Toronto-dominion Bank · TSX:TD
Toronto-dominion Bank — TD Bank Group — Q3 2025 Earnings Presentation
79 slides from Toronto-dominion Bank's earnings presentation, September 2025
Slide 1: Investor Presentation TD Bank Group Q3 2025
Investor Presentation TD Bank Group Q3 2025
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
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 Q3 2025 Financial Results 2 For the three months ended July 31, 2025 Strong Balance Sheet and Capital Position 3 Highly rated by major credit rating agencies2 3 NB: Explanatory end
Slide 4: Decisive actions in F'25 to support TD's future
Decisive actions in F'25 to support TD's future Leadership and Adjusting capital Simplifying Driving structural Board renewal deployment business portfolio cost reduction and with ROE focus efficiency Accelerated CEO Sold TD's 10.1% stake Sold ~US$9B Identified $550MM to transition in Schwab, releas
Slide 5: U.S. BSA / AML Remediation
U.S. BSA / AML Remediation1 Complete majority of Management Remediation Actions in 2025 With significant work and important milestones remaining in 2026 and 2027 2024 2025 2026 2027 2028 Internal Audit Validation and Monitor and Regulatory Engagement Following Monitor and Regulatory Review, addition
Slide 6: U.S. Balance Sheet Restructuring
U.S. Balance Sheet Restructuring1 Progress Update As of July 31, 2025, total assets of ~US$386B vs. US$434B asset limitation2 ■ Loans reduced by ~US$4B reflecting run-off and additional sales in non-core loan portfolios in Q3'25 ■ Paid down ~US$10B of borrowings using mainly proceeds from loan sales
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
Slide 8: Diversified Business Mix
Diversified Business Mix Four key business lines Q3 2025 Reported Earnings Mix5 Canadian Personal & Commercial Banking • Robust retail banking platform in Canada with proven performance U.S. Retail • Top 10 bank1 in the U.S. Canadian U.S. Retail, Personal & 20% Commercial Wealth Management & Insuran
Slide 9: Strong Execution Across our Businesses
Strong Execution Across our Businesses Canadian Personal & Commercial Banking U.S. Retail ■ Record revenue, earnings, deposit and loan volumes ■ AML remediation is the #1 priority ■ Record YTD digital sales in day-to-day products ■ Achieved ~10% asset reduction target and investment (personal chequi
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$2.5 trillion ■ Real GDP of ~US$29 trillion ■ Population of ~42 million ■ Population of ~342 million Canadian Banking System U.S. Banking System ■ One of th
Slide 11: Top North American Bank
Top 10 North American Bank Canadian North American Q3 2025 (C$ except otherwise noted) TD Bank Group Ranking Ranking Total assets $2,035B 2nd 6th Total deposits $1,257B 2nd 6th Market capitalization $172.3B 2nd 6th Reported net income (trailing four quarters) $20.9B 1st 4th Adjusted net income1 (tra
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
Slide 13: Innovating for our Customers, Colleagues and Communities
Innovating for our Customers, TD Invent is our strategic, bank-wide umbrella effort Colleagues and Communities to power innovation • Virtual AI Assistant To Help Power TD Securities: TD Securities Virtual Assistant is ■ Supports our business designed to help augment the productivity and effectiven
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 +140bps +95bps End-to-End Digital Sales (% of all transactions)7 66.1 57.6 +1,320 bps 64.7 56.7 46.9 33.7 Q3/24 Q3/25 Q3/24 Q3/25 Mobile Users (millions)3 +5.9% +2.1%
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 $500B Inclusion of Expertise Strong Cu
Slide 16: Key Themes
TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 6th largest bank by Market Cap1 Q3 2025 Financial Results 2 For the three months ended July 31, 2025 Strong Balance Sheet and Capital Position 3 Highly rated by major credit rating agencies2 16
Slide 17: Q3 2025 Highlights
Q3 2025 Highlights Strong quarter P&L ($MM) Reported Q3/25 QoQ YoY EPS of $1.89 (Adj1 $2.20, up 7% YoY) Revenue 15,297 (33%) 8% PTPP $6.8B (Adj1 $5.4B, up 13% YoY, excl. U.S. Strategic Insurance Service Expenses Card Portfolio partners' share (SCP), FX, & ISE) (ISE) 1,563 10% (6%) Revenue up 8% YoY
Slide 18: Restructuring Program
Restructuring Program Deliver structural cost reduction across the Bank Program size ■ Expect to incur total restructuring charges of $600MM to $700MM pre-tax over several quarters1 ■ $163MM pre-tax / $122MM after-tax was incurred in Q2'25 ■ $333MM pre-tax / $248MM after-tax was incurred in Q3'25 Im
Slide 19: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking Record revenue, earnings, deposit and loan volumes P&L ($MM) Reported Q3/25 QoQ YoY Net income up 4% YoY; PTPP up 5% YoY Revenue 5,241 5% 5% Revenue up 5% YoY PCL 463 -$159 +$28 Impaired 376 -$52 + $38 ■ Volume growth Performing 87 -$107 -$10 ■ Loan volumes up
Slide 20: U.S. Retail
U.S. Retail Continued momentum & significant P&L (US$MM) (except where noted) progress on balance sheet restructuring Reported Q3/25 QoQ YoY Net income of US$554MM (Adj1 US$695MM) Revenue 2,532 38% (2%) PTPP of US$800MM (Adj1 US$988MM) PCL 231 -$80 -$45 Revenue down 2% YoY (Adj1 up 5%) Impaired 240
Slide 21: Wealth Management & Insurance
Wealth Management & Insurance Strong underlying business P&L ($MM) performance Reported Q3/25 QoQ YoY Revenue 3,673 5% 10% Net income up 63% YoY; PTPP up 66% YoY Insurance Service Expenses 1,563 10% (6%) ■ Insurance impacted by severe weather events in (ISE) prior year Revenue, net of ISE 2,110 1% 2
Slide 22: Wholesale Banking
Wholesale Banking Strong quarter driven by revenue growth P&L ($MM) Reported Q3/25 QoQ YoY Net income up 26% YoY (Adj1 up 12% YoY) Revenue 2,063 (3%) 15% PTPP up 18% (Adj1 up 7%) Global Markets 1,286 (10%) 23% Investment Banking 810 11% 4% Revenue up 15% YoY PCL 71 -$52 -$47 Impaired 63 +$2 -$46 ■ H
Slide 23: Corporate Segment
Corporate Segment Reported net loss of $478MM (Adj1 P&L ($MM) net loss of $164MM) Reported Q3/25 Q2/25 Q3/24 ■ Reported net loss includes items of note Net Income (Loss) (478) 8,215 (401) ■ Higher revenue from treasury and Adjustments for items of note balance sheet activities partially offset Amort
Slide 24: Capital
Capital1 Strong capital and liquidity QoQ CET 1 ratio management CET 1 ratio 14.8%, down 5 bps 61 bps QoQ (29) bps (5) bps 1 bp (8) bps ■ Strong internal capital generation (25) bps 0 bps +32 bps ■ Share buyback decreased CET 1 by 25 Adjusted Internal bps 14.9% Capital Generation 14.8% ■ Losses from
Slide 25: Gross Lending Portfolio
Gross Lending Portfolio Period-End Balances ($B unless otherwise noted) Q2/25 Q3/25 Canadian Personal and Commercial Portfolio 591.4 604.1 Personal 460.6 470.6 Residential Mortgages 267.4 266.5 Home Equity Lines of Credit (HELOC) 128.6 138.0 Indirect Auto 30.6 31.4 Credit Cards 21.0 21.6 Other Perso
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 decrease of 17 basis points Wholesale Banking $1,341 quarter-over-quarter reflected Canadian Personal & Commercial Banking $1,212 broadly across: $1,109 $123 U.S. Retail (net
Slide 27: Allowance for Credit Losses (ACL)
Allowance for Credit Losses (ACL) ACL1: $B and Coverage Ratios2 101 103 Highlights 99 ■ ACL increased $116 million 93 95 United States quarter-over-quarter, reflecting: Canada $9.1 $9.6 $9.6 $9.7 – Additional performing $8.8 reserves related to policy 56% 57% 56% 55% and trade uncertainty 56% – High
Slide 28: Industries of Focus: Policy and Trade Uncertainty
Industries of Focus Policy and Trade Uncertainty Highlights ■ Gross loans to industries most Automotive, 19% Sundry exposed to policy and trade Remaining sectors Manufacturing & uncertainty were $87 billion1 individually <4% Wholesale, 16% – Representing ~9% of Total Bank gross loans Industries of F
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 Q3 2025 Financial Results 2 For the three months ended July 31, 2025 Strong Balance Sheet and Capital Position 3 Highly rated by major credit rating agencies2 29
Slide 30: Robust Capital & Liquidity Management
Robust Capital & Liquidity Management ■ LCR elevated due to excess liquidity position at beginning of quarter ■ Liquidity position returned to normalized levels by end of quarter Risk-Based TLAC Ratio1,2 Liquidity Coverage Ratio (LCR) Current Risk-based TLAC Ratio: 30.9%3 140% 12.5% 141% 141% Publis
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 AA+ AA AA- A+
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
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
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
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
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
Slide 37: TD Global Legislative Covered Bond Program
TD Global Legislative Remaining Term 32% Covered Bond Program 25% Highlights 13% ■ Pool comprises 100% uninsured 1st lien Canadian Residential Mortgages 11% 9% originated by TD 5% 3% 1% ■ All loans have original LTVs of 80% or lower. Current weighted average LTV is 53.49%1 ■ The weighted average of
Slide 38: Bail-in Overview
Bail-in Overview Step 1: Step 2: Step 3: Scope of Bail-in Pre-loss balance sheet Losses diminish Convert NVCC then, if assets and equity applicable, bail-in debt ■ In Scope Liabilities. Senior unsecured long-term debt (original term into equity to maturity of 400 or more days) that is tradable and t
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
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
Slide 41: Appendix: Economic Outlook
Appendix Economic Outlook 41
Slide 42: Interest Rate Outlook
Interest Rate Outlook1 Interest Rates, Canada and U.S. ■ The Federal Reserve (Fed) maintained (%) the target for the federal funds rate at 6 4.25-4.50% in July 2025. We expect the Forecast Fed to cut rates another 75 bps by the 5 end of 2025. ■ The Bank of Canada (BoC) last cut 4 their overnight rat
Slide 43: TD Economics Update
TD Economics Update1 Global Outlook: Global growth to remain tepid in 2025 ■ Uncertainty around the impact of higher U.S. tariff rates, relative to prior expectations, continues to weigh on both growth and inflation expectations. ■ Stabilizing inflation and soft growth in the Euro area should allow
Slide 44: Appendix: Credit Quality
Appendix Credit Quality 44
Slide 45: Gross Impaired Loan Formations
Gross Impaired Loan Formations By Business Segment GIL Formations1: $MM and Ratios2 Highlights 28 25 ■ Gross impaired loan formations 22 26 bps 21 increased quarter-over-quarter, driven by: $2,657 $2,432 – A small number of borrowers $292 / $2,433 $123 / 12 bps in the Wholesale Banking and 30 bps $3
Slide 46: Gross Impaired Loans (GIL)
Gross Impaired Loans (GIL) By Business Segment GIL: $MM and Ratios1 Highlights 52 56 51 56 bps ■ Gross impaired loans 44 increase quarter-over-quarter, largely recorded in: $5,453 $5,334 – The Wholesale Banking $4,949 $5 / 6 bps $4 / 5 bps and U.S. Commercial $4,866 lending portfolios $5 / 6 bps $42
Slide 47: Credit Quality
Credit Quality Net impaired loans and PCL ratios (bps) Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) 100 Q3'25 41 58 46 48 46 45 47 50 38 39 32 34 41 37 38 35 37 33 36 34 34 20 25 24 Q3'25 39 14 IFRS 91 -3 2
Slide 48: Provision for Credit Losses – Impaired
Provision for Credit Losses – Impaired1 By Geographic Location Canada U.S. Total Bank Impaired PCL Rate - Personal 0.30% 1.60% 0.59% 0.28% 0.29% 0.49% 0.49% 0.24% 0.26% 1.29% 1.26% 0.47% 1.21% 1.22% 0.45% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2'25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Canad
Slide 49: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) Impaired and Performing PCL1 ($MM) Highlights Q3/24 Q2/25 Q3/25 ■ Impaired PCL decrease quarter- Total Bank 1,072 1,341 971 over-quarter largely driven by: Impaired 920 946 904 − Canadian Personal & Performing 152 395 67 Commercial Banking segment Canadian Personal
Slide 50: Canadian Personal Banking
Canadian Personal Banking Canadian Personal Banking (Q3/25)1 Highlights Gross Loans ($B) GIL ($MM) GIL/Loans (%) ■ Continued good asset quality Residential Mortgages 266.5 350 0.13 in Canadian Personal Banking Home Equity Lines of Credit (HELOC) 138.0 211 0.15 Indirect Auto 31.4 124 0.39 Credit Card
Slide 51: Canadian Real Estate Secured Lending Portfolio
Canadian Real Estate Highlights Secured Lending Portfolio ■ Total Canadian real estate secured lending portfolio at $407B Maturity Schedule ($B)1 $105.0 $107.5 – 91% of RESL portfolio is amortizing4, of Variable Rate which 74% of HELOC portfolio is Fixed Rate $27.6 $42.5 amortizing $71.4 $65.2 $15.8
Slide 52: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) Commercial Real Estate Portfolio Overview: Highlights $99B ■ Commercial Real Estate represented $99B or 10% of Total Bank gross loans and acceptances1 Office Retail – Portfolio is well diversified across 10% 17% geographies and sub segments Other 5% – 58% of CRE portfoli
Slide 53: Canadian Commercial and Wholesale Banking
Canadian Commercial and Wholesale Banking Canadian Commercial and Wholesale Banking (Q3/25) Highlights Gross Loans/ GIL GIL/Loans BAs ($B) ($MM) (%) ■ Gross impaired loans Commercial Banking1 133.5 964 0.72 increased quarter-over Wholesale Banking 86.4 600 0.69 quarter, driven by: Total Canadian Com
Slide 54: U.S. Personal Banking
U.S. Personal Banking U.S. Personal Banking (Q3/25) Highlights Gross Loans GIL GIL/Loans In USD unless otherwise specified ($B) ($MM) (%) ■ Good credit performance in Residential Mortgages 33.8 398 1.18 U.S. Personal Banking Home Equity Lines of Credit (HELOC)1 8.7 214 2.46 Indirect Auto 31.1 242 0.
Slide 55: U.S. Commercial Banking
U.S. Commercial Banking U.S. Commercial Banking (Q3/25) Highlights Gross Loans/ GIL GIL/Loans In USD unless otherwise specified BAs ($B) ($MM) (%) ■ Gross impaired loans Commercial Real Estate (CRE) 29.1 537 1.85 increased quarter-over- Non-residential Real Estate 19.0 409 2.15 quarter driven by a s
Slide 56: Appendix: Additional Information
Appendix Additional Information 56
Slide 57: Q3 2025: PTPP & Operating Leverage
Q3 2025: PTPP & Operating Leverage1,2 Modified for partners' share of SCP PCL, FX and Insurance Service Expense Q3 2025 Q2 2025 Q3 2024 TOTAL BANK SFI Reference Revenue Expenses Revenue Expenses Revenue Expenses Reported Results ($MM) 15,297 8,522 22,937 8,139 14,176 11,012 Page 2, L3 & L6 1 PTPP 6,
Slide 58: Q3 2025: Items of Note
Q3 2025: Items of Note ($MM) EPS ($) Segment SFI Reference1 Pre-Tax After Tax Reported net income and EPS (diluted) 3,336 1.89 Items of note Amortization of acquired intangibles2 33 25 0.01 Corporate Page 4, L13, L29 & L45 Acquisition and integration charges related to the Cowen acquisition 32 25 0.
Slide 59: Net Interest Income Sensitivity (NIIS)
Net Interest Income Sensitivity (NIIS)1 Strong deposit base and disciplined ALM management NII impact from 25 bps change in short-term interest rates2 NII impact from 100 bps change in interest rates across the curve2 ($ in Q3'25 Q2'25 ($ in Q3'25 Q2'25 CAD CAD MM) +25bps -25bps +25bps -25bps MM) +1
Slide 60: Endnotes
Endnotes 60
Slide 61: Endnotes on Slides 3-5
Endnotes on Slides 3-5 Slide 3 1. See Slide 11. 2. See Slide 32. 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
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
Slide 63: Endnotes on Slides 7-8
Endnotes on Slides 7-8 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 admin
Slide 64: Endnotes on Slides 9-10
Endnotes on Slides 9-10 Slide 9 1. Please refer to Slide 6 Endnote 3. 2. Loan portfolios identified for sale or run-off include the point-of-sale finance business which services third party retailers, correspondent lending, export and import lending, commercial auto dealer portfolio, and other non-c
Slide 65: 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.,
Slide 66: Endnotes on Slide 14
Endnotes on Slide 14 Slide 14 1. Canadian Personal and Commercial: based on Canadian Personal, Small Business and Commercial 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 and Co
Slide 67: Endnotes on Slides 15-16
Endnotes on Slides 15-16 Slide 15 1. Best Consumer Digital Bank in North America by Global Finance, 2024. 2. For 2024, TD Bank ranked #1 in Small Business Administration (SBA) lending in Maine-to-Florida footprint for eighth consecutive year. Lenders ranked by the U.S. SBA based on the SBA's data fo
Slide 68: Endnotes on Slides 17-19
Endnotes on Slides 17-19 Slide 17 1. The Bank prepares its interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accordance with IFRS as the “repo
Slide 69: Endnotes on Slides 20-22
Endnotes on Slides 20-22 Slide 20 1. Please refer to Slide 17, Endnote 1. 2. Please refer to Slide 6, Endnote 3. 3. Please refer to Slide 9, Endnote 2. 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
Slide 70: Endnotes on Slides 23-24
Endnotes on Slides 23-24 Slide 23 1. Please refer to Slide 17, Endnote 1. 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
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
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 July 31, 2025. 2. Numbers may not add due to rounding. 3. These measures have been calculated in accordance with OSFI's Total Loss Absorbing Capacity (TLAC)
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
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
Slide 75: Endnotes on Slides 42-49
Endnotes on Slides 42-49 Slide 42 1. TD Economics, July 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
Slide 76: Endnotes on Slides 50-51
Endnotes on Slides 50-51 Slide 50 1. Excludes Wealth Management & Insurance segment and Wholesale mortgage portfolio. 2. RESL Portfolio Current Loan to Value is calculated with the Teranet-National Bank House Price Index and weighted by the total exposure, based on outstanding mortgage balance and/o
Slide 77: Endnotes on Slides 52-55
Endnotes on Slides 52-55 Slide 52 1. Gross Loans and Banker's Acceptances outstanding and percentage of Gross Loans and Banker's Acceptances outstanding. Slide 53 1. Includes Small Business Banking and Business Credit Cards. 2. Consumer includes: Food, Beverage and Tobacco; Retail Sector. 3. Industr
Slide 78: Endnotes on Slides 57-59
Endnotes on Slides 57-59 Slide 57 1. Please refer to Slide 17, Endnote 1. 2. Operating leverage is a non-GAAP measure. At the total Bank level, TD calculates operating leverage as the difference between the % change in adjusted revenue (U.S. Retail in source currency) net of insurance service expens
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