TD's Q4 2020 Earnings Reflect Large TD Ameritrade Gain; Drop in PCL
The Toronto-Dominion Bank (TD or the Bank) reported robust Q4 2020 net income of $5.1 billion, a quarter-over-quarter (QOQ) increase of 129%, largely driven by the $2.3 billion after-tax net gain following the sale of TD Ameritrade and lower provision for credit losses (PCL).
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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