TD Bank Earnings Reports

A bank's total assets provide a broad measure of a bank's size. TD’s total assets have grown from just over $100 billion at the start of 1996 to over $2 trillion near the end of 2024. That’s an increase of over 1,800%, meaning that TD’s total assets have grown by roughly 11% each year since 1996.

There was a marked acceleration in TD’s total assets growth rate around 2010 as TD expanded into the US market. Some fluctuations can be seen, such as a dip in 2008-2009 during the global financial crisis and an uptick in 2020 during the COVID-19 pandemic and measures surrounding it. As of the latest data, TD Bank’s total assets have exceeded $2 trillion. This positions TD as a significant player among North American and global banks.

A bank’s total assets consist of four components: total loans, total securities, cash and cash equivalents, and other assets. This chart provides a breakdown of TD Bank's total assets into these key components over time.

Loans are the largest component, consistently occupying the majority of the asset base. This indicates TD Bank’s primary function as a lender, relying heavily on loan portfolios to generate income. Securities are also a significant portion of assets, and have steadily grown over time. A notable increase in cash and cash equivalents can be seen in 2020, signalling defensive, or cautious, capital preservation in the wake of COVID-19.

This stacked bar chart displays the proportional breakdown of TD Bank's total assets. Since 2011, TD’s loans have consistently made up around 50% to 60% of the bank’s total assets, while securities made up 20-30% of total assets. In 2020, over 11% of TD’s total assets were in cash and cash equivalents, compared to less than 4% pre-COVID, which highlights TD Bank’s defensive position during the pandemic, prioritizing liquidity and low-risk investments.

There has been an upward trend in TD’s net write-offs, PCL, and ACL from 2022 onwards.

Total Net Write-Offs at TD trended downwards from $675 million in Q3 2020 to a low of $285 million in Q1 2022. However, starting in Q3 2022, write-offs began to increase, reaching $899 million in Q2 2024.

Provision for Credit Losses (PCL) highlights changes in TD's expectations for future credit losses. PCL was high at $2.18 billion in Q3 2020, reflecting pandemic-related concerns, but it turned negative by Q2 2021 (-$377 million), signalling confidence in economic recovery and improved loan performance. From Q3 2022 onward, PCL began to rise again, reaching $1.07 billion by Q3 2024, which indicates growing caution.

Allowance for Credit Losses (ACL), representing TD’s total reserves for potential future credit losses, shows a steady decline from $9.23 billion in Q3 2020 to $6.92 billion in Q3 2022. However, this trend reversed afterward, with ACL increasing to $8.84 billion by Q3 2024, showing that TD is bolstering its reserves as credit risks rise.

TD Bank's loan growth has largely been driven by strong performance in Canada and a recovery in the U.S., while international lending played a limited and more volatile role. TD’s Total Gross Loans and Acceptances experienced consistent growth from Q3 2020 to Q3 2024, increasing from $746 billion in Q3 2020 to $946 billion in Q3 2024.

Loans in Canada made up the largest share of the total loan portfolio, growing steadily from $475.7 billion in Q3 2020 to $622.7 billion in Q3 2024.

Loans in the U.S., which represent TD's second-largest loan category, displayed a more volatile trend. Starting at $259.8 billion in Q3 2020, U.S. loans initially decreased through 2021, bottoming out at $221.1 billion in Q4 2021. However, this trend reversed in 2022, with U.S. loans reaching $313.6 billion by Q3 2024. Now that the Office of the Comptroller of Currency (OCC) has capped TD’s retail assets in the US, it would have very limited ability to grow its loan book in the US.

Loans in all other countries remained a much smaller segment of TD’s loan portfolio, fluctuating between $9 billion and $18.7 billion during the period. The loans peaked at $18.7 billion in Q4 2022 but returned to $10 billion by Q3 2024, playing just a minor role in TD’s overall lending strategy.

Total residential mortgages outstanding at TD have shown steady growth over the period, increasing from $246.1 billion in Q3 2020 to $329.3 billion in Q3 2024. The most significant growth occurred between 2020 and 2023, with some cooling in 2024.

Home Equity Lines of Credit (HELOCs) followed a similar growth trend, rising from $103.9 billion in Q3 2020 to $132.3 billion in Q3 2024.

Total credit card loans grew from $32.6 billion in Q3 2020 to $40.5 billion by Q3 2024.

Total business and government loans saw fluctuations but a steady upward trajectory overall. Starting at $268.4 billion in Q3 2020, this segment declined initially, reaching a low of $240.1 billion in Q4 2021, before rebounding strongly. By Q3 2024, business and government loans grew to $352 billion.

Total personal loans, a smaller portion of TD’s loan portfolio, remained relatively stable. From $18.7 billion in Q3 2020 to $20.4 billion in Q3 2024.

TD’s total deposits have generally grown from 2020 to 2024, starting at $1.09 trillion in Q3 2020 and reaching $1.22 trillion by Q3 2024. However, there have been some fluctuations, particularly a dip in Q2 and Q3 2023.

Deposits in Canada also showed consistent growth. Beginning at $646.6 billion in Q3 2020, Canadian deposits rose steadily, reaching $826.2 billion in Q3 2024.

International deposits, made up of deposits in the U.S. and all other countries, peaked at $647.3 billion in Q4 2023 before dipping to $622.3 billion in Q3 2024.

*Note: Starting in Q4 2023, U.S. deposit data is reported separately from deposits in other countries. Prior to Q4 2023, all foreign deposit data, including U.S. deposits, was combined.