Q3 2024 Toronto-Dominion Bank Earnings Call Transcript
Key Points
- The Toronto-Dominion Bank (TD) delivered strong earnings of $3.6 billion and EPS of $2.05 for Q3 2024.
- Revenue grew 8% year over year, driven by higher fee income and higher volumes and deposit margins in Canadian Personal and Commercial Banking.
- The bank's CET1 ratio was 12.8%, reflecting strong capital management despite the impact of AML investigation provisions.
- TD's Canadian Personal and Commercial Banking segment delivered record revenues of $5 billion and record net income, up 13% year over year.
- TD was named the Best Consumer Digital Bank in Canada for the fourth consecutive year and the Best Transformation and Innovation in North America for the second consecutive year by Global Finance.
- The Toronto-Dominion Bank (TD) announced a USD2.6 billion provision for AML investigations, adding to the USD450 million provision from the previous quarter.
- The wealth management and insurance segment faced a significant increase in claims due to severe weather events, impacting earnings.
- Expenses increased year over year, reflecting investments in risk and control infrastructure and higher employee-related expenses.
- The bank's US retail segment faced challenges with ongoing AML remediation efforts, requiring substantial investments in staffing and technology.
- The corporate net loss for the quarter was $324 million, with expectations for continued elevated expenses in Q4 due to risk and control investments.
Good morning, everyone. Welcome to the TD Bank Group Q3 2024 earnings conference call.
I would like to turn the meeting over to Ms. Brooke Hales, Head of Investor Relations. Please go ahead, Ms. Hales.
Thank you, operator. Good morning, and welcome to TD Bank Group's third-quarter 2024 investor presentation. Many of us are joining today's meeting from lands across North America. North America is known as Turtle Islands by many indigenous communities. I am currently situated in Toronto. As such, I would like to begin today's meeting by acknowledging that I am on the traditional territory of many nations, including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee, and the Wendat people, and is now home to many diverse First Nations, Métis and Inuit people. We also acknowledge that Toronto is covered by Treaty 13 signed with the Mississaugas of the Credit and the Williams treaty signed with multiple Mississaugas and Chippewa bands.
We will begin
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