27th January 2012
TD Bank Financial Group reported Q4 net attributable of C$1,586m (€1,209m £1,006m $1,565m ¥122.1bn Y9,882m) and full year of C$6,071m (€4,629m £3,852m $5,991m ¥467.6bn Y37,828m). The profit was up 31% and 21% on the respective periods of 2010.
Retail banking showed good double figure growth both in Canada and the US. Core wealth did well however the figures exclude the additional investment needed in TD Ameritrade. Wholesale doubled profits however Corporate fell into a C$136m loss for the quarter.
Canadian banks have traditionally worked on lower capital levels however TD say they will "comfortably surpass the 7% Basel III requirement on a fully phased-in basis by the second quarter of fiscal 2012".
Income summary 2011-Q4 2010-Q4 2011-FY 2010-FY
C$m C$m C$m C$m
Net interest income 3,284 2,983 12,831 11,543
Non-interest income 2,381 2,034 8,763 8,022
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Total revenue 5,665 5,017 21,594 19,565
Provision for credit losses
Loans 344 390 1,309 1,594
Debt securities classified as loans 3 14 75 31
Acquired credit-impaired loans -13 – 81 –
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Total provision for credit losses 334 404 1,465 1,625
Non-interest expenses 3,482 3,263 13,083 12,163
Net income before provision for income taxes 1,849 1,350 7,046 5,777
Provision for (recovery of) income taxes 321 374 1,299 1,262
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Operating Profit 1,528 976 5,747 4,515
Non-controlling interests in subsidiaries, net 26 27 104 106
Equity in net income of an associated company, net 64 45 246 235
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Net income - reported 1,566 994 5,889 4,644
Adjustment for items of note, net of income taxes* 68 266 362 584
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Net income - adjusted 1,634 1,260 6,251 5,228
Preferred dividends 48 48 180 194
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Net income available to common shareholders - adjusted 1,586 1,212 6,071 5,034