🏦 TD Q1 2025 Report

Adjusted earnings came in at $2.02 per share, beating expectations of $1.96, driven by strong wholesale banking, wealth management, and insurance performance. However, TD recorded a very large net write-off this quarter.

🔹 Key Highlights

• Impairment Charge: $927M loss due to restructuring in TD’s U.S. retail segment.

🔹 Net Income

• Total: $2.79B
• -1.1% YoY
• -23% QoQ, impacted by a 79% decline in U.S. retail banking income YoY.

🔹 Net Write-Offs

• Total: $957M
• +26% YoY, the highest since 2016 (potentially the highest ever).
• +15% QoQ.

🔹 Provisions for Credit Losses (PCL)

• Total: $1.2B
• +21% YoY, +9.3% QoQ, the highest since Q3 2020 ($2.2B).

🔹 Allowance for Credit Losses (ACL)

• Total: $9.6B
• +16% YoY, +5% QoQ, the highest since 2016 (potentially the highest ever).

🔹 Quarterly Dividend

Increased by 3 cents to $1.05 per share.

🔹 Best Performing Divisions

• • Wholesale Banking: Earnings +46% YoY
• • Wealth Management & Insurance: Earnings +23% YoY

🔹 Major Q2 2025 Event

TD will recognize $8.6B in income from selling its Charles Schwab stake, pushing Q2 income above $10B.

🔹 Other Info About $TD (February 27, 2025)

• Dividend Yield: 4.9%
• P/E (TTM): 18.3
• Market Cap: $151B