Toronto-Dominion Fires on all Cylinders in 3Q
Wide-moat Toronto-Dominion Bank reported an impressive fiscal third quarter in which almost everything seemed to be going right. Adjusted return on equity rose to 16.1% from 14.8% the previous quarter, and the adjusted efficiency ratio declined to 51.4%. While returns for the current quarter exceeded our expectations, we expect that these results more closely approximated TD at its best, and would expect returns to level off a bit over the long term. We are increasing our fair value estimate to ...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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