Toronto-dominion Bank · TSX:TD

Toronto-dominion Bank — TD Bank Group — Q2 2025 Earnings Presentation

79 slides from Toronto-dominion Bank's earnings presentation, May 2025

1. Slide 1: Investor Presentation TD Bank Group Q2 2025

   Investor Presentation TD Bank Group Q2 2025

2. Slide 2: Caution Regarding Forward-Looking Statements

   Caution Regarding Forward-Looking Statements From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and

3. Slide 3: Key Themes

   TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 6th largest bank by Market Cap1 Q2 2025 Financial Results 2 For the three months ended April 30, 2025 Strong Balance Sheet and Capital Position 3 Highly rated by major credit rating agencies2 3 NB: Explanatory en

4. Slide 4: Strategic Review Update

   Strategic Review Update Adjust business Simplify the Evolve the Bank Innovate to drive mix and capital portfolio and and accelerate efficiency and allocation drive ROE focus capabilities operational excellence Re-allocate capital and Simplify, optimize, and Simplify operating model Redesign operatio

5. Slide 5: U.S. AML Remediation

   U.S. AML Remediation1 We remain on track to implement the majority of remediation actions in 2025 as part of our multi-year program Talent, Governance Remaining Appointment of Implement majority Complete remaining & Structure, and implementations Monitorship of remediation Suspicious Activity Policy

6. Slide 6: U.S. Balance Sheet Restructuring

   U.S. Balance Sheet Restructuring1 Progress Update As of April 30, total assets of ~US$399B vs. US$434B asset limitation2 ~10% Asset Reduction Investment Portfolio Repositioning  Loans reduced by ~US$11B in Q2'25  ~US$3B notional sold in Q2'25  Completed sale of ~US$9B correspondent loans  ~US$19

7. Slide 7: TD Snapshot

   TD Snapshot Diversification and scale, underpinned by a strong risk culture Our Businesses Canadian Personal & Commercial Banking  Personal banking, credit cards and auto finance  Small business, commercial banking, merchant solutions and equipment finance U.S. Retail  Personal banking, credit ca

8. Slide 8: Diversified Business Mix

   Diversified Business Mix Four key business lines Q2 2025 Reported Earnings Mix5 Canadian Personal & Commercial Banking • Robust retail banking platform in Canada U.S. Retail with proven performance Bank, 1%6 Investment in Canadian U.S. Retail Personal & Charles Schwab, 3%7 • Top 10 bank1 in the U.S.

9. Slide 9: Strong Execution Across our Businesses

   Strong Execution Across our Businesses Canadian Personal & Commercial Banking U.S. Retail  Card loans up 7% YoY & business loans up 6% YoY  AML remediation is the #1 priority  Deposits up 5% YoY  Loans down 3% YoY, or up 2% YoY excluding loan  Enhanced RESL distribution to deliver speed to port

10. Slide 10: Competing in Attractive Markets

    Competing in Attractive Markets Country Statistics Country Statistics  World's 9th largest economy  World’s largest economy  Real GDP of ~CAD$2.4 trillion  Real GDP of ~US$29 trillion  Population of ~41 million  Population of ~340 million Canadian Banking System U.S. Banking System  One of th

11. Slide 11: Top 10 North American Bank

    Top 10 North American Bank Canadian North American Q2 2025 (C$ except otherwise noted) TD Bank Group Ranking1 Ranking2,3 Total assets $2,064B 2nd 6th Total deposits $1,268B 2nd 6th Market capitalization $151.7B 2nd 6th Reported net income (trailing four quarters) $17.4B 2nd 6th Adjusted net income4

12. Slide 12: North American Scale Over the Years

    North American Scale Over the Years Increasing Retail Focus and U.S. Expansion 2000-2004 – A Canadian Leader 2005-2010 – Building U.S. Platform 2011-2015 – Acquiring Assets New Capabilities and Partnerships • Acquisition of Canada Trust (2000) • TD Waterhouse USA / Ameritrade • Acquired Chrysler Fin

13. Slide 13: Innovating for our Customers, Colleagues and Communities

    Innovating for our Customers,​ Helping to shape the Colleagues and Communities​ future of banking  AI Expansion: Announced the opening of a new Layer 6 office in New York City. TD Invent, our enterprise The expansion of TD's AI research and development center will power enhanced approach to innovat

14. Slide 14: Continued Adoption of our Digital Channels

    Continued Adoption of our Digital Channels Canadian P&C1 U.S. Retail1 Home & Auto Insurance Digital Adoption (% of total customers)2 +146bps End-to-End Digital Sales (% of all transactions)6 +64bps 64.8 66.3 57.6 57.0 +1,400 bps 46.0 Q2/24 Q2/25 Q2/24 Q2/25 32.0 Mobile Users (millions)3 +7.1% +2.8%

15. Slide 15: Commitment to Sustainability

    Commitment to Sustainability Best Information #1 Customers Security and Fraud Management Small Business Administration (SBA) Environment Social Governance by Global Finance for lending in Maine-to- fourth consecutive year1 Florida footprint2 Economic ESG Centre $500B Inclusion of Expertise Strong Cu

16. Slide 16: Key Themes

    TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 6th largest bank by Market Cap1 Q2 2025 Financial Results 2 For the three months ended April 30, 2025 Strong Balance Sheet and Capital Position 3 Highly rated by major credit rating agencies2 16

17. Slide 17: Q2 2025 Highlights

    Q2 2025 Highlights Strong quarter P&L ($MM) EPS of $6.27, up >100% YoY Reported Q2/25 QoQ YoY  Adjusted1 EPS of $1.97, down 3% YoY Revenue 22,937 63% 66% Insurance Service Expenses PTPP up >100% YoY (Adj1 up 5% YoY, excl. U.S. (ISE) 1,417 (6%) 14% Strategic Card Portfolio partners' share (SCP), FX,

18. Slide 18: Restructuring Program

    Restructuring Program Deliver structural cost reduction across the Bank Program size  $163MM pre-tax / $122MM after-tax was incurred in Q2'25  Expect to incur total restructuring charges of $600MM to $700MM pre-tax over the next several quarters1 Impact on expenses  For F'25, expect savings of ~$

19. Slide 19: Canadian Personal & Commercial Banking

    Canadian Personal & Commercial Banking Continued volume growth in loans and deposits P&L ($MM) Reported Q2/25 QoQ YoY Net income down 4% YoY; PTPP up 2% YoY Revenue 4,991 (3%) 3% Revenue up 3% YoY PCL 622 +$101 +$155  Volume growth Impaired 428 -$31 + $31 Performing 194 + $132 +$124  Loan volumes

20. Slide 20: U.S. Retail

    U.S. Retail Continued momentum and progress P&L (US$MM) (except where noted) on balance sheet restructuring Reported Q2/25 QoQ YoY Net income down 77% (Adj1 down 23%) Revenue 1,830 (7%) (28%) PCL 311 -$7 +$31 PTPP down 67% (Adj1 down 10%) Impaired 216 -$155 -$13 Revenue down 28% YoY (Adj1 up 3%) Per

21. Slide 21: Wealth Management & Insurance

    Wealth Management & Insurance Strong quarter across diversified P&L ($MM) businesses Reported Q2/25 QoQ YoY Revenue 3,503 (3%) 12% Net income up 14% YoY; PTPP up 14% YoY Insurance Service Expenses 1,417 (6%) 14% (ISE) Revenue up 12% YoY Revenue, net of ISE 2,086 0% 12%  Wealth Management: higher fe

22. Slide 22: Wholesale Banking

    Wholesale Banking Record revenue P&L ($MM) Reported Q2/25 QoQ YoY Net income up 16% YoY (Adj1 up 1% YoY) Revenue 2,129 6% 10% PTPP up 31% (Adj1 up 15%) Global Markets 1,423 11% 32% Investment Banking 729 (2%) (16%) Revenue up 10% YoY PCL 123 +$51 +$68 Impaired 61 +$28 +$62  Higher trading-related r

23. Slide 23: Corporate Segment

    Corporate Segment Reported net income of $8.2B P&L ($MM)  Adjusted1 loss of $161MM Reported Q2/25 Q1/25 Q2/24 Net Income (Loss) 8,215 (359) (664) Adjustments for items of note Amortization of acquired intangibles2 43 61 72 Acquisition and integration charges related to - - 21 the Schwab transaction

24. Slide 24: Capital

    Capital1 Strong capital and liquidity QoQ CET 1 ratio 238 bps management (40) bps (6) bps (9) bps CET 1 ratio 14.9%, up 177 bps QoQ 53 bps  Strong internal capital generation, offset (28) bps 14.9% (4) bps by RWA growth (excl. FX) (27) bps +25 bps  Sale of Schwab shares increased CET1 13.1% Adjust

25. Slide 25: Gross Lending Portfolio

    Gross Lending Portfolio Period-End Balances ($B unless otherwise noted) Q1/25 Q2/25 Canadian Personal and Commercial Portfolio 587.0 591.4 Personal 457.9 460.6 Residential Mortgages 270.5 267.4 Home Equity Lines of Credit (HELOC) 124.2 128.6 Indirect Auto 30.1 30.6 Credit Cards 20.4 21.0 Other Perso

26. Slide 26: Provision for Credit Losses (PCL)

    Provision for Credit Losses (PCL) By Business Segment PCL: $MM and Ratios1,2,3 Highlights Wealth Management & Insurance  PCL increased quarter-over- Wholesale Banking $1,341 quarter, largely reflected in: Canadian Personal & Commercial Banking $1,212 – Canadian Personal & $123 $1,071 $1,072 $1,109

27. Slide 27: Allowance for Credit Losses (ACL)

    Allowance for Credit Losses (ACL) ACL1,2: $B and Coverage Ratios3 Highlights 99 101 bps  ACL decreased $9 million 93 95 United States 74 91 quarter-over-quarter, due to: Canada $9.1 $9.6 $9.6 – $231 million impact of $8.6 $8.8 foreign exchange 56% 56% 56% 57% 56% – Lower impaired allowance $5.3 – P

28. Slide 28: Industries of Focus Policy and Trade Uncertainty

    Industries of Focus Policy and Trade Uncertainty Highlights  Gross loans to industries most Automotive, 19% exposed to policy and trade Sundry Remaining sectors Manufacturing & uncertainty were $87 billion1 individually <3% Wholesale, 16% – Representing ~9% of Total Bank gross loans Industries of F

29. Slide 29: Key Themes

    TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 6th largest bank by Market Cap1 Q2 2025 Financial Results 2 For the three months ended April 30, 2025 Strong Balance Sheet and Capital Position 3 Highly rated by major credit rating agencies2 29

30. Slide 30: Robust Capital & Liquidity Management

    Robust Capital & Liquidity Management Risk-Based TLAC Ratio1,2 Liquidity Coverage Ratio (LCR) Current Risk-based TLAC Ratio: 31.0%3 Published Minimum Risk-based TLAC Ratio: 25.0% 140% 141% 141% 138% 12.5% 133% 133% 130% 129% 126% 1.9% 120% 1.7% 25.0% 100% 14.9% 80% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'2

31. Slide 31: Strong Credit Ratings

    Strong Credit Ratings Issuer Ratings1 Rating Agencies Senior Debt2 Ratings Outlook Moody's A2 Stable S&P A- Stable DBRS AA (low) Stable Fitch AA- Negative Ratings vs. Peer Group1 Moody's Senior Debt2 / HoldCo3 S&P Senior Debt2 / HoldCo3 Fitch Senior Debt2 / HoldCo3 Rating Rating Rating Aa1 AA+ AA+ A

32. Slide 32: Strong Non-Common Equity Capital Ratings

    Strong Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings1 Moody's S&P Fitch A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Ba1 BB+ BB+ TD Canadian Peers TD TD Canadian Peers 2 TD Canadian Peers2 TD Canadian Peers Canadian Peers2 Canadian Peers TD Additional Tier 1 N

33. Slide 33: Deposit Overview

    Deposit Overview Large base of personal and business deposits1 that make up 70% of the Bank's total funding  TD Canada Trust ranked #1 in Personal Non-Term Deposits2 – legendary customer service and the power of OneTD  U.S. Retail is a top 10 bank3 in the U.S. with ~10MM customers4, operating reta

34. Slide 34: Low Risk, Deposit Rich Balance Sheet

    Low Risk, Deposit Rich Balance Sheet Large base of stable retail and commercial deposits  Personal and business deposits are TD's primary sources of funds – Customer service business model delivers stable base of “sticky” and franchise deposits  Wholesale funding profile reflects a balanced secure

35. Slide 35: Wholesale Term Debt Composition

    Wholesale Term Debt Composition Funding Strategy  Wholesale term funding through diversified sources across domestic and international markets  Well-established C$100B Legislative Covered Bond Program is an important pillar in global funding strategy  Programmatic issuance in the U.S. market for

36. Slide 36: TD Global Legislative Covered Bond Program

    TD Global Legislative Covered Bond Program Key Highlights Covered Bond Collateral  Canadian residential real estate property with no more than 4 residential units  Uninsured conventional first lien assets with original loan to value ratio that is 80% or less Housing Market Risks  Latest property

37. Slide 37: TD Global Legislative Covered Bond Program

    TD Global Legislative Remaining Term Covered Bond Program 32% 25% Highlights  Pool comprises 100% uninsured 1st lien Canadian Residential mortgages originated by TD 11% 13% 9%  All loans have original LTVs of 80% or lower. Current weighted average LTV is 53.69%1 5% 3%  The weighted average of non

38. Slide 38: Bail-in Overview

    Bail-in Overview Scope of Bail-in  In Scope Liabilities. Senior unsecured long-term debt (original term to maturity of 400 or more days) that is tradable and transferable (has a CUSIP, ISIN or other similar identification) and issued on or after September 23, 20181. Unlike other jurisdictions, Cana

39. Slide 39: Limited Recourse Capital Notes (LRCN)

    Limited Recourse Capital Notes (LRCN) LRCN Overview  LRCN holders’ interests rank equally with other LRCNs and Preferred Shares and are senior to common shares. LRCNs are issued only to institutional investors with no trading restrictions within the U.S. nor, after 4 months, within Canada  LRCNs q

40. Slide 40: Non-Viability Contingent Capital (NVCC)

    Non-Viability Contingent Capital (NVCC)  Credit hierarchy is codified as a principle in regulatory and legislative documents in Canada  Point of Non-Viability trigger occurs when OSFI determines the bank is no longer viable or if the bank accepts a government capital injection  Importantly, liqui

41. Slide 41: Appendix Economic Outlook

    Appendix Economic Outlook 41

42. Slide 42: Interest Rate Outlook

    Interest Rate Outlook1 Interest Rates, Canada and U.S.  The Federal Reserve (Fed) cut the (%) target for the federal funds rate by 25 6 bps in December 2024 to 4.25-4.50%. Forecast TD Economics expects the Fed to cut 5 rates another 25 bps at their July meeting. 4  The Bank of Canada (BoC) last cu

43. Slide 43: TD Economics Update

    TD Economics Update1 Global Outlook: Global growth to remain tepid in 2025  Inflation has receded substantially, but goods prices have been heating up and could be a challenge for some central banks.  Weakening inflation and soft growth in the Euro area should allow the European Central Bank (ECB)

44. Slide 44: Appendix Credit Quality

    Appendix Credit Quality 44

45. Slide 45: Gross Impaired Loan Formations

    Gross Impaired Loan Formations By Business Segment GIL Formations1: $MM and Ratios2 Highlights 28  Gross impaired loan formations 21 22 25 21 bps decreased 4 basis points quarter- over-quarter, reflected across: $2,657 $2,432  The consumer and business & $292 / 30 bps $123 / 12 bps government lend

46. Slide 46: Gross Impaired Loans (GIL)

    Gross Impaired Loans (GIL) By Business Segment GIL: $MM and Ratios1 Highlights 52 56 51 bps  Gross impaired loans 41 44 decreased quarter-over- quarter, driven by: $5,453 − The business and $5 / 6 bps government lending $4,949 $4,866 $5 / 6 bps $421 / $5 / 7 bps portfolios $4,170 41 bps − $197 mill

47. Slide 47: Credit Quality

    Credit Quality Net impaired loans and PCL ratios (bps) 100 Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) Q2'25 58 50 48 50 46 46 47 38 37 33 25 41 39 38 37 36 38 34 34 45 32 20 34 24 Q2'25 14 35 -3 IFRS 91 2

48. Slide 48: Provision for Credit Losses – Impaired

    Provision for Credit Losses – Impaired1 By Geographic Location Canada U.S. Total Bank Impaired PCL Rate - Personal 0.59% 0.28% 0.30% 0.29% 1.60% 0.25% 1.29% 0.50% 0.47% 0.49% 0.49% 0.24% 1.36% 1.26% 1.21% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2'25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Canad

49. Slide 49: Provision for Credit Losses (PCL)

    Provision for Credit Losses (PCL) Impaired and Performing PCL1 ($MM) Highlights Q2/24 Q1/25 Q2/25  Impaired PCL decreased Total Bank 1,071 1,212 1,341 quarter-over-quarter driven by: Impaired 870 1,216 946 − Canadian and U.S. Performing 201 (4) 395 consumer and commercial Canadian Personal & Commer

50. Slide 50: Canadian Personal Banking

    Canadian Personal Banking Canadian Personal Banking (Q2/25)1 Highlights Gross Loans ($B) GIL ($MM) GIL/Loans (%)  Gross impaired loans Residential Mortgages 267.4 301 0.11 decreased quarter-over- Home Equity Lines of Credit (HELOC) 128.6 196 0.15 quarter in the consumer Indirect Auto 30.6 126 0.41

51. Slide 51: Canadian Real Estate Secured Lending Portfolio

    Canadian Real Estate Highlights Secured Lending Portfolio  Total Canadian real estate secured lending portfolio at $399B Maturity Schedule ($B)1 – 91% of RESL portfolio is amortizing4, of $109.9 which 73% of HELOC portfolio is Variable Rate $108.0 amortizing Fixed Rate $28.5 $43.9 $55.6 – 38% varia

52. Slide 52: Commercial Real Estate (CRE)

    Commercial Real Estate (CRE) Commercial Real Estate Portfolio Overview: Highlights $97B  Commercial Real Estate represented $97B or 10% of Total Bank gross loans and acceptances1 Office Retail – Portfolio is well diversified across 10% 18% geographies and sub segments Other 5% – 57% of CRE portfoli

53. Slide 53: Canadian Commercial and Wholesale Banking

    Canadian Commercial and Wholesale Banking Canadian Commercial and Wholesale Banking (Q2/25) Highlights Gross Loans/ GIL GIL/Loans BAs ($B) ($MM) (%)  Gross impaired loans Commercial Banking1 130.8 979 0.75 decreased in both the Wholesale Banking 96.5 327 0.34 Commercial and Wholesale lending portfo

54. Slide 54: U.S. Personal Banking

    U.S. Personal Banking U.S. Personal Banking (Q2/25) Highlights Gross Loans GIL GIL/Loans In USD unless otherwise specified ($B) ($MM) (%)  Lower gross impaired loans Residential Mortgages 33.5 387 1.15 in U.S. personal banking Home Equity Lines of Credit (HELOC)1 8.6 209 2.44 driven by U.S. Cards,

55. Slide 55: U.S. Commercial Banking

    U.S. Commercial Banking U.S. Commercial Banking (Q2/25) Highlights Gross Loans/ GIL GIL/Loans In USD unless otherwise specified BAs ($B) ($MM) (%)  Gross impaired loans Commercial Real Estate (CRE) 29.2 485 1.66 decreased quarter-over- Non-residential Real Estate 19.2 309 1.61 quarter as resolution

56. Slide 56: Appendix Additional Information

    Appendix Additional Information 56

57. Slide 57: Q2 2025: PTPP & Operating Leverage

    Q2 2025: PTPP & Operating Leverage1,2 Modified for partners' share of SCP PCL, FX and Insurance Service Expenses Q2 2025 Q1 2025 Q2 2024 TOTAL BANK SFI Reference Revenue Expenses Revenue Expenses Revenue Expenses Reported Results ($MM) 22,937 8,139 14,049 8,070 13,819 8,401 Page 2, L3 & L6 1 PTPP 14

58. Slide 58: Q2 2025: Items of Note

    Q2 2025: Items of Note Revenue/ ($MM) EPS ($) Segment Expense Line Item1 Pre-Tax After Tax Reported net income and EPS (diluted) 11,129 6.27 Items of note Amortization of acquired intangibles2 43 35 0.02 Corporate Page 4, L13, L29 & L45 Acquisition and integration charges related to the Cowen acquis

59. Slide 59: Net Interest Income Sensitivity (NIIS)

    Net Interest Income Sensitivity (NIIS) Strong deposit base and disciplined ALM management 25 bps change in short-term interest rates 100 bps change in interest rates across the curve  25 bps increase: $62MM increase in NII over a 12-month  100 bps increase: $679MM increase in NII over a 12-month p

60. Slide 60: Endnotes

    Endnotes 60

61. Slide 61: Endnotes on Slides 3-5

    Endnotes on Slides 3-5 Slide 3 1. See Slide 11. 2. See Slide 31. Slide 4 1. The Bank's expectations regarding the restructuring program are subject to inherent uncertainties and are based on the Bank's assumptions regarding certain factors, including rate of natural attrition, talent re-deployment o

62. Slide 62: Endnotes on Slide 6

    Endnotes on Slide 6 Slide 6 1. The forward-looking information on this page represents management's estimates of future costs and certain financial impacts. These estimates are subject to the risks and assumptions described on Slide 2, and are dependent on certain key factors and assumptions, includ

63. Slide 63: Endnotes on Slide 7

    Endnotes on Slide 7 Slide 7 1. Deposits based on total of average personal and business deposits during the quarter. U.S. Retail includes Schwab Insured Deposit Accounts (IDAs). 2. Total Loans based on total of average personal and business loans during the quarter. 3. Includes assets under administ

64. Slide 64: Endnotes on Slide 8

    Endnotes on Slide 8 Slide 8 1. Based on total assets. Excludes Goldman Sachs and Morgan Stanley. Source: S&P Global Market Intelligence. 2. Investor Economics | A division of ISS Market Intelligence. "Retail Brokerage and Distribution Quarterly Update" (Fall 2024). Online brokerage rankings as of De

65. Slide 65: Endnotes on Slides 9-10

    Endnotes on Slides 9-10 Slide 9 1. TD Auto Finance received the highest score in the retail non-captive non-prime segment and the retail non-captive prime segment in the J.D. Power 2024-2025 Canada Dealer Financing Satisfaction Studies, which measure Canadian auto dealers’ satisfaction with their au

66. Slide 66: Endnotes on Slides 11-13

    Endnotes on Slides 11-13 Slide 11 1. Canadian Peers defined as other 4 big banks; Royal Bank of Canada (RY), Bank of Montreal (BMO), The Bank of Nova Scotia (BNS) and Canadian Imperial Bank of Commerce (CM). 2. U.S. Peers defined as Citigroup Inc., Bank of America Corporation, JPMorgan Chase & Co.,

67. Slide 67: Endnotes on Slides 14-15

    Endnotes on Slides 14-15 Slide 14 1. Canadian Personal and Commercial: based on Canadian Personal & Small Business Banking. U.S. Retail: based on U.S. Retail and Small Business Banking. 2. Active digital users as a percentage of total customer base. Canadian Personal & Small Business Banking exclude

68. Slide 68: Endnotes on Slides 16-19

    Endnotes on Slides 16-19 Slide 16 1. See Slide 11. 2. See Slide 31. Slide 17 1. Please refer to Slide 11, Endnote 4. 2. The Bank’s expectations regarding expense growth are based on the Bank’s assumptions regarding certain factors, including risk and control investments, employee-related expenses, f

69. Slide 69: Endnotes on Slides 20-22

    Endnotes on Slides 20-22 Slide 20 1. Please refer to Slide 11, Endnote 4. 2. Please refer to Slide 6, Endnote 3. 3. Please refer to Slide 9, Endnote 4. 4. Net interest margin is calculated by dividing U.S. Retail segment’s net interest income by average interest-earning assets excluding the impact r

70. Slide 70: Endnotes on Slides 23-24

    Endnotes on Slides 23-24 Slide 23 1. Please refer to Slide 11, Endnote 4. 2. Amortization of acquired intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of acquired intangibles relating to the shar

71. Slide 71: Endnotes on Slides 25-28

    Endnotes on Slides 25-28 Slide 25 1. U.S. HELOC includes Home Equity Lines of Credit and Home Equity Loans. 2. Includes acquired credit impaired loans and loans booked in the Corporate segment. 3. Includes loans measured at fair value through other comprehensive income. Slide 26 1. PCL Ratio: Provis

72. Slide 72: Endnotes on Slides 29-32

    Endnotes on Slides 29-32 Slide 29 1. See Slide 11. 2. See Slide 31. Slide 30 1. Reflects debt outstanding as at, and converted at FX rate as at April 30, 2025. 2. Sums may not add up precisely due to rounding. 3. These measures have been calculated in accordance with OSFI's Total Loss Absorbing Capa

73. Slide 73: Endnotes on Slides 33-37

    Endnotes on Slides 33-37 Slide 33 1. Business deposits exclude wholesale funding. 2. As measured by OSFI market share data. 3. Please refer to Slide 8, Endnote 1. 4. Please refer to Slide 7, Endnote 7. Slide 34 1. For wholesale term debt that has bullet maturities. 2. Based on first par redemption d

74. Slide 74: Endnotes on Slides 38-40

    Endnotes on Slides 38-40 Slide 38 1. Any non-NVCC preferred shares and non-NVCC subordinated debt issued after September 23, 2018 would also be in scope. 2. In determining the multiplier, CDIC must take into consideration the requirement in the Bank Act for banks to maintain adequate capital and tha

75. Slide 75: Endnotes on Slides 42-49

    Endnotes on Slides 42-49 Slide 42 1. TD Economics, May 2025. For recent economic analysis and research please refer to https://economics.td.com. Slide 43 1. Please refer to Slide 42, Endnote 1. Slide 45 1. Gross Impaired Loan formations represent additions to Impaired Loans & Acceptances during the

76. Slide 76: Endnotes on Slide 50

    Endnotes on Slide 50 Slide 50 1. Excludes Wealth Management & Insurance segment and Wholesale mortgage portfolio. 2. Excludes revolving HELOC, Wholesale mortgage portfolio. 3. RESL Portfolio Current Loan to Value is calculated with the Teranet-National Bank House Price Index and weighted by the tota

77. Slide 77: Endnotes on Slides 51-54

    Endnotes on Slides 51-54 Slide 51 1. Please refer to Slide 50, Endnote 2 2. Please refer to Slide 50, Endnote 3. 3. The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and Northwest Territories is included in the Prairies region. 4. Amortiz

78. Slide 78: Endnotes on Slides 55-59

    Endnotes on Slides 55-59 Slide 55 1. Please refer to Slide 53, Endnote 2. 2. Please refer to Slide 53, Endnote 3. 3. Other includes: Agriculture; Power and utilities; Telecommunications, Cable and media; Transportation; Forestry; Metals and mining; Oil and gas; Other. Slide 57 1. Please refer to Sli

79. Slide 79: Investor Relations Contacts

    Investor Relations Contacts Phone: (416) 308-9030 or 1 (866) 486-4826 Email: tdir@td.com Website: www.td.com/investor 79

TD Bank Group — Q2 2025 Earnings Presentation on 6ix