TD's Adjusted Q4 2022 Results Reflect Solid Net Interest Income Growth But Higher Provisions and Operating Expenses
The Toronto-Dominion Bank reported Q4 2022 net income of $6.7 billion, a quarter-over-quarter (QOQ) increase of 107.6%, largely reflecting the $2.3 billion net pre-tax gain from mitigation of interest rate volatility to closing capital on the First Horizon Corporation acquisition and the $997 million gain on sale of The Charles Schwab Corporation shares used to finance the Cowen Inc. acquisition. Adjusted net income was up 6.6% QOQ to $4.1 billion as a result of higher revenues, partially offset by increases in provisions for credit losses and noninterest expenses.
Toronto Dominion Bank provides financial services. Co.'s segments comprised of: Canadian Retail, which include Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada and Canadian wealth and insurance businesses; US Retail, which includes the US personal and commercial banking businesses, US credit cards, TD Auto Finance US, US wealth business and the Bank's investment its subsidiary, TD Ameritrade Holding Corporation; and Wholesale Banking, which provides a range of capital markets, investment banking, and corporate banking products and services. As of Oct 31 2017, Co. had total assets of C$1.28 trillion and total deposits of C$832.82 billion.
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