Steady Results Continue for Toronto-Dominion, Even as Earnings Growth Slows During the Quarter
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...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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