Provisioning Declines for Toronto-Dominion as Operating Expenses Increase in Fourth Quarter
Wide-moat-rated Toronto-Dominion Bank reported fiscal fourth-quarter results that were in line with our overall expectations, and we are maintaining our fair value estimates of CAD 63 and $49.Adjusted return on equity was 13.6% for the fourth quarter and 13.9% for 2016, a decrease from the full-year return on equity of 14.7% achieved in 2015. We expect reported return on equity to average roughly 13% for our forecast period. Net interest margins remained under pressure, decreasing another 2 bas...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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