TD announces third quarter earnings results


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TD Bank Group today announced its financial results for the third quarter. Q3 was another great quarter for TD, with reported earnings at $3.1 billion, up 12% from last year and EPS at $1.65, up 13% from a strong Q3 a year ago.

 

PeopleWe delivered good organic growth as customers responded to the improvements we've made to our products and platforms by bringing us more of their business. And we accelerated investment to build on those gains by further enriching the customer and employee experience, atop a modern, digital infrastructure that positions us for future growth and innovation.

 

houseThis quarter we completed the normal course issuer bid we announced in Q2. Despite the repurchase of nearly 20 million common shares, our CET 1 ratio ended the quarter little changed at 11.7 per cent – a testament to our ability to generate consistent capital, and a measure of our flexibility to deploy it in support of our growth strategies.

 

TD Bank Group Results

"We are pleased with our performance, as our diversified business and geographic mix continues to add to our strategic advantage. We delivered strong earnings this quarter, increased customer volumes on both sides of the border and continued to invest in our key priorities." - Bharat Masrani, Group President and Chief Executive Officer

TD Bank Group Results Q3 2018 Reported results were $3.1 billion Up 12% year-over-year   Reported EPS was $1.65  up from a year ago  up 13% year-over-year  Adjusted results were $3.1 billion  Up 9% year-over-year  Adjusted EPS was $1.66 up from a year ago  up 10% year-over-yearCanadian Retail

Increased loan and deposit volumes, growth in wealth assets, and higher net interest margins, all contributed to a 9% growth in revenue this quarter. Canadian Retail also increased its market share in the real estate secured lending business, maintained industry leadership in personal deposit gathering, and positioned TD Asset Management to become Canada's largest money manager with the announced acquisition of Greystone Managed Investments Inc.

Canadian Retail increased its market share in the real estate secured lending business, maintained industry leadership in personal deposit gathering, and positioned TD Asset Management to become Canada's largest money manager with the announced acquisition of Greystone Managed Investments Inc.   Net income of $1.9B for the quarter is up from a year ago  Up 7% year-over-year  Launched a 'matchmaking' mortgage concierge service in the TD app  Announced acquisition of Greystone Capital Management Inc.  TD Wealth launched advanced trading dashboard and income projection tools

U.S. Retail Bank

Earnings reflect loan and deposit volume growth, higher margins driven by a favourable rate environment, and benefits from U.S. tax reform.

Earnings reflect loan and deposit volume growth, higher margins driven by a favourable rate environment, and benefits from U.S. tax reform.  Net income of $US703MM for the quarter is up from a year ago  Up19% year-over-year  TD Auto Finance ranked "Highest in Dealer Satisfaction with Floor Planning" by J.D. Power   First top-10 U.S. bank to work with BizEquity, offering small and mid-size businesses and prospects fast and comprehensive business valuation through a digital app  Launched Fraud Text Alerts to help customers validate possible fraudulent debit transactions in real time

Wholesale Banking

Earnings reflect lower trading-related revenue, partially offset by higher advisory activity and fee income. The Wholesale Bank continued to invest in client-facing teams this quarter as it expands its U.S. dollar business.

Net income of $223MM  One of three lead managers for Fannie Mae's issuance of securities using the secured overnight financing rate (SOFR) index – first major test of the alternative to U.S. dollar LIBOR   Tied for 1st place in Overall Relationship Quality and Fixed Income Share in the 2018 Greenwich Associate's annual survey

Our Purpose: To enrich the lives of our customers, communities and colleagues. 

Our purpose – To enrich the lives of our customers, communities and colleagues  Our shared commitments  Think like a customer #TDThanksYou: Celebrated heroes making a difference in communities across Canada  Act like an owner Launched the TD Ready Challenge, an annual North American initiative allocating up to ten $1MM grants to catalyze innovative solutions.   Execute with speed and impact Launched the Digital Application for Small Business Loans up to $100K in the U.S.   Innovate with purpose  TD's Layer 6 won  2018 Recsys Challenge organized by Spotify  Develop our colleagues Launched TD Thrive, an online platform that curates content, courses, and training to help colleagues develop skills they need to succeed in a changing world.


1. TD Auto Finance received the highest score in the floor planning segment in the J.D. Power 2018 Dealer Financing Satisfaction Study of dealers' satisfaction with automotive finance providers. Visit jdpower.com/awards.