $3,626 million | $3,789 million | -4% | | Adjusted Diluted EPS | $1.97 | $2.04 | -3% | Year-to-Date Financial Highlights (Six months ended April 30, 2025 vs. 2024) | Metric | YTD 2025 Reported | YTD 2024 Reported | Change | | :--- | :--- | :--- | :--- | | Net Income | $13,922 million | $5,388 million | +158% | | Diluted EPS | $7.81 | $2.89 | +170% | | Adjusted Net Income | $7,249 million | $7,426 million | -2% | | Adjusted Diluted EPS | $3.99 | $4.04 | -1% | - The quarter's reported earnings were significantly impacted by several items of note, including a substantial gain on the sale of Schwab shares, U.S. balance sheet restructuring costs, and ongoing restructuring charges[4](index=4&type=chunk)[10](index=10&type=chunk) [Significant Events](index=6&type=section&id=Significant%20Events) The quarter was marked by two major events: the sale of the bank's entire remaining equity investment in Charles Schwab, which generated a net gain of approximately **$8.6 billion** and boosted CET1 capital by 238 bps; and the initiation of a new restructuring program expected to incur **$600-$700 million** in charges to achieve significant future cost savings - The bank sold its entire 10.1% equity stake in The Charles Schwab Corporation, resulting in proceeds of approximately **$21.0 billion** and a net gain of about **$8.6 billion**[32](index=32&type=chunk) - The sale of Schwab shares increased the Common Equity Tier 1 (CET1) capital by approximately **238 basis points**, and the bank will no longer record its share of Schwab's earnings[33](index=33&type=chunk) - A new restructuring program was initiated in Q2 2025, with **$163 million** in charges incurred this quarter, and the bank expects total charges of **$600-$700 million**, targeting annual savings of **$550-$650 million** pre-tax, including a workforce reduction of approximately **2%**[34](index=34&type=chunk) [Update on U.S. BSA/AML Program Remediation](index=6&type=section&id=Update%20on%20U.S.%20BSA%2FAML%20Program%20Remediation) TD is focused on remediating its U.S. BSA/AML program to meet the requirements of the Global Resolution, expecting to implement the majority of management remediation actions in calendar 2025, with ongoing work into 2027, and fiscal 2025 investments for this remediation are estimated at **US$500 million** - The bank expects to have the majority of its U.S. BSA/AML management remediation actions implemented in calendar 2025, with sustainability and testing planned for 2026-2027[37](index=37&type=chunk) - Expected pre-tax investment for U.S. BSA/AML remediation and related governance is approximately **US$500 million** for fiscal 2025, with similar investments expected in fiscal 2026[37](index=37&type=chunk) - Q2 2025 progress on U.S. remediation included implementing final planned scenarios into the transaction monitoring system, enhancing investigation practices, and hiring more U.S. investigative analysts[43](index=43&type=chunk) - The bank is also strengthening its enterprise-wide AML program, with a focus in the remainder of fiscal 2025 on adopting a new centralized case management tool and rolling out an enhanced risk assessment methodology[46](index=46&type=chunk) [Management's Discussion and Analysis (MD&A)](index=4&type=section&id=MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS) [How We Performed](index=9&type=section&id=How%20We%20Performed) The Bank's performance in Q2 2025 was dominated by a reported net income of **$11.1 billion**, driven by the **$8.6 billion** net gain from the Schwab share sale, while adjusted net income declined 4% YoY to **$3.6 billion**, reflecting higher PCL and increased non-interest expenses - The Bank is conducting a strategic review organized across four pillars: 1) Adjust business mix and capital allocation, 2) Simplify the portfolio and drive ROE focus, 3) Evolve the Bank and accelerate capabilities, and 4) Innovate to drive efficiency and operational excellence[60](index=60&type=chunk) Reconciliation of Adjusted to Reported Net Income (Q2 2025) | (millions of Canadian dollars) | Amount | | :--- | :--- | | **Net income – adjusted** | **$3,626** | | Gain on sale of Schwab shares | $8,975 | | U.S. balance sheet restructuring | ($1,129) | | Restructuring charges | ($163) | | Other items of note (pre-tax) | ($124) | | Impact of income taxes | ($407) | | **Net income – reported** | **$11,129** | - Reported net income for Q2 2025 was **$11.1 billion**, an increase of **$8.6 billion** from Q2 2024, primarily due to the net gain from the sale of Schwab shares, while adjusted net income was **$3.6 billion**, a decrease of 4% from Q2 2024[78](index=78&type=chunk) - The global economic outlook has weakened due to elevated U.S. import tariffs, increasing uncertainty and inflation expectations, with TD Economics anticipating a shallow recession in Canada beginning in Q2 calendar 2025 and downgrading its forecast for U.S. economic growth[124](index=124&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk) [How Our Businesses Performed](index=17&type=section&id=How%20Our%20Businesses%20Performed) Business segment performance was mixed, with Canadian Personal and Commercial Banking net income decreasing 4% YoY to **$1.7 billion**, U.S. Retail reporting a 76% drop in net income to **$120 million**, Wealth Management and Insurance delivering strong results with net income up 14% to **$707 million**, and Wholesale Banking achieving record revenue of **$2.1 billion**, boosting net income by 16% to **$419 million** [Canadian Personal and Commercial Banking](index=18&type=section&id=Canadian%20Personal%20and%20Commercial%20Banking) Canadian Personal and Commercial Banking net income was **$1,668 million**, a 4% decrease YoY, driven by higher PCL and non-interest expenses, which offset a 3% rise in revenue, supported by a 4% increase in average loan volumes and a 5% increase in average deposit volumes Canadian P&C Banking Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income | $1,668M | $1,739M | -4% | | Total Revenue | $4,991M | $4,839M | +3% | | PCL | $622M | $467M | +33% | | Non-interest Expenses | $2,052M | $1,957M | +5% | | Net Interest Margin | 2.82% | 2.84% | -2 bps | - Average loan volumes grew by **4% ($21 billion)** and average deposit volumes grew by **5% ($25 billion)** compared to the same quarter last year[139](index=139&type=chunk) [U.S. Retail](index=19&type=section&id=U.S.%20Retail) U.S. Retail reported net income fell 76% YoY to **$120 million (US$89 million)**, heavily impacted by pre-tax losses from balance sheet restructuring activities, including the sale of **US$8.6 billion** in correspondent loans, and higher costs for U.S. BSA/AML remediation - The bank sold approximately **US$19 billion** of bonds from its U.S. investment portfolio between Oct 10, 2024, and Apr 30, 2025, for an aggregate pre-tax loss of **US$1.1 billion**[152](index=152&type=chunk) - In Q2, the bank completed the sale of **US$8.6 billion** of U.S. residential mortgage loans (correspondent loans), resulting in a pre-tax loss of **US$564 million**[154](index=154&type=chunk) U.S. Retail Performance (Q2 2025 vs Q2 2024) | Metric (USD) | Q2 2025 Reported | Q2 2024 Reported | Change | | :--- | :--- | :--- | :--- | | Net Income | $89M | $379M | -77% | | Adjusted Net Income | $680M | $885M | -23% | | U.S. Retail Bank Net Income | $35M | $243M | -86% | | U.S. Retail Bank Adj. Net Income | $626M | $749M | -16% | - Reported results were impacted by U.S. balance sheet restructuring activities, higher governance and control investments (including **US$110 million** for U.S. BSA/AML remediation), and higher PCL[168](index=168&type=chunk)[173](index=173&type=chunk) [Wealth Management and Insurance](index=23&type=section&id=Wealth%20Management%20and%20Insurance) Wealth Management and Insurance net income increased 14% YoY to **$707 million**, driven by strong revenue growth in both businesses, with total revenue growing 12% to **$3.5 billion**, reflecting higher insurance premiums, fee-based revenue, and transaction revenue Wealth Management & Insurance Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income | $707M | $621M | +14% | | Total Revenue | $3,503M | $3,114M | +12% | | AUA | $654B | $596B | +10% | | AUM | $542B | $489B | +11% | - Wealth Management net income increased **15%** to **$480 million**, and Insurance net income increased **12%** to **$227 million** compared to Q2 2024[200](index=200&type=chunk) [Wholesale Banking](index=24&type=section&id=Wholesale%20Banking) Wholesale Banking reported a 16% increase in net income to **$419 million**, driven by record revenue of **$2.1 billion** (up 10% YoY), primarily due to higher trading-related revenue and underwriting fees, including those from the Schwab share sale Wholesale Banking Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income | $419M | $361M | +16% | | Adjusted Net Income | $445M | $441M | +1% | | Total Revenue (TEB) | $2,129M | $1,940M | +10% | | Trading-related Revenue (TEB) | $856M | $693M | +24% | - Revenue growth was driven by higher trading-related revenue and underwriting fees, which included fees associated with the bank's sale of its Schwab shares[215](index=215&type=chunk) [Corporate](index=25&type=section&id=Corporate) The Corporate segment reported a net income of **$8.2 billion**, a stark contrast to the **$664 million** loss in Q2 2024, almost entirely due to the gain on the Schwab share sale, with the adjusted net loss for the quarter improving to **$161 million** from **$211 million** in the prior year Corporate Segment Performance (Q2 2025 vs Q2 2024) | Metric (millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) - Reported | $8,215 | ($664) | | Net Income (Loss) - Adjusted | ($161) | ($211) | - The significant reported net income was primarily driven by the gain on the Schwab sale transaction and higher revenue from treasury and balance sheet activities[228](index=228&type=chunk) [Balance Sheet Review](index=27&type=section&id=Balance%20Sheet%20Review) As of April 30, 2025, total assets were **$2.064 trillion**, relatively flat compared to October 31, 2024, with key changes including a **$31 billion** decrease in cash, a **$17 billion** decrease in debt securities at amortized cost, and a **$9 billion** decrease from the sale of the Schwab investment, offset by increases in trading assets and financial assets at FVOCI Selected Balance Sheet Items (as at April 30, 2025) | Item | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | Total Assets | $2,064.3 B | $2,061.8 B | | Loans, net of allowance | $936.4 B | $949.5 B | | Investment in Schwab | $0 | $9.0 B | | Total Deposits | $1,267.7 B | $1,268.7 B | | Total Liabilities | $1,938.2 B | $1,946.6 B | | Total Equity | $126.1 B | $115.2 B | - The decrease in loans was primarily due to the sale of U.S. residential mortgage loans as part of the U.S. balance sheet restructuring activities[243](index=243&type=chunk) - Total equity increased by **$11 billion**, mainly reflecting higher retained earnings from the sale of the investment in Schwab and gains in accumulated other comprehensive income[251](index=251&type=chunk) [Credit Portfolio Quality](index=28&type=section&id=Credit%20Portfolio%20Quality) Credit quality showed signs of normalization, with gross impaired loans increasing by 25% YoY to **$4.9 billion**, and the total allowance for credit losses (ACL) standing at **$9.6 billion**, covering 1.01% of gross loans and acceptances, reflecting reserve builds related to elevated policy and trade uncertainty and credit migration Credit Quality Indicators (as at April 30, 2025) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Impaired Loans | $4,866 M | $3,895 M | +25% | | Allowance for Credit Losses | $9,589 M | $8,550 M | +12% | | Net Impaired Loans as a % of Net Loans | 0.35% | 0.29% | +6 bps | - The increase in Stage 1 and Stage 2 allowances for performing loans reflects reserve builds for elevated uncertainty associated with policy and trade, credit migration, and the impact of foreign exchange[254](index=254&type=chunk) - The Canadian residential mortgage portfolio includes a segment of variable rate mortgages where remaining amortization has extended beyond 30 years due to interest rate increases, potentially requiring higher payments at renewal[272](index=272&type=chunk) [Capital Position](index=31&type=section&id=Capital%20Position) The Bank's capital position strengthened significantly, with the Common Equity Tier 1 (CET1) Capital ratio increasing to **14.9%** from 13.1% at the end of fiscal 2024, primarily driven by the capital generated from the sale of Schwab shares, which added approximately **238 bps** Regulatory Capital Ratios | Ratio | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 14.9% | 13.1% | | Tier 1 Capital | 16.6% | 14.8% | | Total Capital | 18.5% | 16.8% | | Leverage Ratio | 4.7% | 4.2% | - The CET1 Capital ratio increased from **13.1%** to **14.9%** since Oct 31, 2024, mainly due to the sale of Schwab shares and internal capital generation, partially offset by share repurchases and RWA growth[292](index=292&type=chunk) - The Board approved a quarterly dividend of **$1.05** per common share[301](index=301&type=chunk) - A new Normal Course Issuer Bid (2025 NCIB) was approved to repurchase up to **100 million** common shares, and from March 3 to April 30, 2025, the bank repurchased **30.0 million** shares for **$2.5 billion**[305](index=305&type=chunk)[306](index=306&type=chunk) [Managing Risk](index=34&type=section&id=Managing%20Risk) The Bank actively manages a broad range of risks, with key factors including geopolitical risks from tariffs and evolving regulatory oversight, an updated Enterprise Risk Framework elevating Financial Crime Risk, increased market risk measured by Value-at-Risk (VaR), and strong liquidity with LCR of **141%** and NSFR of **119%** - The Bank updated its Enterprise Risk Framework, elevating Financial Crime Risk to a stand-alone Major Risk Category and splitting Operational Risk into two categories[317](index=317&type=chunk)[325](index=325&type=chunk) - Highlighted risk factors include geopolitical risk from potential tariffs and evolving U.S. regulatory oversight, which could lead to escalating consequences for unresolved issues[311](index=311&type=chunk)[312](index=312&type=chunk) Portfolio Market Risk - Average Value-at-Risk (VaR) | (millions of Canadian dollars) | Q2 2025 Average | Q1 2025 Average | | :--- | :--- | :--- | | Total Value-at-Risk (one-day) | $35.9 | $28.4 | Key Liquidity Ratios | Ratio | Q2 2025 Average | Regulatory Minimum | | :--- | :--- | :--- | | Liquidity Coverage Ratio (LCR) | 141% | >100% | | Net Stable Funding Ratio (NSFR) | 119% | >100% | [Interim Consolidated Financial Statements](index=53&type=section&id=INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Interim Consolidated Balance Sheet](index=53&type=section&id=INTERIM%20CONSOLIDATED%20BALANCE%20SHEET) The Interim Consolidated Balance Sheet presents the Bank's financial position as of April 30, 2025, compared to October 31, 2024, detailing assets such as cash, loans, and securities, and liabilities including deposits and debt, along with shareholders' equity Consolidated Balance Sheet (unaudited) | (millions of Canadian dollars) | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$2,064,274** | **$2,061,751** | | Loans, net of allowance for loan losses | $936,378 | $949,549 | | **Total liabilities** | **$1,938,183** | **$1,946,591** | | Deposits | $1,267,748 | $1,268,680 | | **Total equity** | **$126,091** | **$115,160** | [Interim Consolidated Statement of Income](index=54&type=section&id=INTERIM%20CONSOLIDATED%20STATEMENT%20OF%20INCOME) This statement details the Bank's revenues, expenses, and profits over the three and six-month periods ending April 30, 2025, showing a net income of **$11.1 billion** for the quarter, a significant increase from **$2.6 billion** in the prior-year quarter, largely due to an **$8.1 billion** gain in 'Other income (loss)' which includes the Schwab sale Consolidated Statement of Income (unaudited, 3 months ended April 30) | (millions of Canadian dollars) | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue | $22,937 | $13,819 | | Provision for (recovery of) credit losses | $1,341 | $1,071 | | Non-interest expenses | $8,139 | $8,401 | | **Net income** | **$11,129** | **$2,564** | | **Diluted earnings per share** | **$6.27** | **$1.35** | [Notes to Interim Consolidated Financial Statements](index=58&type=section&id=NOTES%20TO%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes provide detailed explanations of the accounting policies and specific items in the financial statements, covering fair value measurements, details on the loan portfolio and credit loss allowances, the sale of the Schwab investment, equity changes including share repurchases, and provisions for legal and regulatory matters - Note 6 details the allowance for credit losses, which increased to **$9.6 billion**, providing a breakdown of the allowance by loan type and stage, reflecting provisions for increased economic uncertainty[539](index=539&type=chunk) - Note 7 explains the sale of the entire remaining equity investment in Schwab on Feb 12, 2025, which resulted in proceeds of ~**$21.0 billion** and a net gain on sale of ~**$9.2 billion**[574](index=574&type=chunk) - Note 12 outlines changes in equity, including the repurchase of **30.0 million** common shares for **$2.5 billion** under the 2025 NCIB and the redemption of **$500 million** in Series 5 Preferred Shares[593](index=593&type=chunk)[600](index=600&type=chunk) - Note 17 discloses a new restructuring program initiated in Q2 2025 with **$163 million** in charges, and updates on legal matters, including class action lawsuits related to the Bank's AML program and the terminated First Horizon merger[622](index=622&type=chunk)[625](index=625&type=chunk)[626](index=626&type=chunk) [Shareholder and Investor Information](index=84&type=section&id=SHAREHOLDER%20AND%20INVESTOR%20INFORMATION) [Shareholder Services and General Information](index=84&type=section&id=Shareholder%20Services%20and%20General%20Information) This section provides contact information for shareholder services, including the transfer agent (TSX Trust Company in Canada, Computershare in the U.S.) for inquiries related to share certificates, dividends, and account changes, and lists general contact details for TD's products and services and information on the quarterly earnings conference call - Registered shareholders can contact TSX Trust Company in Canada or Computershare in the U.S. for services like managing share certificates, dividends, and address changes[645](index=645&type=chunk) - The Q2 2025 earnings conference call was scheduled for May 22, 2025, with details provided for live webcast access and teleconference replay[646](index=646&type=chunk)[647](index=647&type=chunk)

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Core Viewpoint - The analysis compares Woori Bank (WF) and Toronto-Dominion Bank (TD) to determine which stock presents a better value opportunity for investors seeking undervalued stocks [1] Valuation Metrics - WF has a forward P/E ratio of 4.58, significantly lower than TD's forward P/E of 12.08, indicating WF may be undervalued [5] - WF's PEG ratio is 0.73, while TD's PEG ratio is 1.68, suggesting WF has a more favorable growth outlook relative to its valuation [5] - WF's P/B ratio stands at 0.39, compared to TD's P/B of 1.50, further supporting WF's position as a potentially undervalued stock [6] Earnings Outlook - WF currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook due to recent revisions in earnings estimates, while TD has a Zacks Rank of 3 (Hold) [3][7] - The stronger estimate revision activity for WF suggests a more favorable earnings trajectory compared to TD [7] Value Grades - WF has a Value grade of B, while TD has a Value grade of D, reflecting WF's more attractive valuation metrics [6]