TD Bank's continued dominance in Canada should keep excess returns in place.
Wide-moat Toronto-Dominion Bank reported another solid quarter, and due to small beats throughout, higher operating margin, and a lower tax rate than projected, the bank came in ahead of our full-year estimates. While adjusted return on equity declined slightly to 14.7% from 16.1% the previous quarter, we largely viewed last quarter’s result as a highpoint not likely to be equalled often. Full-year adjusted return on equity came in at 15%, much more in line with what we think the bank is capable...
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