Docoh
Loading...

TD Toronto Dominion Bank

Filed: 26 Aug 21, 8:44am
1,577 28 85 1,134 0 0 6 0 0 0 Dec. 31, 2022 0 0 0 0 0000947263 2020-11-01 2021-07-31 0000947263 2021-05-01 2021-07-31 0000947263 ifrs-full:InterestRateRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:InterestRateRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember ifrs-full:InterestRateRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember ifrs-full:InterestRateRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:InterestRateRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember ifrs-full:InterestRateRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember ifrs-full:InterestRateRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:InterestRateRiskMember 2019-11-01 2020-07-31 0000947263 ifrs-full:CreditRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CreditRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember ifrs-full:CreditRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember ifrs-full:CreditRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CreditRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember ifrs-full:CreditRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember ifrs-full:CreditRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CreditRiskMember 2019-11-01 2020-07-31 0000947263 ifrs-full:EquityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:EquityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember ifrs-full:EquityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember ifrs-full:EquityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:EquityPriceRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember ifrs-full:EquityPriceRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember ifrs-full:EquityPriceRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:EquityPriceRiskMember 2019-11-01 2020-07-31 0000947263 ifrs-full:CurrencyRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CurrencyRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember ifrs-full:CurrencyRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember ifrs-full:CurrencyRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CurrencyRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember ifrs-full:CurrencyRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember ifrs-full:CurrencyRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CurrencyRiskMember 2019-11-01 2020-07-31 0000947263 ifrs-full:CommodityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CommodityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember ifrs-full:CommodityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember ifrs-full:CommodityPriceRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CommodityPriceRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember ifrs-full:CommodityPriceRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember ifrs-full:CommodityPriceRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:CommodityPriceRiskMember 2019-11-01 2020-07-31 0000947263 td:IdiosyncraticDebtSpecificRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember td:IdiosyncraticDebtSpecificRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember td:IdiosyncraticDebtSpecificRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember td:IdiosyncraticDebtSpecificRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember td:IdiosyncraticDebtSpecificRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember td:IdiosyncraticDebtSpecificRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember td:IdiosyncraticDebtSpecificRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember td:IdiosyncraticDebtSpecificRiskMember 2019-11-01 2020-07-31 0000947263 ifrs-full:RiskDiversificationEffectMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:RiskDiversificationEffectMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:RiskDiversificationEffectMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember ifrs-full:RiskDiversificationEffectMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember ifrs-full:RiskDiversificationEffectMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember ifrs-full:RiskDiversificationEffectMember 2019-11-01 2020-07-31 0000947263 td:AverageRiskMember 2021-05-01 2021-07-31 0000947263 td:HighRiskMember 2021-05-01 2021-07-31 0000947263 td:LowRiskMember 2021-05-01 2021-07-31 0000947263 td:AverageRiskMember 2021-02-01 2021-04-30 0000947263 td:AverageRiskMember 2020-05-01 2020-07-31 0000947263 td:AverageRiskMember 2020-11-01 2021-07-31 0000947263 td:AverageRiskMember 2019-11-01 2020-07-31 0000947263 country:CA td:HundredBasisPointsIncreaseMember 2020-11-01 2021-07-31 0000947263 country:US td:HundredBasisPointsIncreaseMember 2020-11-01 2021-07-31 0000947263 td:HundredBasisPointsIncreaseMember 2020-11-01 2021-07-31 0000947263 td:HundredBasisPointsIncreaseMember 2020-11-01 2021-04-30 0000947263 td:HundredBasisPointsIncreaseMember 2019-11-01 2020-10-31 0000947263 country:CA td:HundredBasisPointsDecreaseMember 2020-11-01 2021-07-31 0000947263 country:US td:HundredBasisPointsDecreaseMember 2020-11-01 2021-07-31 0000947263 td:HundredBasisPointsDecreaseMember 2020-11-01 2021-07-31 0000947263 td:HundredBasisPointsDecreaseMember 2020-11-01 2021-04-30 0000947263 td:HundredBasisPointsDecreaseMember 2019-11-01 2020-10-31 0000947263 td:HundredBasisPointsIncreaseMember 2021-05-01 2021-07-31 0000947263 td:HundredBasisPointsDecreaseMember 2021-05-01 2021-07-31 0000947263 currency:CAD td:CashAndCentralBankReservesMember 2021-07-31 0000947263 currency:CAD td:CanadianGovernmentObligationsMember 2021-07-31 0000947263 currency:CAD td:NationalHousingActMortgageBackedSecuritiesMember 2021-07-31 0000947263 currency:CAD td:ProvincialGovernmentObligationsMember 2021-07-31 0000947263 currency:CAD td:CorporateIssuerObligationsMember 2021-07-31 0000947263 currency:CAD td:EquitiesMember 2021-07-31 0000947263 currency:CAD 2021-07-31 0000947263 td:OtherThanCanadianDollarMember td:CashAndCentralBankReservesMember 2021-07-31 0000947263 td:OtherThanCanadianDollarMember td:USGovernmentObligationsMember 2021-07-31 0000947263 td:OtherThanCanadianDollarMember td:USFederalAgencyObligationsMember 2021-07-31 0000947263 td:OtherThanCanadianDollarMember td:OtherSovereignObligationsMember 2021-07-31 0000947263 td:OtherThanCanadianDollarMember td:CorporateIssuerObligationsMember 2021-07-31 0000947263 td:OtherThanCanadianDollarMember td:EquitiesMember 2021-07-31 0000947263 td:OtherThanCanadianDollarMember 2021-07-31 0000947263 2021-07-31 0000947263 currency:CAD td:CashAndCentralBankReservesMember 2020-10-31 0000947263 currency:CAD td:CanadianGovernmentObligationsMember 2020-10-31 0000947263 currency:CAD td:NationalHousingActMortgageBackedSecuritiesMember 2020-10-31 0000947263 currency:CAD td:ProvincialGovernmentObligationsMember 2020-10-31 0000947263 currency:CAD td:CorporateIssuerObligationsMember 2020-10-31 0000947263 currency:CAD td:EquitiesMember 2020-10-31 0000947263 currency:CAD 2020-10-31 0000947263 td:OtherThanCanadianDollarMember td:CashAndCentralBankReservesMember 2020-10-31 0000947263 td:OtherThanCanadianDollarMember td:USGovernmentObligationsMember 2020-10-31 0000947263 td:OtherThanCanadianDollarMember td:USFederalAgencyObligationsMember 2020-10-31 0000947263 td:OtherThanCanadianDollarMember td:OtherSovereignObligationsMember 2020-10-31 0000947263 td:OtherThanCanadianDollarMember td:CorporateIssuerObligationsMember 2020-10-31 0000947263 td:OtherThanCanadianDollarMember td:EquitiesMember 2020-10-31 0000947263 td:OtherThanCanadianDollarMember 2020-10-31 0000947263 2020-10-31 0000947263 ifrs-full:ParentMember 2021-07-31 0000947263 ifrs-full:ParentMember 2020-10-31 0000947263 srt:SubsidiariesMember 2021-07-31 0000947263 srt:SubsidiariesMember 2020-10-31 0000947263 td:ForeignBranchesMember 2021-07-31 0000947263 td:ForeignBranchesMember 2020-10-31 0000947263 td:CanadianRetailMember td:PersonalAndCommercialDepositsMember 2021-07-31 0000947263 td:CanadianRetailMember td:PersonalAndCommercialDepositsMember 2020-10-31 0000947263 td:USRetailMember td:PersonalAndCommercialDepositsMember 2021-07-31 0000947263 td:USRetailMember td:PersonalAndCommercialDepositsMember 2020-10-31 0000947263 ifrs-full:NotLaterThanOneMonthMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember 2021-07-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember 2021-07-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember 2021-07-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember 2021-07-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember 2021-07-31 0000947263 ifrs-full:LaterThanFiveYearsMember 2021-07-31 0000947263 td:NoSpecificMaturityMember 2021-07-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:TdSchwabMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:TdSchwabMember 2021-07-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:TdSchwabMember 2021-07-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:TdSchwabMember 2021-07-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:TdSchwabMember 2021-07-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember td:TdSchwabMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember td:TdSchwabMember 2021-07-31 0000947263 ifrs-full:LaterThanFiveYearsMember td:TdSchwabMember 2021-07-31 0000947263 td:NoSpecificMaturityMember td:TdSchwabMember 2021-07-31 0000947263 td:TdSchwabMember 2021-07-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanFiveYearsMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 td:NoSpecificMaturityMember td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 td:CreditAndLiquidityCommitmentsMember 2021-07-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:OtherCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:OtherCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:OtherCommitmentsMember 2021-07-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:OtherCommitmentsMember 2021-07-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:OtherCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember td:OtherCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember td:OtherCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanFiveYearsMember td:OtherCommitmentsMember 2021-07-31 0000947263 td:OtherCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:UnconsolidatedStructuredEntityCommitmentsMember 2021-07-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:UnconsolidatedStructuredEntityCommitmentsMember 2021-07-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:UnconsolidatedStructuredEntityCommitmentsMember 2021-07-31 0000947263 td:UnconsolidatedStructuredEntityCommitmentsMember 2021-07-31 0000947263 ifrs-full:NotLaterThanOneMonthMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember 2020-10-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember 2020-10-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember 2020-10-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember 2020-10-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember 2020-10-31 0000947263 ifrs-full:LaterThanFiveYearsMember 2020-10-31 0000947263 td:NoSpecificMaturityMember 2020-10-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:TdSchwabMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:TdSchwabMember 2020-10-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:TdSchwabMember 2020-10-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:TdSchwabMember 2020-10-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:TdSchwabMember 2020-10-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember td:TdSchwabMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember td:TdSchwabMember 2020-10-31 0000947263 ifrs-full:LaterThanFiveYearsMember td:TdSchwabMember 2020-10-31 0000947263 td:NoSpecificMaturityMember td:TdSchwabMember 2020-10-31 0000947263 td:TdSchwabMember 2020-10-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanFiveYearsMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 td:NoSpecificMaturityMember td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 td:CreditAndLiquidityCommitmentsMember 2020-10-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:OtherCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:OtherCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:OtherCommitmentsMember 2020-10-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:OtherCommitmentsMember 2020-10-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:OtherCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember td:OtherCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMember td:OtherCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanFiveYearsMember td:OtherCommitmentsMember 2020-10-31 0000947263 td:OtherCommitmentsMember 2020-10-31 0000947263 ifrs-full:NotLaterThanOneMonthMember td:UnconsolidatedStructuredEntityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember td:UnconsolidatedStructuredEntityCommitmentsMember 2020-10-31 0000947263 ifrs-full:LaterThanThreeMonthsAndNotLaterThanSixMonthsMember td:UnconsolidatedStructuredEntityCommitmentsMember 2020-10-31 0000947263 td:LaterThanSixMonthsAndNotLaterThanNineMonthsMember td:UnconsolidatedStructuredEntityCommitmentsMember 2020-10-31 0000947263 td:LaterThanNineMonthsAndNotLaterThanOneYearMember td:UnconsolidatedStructuredEntityCommitmentsMember 2020-10-31 0000947263 td:UnconsolidatedStructuredEntityCommitmentsMember 2020-10-31 0000947263 td:SchwabAndTDAmeritradeMember 2021-07-31 0000947263 td:SchwabAndTDAmeritradeMember 2020-10-31 0000947263 ifrs-full:OrdinarySharesMember 2021-07-31 0000947263 ifrs-full:OrdinarySharesMember 2020-10-31 0000947263 td:PreferredSharesAndOtherEquityInstrumentsMember 2021-07-31 0000947263 td:PreferredSharesAndOtherEquityInstrumentsMember 2020-10-31 0000947263 ifrs-full:PreferenceSharesMember 2021-07-31 0000947263 ifrs-full:PreferenceSharesMember 2020-10-31 0000947263 2020-05-01 2020-07-31 0000947263 2019-11-01 2020-07-31 0000947263 td:SchwabAndTDAmeritradeMember 2021-05-01 2021-07-31 0000947263 td:SchwabAndTDAmeritradeMember 2020-05-01 2020-07-31 0000947263 td:SchwabAndTDAmeritradeMember 2020-11-01 2021-07-31 0000947263 td:SchwabAndTDAmeritradeMember 2019-11-01 2020-07-31 0000947263 td:CommonSharesMember 2021-05-01 2021-07-31 0000947263 td:CommonSharesMember 2020-05-01 2020-07-31 0000947263 td:CommonSharesMember 2020-11-01 2021-07-31 0000947263 td:CommonSharesMember 2019-11-01 2020-07-31 0000947263 td:PreferredSharesAndOtherEquityInstrumentsMember 2021-05-01 2021-07-31 0000947263 td:PreferredSharesAndOtherEquityInstrumentsMember 2020-05-01 2020-07-31 0000947263 td:PreferredSharesAndOtherEquityInstrumentsMember 2020-11-01 2021-07-31 0000947263 td:PreferredSharesAndOtherEquityInstrumentsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2021-04-30 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2020-04-30 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2020-10-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2019-10-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OrdinarySharesMember 2020-07-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2021-04-30 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-04-30 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-10-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2019-10-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2021-04-30 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2020-04-30 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2020-10-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2019-10-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2021-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:OrdinarySharesMember 2020-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2021-04-30 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2020-04-30 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2020-10-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2019-10-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2021-07-31 0000947263 ifrs-full:TreasurySharesMember ifrs-full:PreferenceSharesMember 2020-07-31 0000947263 td:ContributedSurplusMember 2021-04-30 0000947263 td:ContributedSurplusMember 2020-04-30 0000947263 td:ContributedSurplusMember 2020-10-31 0000947263 td:ContributedSurplusMember 2019-10-31 0000947263 td:ContributedSurplusMember 2021-05-01 2021-07-31 0000947263 td:ContributedSurplusMember 2020-05-01 2020-07-31 0000947263 td:ContributedSurplusMember 2020-11-01 2021-07-31 0000947263 td:ContributedSurplusMember 2019-11-01 2020-07-31 0000947263 td:ContributedSurplusMember 2021-07-31 0000947263 td:ContributedSurplusMember 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember 2021-04-30 0000947263 ifrs-full:RetainedEarningsMember 2020-04-30 0000947263 ifrs-full:RetainedEarningsMember 2020-10-31 0000947263 ifrs-full:RetainedEarningsMember 2019-10-31 0000947263 ifrs-full:RetainedEarningsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember ifrs-full:OrdinarySharesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember ifrs-full:OrdinarySharesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember ifrs-full:OrdinarySharesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember ifrs-full:OrdinarySharesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember td:PreferredSharesAndOtherEquityInstrumentsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember td:PreferredSharesAndOtherEquityInstrumentsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember td:PreferredSharesAndOtherEquityInstrumentsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:RetainedEarningsMember 2021-07-31 0000947263 ifrs-full:RetainedEarningsMember 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2021-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2019-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2021-05-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-05-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-11-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2019-11-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:DebtSecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2021-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2019-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2021-05-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-05-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-11-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2019-11-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:EquitySecuritiesAtFairValueThroughOtherComprehensiveIncomeMember 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2021-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2020-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2020-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2019-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2021-05-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2020-05-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2020-11-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2019-11-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2021-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2020-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2020-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2019-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2021-05-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2020-05-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2020-11-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2019-11-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2021-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2020-04-30 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2020-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2019-10-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember ifrs-full:ReserveOfCashFlowHedgesMember 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:SchwabAndTDAmeritradeMember 2021-05-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:SchwabAndTDAmeritradeMember 2020-05-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:SchwabAndTDAmeritradeMember 2020-11-01 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember td:SchwabAndTDAmeritradeMember 2019-11-01 2020-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember 2021-07-31 0000947263 ifrs-full:AccumulatedOtherComprehensiveIncomeMember 2020-07-31 0000947263 ifrs-full:EquityAttributableToOwnersOfParentMember 2021-07-31 0000947263 ifrs-full:EquityAttributableToOwnersOfParentMember 2020-07-31 0000947263 2021-04-30 0000947263 2020-04-30 0000947263 2019-10-31 0000947263 2020-07-31 0000947263 td:UsLiborMember td:TenorsCasingDecemberThirtyFirstTwoThousandTwentyOneMember td:InterestRateBenchmarksSubjectToIborReformMember 2021-07-31 0000947263 td:UsLiborMember td:TenorsCeasingJuneThirtyTwoThousandTwentyThreeMember td:InterestRateBenchmarksSubjectToIborReformMember 2021-07-31 0000947263 td:GBPLIBORMember td:InterestRateBenchmarksSubjectToIborReformMember 2021-07-31 0000947263 td:OtherIborsMember td:InterestRateBenchmarksSubjectToIborReformMember 2021-07-31 0000947263 td:IborsMember td:InterestRateBenchmarksSubjectToIborReformMember 2021-07-31 0000947263 td:UsLiborAndOtherRatesMember td:InterestRateBenchmarksSubjectToIborReformMember td:CrossCurrencySwapsMember 2021-07-31 0000947263 td:USLIBORAndGBPLIBORMember td:InterestRateBenchmarksSubjectToIborReformMember td:CrossCurrencySwapsMember 2021-07-31 0000947263 td:USLIBORAndJPYLIBORMember td:InterestRateBenchmarksSubjectToIborReformMember td:CrossCurrencySwapsMember 2021-07-31 0000947263 td:OtherIborsMember td:InterestRateBenchmarksSubjectToIborReformMember td:CrossCurrencySwapsMember 2021-07-31 0000947263 td:InterestRateBenchmarksSubjectToIborReformMember td:CrossCurrencySwapsMember 2021-07-31 0000947263 td:InterestRateBenchmarksSubjectToIborReformMember 2021-07-31 0000947263 td:EURIBORMember 2021-07-31 0000947263 td:UsLiborMember td:NoMaturityMember td:DemandFacilitiesMember 2021-07-31 0000947263 td:UsLiborMember ifrs-full:InterestRateRiskMember td:OneAndThreeMonthTenorsMember 2021-07-31 0000947263 td:UsLiborMember td:ForeignExchangeRiskMember td:OneAndThreeMonthTenorsMember 2021-07-31 0000947263 td:UsLiborMember td:TenorsCeasingJuneThirtyTwoThousandTwentyThreeMember 2021-07-31 0000947263 td:UsLiborMember td:LoanMember td:TenorsCeasingJuneThirtyTwoThousandTwentyThreeMember 2021-07-31 0000947263 td:UsLiborMember td:DebtSecuritiesAtAmortizedCostMember td:TenorsCeasingJuneThirtyTwoThousandTwentyThreeMember 2021-07-31 0000947263 td:UsLiborMember ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:TenorsCeasingJuneThirtyTwoThousandTwentyThreeMember 2021-07-31 0000947263 td:DebtSecuritiesFVOCIMember 2020-11-01 2021-07-31 0000947263 td:CarryingValueMember 2021-07-31 0000947263 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember 2021-07-31 0000947263 td:CarryingValueMember 2020-10-31 0000947263 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember 2020-10-31 0000947263 td:CarryingValueMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2021-07-31 0000947263 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2021-07-31 0000947263 td:CarryingValueMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-10-31 0000947263 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-10-31 0000947263 td:CarryingValueMember td:OtherDebtSecurities1Member 2021-07-31 0000947263 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember td:OtherDebtSecurities1Member 2021-07-31 0000947263 td:CarryingValueMember td:OtherDebtSecurities1Member 2020-10-31 0000947263 ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember td:OtherDebtSecurities1Member 2020-10-31 0000947263 ifrs-full:AtFairValueMember 2020-11-01 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:UnitedStateFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:UnitedStateFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:UnitedStateFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:UnitedStateFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:UnitedStateFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:OtherOECDGovernmentGuaranteedDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:OtherOECDGovernmentGuaranteedDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:OtherOECDGovernmentGuaranteedDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:OtherOECDGovernmentGuaranteedDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:MortgageBackedSecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:MortgageBackedSecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:MortgageBackedSecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:MortgageBackedSecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:CanadianIssuersMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:CanadianIssuersMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:CanadianIssuersMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:CanadianIssuersMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:CanadianIssuersMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:OtherIssuersMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:OtherIssuersMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:OtherIssuersMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:OtherIssuersMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:OtherDebtSecurities1Member td:OtherIssuersMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:OtherIssuersMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:TradingLoansMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:TradingLoansMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:TradingLoansMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:TradingLoansMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:CommoditiesMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:CommoditiesMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommoditiesMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:CommoditiesMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:CommoditiesMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommoditiesMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:RetainedInterest1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:RetainedInterest1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:RetainedInterest1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:RetainedInterest1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:SecuritiesMember ifrs-full:Level1OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:SecuritiesMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:SecuritiesMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:SecuritiesMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:SecuritiesMember ifrs-full:Level1OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:SecuritiesMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:SecuritiesMember ifrs-full:Level3OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:SecuritiesMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:Loans1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:Loans1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:Loans1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:Loans1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:Loans1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:Loans1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:InterestRateContractsMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:ForeignExchangeContractsMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CreditDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CreditDerivativesMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CreditDerivativesMember ifrs-full:Level2OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CreditDerivativesMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquityContractsMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember ifrs-full:Level1OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember ifrs-full:Level2OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember ifrs-full:Level3OfFairValueHierarchyMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:CommodityContractsMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member ifrs-full:Level2OfFairValueHierarchyMember td:AssetsBackedSecurityMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:AssetsBackedSecurityMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member ifrs-full:Level2OfFairValueHierarchyMember td:AssetsBackedSecurityMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:AssetsBackedSecurityMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member ifrs-full:Level2OfFairValueHierarchyMember td:CorporateAndOtherDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member ifrs-full:Level3OfFairValueHierarchyMember td:CorporateAndOtherDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:CorporateAndOtherDebtMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member ifrs-full:Level2OfFairValueHierarchyMember td:CorporateAndOtherDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member ifrs-full:Level3OfFairValueHierarchyMember td:CorporateAndOtherDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:OtherDebtSecurities1Member td:CorporateAndOtherDebtMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level1OfFairValueHierarchyMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:Loans1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:Loans1Member 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:Loans1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:Loans1Member 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level3OfFairValueHierarchyMember td:InterestRateContractsMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:HeldForTradingMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:HeldForTradingMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:HeldForTradingMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:HeldForTradingMember 2020-10-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember ifrs-full:Level2OfFairValueHierarchyMember td:DesignatedAtFairValueThroughProfitOrLossMember 2021-07-31 0000947263 ifrs-full:RecurringFairValueMeasurementMember td:DesignatedAtFairValueThroughProfitOrLossMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2021-04-30 0000947263 td:TradingLoansSecuritiesAndOtherMember ifrs-full:Level3OfFairValueHierarchyMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2021-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2021-05-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2020-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2020-11-01 2021-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:ObligationsRelatedToSecuritiesSoldShortMember 2020-11-01 2021-07-31 0000947263 td:NettedDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2021-07-31 0000947263 td:NettedDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2021-05-01 0000947263 td:NettedDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2020-11-01 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2020-04-30 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:ObligationsRelatedToSecuritiesSoldShortMember 2020-05-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:ObligationsRelatedToSecuritiesSoldShortMember 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember td:OtherDebtSecurities1Member 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingLoansSecuritiesAndOtherMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:SecuritiesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember td:Loans1Member 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:OtherDebtSecurities1Member 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember td:EquitySecurities1Member 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:TradingDepositsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:InterestRateContractsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:ForeignExchangeContractsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:EquityContractsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember td:CommodityContractsMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:DerivativeFinancialLiabilitiesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2019-10-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember 2019-11-01 2020-07-31 0000947263 ifrs-full:Level3OfFairValueHierarchyMember td:ObligationsRelatedToSecuritiesSoldShortMember 2019-11-01 2020-07-31 0000947263 td:NettedDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2020-07-31 0000947263 td:NettedDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2020-05-01 0000947263 td:NettedDerivativesMember ifrs-full:Level3OfFairValueHierarchyMember 2019-11-01 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2021-07-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentFederalDebtMember 2020-10-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2021-07-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:CanadianGovernmentProvincialDebtMember 2020-10-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:USFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2021-07-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:USFederalStateMunicipalGovernmentsAndAgenciesDebtMember 2020-10-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:OtherOECDGovernmentGuaranteedDebtMember 2021-07-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:OtherOECDGovernmentGuaranteedDebtMember 2020-10-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:MortgageBackedSecurities1Member 2021-07-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember td:MortgageBackedSecurities1Member 2020-10-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2021-07-31 0000947263 td:SecuritiesMember td:GovernmentAndGovernmentRelatedSecuritiesMember 2020-10-31 0000947263 td:SecuritiesMember td:OtherDebtSecurities1Member ifrs-full:AssetbackedFinancingsMember 2021-07-31 0000947263 td:SecuritiesMember td:OtherDebtSecurities1Member ifrs-full:AssetbackedFinancingsMember 2020-10-31 0000947263 td:SecuritiesMember td:OtherDebtSecurities1Member td:CorporateAndOtherDebtMember 2021-07-31 0000947263 td:SecuritiesMember td:OtherDebtSecurities1Member td:CorporateAndOtherDebtMember 2020-10-31 0000947263 td:SecuritiesMember td:OtherDebtSecurities1Member 2021-07-31 0000947263 td:SecuritiesMember td:OtherDebtSecurities1Member 2020-10-31 0000947263 td:SecuritiesMember td:DebtSecurities1Member 2021-07-31 0000947263 td:SecuritiesMember td:DebtSecurities1Member 2020-10-31 0000947263 td:SecuritiesMember td:EquitySecurities1Member ifrs-full:OrdinarySharesMember 2021-07-31 0000947263 td:SecuritiesMember td:EquitySecurities1Member ifrs-full:OrdinarySharesMember 2020-10-31 0000947263 td:SecuritiesMember td:EquitySecurities1Member ifrs-full:PreferenceSharesMember 2021-07-31 0000947263 td:SecuritiesMember td:EquitySecurities1Member ifrs-full:PreferenceSharesMember 2020-10-31 0000947263 td:SecuritiesMember td:EquitySecurities1Member 2021-07-31 0000947263 td:SecuritiesMember td:EquitySecurities1Member 2020-10-31 0000947263 td:SecuritiesMember 2021-07-31 0000947263 td:SecuritiesMember 2020-10-31 0000947263 ifrs-full:OrdinarySharesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:OrdinarySharesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:OrdinarySharesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:OrdinarySharesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:PreferenceSharesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:PreferenceSharesMember 2020-05-01 2020-07-31 0000947263 ifrs-full:PreferenceSharesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:PreferenceSharesMember 2019-11-01 2020-07-31 0000947263 td:SecuritiesDisposedMember td:SecuritiesMember 2021-05-01 2021-07-31 0000947263 td:SecuritiesDisposedMember td:SecuritiesMember 2020-11-01 2021-07-31 0000947263 td:SecuritiesDisposedMember td:SecuritiesMember 2020-05-01 2020-07-31 0000947263 td:SecuritiesDisposedMember td:SecuritiesMember 2019-11-01 2020-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2021-05-01 2021-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2020-05-01 2020-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2020-11-01 2021-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2019-11-01 2020-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-05-01 2021-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-05-01 2020-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-11-01 2021-07-31 0000947263 ifrs-full:DebtSecuritiesMember ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2019-11-01 2020-07-31 0000947263 td:InvestmentGradeMember td:StageOneMember 2021-07-31 0000947263 td:InvestmentGradeMember 2021-07-31 0000947263 td:InvestmentGradeMember td:StageOneMember 2020-10-31 0000947263 td:InvestmentGradeMember 2020-10-31 0000947263 td:NonInvestmentGradeMember td:StageOneMember 2021-07-31 0000947263 td:NonInvestmentGradeMember td:StageTwoMember 2021-07-31 0000947263 td:NonInvestmentGradeMember 2021-07-31 0000947263 td:NonInvestmentGradeMember td:StageOneMember 2020-10-31 0000947263 td:NonInvestmentGradeMember td:StageTwoMember 2020-10-31 0000947263 td:NonInvestmentGradeMember 2020-10-31 0000947263 td:WatchAndClassifiedMember td:StageTwoMember 2021-07-31 0000947263 td:WatchAndClassifiedMember 2021-07-31 0000947263 td:WatchAndClassifiedMember td:StageTwoMember 2020-10-31 0000947263 td:WatchAndClassifiedMember 2020-10-31 0000947263 td:StageOneMember 2021-07-31 0000947263 td:StageTwoMember 2021-07-31 0000947263 td:StageOneMember 2020-10-31 0000947263 td:StageTwoMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:LowRiskMember td:StageOneMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:LowRiskMember td:StageTwoMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:LowRiskMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:LowRiskMember td:StageOneMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:LowRiskMember td:StageTwoMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:LowRiskMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:NormalRiskMember td:StageOneMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:NormalRiskMember td:StageTwoMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:NormalRiskMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:NormalRiskMember td:StageOneMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:NormalRiskMember td:StageTwoMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:NormalRiskMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:MediumRiskMember td:StageTwoMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:MediumRiskMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:MediumRiskMember td:StageTwoMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:MediumRiskMember 2020-10-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:HighRiskMember 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:HighRiskMember 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:HighRiskMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:HighRiskMember 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:HighRiskMember 2020-10-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:HighRiskMember 2020-10-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:HighRiskMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:HighRiskMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:DefaultMember td:StageThreeMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:DefaultMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:DefaultMember td:StageThreeMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:DefaultMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:StageOneMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:StageTwoMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:StageThreeMember 2021-07-31 0000947263 td:ResidentialMortgagesMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:StageOneMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:StageTwoMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:StageThreeMember 2020-10-31 0000947263 td:ResidentialMortgagesMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:LowRiskMember td:StageOneMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:LowRiskMember td:StageTwoMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:LowRiskMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:LowRiskMember td:StageOneMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:LowRiskMember td:StageTwoMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:LowRiskMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:NormalRiskMember td:StageOneMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:NormalRiskMember td:StageTwoMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:NormalRiskMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:NormalRiskMember td:StageOneMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:NormalRiskMember td:StageTwoMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:NormalRiskMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:MediumRiskMember td:StageOneMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:MediumRiskMember td:StageTwoMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:MediumRiskMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:MediumRiskMember td:StageOneMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:MediumRiskMember td:StageTwoMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:MediumRiskMember 2020-10-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2020-10-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2020-10-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:HighRiskMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:DefaultMember td:StageThreeMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:DefaultMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:DefaultMember td:StageThreeMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:DefaultMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:StageOneMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:StageTwoMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:StageThreeMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:StageOneMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:StageTwoMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:StageThreeMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2020-10-31 0000947263 td:CreditCard1Member td:LowRiskMember td:StageOneMember 2021-07-31 0000947263 td:CreditCard1Member td:LowRiskMember td:StageTwoMember 2021-07-31 0000947263 td:CreditCard1Member td:LowRiskMember 2021-07-31 0000947263 td:CreditCard1Member td:LowRiskMember td:StageOneMember 2020-10-31 0000947263 td:CreditCard1Member td:LowRiskMember td:StageTwoMember 2020-10-31 0000947263 td:CreditCard1Member td:LowRiskMember 2020-10-31 0000947263 td:CreditCard1Member td:NormalRiskMember td:StageOneMember 2021-07-31 0000947263 td:CreditCard1Member td:NormalRiskMember td:StageTwoMember 2021-07-31 0000947263 td:CreditCard1Member td:NormalRiskMember 2021-07-31 0000947263 td:CreditCard1Member td:NormalRiskMember td:StageOneMember 2020-10-31 0000947263 td:CreditCard1Member td:NormalRiskMember td:StageTwoMember 2020-10-31 0000947263 td:CreditCard1Member td:NormalRiskMember 2020-10-31 0000947263 td:CreditCard1Member td:MediumRiskMember td:StageOneMember 2021-07-31 0000947263 td:CreditCard1Member td:MediumRiskMember td:StageTwoMember 2021-07-31 0000947263 td:CreditCard1Member td:MediumRiskMember 2021-07-31 0000947263 td:CreditCard1Member td:MediumRiskMember td:StageOneMember 2020-10-31 0000947263 td:CreditCard1Member td:MediumRiskMember td:StageTwoMember 2020-10-31 0000947263 td:CreditCard1Member td:MediumRiskMember 2020-10-31 0000947263 td:StageOneMember td:CreditCard1Member td:HighRiskMember 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:HighRiskMember 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:HighRiskMember 2021-07-31 0000947263 td:CreditCard1Member td:HighRiskMember 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:HighRiskMember 2020-10-31 0000947263 td:StageTwoMember td:CreditCard1Member td:HighRiskMember 2020-10-31 0000947263 td:StageThreeMember td:CreditCard1Member td:HighRiskMember 2020-10-31 0000947263 td:CreditCard1Member td:HighRiskMember 2020-10-31 0000947263 td:CreditCard1Member td:DefaultMember td:StageThreeMember 2021-07-31 0000947263 td:CreditCard1Member td:DefaultMember 2021-07-31 0000947263 td:CreditCard1Member td:DefaultMember td:StageThreeMember 2020-10-31 0000947263 td:CreditCard1Member td:DefaultMember 2020-10-31 0000947263 td:CreditCard1Member td:StageOneMember 2021-07-31 0000947263 td:CreditCard1Member td:StageTwoMember 2021-07-31 0000947263 td:CreditCard1Member td:StageThreeMember 2021-07-31 0000947263 td:CreditCard1Member 2021-07-31 0000947263 td:CreditCard1Member td:StageOneMember 2020-10-31 0000947263 td:CreditCard1Member td:StageTwoMember 2020-10-31 0000947263 td:CreditCard1Member td:StageThreeMember 2020-10-31 0000947263 td:CreditCard1Member 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:InvestmentGradeOrLowNormalRiskMember td:StageOneMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:InvestmentGradeOrLowNormalRiskMember td:StageTwoMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:InvestmentGradeOrLowNormalRiskMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:InvestmentGradeOrLowNormalRiskMember td:StageOneMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:InvestmentGradeOrLowNormalRiskMember td:StageTwoMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:InvestmentGradeOrLowNormalRiskMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrMediumRiskMember td:StageOneMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrMediumRiskMember td:StageTwoMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrMediumRiskMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrMediumRiskMember td:StageOneMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrMediumRiskMember td:StageTwoMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrMediumRiskMember 2020-10-31 0000947263 td:StageOneMember td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2021-07-31 0000947263 td:StageTwoMember td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2021-07-31 0000947263 td:StageThreeMember td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2021-07-31 0000947263 td:StageOneMember td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2020-10-31 0000947263 td:StageTwoMember td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2020-10-31 0000947263 td:StageThreeMember td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:WatchAndClassifiedOrHighRiskMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:DefaultMember td:StageThreeMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:DefaultMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:DefaultMember td:StageThreeMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:DefaultMember 2020-10-31 0000947263 td:StageOneMember td:BusinessAndGovernmentMember 2021-07-31 0000947263 td:StageTwoMember td:BusinessAndGovernmentMember 2021-07-31 0000947263 td:StageThreeMember td:BusinessAndGovernmentMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember 2021-07-31 0000947263 td:StageOneMember td:BusinessAndGovernmentMember 2020-10-31 0000947263 td:StageTwoMember td:BusinessAndGovernmentMember 2020-10-31 0000947263 td:StageThreeMember td:BusinessAndGovernmentMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember 2020-10-31 0000947263 td:StageThreeMember 2021-07-31 0000947263 td:StageThreeMember 2020-10-31 0000947263 td:WithNoAllowanceForLoanLossesMember td:BusinessAndGovernmentAndResidentialMortgageMember td:ImpairedLoansMember 2021-07-31 0000947263 td:WithNoAllowanceForLoanLossesMember td:BusinessAndGovernmentAndResidentialMortgageMember td:ImpairedLoansMember 2020-10-31 0000947263 td:BusinessAndGovernmentAndResidentialMortgageMember 2021-07-31 0000947263 td:BusinessAndGovernmentAndResidentialMortgageMember 2020-10-31 0000947263 td:BusinessAndGovernmentAndResidentialMortgageMember td:InsuredMember ifrs-full:MortgagesMember 2021-07-31 0000947263 td:BusinessAndGovernmentAndResidentialMortgageMember td:InsuredMember ifrs-full:MortgagesMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:CanadianGovernmentInsuredMember td:RealEstateSecuredPersonalLendingMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:CanadianGovernmentInsuredMember td:RealEstateSecuredPersonalLendingMember 2020-10-31 0000947263 td:LoanMember 2021-07-31 0000947263 td:LoanMember 2020-10-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrLowerRiskMember 2021-07-31 0000947263 td:BusinessAndGovernmentMember td:NonInvestmentGradeOrLowerRiskMember 2020-10-31 0000947263 td:AcquiredCreditImpairedLoansMember 2021-07-31 0000947263 td:AcquiredCreditImpairedLoansMember 2020-10-31 0000947263 ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-07-31 0000947263 ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:LowRiskMember td:RetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:LowRiskMember td:RetailExposuresMember td:StageTwoMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:LowRiskMember td:RetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:LowRiskMember td:RetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:LowRiskMember td:RetailExposuresMember td:StageTwoMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:LowRiskMember td:RetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NormalRiskMember td:RetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NormalRiskMember td:RetailExposuresMember td:StageTwoMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NormalRiskMember td:RetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NormalRiskMember td:RetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NormalRiskMember td:RetailExposuresMember td:StageTwoMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NormalRiskMember td:RetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:MediumRiskMember td:RetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:MediumRiskMember td:RetailExposuresMember td:StageTwoMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:MediumRiskMember td:RetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:MediumRiskMember td:RetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:MediumRiskMember td:RetailExposuresMember td:StageTwoMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:MediumRiskMember td:RetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:HighRiskMember td:RetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:HighRiskMember td:RetailExposuresMember td:StageTwoMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:HighRiskMember td:RetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:HighRiskMember td:RetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:HighRiskMember td:RetailExposuresMember td:StageTwoMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:HighRiskMember td:RetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:InvestmentGradeMember td:NonRetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:InvestmentGradeMember td:NonRetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:InvestmentGradeMember td:NonRetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:InvestmentGradeMember td:NonRetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NonInvestmentGradeMember td:NonRetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NonInvestmentGradeMember td:NonRetailExposuresMember td:StageTwoMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NonInvestmentGradeMember td:NonRetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NonInvestmentGradeMember td:NonRetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NonInvestmentGradeMember td:NonRetailExposuresMember td:StageTwoMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:NonInvestmentGradeMember td:NonRetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:WatchAndClassifiedMember td:NonRetailExposuresMember td:StageOneMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:WatchAndClassifiedMember td:NonRetailExposuresMember td:StageTwoMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:WatchAndClassifiedMember td:NonRetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:WatchAndClassifiedMember td:NonRetailExposuresMember td:StageOneMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:WatchAndClassifiedMember td:NonRetailExposuresMember td:StageTwoMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:WatchAndClassifiedMember td:NonRetailExposuresMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:DefaultMember td:NonRetailExposuresMember td:StageThreeMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:DefaultMember td:NonRetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:DefaultMember td:NonRetailExposuresMember td:StageThreeMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:DefaultMember td:NonRetailExposuresMember 2020-10-31 0000947263 td:StageOneMember td:OffbalanceSheetCreditRisksMember 2021-07-31 0000947263 td:StageTwoMember td:OffbalanceSheetCreditRisksMember 2021-07-31 0000947263 td:StageThreeMember td:OffbalanceSheetCreditRisksMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember 2021-07-31 0000947263 td:StageOneMember td:OffbalanceSheetCreditRisksMember 2020-10-31 0000947263 td:StageTwoMember td:OffbalanceSheetCreditRisksMember 2020-10-31 0000947263 td:StageThreeMember td:OffbalanceSheetCreditRisksMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:RetailExposuresMember td:PersonalLinesOfCreditAndCreditCardLinesCancellableAndBanksDiscretionMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:RetailExposuresMember td:PersonalLinesOfCreditAndCreditCardLinesCancellableAndBanksDiscretionMember 2020-10-31 0000947263 td:OffbalanceSheetCreditRisksMember td:UndrawnComponentOfUncommittedCreditAndLiquidityCommitmentsMember td:NonRetailExposuresMember 2021-07-31 0000947263 td:OffbalanceSheetCreditRisksMember td:UndrawnComponentOfUncommittedCreditAndLiquidityCommitmentsMember td:NonRetailExposuresMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-04-30 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-05-01 2021-07-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-07-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-04-30 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-05-01 2020-07-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-04-30 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-05-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-04-30 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-05-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-07-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-04-30 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-05-01 2021-07-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-07-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-04-30 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-05-01 2020-07-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-04-30 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-05-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-04-30 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-05-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-07-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-04-30 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-05-01 2021-07-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2021-07-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-04-30 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-05-01 2020-07-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-07-31 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2021-04-30 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2021-07-31 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-04-30 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-05-01 2020-07-31 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-07-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2021-04-30 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2021-07-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-04-30 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-05-01 2020-07-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-07-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2021-04-30 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2021-07-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-04-30 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-05-01 2020-07-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-07-31 0000947263 td:AtAmortizedCostMember td:LoanMember 2021-04-30 0000947263 td:AtAmortizedCostMember td:LoanMember 2021-07-31 0000947263 td:AtAmortizedCostMember td:LoanMember 2020-04-30 0000947263 td:AtAmortizedCostMember td:LoanMember 2020-07-31 0000947263 td:CreditLossesOnLoansAtFVOCIMember td:LoanMember 2021-04-30 0000947263 td:LoanMember 2021-04-30 0000947263 td:LoanMember 2021-07-31 0000947263 td:LoanMember 2020-04-30 0000947263 td:LoanMember 2020-07-31 0000947263 td:AllowanceForOffBalanceSheetInsturmentsMember 2021-04-30 0000947263 td:AllowanceForOffBalanceSheetInsturmentsMember 2021-07-31 0000947263 td:AllowanceForOffBalanceSheetInsturmentsMember 2020-04-30 0000947263 td:AllowanceForOffBalanceSheetInsturmentsMember 2020-07-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-10-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-11-01 2021-07-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-10-31 0000947263 td:ResidentialMortgagesMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-11-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-11-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-11-01 2020-07-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-10-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-11-01 2021-07-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-10-31 0000947263 td:CreditCard1Member td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-11-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-10-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-11-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-10-31 0000947263 td:BusinessesAndGovernmentMember td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-11-01 2020-07-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-10-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2020-11-01 2021-07-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-10-31 0000947263 td:AllowanceForLoanLossesIncludingOffBalanceSheetInstrumentsMember 2019-11-01 2020-07-31 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-10-31 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2019-10-31 0000947263 td:DebtSecuritiesAtAmortizedCostMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2019-11-01 2020-07-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-10-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-11-01 2021-07-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2019-10-31 0000947263 td:DebtSecuritiesFVOCIMember td:AllowanceForCreditLossesOnDebtSecuritiesMember 2019-11-01 2020-07-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-10-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2020-11-01 2021-07-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2019-10-31 0000947263 td:AllowanceForCreditLossesOnDebtSecuritiesMember 2019-11-01 2020-07-31 0000947263 td:AtAmortizedCostMember td:LoanMember 2020-10-31 0000947263 td:AtAmortizedCostMember td:LoanMember 2019-10-31 0000947263 td:CreditLossesOnLoansAtFVOCIMember td:LoanMember 2020-10-31 0000947263 td:LoanMember 2020-10-31 0000947263 td:LoanMember 2019-10-31 0000947263 td:AllowanceForOffBalanceSheetInsturmentsMember 2020-10-31 0000947263 td:AllowanceForOffBalanceSheetInsturmentsMember 2019-10-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2021-04-30 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2021-04-30 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2021-04-30 0000947263 td:ResidentialMortgagesMember 2021-04-30 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2020-04-30 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2020-04-30 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2020-04-30 0000947263 td:ResidentialMortgagesMember 2020-04-30 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2021-05-01 2021-07-31 0000947263 td:ResidentialMortgagesMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2020-05-01 2020-07-31 0000947263 td:ResidentialMortgagesMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2020-07-31 0000947263 td:ResidentialMortgagesMember 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2021-04-30 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2021-04-30 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2021-04-30 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2021-04-30 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2020-04-30 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2020-04-30 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2020-04-30 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2020-04-30 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2021-05-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2020-05-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2021-04-30 0000947263 td:StageTwoMember td:CreditCard1Member 2021-04-30 0000947263 td:StageThreeMember td:CreditCard1Member 2021-04-30 0000947263 td:CreditCard1Member 2021-04-30 0000947263 td:StageOneMember td:CreditCard1Member 2020-04-30 0000947263 td:StageTwoMember td:CreditCard1Member 2020-04-30 0000947263 td:StageThreeMember td:CreditCard1Member 2020-04-30 0000947263 td:CreditCard1Member 2020-04-30 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:CreditCard1Member td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:CreditCard1Member td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:CreditCard1Member td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:CreditCard1Member td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:CreditCard1Member td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:CreditCard1Member td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member 2021-05-01 2021-07-31 0000947263 td:CreditCard1Member 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member 2020-05-01 2020-07-31 0000947263 td:CreditCard1Member 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member 2020-07-31 0000947263 td:CreditCard1Member 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2021-04-30 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2021-04-30 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2021-04-30 0000947263 td:BusinessesAndGovernmentMember 2021-04-30 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2020-04-30 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2020-04-30 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2020-04-30 0000947263 td:BusinessesAndGovernmentMember 2020-04-30 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2021-05-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2020-05-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2021-07-31 0000947263 td:BusinessesAndGovernmentMember 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2020-07-31 0000947263 td:BusinessesAndGovernmentMember 2020-07-31 0000947263 td:StageOneMember 2020-07-31 0000947263 td:StageTwoMember 2020-07-31 0000947263 td:StageThreeMember 2020-07-31 0000947263 td:StageOneMember 2021-05-01 2021-07-31 0000947263 td:StageTwoMember 2021-05-01 2021-07-31 0000947263 td:StageThreeMember 2021-05-01 2021-07-31 0000947263 td:StageOneMember 2020-05-01 2020-07-31 0000947263 td:StageTwoMember 2020-05-01 2020-07-31 0000947263 td:StageThreeMember 2020-05-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2019-10-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2019-10-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2019-10-31 0000947263 td:ResidentialMortgagesMember 2019-10-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:ResidentialMortgagesMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:ResidentialMortgagesMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:ResidentialMortgagesMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:ResidentialMortgagesMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:ResidentialMortgagesMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:ResidentialMortgagesMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2020-11-01 2021-07-31 0000947263 td:ResidentialMortgagesMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ResidentialMortgagesMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ResidentialMortgagesMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ResidentialMortgagesMember 2019-11-01 2020-07-31 0000947263 td:ResidentialMortgagesMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2019-10-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2019-10-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2019-10-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2019-10-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2020-11-01 2021-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:ConsumerInstallmentAndOtherPersonalMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:ConsumerInstallmentAndOtherPersonalMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:ConsumerInstallmentAndOtherPersonalMember 2019-11-01 2020-07-31 0000947263 td:ConsumerInstallmentAndOtherPersonalMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2019-10-31 0000947263 td:StageTwoMember td:CreditCard1Member 2019-10-31 0000947263 td:StageThreeMember td:CreditCard1Member 2019-10-31 0000947263 td:CreditCard1Member 2019-10-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:CreditCard1Member td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:CreditCard1Member td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:CreditCard1Member td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:CreditCard1Member td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:CreditCard1Member td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:CreditCard1Member td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:CreditCard1Member 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:CreditCard1Member 2020-11-01 2021-07-31 0000947263 td:CreditCard1Member 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:CreditCard1Member 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:CreditCard1Member 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:CreditCard1Member 2019-11-01 2020-07-31 0000947263 td:CreditCard1Member 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2020-10-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2020-10-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2020-10-31 0000947263 td:BusinessesAndGovernmentMember 2020-10-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2019-10-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2019-10-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2019-10-31 0000947263 td:BusinessesAndGovernmentMember 2019-10-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageOneMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember td:TransferToStageThreeMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2020-11-01 2021-07-31 0000947263 td:BusinessesAndGovernmentMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember td:BusinessesAndGovernmentMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember td:BusinessesAndGovernmentMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember td:BusinessesAndGovernmentMember 2019-11-01 2020-07-31 0000947263 td:BusinessesAndGovernmentMember 2019-11-01 2020-07-31 0000947263 td:StageOneMember 2020-11-01 2021-07-31 0000947263 td:StageTwoMember 2020-11-01 2021-07-31 0000947263 td:StageThreeMember 2020-11-01 2021-07-31 0000947263 td:StageOneMember 2019-11-01 2020-07-31 0000947263 td:StageTwoMember 2019-11-01 2020-07-31 0000947263 td:StageThreeMember 2019-11-01 2020-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyOneQuarterThreeMember country:CA 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyOneQuarterFourMember country:CA 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyTwoQuarterOneMember country:CA 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyTwoQuarterTwoMember country:CA 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember country:CA 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:RemainingFourYearPeriodMember country:CA 2020-11-01 2021-07-31 0000947263 td:UpsideScenarioMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember country:CA 2020-11-01 2021-07-31 0000947263 td:UpsideScenarioMember td:RemainingFourYearPeriodMember country:CA 2020-11-01 2021-07-31 0000947263 td:DownsideScenarioMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember country:CA 2020-11-01 2021-07-31 0000947263 td:DownsideScenarioMember td:RemainingFourYearPeriodMember country:CA 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyOneQuarterThreeMember country:US 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyOneQuarterFourMember country:US 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyTwoQuarterOneMember country:US 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyTwoQuarterTwoMember country:US 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember country:US 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:RemainingFourYearPeriodMember country:US 2020-11-01 2021-07-31 0000947263 td:UpsideScenarioMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember country:US 2020-11-01 2021-07-31 0000947263 td:UpsideScenarioMember td:RemainingFourYearPeriodMember country:US 2020-11-01 2021-07-31 0000947263 td:DownsideScenarioMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember country:US 2020-11-01 2021-07-31 0000947263 td:DownsideScenarioMember td:RemainingFourYearPeriodMember country:US 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyOneQuarterThreeMember 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyOneQuarterFourMember 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyTwoQuarterOneMember 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:TwoThousandTwentyTwoQuarterTwoMember 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember 2020-11-01 2021-07-31 0000947263 td:BaseForecastMember td:RemainingFourYearPeriodMember 2020-11-01 2021-07-31 0000947263 td:UpsideScenarioMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember 2020-11-01 2021-07-31 0000947263 td:UpsideScenarioMember td:RemainingFourYearPeriodMember 2020-11-01 2021-07-31 0000947263 td:DownsideScenarioMember td:AverageOfTwoThousandTwentyOneQuarterThreeToTwoThousandTwentyTwoQuarterTwoMember 2020-11-01 2021-07-31 0000947263 td:DownsideScenarioMember td:RemainingFourYearPeriodMember 2020-11-01 2021-07-31 0000947263 td:ProbabilityWeightedMethodMember 2021-07-31 0000947263 td:ProbabilityWeightedMethodMember 2020-10-31 0000947263 td:BaseScenarioMember 2021-07-31 0000947263 td:BaseScenarioMember 2020-10-31 0000947263 td:StageOneAndTwoMember 2021-07-31 0000947263 td:StageOneAndTwoMember 2020-10-31 0000947263 ifrs-full:TwelvemonthExpectedCreditLossesMember 2021-07-31 0000947263 ifrs-full:TwelvemonthExpectedCreditLossesMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ResidentialMortgagesMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ResidentialMortgagesMember 2021-07-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ResidentialMortgagesMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ResidentialMortgagesMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ResidentialMortgagesMember 2020-10-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ResidentialMortgagesMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ConsumerInstallmentAndOtherPersonalMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ConsumerInstallmentAndOtherPersonalMember 2021-07-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ConsumerInstallmentAndOtherPersonalMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ConsumerInstallmentAndOtherPersonalMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ConsumerInstallmentAndOtherPersonalMember 2020-10-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:ConsumerInstallmentAndOtherPersonalMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:CreditCard1Member 2021-07-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:CreditCard1Member 2021-07-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:CreditCard1Member 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:CreditCard1Member 2020-10-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:CreditCard1Member 2020-10-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:CreditCard1Member 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:BusinessesAndGovernmentMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:BusinessesAndGovernmentMember 2021-07-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:BusinessesAndGovernmentMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:BusinessesAndGovernmentMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:BusinessesAndGovernmentMember 2020-10-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember td:BusinessesAndGovernmentMember 2020-10-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember 2021-07-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember 2021-07-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember 2021-07-31 0000947263 ifrs-full:LaterThanOneMonthAndNotLaterThanTwoMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember 2020-10-31 0000947263 ifrs-full:LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember ifrs-full:FinancialAssetsPastDueButNotImpairedMember 2020-10-31 0000947263 ifrs-full:FinancialAssetsPastDueButNotImpairedMember 2020-10-31 0000947263 td:CanadaEmergencyBusinessAccountProgramMember ifrs-full:TopOfRangeMember 2021-07-31 0000947263 td:CanadaEmergencyBusinessAccountProgramMember 2020-11-01 2021-07-31 0000947263 td:CanadaEmergencyBusinessAccountProgramMember 2021-07-31 0000947263 td:CanadaEmergencyBusinessAccountProgramMember 2019-11-01 2020-10-31 0000947263 td:CanadaEmergencyBusinessAccountProgramMember 2020-10-31 0000947263 td:CharlesSchwabCorporateMember 2020-11-01 2021-07-31 0000947263 td:CharlesSchwabCorporateMember 2019-11-01 2020-10-31 0000947263 td:CharlesSchwabCorporateMember 2021-07-31 0000947263 td:CharlesSchwabCorporateMember 2020-10-31 0000947263 td:CharlesSchwabCorporateMember 2021-05-01 2021-07-31 0000947263 td:CharlesSchwabCorporateMember 2020-11-01 2021-07-31 0000947263 td:CharlesSchwabCorporateMember 2021-06-30 0000947263 td:CharlesSchwabCorporateMember 2021-04-01 2021-06-30 0000947263 td:CharlesSchwabCorporateMember 2020-10-01 2021-06-30 0000947263 td:CanadianRetailMember 2019-10-31 0000947263 td:USRetailMember 2019-10-31 0000947263 td:WholesaleBankingMember 2019-10-31 0000947263 td:CanadianRetailMember 2019-11-01 2020-10-31 0000947263 td:USRetailMember 2019-11-01 2020-10-31 0000947263 td:WholesaleBankingMember 2019-11-01 2020-10-31 0000947263 2019-11-01 2020-10-31 0000947263 td:CanadianRetailMember 2020-10-31 0000947263 td:USRetailMember 2020-10-31 0000947263 td:WholesaleBankingMember 2020-10-31 0000947263 td:CanadianRetailMember 2020-11-01 2021-07-31 0000947263 td:USRetailMember 2020-11-01 2021-07-31 0000947263 td:WholesaleBankingMember 2020-11-01 2021-07-31 0000947263 td:CanadianRetailMember 2021-07-31 0000947263 td:USRetailMember 2021-07-31 0000947263 td:WholesaleBankingMember 2021-07-31 0000947263 td:PersonalDepositMember 2021-07-31 0000947263 country:CA td:PersonalDepositMember 2021-07-31 0000947263 country:US td:PersonalDepositMember 2021-07-31 0000947263 td:PersonalDepositMember 2020-10-31 0000947263 td:BankDepositsMember 2021-07-31 0000947263 country:CA td:BankDepositsMember 2021-07-31 0000947263 country:US td:BankDepositsMember 2021-07-31 0000947263 td:InternationalMember td:BankDepositsMember 2021-07-31 0000947263 td:BankDepositsMember 2020-10-31 0000947263 td:BusinessAndGovernmentDepositsMember 2021-07-31 0000947263 country:CA td:BusinessAndGovernmentDepositsMember 2021-07-31 0000947263 country:US td:BusinessAndGovernmentDepositsMember 2021-07-31 0000947263 td:InternationalMember td:BusinessAndGovernmentDepositsMember 2021-07-31 0000947263 td:BusinessAndGovernmentDepositsMember 2020-10-31 0000947263 td:PersonalBanksBusinessAndGovermentMember 2021-07-31 0000947263 country:CA td:PersonalBanksBusinessAndGovermentMember 2021-07-31 0000947263 country:US td:PersonalBanksBusinessAndGovermentMember 2021-07-31 0000947263 td:InternationalMember td:PersonalBanksBusinessAndGovermentMember 2021-07-31 0000947263 td:PersonalBanksBusinessAndGovermentMember 2020-10-31 0000947263 td:TradingDepositsMember 2021-07-31 0000947263 country:CA td:TradingDepositsMember 2021-07-31 0000947263 country:US td:TradingDepositsMember 2021-07-31 0000947263 td:InternationalMember td:TradingDepositsMember 2021-07-31 0000947263 td:TradingDepositsMember 2020-10-31 0000947263 td:DesignatedFinancialAtFairValueThroughProfitOrLossDepositMember 2021-07-31 0000947263 country:CA td:DesignatedFinancialAtFairValueThroughProfitOrLossDepositMember 2021-07-31 0000947263 country:US td:DesignatedFinancialAtFairValueThroughProfitOrLossDepositMember 2021-07-31 0000947263 td:InternationalMember td:DesignatedFinancialAtFairValueThroughProfitOrLossDepositMember 2021-07-31 0000947263 td:DesignatedFinancialAtFairValueThroughProfitOrLossDepositMember 2020-10-31 0000947263 country:CA 2021-07-31 0000947263 country:US 2021-07-31 0000947263 td:InternationalMember 2021-07-31 0000947263 td:DomesticOfficesMember td:NonInterestBearingDepositsMember 2021-07-31 0000947263 td:DomesticOfficesMember td:NonInterestBearingDepositsMember 2020-10-31 0000947263 td:ForeignOfficesMember td:NonInterestBearingDepositsMember 2021-07-31 0000947263 td:ForeignOfficesMember td:NonInterestBearingDepositsMember 2020-10-31 0000947263 td:DomesticOfficesMember td:InterestBearingDeposits1Member 2021-07-31 0000947263 td:DomesticOfficesMember td:InterestBearingDeposits1Member 2020-10-31 0000947263 td:ForeignOfficesMember td:InterestBearingDeposits1Member 2021-07-31 0000947263 td:ForeignOfficesMember td:InterestBearingDeposits1Member 2020-10-31 0000947263 td:UsFederalFundsDepositedMember td:InterestBearingDeposits1Member 2021-07-31 0000947263 td:UsFederalFundsDepositedMember td:InterestBearingDeposits1Member 2020-10-31 0000947263 td:BusinessAndGovernmentDepositsMember td:BondholdersMember 2021-07-31 0000947263 td:BusinessAndGovernmentDepositsMember td:BondholdersMember 2020-10-31 0000947263 td:BusinessAndGovernmentDepositsMember td:TdCapitalTrustIvMember 2021-07-31 0000947263 td:BusinessAndGovernmentDepositsMember td:TdCapitalTrustIvMember 2020-10-31 0000947263 td:LoanCommitmentsAndFinancialGuaranteesMember 2021-07-31 0000947263 td:LoanCommitmentsAndFinancialGuaranteesMember 2020-10-31 0000947263 currency:USD 2021-07-31 0000947263 currency:USD 2020-10-31 0000947263 td:OtherCurrencyMember 2021-07-31 0000947263 td:OtherCurrencyMember 2020-10-31 0000947263 2021-06-30 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2021-04-30 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2020-04-30 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2020-10-31 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2019-10-31 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2020-11-01 2021-07-31 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2021-07-31 0000947263 ifrs-full:PreferenceSharesMember ifrs-full:IssuedCapitalMember 2020-07-31 0000947263 ifrs-full:OtherEquitySecuritiesMember ifrs-full:IssuedCapitalMember td:LimitedRecourseCapitalNotesMember 2021-05-01 2021-07-31 0000947263 ifrs-full:OtherEquitySecuritiesMember ifrs-full:IssuedCapitalMember td:LimitedRecourseCapitalNotesMember 2020-11-01 2021-07-31 0000947263 ifrs-full:IssuedCapitalMember ifrs-full:OtherEquitySecuritiesMember td:LimitedRecourseCapitalNotesMember 2021-07-31 0000947263 td:PreferredSharesClassASeriesTwelveMember 2021-04-30 0000947263 td:PreferredSharesClassASeriesTwelveMember 2020-11-01 2021-04-30 0000947263 2021-07-28 2021-07-29 0000947263 td:PreferredSharesSeries26Member 2021-07-28 2021-07-29 0000947263 td:PaymentFrequencyMember 2021-07-31 0000947263 td:StockOptionAwardsMember 2021-05-01 2021-07-31 0000947263 td:StockOptionAwardsMember 2020-11-01 2021-07-31 0000947263 td:StockOptionAwardsMember 2020-05-01 2020-07-31 0000947263 td:StockOptionAwardsMember 2019-11-01 2020-07-31 0000947263 td:OptionsMember 2020-11-01 2021-07-31 0000947263 td:OptionsMember 2019-11-01 2020-07-31 0000947263 td:PrincipalPensionPlansMember 2021-05-01 2021-07-31 0000947263 td:PrincipalPensionPlansMember 2020-05-01 2020-07-31 0000947263 td:PrincipalPostRetirementBenefitPlansMember 2021-05-01 2021-07-31 0000947263 td:PrincipalPostRetirementBenefitPlansMember 2020-05-01 2020-07-31 0000947263 td:OtherPensionAndPostRetirementBenefitPlansMember 2021-05-01 2021-07-31 0000947263 td:OtherPensionAndPostRetirementBenefitPlansMember 2020-05-01 2020-07-31 0000947263 td:PrincipalPensionPlansMember 2020-11-01 2021-07-31 0000947263 td:PrincipalPensionPlansMember 2019-11-01 2020-07-31 0000947263 td:PrincipalPostRetirementBenefitPlansMember 2020-11-01 2021-07-31 0000947263 td:PrincipalPostRetirementBenefitPlansMember 2019-11-01 2020-07-31 0000947263 td:OtherPensionAndPostRetirementBenefitPlansMember 2020-11-01 2021-07-31 0000947263 td:OtherPensionAndPostRetirementBenefitPlansMember 2019-11-01 2020-07-31 0000947263 td:DefinedContributionPensionPlansMember 2021-05-01 2021-07-31 0000947263 td:DefinedContributionPensionPlansMember 2020-05-01 2020-07-31 0000947263 td:DefinedContributionPensionPlansMember 2020-11-01 2021-07-31 0000947263 td:DefinedContributionPensionPlansMember 2019-11-01 2020-07-31 0000947263 td:GovernmentPensionPlansMember 2021-05-01 2021-07-31 0000947263 td:GovernmentPensionPlansMember 2020-05-01 2020-07-31 0000947263 td:GovernmentPensionPlansMember 2020-11-01 2021-07-31 0000947263 td:GovernmentPensionPlansMember 2019-11-01 2020-07-31 0000947263 td:CanadaRevenueAgencyReassessmentMember td:TwoThousandElevenToTwoThousandFifteenTaxationYearsMember 2021-05-01 2021-07-31 0000947263 td:RevenuQuebecAgencyMember td:TwoThousandElevenToTwoThousandFifteenTaxationYearsMember 2021-05-01 2021-07-31 0000947263 td:AlbertaTaxAndRevenueAdministrationReassessmentMember td:TwoThousandElevenToTwoThousandFourteenTaxationYearsMember 2021-05-01 2021-07-31 0000947263 ifrs-full:LegalProceedingsProvisionMember ifrs-full:BottomOfRangeMember 2021-07-31 0000947263 ifrs-full:LegalProceedingsProvisionMember ifrs-full:TopOfRangeMember 2021-07-31 0000947263 ifrs-full:LegalProceedingsProvisionMember ifrs-full:TopOfRangeMember 2020-10-31 0000947263 td:CanadianRetailMember 2021-05-01 2021-07-31 0000947263 td:CanadianRetailMember 2020-05-01 2020-07-31 0000947263 td:USRetailMember 2021-05-01 2021-07-31 0000947263 td:USRetailMember 2020-05-01 2020-07-31 0000947263 td:WholesaleBankingMember 2021-05-01 2021-07-31 0000947263 td:WholesaleBankingMember 2020-05-01 2020-07-31 0000947263 td:Corporate1Member 2021-05-01 2021-07-31 0000947263 td:Corporate1Member 2020-05-01 2020-07-31 0000947263 td:CanadianRetailMember td:SchwabAndTDAmeritradeMember 2021-05-01 2021-07-31 0000947263 td:CanadianRetailMember td:SchwabAndTDAmeritradeMember 2020-05-01 2020-07-31 0000947263 td:USRetailMember td:SchwabAndTDAmeritradeMember 2021-05-01 2021-07-31 0000947263 td:USRetailMember td:SchwabAndTDAmeritradeMember 2020-05-01 2020-07-31 0000947263 td:WholesaleBankingMember td:SchwabAndTDAmeritradeMember 2021-05-01 2021-07-31 0000947263 td:WholesaleBankingMember td:SchwabAndTDAmeritradeMember 2020-05-01 2020-07-31 0000947263 td:Corporate1Member td:SchwabAndTDAmeritradeMember 2021-05-01 2021-07-31 0000947263 td:Corporate1Member td:SchwabAndTDAmeritradeMember 2020-05-01 2020-07-31 0000947263 td:CanadianRetailMember 2019-11-01 2020-07-31 0000947263 td:USRetailMember 2019-11-01 2020-07-31 0000947263 td:WholesaleBankingMember 2019-11-01 2020-07-31 0000947263 td:Corporate1Member 2020-11-01 2021-07-31 0000947263 td:Corporate1Member 2019-11-01 2020-07-31 0000947263 td:USRetailMember td:SchwabAndTDAmeritradeMember 2020-11-01 2021-07-31 0000947263 td:USRetailMember td:SchwabAndTDAmeritradeMember 2019-11-01 2020-07-31 0000947263 td:Corporate1Member td:SchwabAndTDAmeritradeMember 2020-11-01 2021-07-31 0000947263 td:Corporate1Member td:SchwabAndTDAmeritradeMember 2019-11-01 2020-07-31 0000947263 td:CanadianRetailMember 2020-07-31 0000947263 td:USRetailMember 2020-07-31 0000947263 td:WholesaleBankingMember 2020-07-31 0000947263 td:Corporate1Member 2021-07-31 0000947263 td:Corporate1Member 2020-07-31 0000947263 ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2021-05-01 2021-07-31 0000947263 ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2020-05-01 2020-07-31 0000947263 ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-05-01 2021-07-31 0000947263 ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-05-01 2020-07-31 0000947263 td:FinancialInstrumentsMeasureAtAmortizedCostAndFairValueThroughOtherComprehensiveIncomeMember 2021-05-01 2021-07-31 0000947263 td:FinancialInstrumentsMeasureAtAmortizedCostAndFairValueThroughOtherComprehensiveIncomeMember 2020-05-01 2020-07-31 0000947263 td:FinancialInstrumentsMeasuredOrDesignatedAtFairValueThroughProfitOrLossMember td:EquitiesDesignatedAtFairValueThroughOtherComprehensiveIncomeMember 2021-05-01 2021-07-31 0000947263 td:FinancialInstrumentsMeasuredOrDesignatedAtFairValueThroughProfitOrLossMember td:EquitiesDesignatedAtFairValueThroughOtherComprehensiveIncomeMember 2020-05-01 2020-07-31 0000947263 ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2020-11-01 2021-07-31 0000947263 ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2019-11-01 2020-07-31 0000947263 ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2020-11-01 2021-07-31 0000947263 ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2019-11-01 2020-07-31 0000947263 td:FinancialInstrumentsMeasureAtAmortizedCostAndFairValueThroughOtherComprehensiveIncomeMember 2020-11-01 2021-07-31 0000947263 td:FinancialInstrumentsMeasureAtAmortizedCostAndFairValueThroughOtherComprehensiveIncomeMember 2019-11-01 2020-07-31 0000947263 td:FinancialInstrumentsMeasuredOrDesignatedAtFairValueThroughProfitOrLossMember td:EquitiesDesignatedAtFairValueThroughOtherComprehensiveIncomeMember 2020-11-01 2021-07-31 0000947263 td:FinancialInstrumentsMeasuredOrDesignatedAtFairValueThroughProfitOrLossMember td:EquitiesDesignatedAtFairValueThroughOtherComprehensiveIncomeMember 2019-11-01 2020-07-31 0000947263 td:BaselIIIMember 2016-01-01 0000947263 td:BaselIIIMember 2021-07-31 0000947263 td:BaselIIIMember 2019-11-22 0000947263 td:BaselIIIMember srt:ScenarioForecastMember 2021-10-31 iso4217:USD xbrli:shares iso4217:CAD xbrli:shares xbrli:pure iso4217:CAD iso4217:USD xbrli:shares utr:Y td:Customer


Exhibit 99.1

 

 

     LOGO

 

  

TD Bank Group Reports Third Quarter 2021 Results

Report to Shareholders Three and nine months ended July 31, 2021

 

The financial information in this document is reported in Canadian dollars and is based on the Bank’s unaudited Interim Consolidated Financial Statements and related Notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted.

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. Adjusted measures are non-GAAP measures. Refer to the “How the Bank Reports” section of the Management’s Discussion and Analysis (MD&A) for an explanation of reported and adjusted results.

THIRD QUARTER FINANCIAL HIGHLIGHTS, compared with the third quarter last year:

 

Reported diluted earnings per share were $1.92, compared with $1.21.

 

Adjusted diluted earnings per share were $1.96, compared with $1.25.

 

Reported net income was $3,545 million, compared with $2,248 million.

 

Adjusted net income was $3,628 million, compared with $2,327 million.

YEAR-TO-DATE FINANCIAL HIGHLIGHTS, nine months ended July 31, 2021, compared with the corresponding period last year:

 

Reported diluted earnings per share were $5.68, compared with $3.62.

 

Adjusted diluted earnings per share were $5.83, compared with $3.76.

 

Reported net income was $10,517 million, compared with $6,752 million.

 

Adjusted net income was $10,783 million, compared with $6,998 million.

THIRD QUARTER ADJUSTMENTS (ITEMS OF NOTE)

The third quarter reported earnings figures included the following items of note:

 

Amortization of acquired intangibles of $68 million ($61 million after-tax or 3 cents per share), compared with $63 million ($54 million after-tax or 3 cents per share) in the third quarter last year.

 

Acquisition and integration charges related to the Schwab transaction of $24 million ($22 million after-tax or 1 cent per share).

TORONTO, August 26, 2021 – TD Bank Group (“TD” or the “Bank”) today announced its financial results for the third quarter ended July 31, 2021. Reported earnings were $3.5 billion, up 58% compared with the third quarter last year, and adjusted earnings were $3.6 billion, up 56%.

“TD’s strong performance in the third quarter was supported by solid revenue growth in our Canadian and U.S. Retail businesses as economic activity and employment levels continued to improve on both sides of the border,” said Bharat Masrani, Group President and CEO, TD Bank Group. “TD’s strategy – anchored in our proven business model – enabled us once again to deliver for our shareholders, meet the needs of our customers and clients and contribute to the economic recovery, while continuing to invest in our people, technology, and capabilities.”

“While businesses and consumers are resuming some of their normal activities and more people are getting vaccinated, recent developments and new variants remind us that the global pandemic is not yet over,” added Masrani. “TD will continue to adapt in this fluid environment, adjust in real-time, and prioritize the well-being of our people and all those we serve.”

Canadian Retail

Canadian Retail reported net income was $2,125 million, an increase of 68% compared with the third quarter last year. Revenue increased 9%, supported by continued momentum in mortgage originations and deposits, strong commercial loan growth and mutual fund sales, as well as record card sales. Reported expenses increased 8%, reflecting business growth spend including volume-driven and employee-related expenses and investments in technology and marketing. Provisions for credit losses (PCL) decreased by $851 million from the prior year, reflecting lower impaired PCL and a recovery in performing PCL.

Canadian Retail continued to innovate to serve customers where and when they want. This includes a new strategic alliance with Canada Post that will see the Personal Bank provide Canadians – particularly those in rural, remote and Indigenous communities – with expanded access to financial services, and the launch of new TD Insurance tools such as mobile severe weather and safety alerts and a new digital virtual assistant. In the Commercial Bank, the acquisition of Wells Fargo’s Canadian Direct Equipment Finance business closed, delivering scaled expertise in equipment leasing and finance.

U.S. Retail

U.S. Retail net income was $1,295 million (US$1,052 million), an increase of 92% (115% in U.S. dollars) compared with the third quarter last year. The Bank’s investment in The Charles Schwab Corporation (Schwab) contributed $197 million (US$161 million) in earnings, compared with the contribution of $317 million (US$230 million) from TD Ameritrade a year ago.

The U.S. Retail Bank, which excludes the Bank’s investment in Schwab, reported record net income of $1,098 million (US$891 million), an increase of 208% (243% in U.S. dollars) from the third quarter last year. In U.S. dollars, revenue increased 5% reflecting higher non-interest income, partially offset by lower deposit margins. PCL decreased by US$729 million ($993 million) reflecting lower impaired and performing PCL. Expenses increased 2% in U.S. dollars, reflecting higher investment in the business and employee-related expenses, partially offset by productivity savings. In Canadian dollars, revenue and expenses declined 6% and 8%, respectively, primarily as a result of appreciation in the Canadian dollar since the third quarter last year.

The U.S. Retail Bank continued to support customers by expanding the tools and advice it provides, generating strong results from increased customer activity and higher personal and business deposit volumes. This quarter, TD Bank, America’s Most Convenient Bank® (TD AMCB) introduced TD Essential Banking, a low-cost, no-overdraft-fee deposit account, and announced overdraft policy changes as part of its ongoing efforts to meet evolving customer needs and provide underserved communities with affordable access to mainstream financial services and products. TD AMCB also announced the establishment of a US$100 million equity fund in support of minority-owned small businesses, further demonstrating its commitment to provide opportunity in underserved communities and help

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 1 


Table of Contents

combat racial inequities. The U.S. Retail Bank continued to invest in enhancing the customer experience, including the ability to book in-store appointments online for retail, small business and wealth services and simplifying how debit or credit cards are added to digital wallets.

Wholesale

Wholesale Banking reported net income of $330 million this quarter, a decrease of 25% compared to the third quarter last year, reflecting lower revenue, partially offset by lower PCL and lower non-interest expenses. Revenue for the quarter was $1,083 million, a decrease of 22% from a year ago, primarily reflecting lower trading-related revenue, partially offset by higher advisory fees. PCL decreased by $121 million from the prior year, reflecting lower impaired and performing PCL.

This quarter, TD Securities was named “Canada’s Best Investment Bank” by the 2021 Euromoney Awards and recognized as the 2021 Canadian FX Service Quality Leader as measured by the Greenwich Quality Index for the second year in a row. TD Securities was selected as one of two Structuring Advisors to the Government of Canada’s inaugural issuance of green bonds, reflecting leadership in the Environmental, Social and Governance (ESG) space. The Wholesale Bank continued to invest in its client-centric strategy and further extended its global reach and capabilities with the completion of TD’s acquisition of Headlands Tech Global Markets, LLC.

Capital

TD’s Common Equity Tier 1 Capital ratio was 14.5%.

Conclusion

“As we look to the future, we are committed to delivering on our purpose to enrich the lives of our customers, colleagues and communities and to contributing to an inclusive recovery for all. Each day our 90,000 colleagues around the world help make our customers’ financial aspirations a reality and I want to thank them for their dedication,” concluded Masrani.

The foregoing contains forward-looking statements. Please refer to the “Caution Regarding Forward-Looking Statements” on page 4.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 2 


Table of Contents

ENHANCED DISCLOSURE TASK FORCE

The Enhanced Disclosure Task Force (EDTF) was established by the Financial Stability Board in 2012 to identify fundamental disclosure principles, recommendations and leading practices to enhance risk disclosures of banks. The index below includes the recommendations (as published by the EDTF) and lists the location of the related EDTF disclosures presented in the third quarter 2021 Report to Shareholders (RTS), Supplemental Financial Information (SFI), or Supplemental Regulatory Disclosures (SRD). Information on TD’s website, SFI, and SRD is not and should not be considered incorporated herein by reference into the third quarter 2021 RTS, Management’s Discussion and Analysis, or the Interim Consolidated Financial Statements. Certain disclosure references have been made to the Bank’s 2020 Annual Report.

 

Type of    

Risk    

  Topic    EDTF Disclosure  Page
  RTS

Third

Quarter

2021

   

SFI

Third

Quarter

2021

 

 

 

 

  SRD

Third

Quarter

2021

  Annual

Report

2020

    
General  1  

Present all related risk information together in any particular report.

 

  Refer to below for location of disclosures

 

  2  

The bank’s risk terminology and risk measures and present key parameter values used.

 

             80-85, 89, 95-98,

108-110

  3  

Describe and discuss top and emerging risks.

 

             73-79
  4  

Outline plans to meet each new key regulatory ratio once applicable rules are finalized.

 

  28, 42          68, 102-103, 105
Risk Governance and Risk Management and  Business Model  5  

Summarize the bank’s risk management organization, processes, and key functions.

 

             81-84
  6  

Description of the bank’s risk culture and procedures applied to support the culture.

 

             80-81
  7  

Description of key risks that arise from the bank’s business models and activities.

 

             67, 80, 85-110
  8  

Description of stress testing within the bank’s risk governance and capital frameworks.

 

  32          66, 84, 92-93,108
Capital Adequacy and Risk Weighted Assets  9  

Pillar 1 capital requirements and the impact for global systemically important banks.

 

  26-28, 79       1-3, 6  62-65, 69, 214
  10  

Composition of capital and reconciliation of accounting balance sheet to the regulatory balance sheet.

 

          1-3, 5  62
  11  

Flow statement of the movements in regulatory capital.

 

          4   
  12  

Discussion of capital planning within a more general discussion of management’s strategic planning.

 

             63-66, 108
  13  

Analysis of how risk-weighted asset (RWA) relate to business activities and related risks.

 

      8-11      66-67
  14  

Analysis of capital requirements for each method used for calculating RWA.

 

          10  86-89, 91-92
  15  

Tabulate credit risk in the banking book for Basel asset classes and major portfolios.

 

          23-38, 43-48   
  16  

Flow statement reconciling the movements of RWA by risk type.

 

          11-12   
  17  

Discussion of Basel III back-testing requirements.

 

          60  88, 92, 96
Liquidity  18  

The bank’s management of liquidity needs and liquidity reserves.

 

  34-36, 38-39          98-100
Funding  19  

Encumbered and unencumbered assets in a table by balance sheet category.

 

  37          101, 208-209
  20  

Tabulate consolidated total assets, liabilities and off-balance sheet commitments by remaining contractual maturity at the balance sheet date.

 

  42-44          105-107
  21  

Discussion of the bank’s funding sources and the bank’s funding strategy.

 

  37-42          104-105
Market Risk  22  

Linkage of market risk measures for trading and non-trading portfolio and balance sheet.

 

  31          90
  23  

Breakdown of significant trading and non-trading market risk factors.

 

  31-33          90, 92-94
  24  

Significant market risk measurement model limitations and validation procedures.

 

  32          91-94, 96
  25  

Primary risk management techniques beyond reported risk measures and parameters.

 

  32          91-94
Credit Risk  26  

Provide information that facilitates users’ understanding of the bank’s credit risk profile, including any significant credit risk concentrations.

 

  22-25, 62-70   20-35   1-5, 10-11,

13-60

  48-61, 85-89,
165-171, 181,
184-185, 212-213
  27  

Description of the bank’s policies for identifying impaired loans.

 

  70          56,140-142,
147-148, 171
  28  

Reconciliation of the opening and closing balances of impaired loans in the period and the allowance for loan losses.

 

  23, 64-68   24, 28      53, 168-169
  29  

Analysis of the bank’s counterparty credit risks that arise from derivative transactions.

 

          40-42, 49-53  88, 152, 176-177,
181, 184-185
  30  

Discussion of credit risk mitigation, including collateral held for all sources of credit risk.

 

             88, 144-145, 152
Other Risks  31  

Description of ‘other risk’ types based on management’s classifications and discuss how each one is identified, governed, measured, and managed.

 

             95-97, 108-110
  32  

Discuss publicly known risk events related to other risks.

 

  77          79, 206-208

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 3 


Table of Contents

TABLE OF CONTENTS

 

 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATING PERFORMANCE

 

This MD&A is presented to enable readers to assess material changes in the financial condition and operating results of TD Bank Group (“TD” or the “Bank”) for the three and nine months ended July 31, 2021, compared with the corresponding periods shown. This MD&A should be read in conjunction with the Bank’s unaudited Interim Consolidated Financial Statements and related Notes included in this Report to Shareholders and with the 2020 Consolidated Financial Statements and related Notes and 2020 MD&A. This MD&A is dated August 25, 2021. Unless otherwise indicated, all amounts are expressed in Canadian dollars and have been primarily derived from the Bank’s 2020 Consolidated Financial Statements and related Notes or Interim Consolidated Financial Statements and related Notes, prepared in accordance with IFRS as issued by the IASB. Note that certain comparative amounts have been revised to conform with the presentation adopted in the current period. Additional information relating to the Bank, including the Bank’s 2020 Annual Information Form, is available on the Bank’s website at http://www.td.com, as well as on SEDAR at http://www.sedar.com and on the SEC’s website at http://www.sec.gov (EDGAR filers section).

 

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document under the heading “How We Performed”, including under the sub-headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, and under the heading “Managing Risk”, and statements made in the Management’s Discussion and Analysis (“2020 MD&A”) in the Bank’s 2020 Annual Report under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments under headings “Key Priorities for 2021”, and for the Corporate segment, “Focus for 2021”, and in other statements regarding the Bank’s objectives and priorities for 2021 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, the Bank’s anticipated financial performance, and the potential economic, financial and other impacts of the Coronavirus Disease 2019 (COVID-19). Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “goal”, “target”, “may”, and “could”.

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. Examples of such risk factors include the economic, financial, and other impacts of the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank’s information technology, internet, network access or other voice or data communications systems or services; model risk; fraud to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank’s use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization “bail-in” regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; environmental and social risk; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank’s credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results. For more detailed information, please refer to the “Risk Factors and Management” section of the 2020 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the heading “Significant Acquisitions” or “Significant and Subsequent Events and Pending Acquisitions” in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. The Bank cautions readers not to place undue reliance on the Bank’s forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2020 MD&A under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Key Priorities for 2021”, and for the Corporate segment, “Focus for 2021”, each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

This document was reviewed by the Bank’s Audit Committee and was approved by the Bank’s Board of Directors, on the Audit Committee’s recommendation, prior to its release.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 4 


Table of Contents

TABLE 1:  FINANCIAL HIGHLIGHTS

 

(millions of Canadian dollars, except as noted)

   For the three months ended   For the nine months ended 
    

July 31

2021

 

 

  

April 30

2021

 

 

  

July 31

2020

 

 

  

July 31

2021

 

 

  

July 31

2020

 

 

Results of operations

      

Total revenue

  $10,712  $10,228  $10,665  $31,752  $31,802 

Provision for (recovery of) credit losses

   (37  (377  2,188   (101  6,325 

Insurance claims and related expenses

   836   441   805   2,057   2,256 

Non-interest expenses – reported

   5,616   5,729   5,307   17,129   15,895 

Non-interest expenses – adjusted1

   5,576   5,691   5,244   17,011   15,692 

Net income – reported

   3,545   3,695   2,248   10,517   6,752 

Net income – adjusted1

   3,628   3,775   2,327   10,783   6,998 

Financial position (billions of Canadian dollars)

      

Total loans net of allowance for loan losses

  $719.2  $708.4  $721.4  $719.2  $721.4 

Total assets

       1,703.1       1,669.1       1,697.3       1,703.1       1,697.3 

Total deposits

   1,118.7   1,118.5   1,091.3   1,118.7   1,091.3 

Total equity

   99.9   94.5   92.5   99.9   92.5 

Total risk-weighted assets

   465.5   455.0   478.1   465.5   478.1 

Financial ratios

      

Return on common equity (ROE) – reported

   15.3 %   16.7 %   10.0 %   15.4 %   10.3 % 

Return on common equity – adjusted1,2

   15.6   17.1   10.4   15.8   10.7 

Return on tangible common equity (ROTCE)2

   20.8   23.0   13.7   21.2   14.3 

Return on tangible common equity – adjusted1,2

   20.9   23.1   13.9   21.4   14.4 

Efficiency ratio – reported

   52.4   56.0   49.8   53.9   50.0 

Efficiency ratio – adjusted1

   52.0   55.6   49.2   53.6   49.3 

Provision for (recovery of) credit losses as a % of net average loans and acceptances3

   (0.02  (0.21  1.17   (0.02  1.16 

Common share information – reported (Canadian dollars)

      

Per share earnings

      

Basic

  $1.92  $2.00  $1.21  $5.69  $3.63 

Diluted

   1.92   1.99   1.21   5.68   3.62 

Dividends per share

   0.79   0.79   0.79   2.37   2.32 

Book value per share

   51.21   49.25   47.80   51.21   47.80 

Closing share price4

   82.95   84.50   59.27   82.95   59.27 

Shares outstanding (millions)

      

Average basic

   1,818.8   1,817.4   1,802.3   1,816.8   1,805.4 

Average diluted

   1,821.8   1,819.9   1,803.5   1,819.2   1,807.1 

End of period

   1,820.0   1,818.7   1,813.0   1,820.0   1,813.0 

Market capitalization (billions of Canadian dollars)

  $151.0  $153.7  $107.5  $151.0  $107.5 

Dividend yield5

   3.7 %   3.9 %   5.3 %   4.0 %   4.7 % 

Dividend payout ratio

   41.2   39.5   65.3   41.7   63.9 

Price-earnings ratio6

   9.8   10.9   11.5   9.8   11.5 

Total shareholder return (1 year)7

   44.4   52.1   (19.5  44.4   (19.5

Common share information – adjusted (Canadian dollars)1

      

Per share earnings

      

Basic

  $1.96  $2.04  $1.25  $5.83  $3.76 

Diluted

   1.96   2.04   1.25   5.83   3.76 

Dividend payout ratio

   40.2 %   38.7 %   63.0 %   40.6 %   61.6 % 

Price-earnings ratio6

   11.2   12.6   11.1   11.2   11.1 

Capital ratios

      

Common Equity Tier 1 Capital ratio

   14.5 %   14.2 %   12.5 %   14.5 %   12.5 % 

Tier 1 Capital ratio

   15.9   15.4   13.8   15.9   13.8 

Total Capital ratio

   18.5   18.0   16.5   18.5   16.5 

Leverage ratio

   4.8   4.6   4.4   4.8   4.4 
1

Adjusted measures are non-GAAP measures. Refer to the “How the Bank Reports” section of this document for an explanation of reported and adjusted results.

2

Metrics are non-GAAP financial measures. Refer to the “Return on Common Equity” and “Return on Tangible Common Equity” sections of this document for an explanation.

3

Excludes acquired credit-impaired (ACI) loans.

4

Toronto Stock Exchange (TSX) closing market price.

5

Dividend yield is calculated as the dividend per common share divided by daily average closing stock price in the relevant period. Dividend per common share is derived as follows: a) by annualizing the dividend per common share for the quarter; and b) by annualizing the dividend per common share for the year-to-date.

6

Price-earnings ratio is calculated based on a trailing four quarters’ earnings per share (EPS).

7

Total shareholder return is calculated based on share price movement and dividends reinvested over a trailing one-year period.

 

 

HOW WE PERFORMED

CORPORATE OVERVIEW

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, which includes the results of the personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the personal and business banking operations, wealth management services, and the Bank’s investment in The Charles Schwab Corporation (“Schwab”); and Wholesale Banking. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.7 trillion in assets on July 31, 2021. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 5 


Table of Contents

ECONOMIC SUMMARY AND OUTLOOK

The global economy picked up speed in the second calendar quarter of this year as restrictions on activity were lifted in several countries. Virus developments are still the main factor driving the outlook, and disparity in vaccine distribution will continue to lead to differences in economic outcomes between countries. The more contagious Delta variant is a particular challenge for emerging markets (EMs), where vaccine distribution has lagged. As a result, economic momentum within advanced economies is likely to pull further ahead of EMs in the second half of this year. However, as long as the virus is circulating globally, the persistence or threat of constrained supply chains and pressure on prices is likely to limit global economic growth.

U.S. economic activity continues to improve. The economy grew by 6.5% (annualized) in the second calendar quarter and is now 0.8% larger than it was prior to the pandemic. Consumer spending led the way, up 11.8% annualized, growing at a double-digit pace for the second straight quarter. In addition to income supports provided in the American Rescue Plan, easing restrictions in high-contact service sectors such as transportation, recreation, and accommodation and food services contributed to the gain.

Business investment was also robust, led by 13% growth in equipment investment and 10.7% growth in intellectual property products (including software). The only major component of private spending to pull back in the quarter was investment in structures – both residential and non-residential. However, overall economic growth did not mirror the pace of business investment and household spending, as it was offset by a significant drawdown in already-lean inventories in the face of supply constraints and a rise in imports.

Supply side disruptions continue to restrain the American economic recovery. Shortages of key inputs have been particularly evident in the manufacturing sector. The combination of strong demand and production delays has led to historically low inventories relative to sales, especially in the auto industry. As supply constraints are alleviated, production growth is likely to pick up, in part to satisfy demand, but also to rebuild inventories.

The labor market continues to respond to demand and support economic improvement. In July, an estimated 943,000 jobs were added to payrolls, and the unemployment rate fell to 5.4%. This marks a significant shift relative to the peak unemployment rate of 14.8% fourteen months ago. However, there is plenty of room for further improvement, with the level of employment still 5.7 million (3.7%) below its pre-crisis level.

The Federal Reserve has maintained its policy interest rate at 0.00% to 0.25% and is continuing its commitment to purchase at least US$80 billion in Treasuries and US$40 billion in agency mortgage-back securities per month. However, it continues to express confidence that the economic recovery will remain above-trend through 2022. As such, TD Economics expects the Federal Reserve to signal a gradual tapering of its asset purchases later this year and to raise the federal funds rate in the fourth calendar quarter of 2022.

This expectation is contingent on virus developments. The resurgence in new COVID-19 cases is unlikely to lead to broad lockdowns or stringent restrictions on business activity given the progress on vaccination. However, it will continue to create uncertainty about the outlook, which may be manifested in a variety of ways, including more cautious consumer behavior, prolonged labor shortages, and pressure on wage growth. Coupled with pre-existing supply constraints in production domestically and globally, this is likely to result in inflation remaining elevated over the remainder of this year.

Canada’s economy significantly underperformed the U.S. in the second calendar quarter due to renewed restrictions across the country to curb the spread of COVID-19. Fortunately, high-frequency economic indicators point to the recovery picking up in June, as the economy re-opened and made further headway into July. While new strains of the virus are a concern, Canada’s successful vaccination campaign should help reduce the risk of a repeat in major disruptions to economic activity.

Likewise, the job market is rebounding from its April and May pullback, adding an estimated total of 324,000 positions through June and July. This lowered the unemployment rate to 7.5% in July. Canadian jobs are much closer to their pre-recession level than in the U.S. – just 1.3% below as of July.

The Canadian housing market continues to slow following a strong performance through the first calendar quarter of this year. Since March, Canadian home sales have dropped by 25%. Even so, the level of activity remains elevated relative to its pre-crisis level. Average home prices also dipped slightly in the second quarter. However, this is capturing a rebalancing of the market, as buyers shift away from larger single-family homes back towards lower-priced units. The housing market remains tight with a sales-to-new listings ratio still titled heavily in the favour of sellers. Moving forward, price growth is expected to be positive but more muted, allowing for some catch-up in income growth.

Inflation in Canada has not been as elevated as in the United States. This partly reflects a delayed reopening of business operations. Price growth is likely to move higher in the months ahead, as Canadians participate in the economic reopening and supply chain disruptions linger. As in the U.S., much of the near-term price pressure is expected to be transitory, with inflation moving back toward 2% over the course of 2022 as supply adjusts. However, Canada is susceptible to the same risks as other advanced economies of prolonged global supply disruptions and a slower return to economic normalization.

The Bank of Canada kept its overnight interest rate at 0.25% in June but further reduced the pace of its asset purchases from $3 billion to $2 billion per week. TD Economics expects the Bank of Canada to begin raising the overnight rate in the fourth calendar quarter of 2022, while the Canadian dollar is expected to remain in a range of 79-81 U.S. cents over the next two years.

THE BANK’S RESPONSE TO COVID-19

While economic conditions in Canada and the U.S. are steadily improving, the COVID-19 pandemic continues to have an impact on economies around the world. Significant progress has been made on vaccination in the Bank’s North American footprint, but rates of vaccination vary considerably across regions, and as economies proceed with reopening plans, it remains uncertain how effective vaccines will be against new variants of COVID-19, some of which may be more contagious or harmful. TD remains actively engaged with governments, supervisory agencies and public health authorities in the response to COVID-19, guided by the principles of supporting the well-being of its customers and colleagues and maintaining the Bank’s operational and financial resilience.

In fiscal 2020, the Bank offered several forms of direct financial assistance to customers experiencing financial hardship due to COVID-19, including deferral of loan payments. The bulk of this assistance has now largely run its course, except for deferrals of real estate secured loans in the U.S., where the original program allowed deferrals to be extended for up to 12 months. There have been few other customer requests for extensions. As of July 31, 2021, gross loan balances that remained subject to COVID-related deferral programs were approximately $0.04 billion in Canada ($0.04 billion as at April 30, 2021), primarily reflecting Small Business Banking and Commercial Lending portfolios, and US$1.0 billion in the United States (US$1.1 billion as at April 30, 2021), primarily in the Real Estate Secured Lending portfolio. Delinquency rates for customers that have exited deferral are higher than for the broader population but remain low in absolute terms, reflecting the continuation of government support and TD’s proactive outreach to clients. The Bank continues to provide advice and assistance to customers through its usual channels, TD Helps in Canada and TD Cares in the U.S. Any financial relief offered through these channels is not included in the balances disclosed above.

In addition to direct financial assistance, the Bank continues to support programs for individuals and businesses introduced by the Canadian and U.S. governments described below.

Canada Emergency Business Account Program

Under the Canada Emergency Business Account (CEBA) Program, with funding provided by Her Majesty in Right of Canada (the Government of Canada) and Export Development Canada (EDC) as the Government of Canada’s agent, the Bank provided eligible business banking customers with an interest-free, partially forgivable loan of up to $60,000 until December 31, 2022. If the loan is not repaid by December 31, 2022, it will be extended for an additional 3-year term bearing an interest rate of 5% per annum. The application window for new CEBA loans and expansion requests closed June 30, 2021. As of July 31, 2021, the Bank had

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 6 


Table of Contents

provided approximately 211,000 customers (April 30, 2021 – 206,000) with CEBA loans and had funded approximately $11.5 billion (April 30, 2021 – $11.0 billion) in loans under the program.

U.S. Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program

Under the Paycheck Protection Program (PPP) implemented by the Small Business Administration (SBA), the Bank provides loans to small businesses to assist them in retaining workers, maintaining payroll, and covering other expenses. PPP loans have a 2-year or 5-year term, bear an interest rate of 1% per annum, and are 100% guaranteed by the SBA. The full principal amount of the loan and any accrued interest are eligible for forgiveness if the loan is used for qualifying expenses. The Bank will be paid by the SBA for any portion of the loan that is forgiven. As of July 31, 2021, the Bank had approximately 72,500 PPP loans outstanding (April 30, 2021 – 98,000) with a gross carrying amount of approximately US$6.3 billion (April 30, 2021 – US$9.8 billion). During the three months ended July 31, 2021, approximately 2,000 new PPP loans (US$0.2 billion) were originated (three months ended April 30, 2021 – 45,000 new PPP loans, US$3.4 billion) and approximately 27,500 PPP loans (US$3.7 billion) were forgiven (three months ended April 30, 2021 – 26,000 PPP loans, US$1.1 billion). PPP ended on May 31, 2021.

Other Programs

The Bank continues to work with federal Crown Corporations, including EDC and the Business Development Bank of Canada (BDC) to deliver various other guarantee and co-lending programs for the Bank’s clients. This includes the Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee to provide support to Canadian businesses that have been highly affected by and are facing economic hardship as a result of the COVID-19 pandemic which launched in the second fiscal quarter. In addition, TD is working with Canada’s federal government to facilitate access to the Canada Recovery Benefit and Canada Emergency Wage Subsidy through Canada Revenue Agency direct deposit.

HOW THE BANK REPORTS

The Bank prepares its Interim Consolidated Financial Statements in accordance with IFRS and refers to results prepared in accordance with IFRS as “reported” results. The Bank also utilizes non-GAAP financial measures referred to as “adjusted” results to assess each of its businesses and to measure the Bank’s overall performance. The Bank believes that adjusted results provide the reader with a better understanding of how management views the Bank’s performance. To arrive at adjusted results, the Bank removes “items of note”, from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The items of note are disclosed in Table 3. As explained, adjusted results differ from reported results determined in accordance with IFRS. Adjusted results, items of note, and related terms used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

The Bank’s U.S. strategic cards portfolio comprises agreements with certain U.S. retailers pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit cards to the retailers’ U.S. customers. Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after the provision for credit losses (PCL). Under IFRS, TD is required to present the gross amount of revenue and PCL related to these portfolios in the Bank’s Interim Consolidated Statement of Income. The Corporate segment reflects the retailer program partners’ share of revenues and PCL, with an offsetting amount reflecting the partners’ net share recorded in Non-interest expenses. This results in no impact to the Corporate segment reported net income (loss). The U.S. Retail segment reflects only the portion of revenue and PCL attributable to TD under the agreements in its reported net income.

On October 6, 2020, the Bank acquired an approximately 13.5% stake in Schwab following the completion of Schwab’s acquisition of TD Ameritrade (“Schwab transaction”). The Bank accounts for its investment in Schwab using the equity method and reports its after-tax share of Schwab’s earnings with a one-month lag. The U.S. Retail segment reflects the Bank’s share of net income from its investment in Schwab. The Corporate segment net income (loss) includes amounts for amortization of acquired intangibles and the acquisition and integration charges related to the Schwab transaction.

SIGNIFICANT ACQUISITIONS

The Bank completed two acquisitions during the third quarter of fiscal 2021:

Acquisition of Wells Fargo & Company’s Canadian Direct Equipment Finance Business

On May 1, 2021, the Bank acquired the Canadian Direct Equipment Finance business of Wells Fargo & Company. The results of the acquired business have been consolidated from the acquisition date and included in the Canadian Retail segment.

Acquisition of Headlands Tech Global Markets, LLC

On July 1, 2021, the Bank acquired Headlands Tech Global Markets, LLC, a Chicago based quantitative fixed income trading company. The results of the acquired business have been consolidated from the acquisition date and included in the Wholesale segment.

These acquisitions were accounted for as business combinations under the purchase method. The excess of accounting consideration over the fair value of tangible net assets acquired is allocated to other intangibles and goodwill. The purchase price allocation is subject to refinement during the measurement period and may be adjusted to reflect new information about facts and circumstances that existed at the acquisition date.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 7 


Table of Contents

The following table provides the operating results on a reported basis for the Bank. 

 

TABLE 2:  OPERATING RESULTS – Reported1

 

(millions of Canadian dollars)  For the three months ended   For the nine months ended 
    July 31
2021
  April 30
2021
  July 31
2020
   July 31
2021
  July 31
2020
 

Net interest income

  $6,004  $5,835  $6,101   $17,869  $18,470 

Non-interest income

   4,708   4,393   4,564    13,883   13,332 

Total revenue

       10,712       10,228       10,665        31,752       31,802 

Provision for (recovery of) credit losses

   (37  (377  2,188    (101  6,325 

Insurance claims and related expenses

   836   441   805    2,057   2,256 

Non-interest expenses

   5,616   5,729   5,307    17,129   15,895 

Income before income taxes and share of net income from investment in Schwab and TD Ameritrade

   4,297   4,435   2,365    12,667   7,326 

Provision for (recovery of) income taxes

   922   962   445    2,711   1,354 

Share of net income from investment in Schwab and TD Ameritrade

   170   222   328    561   780 

Net income – reported

   3,545   3,695   2,248    10,517   6,752 

Preferred dividends and distributions on other equity instruments

   56   65   68    186   203 

Net income available to common shareholders

  $3,489  $3,630  $2,180   $10,331  $6,549 

 

1

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

The following table provides a reconciliation between the Bank’s adjusted and reported results.

 

TABLE 3:  NON-GAAP FINANCIAL MEASURES – Reconciliation of Adjusted to Reported Net Income1

 

(millions of Canadian dollars)  For the three months ended  For the nine months ended 
    July 31
2021
  April 30
2021
  July 31
2020
  July 31
2021
  July 31
2020
 

Operating results – adjusted

      

Net interest income

  $6,004  $5,835  $6,101  $17,869  $18,470 

Non-interest income

   4,708   4,393   4,564   13,883   13,332 

Total revenue

       10,712       10,228       10,665       31,752       31,802 

Provision for (recovery of) credit losses

   (37  (377  2,188   (101  6,325 

Insurance claims and related expenses

   836   441   805   2,057   2,256 

Non-interest expenses2

   5,576   5,691   5,244   17,011   15,692 

Income before income taxes and share of net income from investment in Schwab and TD Ameritrade

   4,337   4,473   2,428   12,785   7,529 

Provision for income taxes

   931   970   454   2,737   1,384 

Share of net income from investment in Schwab and TD Ameritrade3

   222   272   353   735   853 

Net income – adjusted

   3,628   3,775   2,327   10,783   6,998 

Preferred dividends and distributions on other equity instruments

   56   65   68   186   203 

Net income available to common shareholders – adjusted

   3,572   3,710   2,259   10,597   6,795 

Pre-tax adjustments for items of note

      

Amortization of acquired intangibles4

   (68  (69  (63  (211  (201

Acquisition and integration charges related to the Schwab transaction5

   (24  (19     (81   

Charges associated with the acquisition of Greystone2

         (25     (75

Less: Impact of income taxes

      

Amortization of acquired intangibles

   (7  (7  (9  (23  (29

Acquisition and integration charges related to the Schwab transaction5

   (2  (1     (3   

Charges associated with the acquisition of Greystone

               (1

Total adjustments for items of note

   (83  (80  (79  (266  (246

Net income available to common shareholders – reported

  $3,489  $3,630  $2,180  $10,331  $6,549 

 

1

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

2

Adjusted non-interest expenses exclude the following items of note related to the Bank’s own asset acquisitions and business combinations:

 i.

Amortization of acquired intangibles – Q3 2021: $34 million, Q2 2021: $35 million, Q1 2021: $39 million, Q3 2020: $38 million, Q2 2020: $44 million, Q1 2020: $46 million. These charges are reported in the Corporate segment.

 ii.

The Bank’s own integration costs related to the Schwab transaction – Q3 2021: $6 million, Q2 2021: $3 million, Q1 2021: $1 million. These costs are reported in the Corporate segment.

 iii.

Charges associated with the acquisition of Greystone – Q3 2020: $25 million, Q2 2020: $26 million, Q1 2020: $24 million. These charges were reported in the Canadian Retail segment.

3

Adjusted share of net income from investment in Schwab and TD Ameritrade excludes the following items of note on an after-tax basis. The earnings impact of both items is reported in the Corporate segment:

 i.

Amortization of Schwab and TD Ameritrade-related acquired intangibles – Q3 2021: $34 million, Q2 2021: $34 million, Q1 2021: $35 million, Q3 2020: $25 million, Q2 2020: $24 million, Q1 2020: $24 million; and

 ii.

The Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade – Q3 2021: $18 million, Q2 2021: $16 million, Q1 2021: $37 million.

4

Amortization of acquired intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of acquired intangibles relating to the Share of net income from investment in Schwab and TD Ameritrade, both reported in the Corporate segment. Refer to footnotes 2 and 3 for amounts.

5

Acquisition and integration charges related to the Schwab transaction include the Bank’s own integration costs, as well as the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade on an after-tax basis, both reported in the Corporate segment. Refer to footnotes 2 and 3 for amounts.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 8 


Table of Contents

TABLE 4:  RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE1

 

                                                                                               
(Canadian dollars)  For the three months ended   For the nine months ended 
    July 31
2021
   April 30
2021
   July 31
2020
   July 31
2021
   July 31
2020
 

Basic earnings per share – reported

  $1.92   $2.00   $1.21   $5.69   $3.63 

Adjustments for items of note2

   0.04    0.04    0.04    0.14    0.13 

Basic earnings per share – adjusted

  $1.96   $2.04   $1.25   $5.83   $3.76 

Diluted earnings per share – reported

  $1.92   $1.99   $1.21   $5.68   $3.62 

Adjustments for items of note2

   0.04    0.04    0.04    0.14    0.14 

Diluted earnings per share – adjusted

  $    1.96   $    2.04   $    1.25   $    5.83   $    3.76 

 

1

EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the period. Numbers may not add due to rounding.

2

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

 

TABLE 5:  AMORTIZATION OF INTANGIBLES, NET OF INCOME TAXES1

 

                                                                                               
(millions of Canadian dollars)  For the three months ended   For the nine months ended 
    July 31
2021
   April 30
2021
   July 31
2020
   July 31
2021
   July 31
2020
 

TD Bank, National Association (TD Bank, N.A.)

  $5   $8   $10   $22   $41 

Schwab and TD Ameritrade2

   34    34    25    103    73 

MBNA Canada

   7    6    6    20    20 

Aeroplan

   6    7    4    19    13 

Other

   9    7    9    24    25 
   61    62    54    188    172 

Software and asset servicing rights

   109    107    133    326    382 

Amortization of intangibles, net of income taxes

  $    170   $    169   $    187   $    514   $    554 

 

1

Amortization of intangibles, with the exception of software and asset servicing rights, is included as items of note. For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

2

Included in Share of net income from investment in Schwab and TD Ameritrade.

Return on Common Equity

The consolidated Bank ROE is calculated as reported net income available to common shareholders as a percentage of average common equity. The consolidated Bank adjusted ROE is calculated as adjusted net income available to common shareholders as a percentage of average common equity. Adjusted ROE is a non-GAAP financial measure as it is not a defined term under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

The Bank’s methodology for allocating capital to its business segments is largely aligned with the common equity capital requirements under Basel III. Capital allocated to the business segments is based on 9% Common Equity Tier 1 (CET1) Capital in fiscal 2021. Capital allocated to the business segments was decreased to 9% CET1 Capital effective the second quarter of 2020 compared with 10.5% in the first quarter of 2020.

 

TABLE 6:  RETURN ON COMMON EQUITY

 

(millions of Canadian dollars, except as noted)  For the three months ended  For the nine months ended 
    

July 31

2021

  

April 30

2021

  

July 31

2020

  

July 31

2021

  

July 31

2020

 

Average common equity

  $    90,626  $    89,069  $    86,794  $    89,627  $    84,677 

Net income available to common shareholders – reported

   3,489   3,630   2,180   10,331   6,549 

Items of note, net of income taxes1

   83   80   79   266   246 

Net income available to common shareholders – adjusted

  $3,572  $3,710  $2,259  $10,597  $6,795 

Return on common equity – reported

   15.3 %   16.7 %   10.0 %   15.4 %   10.3 % 

Return on common equity – adjusted

   15.6   17.1   10.4   15.8   10.7 

 

1

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

Return on Tangible Common Equity

Tangible common equity (TCE) is calculated as common shareholders’ equity less goodwill, imputed goodwill and intangibles on the investments in Schwab and TD Ameritrade and other acquired intangible assets, net of related deferred tax liabilities. ROTCE is calculated as reported net income available to common shareholders after adjusting for the after-tax amortization of acquired intangibles, which are treated as an item of note, as a percentage of average TCE. Adjusted ROTCE is calculated using reported net income available to common shareholders, adjusted for all items of note, as a percentage of average TCE. Adjusted ROTCE provides a useful measure of the performance of the Bank’s income producing assets, independent of whether they were acquired or developed internally. TCE, ROTCE, and adjusted ROTCE are each non-GAAP financial measures and are not defined terms under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 9 


Table of Contents

TABLE 7:  RETURN ON TANGIBLE COMMON EQUITY

 

(millions of Canadian dollars, except as noted)  

For the three months ended

  For the nine months ended 
    

July 31

2021

 

 

  

April 30

2021

 

 

  

July 31

2020

 

 

  

July 31

2021

 

 

  

July 31

2020

 

 

Average common equity

  $    90,626  $    89,069  $    86,794  $    89,627  $    84,677 

Average goodwill

   16,056   16,320   17,534   16,395   17,327 

Average imputed goodwill and intangibles on investments in Schwab and TD Ameritrade

   6,485   6,670   4,184   6,695   4,158 

Average other acquired intangibles1

   419   366   492   404   529 

Average related deferred tax liabilities

   (171  (167  (264  (171  (263

Average tangible common equity

   67,837   65,880   64,848   66,304   62,926 

Net income available to common shareholders – reported

   3,489   3,630   2,180   10,331   6,549 

Amortization of acquired intangibles, net of income taxes2

   61   62   54   188   172 

Net income available to common shareholders adjusted for amortization of acquired intangibles, net of income taxes

   3,550   3,692   2,234   10,519   6,721 
      

Other items of note, net of income taxes2

   22   18   25   78   74 

Net income available to common shareholders – adjusted

  $3,572  $3,710  $2,259  $10,597  $6,795 

Return on tangible common equity

   20.8 %   23.0 %   13.7 %   21.2 %   14.3 % 

Return on tangible common equity – adjusted

   20.9   23.1   13.9   21.4   14.4 
1

Excludes intangibles relating to software and asset servicing rights.

2

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

 

 

FINANCIAL RESULTS OVERVIEW

Performance Summary

Outlined below is an overview of the Bank’s performance for the third quarter of 2021. Shareholder performance indicators help guide and benchmark the Bank’s accomplishments. For the purposes of this analysis, the Bank utilizes adjusted earnings, which excludes items of note from the reported results that are prepared in accordance with IFRS. Reported and adjusted results and items of note are explained in the “How the Bank Reports” section of this document. In addition, a general economic update and a summary of the Bank’s response to the COVID-19 pandemic are explained in the “How We Performed” section of this document.

 

Adjusted diluted earnings per share for the nine months ended July 31, 2021, increased 55% from the same period last year.

 

Adjusted ROTCE for the nine months ended July 31, 2021, was 21.4%.

 

For the twelve months ended July 31, 2021, the total shareholder return was 44.4% compared to the Canadian peer1 average of 56.0%.

Net Income

Quarterly comparison – Q3 2021 vs. Q3 2020

Reported net income for the quarter was $3,545 million, an increase of $1,297 million, or 58%, compared with the third quarter last year. The increase reflects lower PCL and higher revenues, partially offset by higher non-interest expenses and higher insurance claims. Adjusted net income for the quarter was $3,628 million, an increase of $1,301 million, or 56%.

By segment, the increase in reported net income reflects an increase in Canadian Retail of $862 million and an increase in U.S. Retail of $622 million, partially offset by a decrease in Wholesale Banking of $112 million and a higher net loss in the Corporate segment of $75 million.

Quarterly comparison – Q3 2021 vs. Q2 2021

Reported net income for the quarter decreased $150 million, or 4%, compared with the prior quarter. The decrease reflects higher insurance claims and higher PCL, partially offset by higher revenues and lower non-interest expenses. Adjusted net income for the quarter decreased $147 million, or 4%.

By segment, the decrease in reported net income reflects a decrease in Canadian Retail of $57 million, a decrease in Wholesale Banking of $53 million, a decrease in U.S. Retail of $21 million, and a higher net loss in the Corporate segment of $19 million.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Reported net income of $10,517 million increased $3,765 million, or 56%, compared with the same period last year. The increase reflects lower PCL and lower insurance claims, partially offset by higher non-interest expenses. Adjusted net income was $10,783 million, an increase of $3,785 million, or 54%, compared with the same period last year.

By segment, the increase in reported net income reflects an increase in Canadian Retail of $2,120 million, an increase in U.S. Retail of $1,456 million, and an increase in Wholesale Banking of $218 million, partially offset by a higher net loss in the Corporate segment of $29 million.

Net Interest Income

Quarterly comparison – Q3 2021 vs. Q3 2020

Reported net interest income for the quarter was $6,004 million, a decrease of $97 million, or 2%, compared with the third quarter last year. The decrease reflects lower margins in the Canadian and U.S. Retail segments and the impact of foreign exchange translation, partially offset by volume growth in the personal and commercial banking businesses and higher trading net interest income.

By segment, the decrease in reported net interest income reflects a decrease in U.S. Retail of $266 million and a decrease in the Corporate segment of $66 million, partially offset by an increase in Canadian Retail of $134 million and an increase in Wholesale Banking of $101 million.

Quarterly comparison – Q3 2021 vs. Q2 2021

Reported net interest income for the quarter increased $169 million, or 3%, compared with the prior quarter, primarily reflecting the effect of more days in the third quarter and volume growth, partially offset by lower margins and the impact of foreign exchange translation.

By segment, the increase in reported net interest income reflects an increase in Canadian Retail of $171 million and an increase in U.S. Retail of $40 million, partially offset by a decrease in Corporate segment of $26 million and a decrease in Wholesale Banking of $16 million.

 

1 

Canadian peers include Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and The Bank of Nova Scotia.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 10 


Table of Contents

Year-to-date comparison – Q3 2021 vs. Q3 2020

Reported net interest income was $17,869 million, a decrease of $601 million, or 3%, compared with the same period last year. The decrease reflects lower margins in the Canadian and U.S. Retail segments and the impact of foreign exchange translation, partially offset by volume growth in the personal and commercial banking businesses and higher trading net interest income.

By segment, the decrease in reported net interest income reflects a decrease in U.S. Retail of $792 million, a decrease in Canadian Retail of $184 million, and a decrease in the Corporate segment of $185 million, partially offset by an increase in Wholesale Banking of $560 million.

Non-Interest Income

Quarterly comparison – Q3 2021 vs. Q3 2020

Reported non-interest income for the quarter was $4,708 million, an increase of $144 million, or 3%, compared with the third quarter last year. The increase reflects higher fee-based revenue in the banking and wealth businesses, higher insurance volumes, and higher other revenue and advisory fees in Wholesale Banking, partially offset by lower wholesale trading revenue.

By segment, the increase in reported non-interest income reflects an increase in Canadian Retail of $419 million, an increase in U.S. Retail of $96 million, and an increase in the Corporate segment of $44 million, partially offset by a decrease in Wholesale Banking of $415 million.

Quarterly comparison – Q3 2021 vs. Q2 2021

Reported non-interest income for the quarter increased $315 million, or 7%, compared with the prior quarter. The increase primarily reflects prior quarter premium rebates for customers in the insurance business, and higher fee-based revenue in the banking and wealth businesses, partially offset by lower wholesale trading revenue.

By segment, the increase in reported non-interest income reflects an increase in Canadian Retail of $346 million and an increase in U.S Retail of $28 million, partially offset by a decrease in Wholesale Banking of $58 million, and a decrease in the Corporate segment of $1 million.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Reported non-interest income was $13,883 million, an increase of $551 million, or 4%, compared with the same period last year. The increase reflects higher transaction-based revenue in the wealth business, higher fee-based revenue in the wealth and banking businesses, higher underwriting and advisory fees, higher valuation of certain investments in the U.S. Retail segment, and higher revenue from treasury and balance sheet management activities. These were partially offset by lower wholesale trading revenue, premium rebates for customers in the insurance business, and a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in insurance claims.

By segment, the increase in reported non-interest income reflects an increase in Canadian Retail of $866 million, an increase in U.S. Retail of $215 million, and an increase in the Corporate segment of $184 million, partially offset by a decrease in Wholesale Banking of $714 million.

Provision for Credit Losses

Quarterly comparison – Q3 2021 vs. Q3 2020

PCL for the quarter was a recovery of $37 million, lower by $2,225 million compared with the third quarter last year. PCL – impaired was $242 million, a decrease of $589 million, primarily reflecting the continued impact of government economic support programs in the consumer lending portfolios and prior year credit migration in the commercial and Wholesale lending portfolios. PCL – performing was a recovery of $279 million, lower by $1,636 million, reflecting a performing allowance increase in the prior year and allowance release this quarter, largely related to improved credit conditions. Total PCL for the quarter as an annualized percentage of credit volume was -0.02%.

By segment, PCL was lower by $993 million in U.S. Retail, by $851 million in Canadian Retail, by $260 million in the Corporate segment, and by $121 million in Wholesale Banking.

Quarterly comparison – Q3 2021 vs. Q2 2021

PCL was a recovery of $37 million, compared with a recovery of $377 million in the prior quarter. PCL – impaired decreased by $139 million, primarily reflected in the consumer and commercial lending portfolios. PCL – performing was a recovery of $279 million, compared with a recovery of $758 million in the prior quarter, reflecting a continued improvement in credit conditions. Total PCL for the quarter as an annualized percentage of credit volume was -0.02%.

By segment, PCL was higher by $137 million in Canadian Retail, by $117 million in U.S. Retail, by $65 million in Wholesale Banking, and by $21 million in the Corporate segment.

Year-to-date comparison – Q3 2021 vs. Q3 2020

PCL was a recovery of $101 million, lower by $6,426 million compared with the same period last year. PCL – impaired was $1,089 million, a decrease of $1,515 million, primarily reflecting the continued impact of government economic support programs in the consumer lending portfolios and prior year credit migration in the Wholesale lending portfolio. PCL – performing was a recovery of $1,190 million, lower by $4,911 million, reflecting a performing allowance increase in the prior year, and allowance release this year, largely related to an improvement in the economic outlook. Total PCL as an annualized percentage of credit volume was -0.02%.

By segment, PCL was lower by $2,527 million in U.S. Retail, by $2,290 million in Canadian Retail, by $1,054 million in the Corporate segment, and by $555 million in Wholesale Banking.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 11 


Table of Contents

TABLE 8:  PROVISION FOR CREDIT LOSSES1

 

(millions of Canadian dollars)  For the three months ended   For the nine months ended 
    
July 31
2021
 
 
  
April 30
2021
 
 
  
July 31
2020
 
 
   
July 31
2021
 
 
  
July 31
2020
 
 

Provision for (recovery of) credit losses – Stage 3 (impaired)

       

Canadian Retail

  $      154  $      191  $      372   $      512  $    1,057 

U.S. Retail

   63   117   290    370   850 

Wholesale Banking

      12   52    22   298 

Corporate2

   25   61   117    185   399 

Total provision for (recovery of) credit losses – Stage 3

   242   381   831    1,089   2,604 

Provision for (recovery of) credit losses – Stage 1 and Stage 2 (performing)

       

Canadian Retail

   (54  (228  579    (307  1,438 

U.S. Retail

   (159  (330  607    (544  1,503 

Wholesale Banking

   2   (75  71    (63  216 

Corporate2

   (68  (125  100    (276  564 

Total provision for (recovery of) credit losses – Stage 1 and Stage 2

   (279  (758  1,357    (1,190  3,721 

Total provision for (recovery of) credit losses

  $(37 $(377 $2,188   $(101 $6,325 

 

1

Includes PCL for off-balance sheet instruments.

2

Includes PCL on the retailer program partners’ share of the U.S. strategic cards portfolio.

Insurance claims and related expenses

Quarterly comparison – Q3 2021 vs. Q3 2020

Insurance claims and related expenses for the quarter were $836 million, an increase of $31 million, or 4%, compared with the third quarter last year reflecting higher current year claims from business growth, partially offset by a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in non-interest income.

Quarterly comparison – Q3 2021 vs. Q2 2021

Insurance claims and related expenses for the quarter increased $395 million, or 90%, compared with the prior quarter, reflecting higher current year claims, less favourable prior years’ claims development, an increase in the fair value of investments supporting claims liabilities which resulted in a similar increase in non-interest income, and more severe weather-related events.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Insurance claims and related expenses were $2,057 million, a decrease of $199 million, or 9%, compared with the same period last year, reflecting a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in non-interest income, lower current year claims, more favourable prior years’ claims development, and fewer severe weather-related events.

Non-Interest Expenses and Efficiency Ratio

Quarterly comparison – Q3 2021 vs. Q3 2020

Reported non-interest expenses were $5,616 million, an increase of $309 million, or 6%, compared with the third quarter last year, mainly due to an increase in the retailer program partners’ net share of the profits from the U.S. strategic cards portfolio, primarily as a result of lower PCL. Non-interest expenses also reflect higher employee-related expenses and higher spend supporting business growth, partially offset by the impact of foreign exchange translation and prior year charges related to the Greystone acquisition, which collectively accounted for approximately 1% of the increase. Adjusted non-interest expenses were $5,576 million, an increase of $332 million, or 6%.

By segment, the increase in reported non-interest expenses reflects an increase in the Corporate segment of $256 million and an increase in Canadian Retail of $215 million, partially offset by a decrease in U.S. Retail of $128 million and a decrease in Wholesale Banking of $34 million.

The Bank’s reported efficiency ratio was 52.4% compared to 49.8% in the third quarter last year. The Bank’s adjusted efficiency ratio was 52.0%, compared with 49.2% in the third quarter last year.

Quarterly comparison – Q3 2021 vs. Q2 2021

Reported non-interest expenses for the quarter decreased $113 million, or 2%, compared with the prior quarter. Adjusted non-interest expenses decreased $115 million, or 2%, primarily reflecting lower employee-related expenses and store optimization costs in the prior quarter.

By segment, the decrease in reported non-interest expenses reflects a decrease in U.S. Retail of $76 million, a decrease in Wholesale Banking of $70 million, and a decrease in the Corporate segment of $26 million, partially offset by an increase in Canadian Retail of $59 million.

The Bank’s reported efficiency ratio was 52.4% compared with 56.0% in the prior quarter. The Bank’s adjusted efficiency ratio was 52.0%, compared with 55.6% in the prior quarter.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Reported non-interest expenses of $17,129 million increased $1,234 million, or 8%, compared with the same period last year, mainly due to an increase in the retailer program partners’ net share of the profits from the U.S. strategic cards portfolio, primarily as a result of lower PCL. Non-interest expenses also reflect higher employee-related expenses and store optimization costs, partially offset by the impact of foreign exchange translation and prior year charges related to the Greystone acquisition, which collectively accounted for approximately 2% of the increase. On an adjusted basis, non-interest expenses were $17,011 million, an increase of $1,319 million, or 8%.

By segment, the increase in reported non-interest expenses reflects an increase in the Corporate segment of $905 million, an increase in Canadian Retail of $334 million, and an increase in Wholesale Banking of $114 million, partially offset by a decrease in U.S. Retail of $119 million.

The Bank’s reported efficiency ratio was 53.9%, compared with 50.0% in the same period last year. The Bank’s adjusted efficiency ratio was 53.6%, compared with 49.3% in the same period last year.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 12 


Table of Contents

Income Taxes

As discussed in the “How the Bank Reports” section of this document, the Bank adjusts its reported results to assess each of its businesses and to measure overall Bank performance. As such, the provision for income taxes is stated on a reported and an adjusted basis.

The Bank’s effective income tax rate on a reported basis was 21.5% for the current quarter, compared with 18.8% in the third quarter last year and 21.7% in the prior quarter. The year-over-year increase primarily reflects the impact of higher pre-tax income. The quarter-over-quarter decrease mainly reflects the impact of lower pre-tax income.

The Bank’s adjusted effective tax rate was 21.5% for the quarter, higher than 18.7% in the third quarter last year and lower than 21.7% in the prior quarter. The year-over-year increase primarily reflects the impact of higher pre-tax income. The quarter-over-quarter decrease mainly reflects the impact of lower pre-tax income.

 

TABLE 9: INCOME TAXES

 

(millions of Canadian dollars, except as noted)  For the three months ended  For the nine months ended 
    

July 31

2021

  

April 30

2021

  

July 31

2020

  

July 31

2021

  

July 31

2020

 

Income taxes at Canadian statutory income tax rate

  $1,128    26.3 %  $1,164    26.3 %  $624    26.4 %  $3,325    26.3 %  $1,932    26.4 % 

Increase (decrease) resulting from:

                

Dividends received

   (30   (0.7  (31   (0.7  (30   (1.3  (92   (0.7  (90   (1.2

Rate differentials on international operations1

   (186   (4.3  (181   (4.1  (136   (5.8  (548   (4.3  (517   (7.1

Other

   10    0.2   10    0.2   (13   (0.5  26    0.1   29    0.4 

Provision for income taxes and effective income tax rate – reported

  $922    21.5 %  $962    21.7 %  $445    18.8 %  $2,711    21.4 %  $1,354    18.5 % 

Total adjustments for items of note2

   9        8        9        26        30      

Provision for income taxes and effective income tax rate – adjusted3,4

  $    931    21.5 %  $    970    21.7 %  $    454    18.7 %  $  2,737    21.4 %  $  1,384    18.4 % 

 

1

These amounts reflect tax credits as well as international business mix.

2

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

3

The tax effect for each item of note is calculated using the statutory income tax rate of the applicable legal entity.

4

Adjusted effective income tax rate is the adjusted provision for income taxes before other taxes as a percentage of adjusted net income before taxes.

Impact of Foreign Exchange Rate on U.S. Retail Segment Translated Earnings

The following table reflects the estimated impact of foreign currency translation on key U.S. Retail segment income statement items.

 

TABLE 10: IMPACT OF FOREIGN EXCHANGE RATE ON U.S. RETAIL SEGMENT TRANSLATED EARNINGS

 

(millions of Canadian dollars, except as noted)  For the three months ended  For the nine months ended 
    

July 31, 2021 vs.

July 31, 2020

Increase (Decrease)

  

July 31, 2021 vs.

July 31, 2020

Increase (Decrease)

 

U.S. Retail Bank

   

Total revenue

            $(301       $(608

Non-interest expenses

   (170  (359

Net income – after-tax

   (123  (242

Share of net income from investment in Schwab1

   (25  (43

U.S. Retail segment net income

   (148  (285

Earnings per share (Canadian dollars)

   

Basic

            $(0.08       $(0.16

Diluted

   (0.08  (0.16

 

1

Share of net income from investment in Schwab and the foreign exchange impact are reported with a one-month lag.

 

Average foreign exchange rate (equivalent of CAD $1.00)  For the three months ended   For the nine months ended 
    

July 31

2021

   

July 31

2020

   

July 31

2021

   

July 31

2020

 

U.S. dollar

  $0.814   $0.731   $0.795   $0.739 

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 13 


Table of Contents

 

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the personal and business banking operations, wealth management services, and the Bank’s investment in Schwab; and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. Where applicable, the Bank measures and evaluates the performance of each segment based on adjusted results and ROE, and for those segments, the Bank indicates that the measure is adjusted. For further details, refer to the “How We Performed” section of this document including the Bank’s response to COVID-19, the “Business Focus” section in the Bank’s 2020 MD&A, and Note 29 Segmented Information of the Bank’s Consolidated Financial Statements for the year ended October 31, 2020.

PCL related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees is recorded within the respective segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including certain dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB increase to net interest income and provision for income taxes reflected in Wholesale Banking’s results are reversed in the Corporate segment. The TEB adjustment for the quarter was $37 million, compared with $37 million in the prior quarter and $47 million in the third quarter last year.

Share of net income from investment in Schwab is reported in the U.S. Retail segment. Amounts for amortization of acquired intangibles and the acquisition and integration charges related to the Schwab transaction are recorded in the Corporate segment.

 

TABLE 11:  CANADIAN RETAIL

 

(millions of Canadian dollars, except as noted)  For the three months ended  For the nine months ended 
    

July 31

2021

  

April 30

2021

  

July 31

2020

  

July 31

2021

  

July 31

2020

 

Net interest income

  $3,044  $2,873  $2,910  $8,895  $9,079 

Non-interest income

   3,535   3,189   3,116   10,091   9,225 

Total revenue

   6,579   6,062   6,026   18,986   18,304 

Provision for (recovery of) credit losses – impaired

   154   191   372   512   1,057 

Provision for (recovery of) credit losses – performing

   (54  (228  579   (307  1,438 

Total provision for (recovery of) credit losses

   100   (37  951   205   2,495 

Insurance claims and related expenses

   836   441   805   2,057   2,256 

Non-interest expenses – reported

   2,748   2,689   2,533   8,091   7,757 

Non-interest expenses – adjusted1

   2,748   2,689   2,508   8,091   7,682 

Provision for (recovery of) income taxes – reported

   770   787   474   2,289   1,572 

Provision for (recovery of) income taxes – adjusted1

   770   787   474   2,289   1,573 

Net income – reported

   2,125   2,182   1,263   6,344   4,224 

Net income – adjusted1

  $2,125  $2,182  $1,288  $6,344  $4,298 

Selected volumes and ratios

      

Return on common equity – reported2

   47.6 %   51.3 %   28.3 %   48.3 %   31.0 % 

Return on common equity – adjusted1,2

   47.6   51.3   28.8   48.3   31.5 

Net interest margin (including on securitized assets)

   2.61   2.61   2.68   2.62   2.82 

Efficiency ratio – reported

   41.8   44.4   42.0   42.6   42.4 

Efficiency ratio – adjusted1

   41.8   44.4   41.6   42.6   42.0 

Assets under administration (billions of Canadian dollars)

  $538  $514  $434  $538  $434 

Assets under management (billions of Canadian dollars)

   420   397   366   420   366 

Number of Canadian retail branches

   1,073   1,085   1,087   1,073   1,087 

Average number of full-time equivalent staff

       41,763       41,064       40,652       41,181       40,921 

 

1

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

2

Capital allocated to the business segment was reduced to 9% CET1 effective the second quarter of 2020 compared with 10.5% in the first quarter of 2020.

Quarterly comparison – Q3 2021 vs. Q3 2020

Canadian Retail reported net income for the quarter was $2,125 million, an increase of $862 million, or 68%, compared with the third quarter last year, reflecting lower PCL and higher revenue, partially offset by higher non-interest expenses. On an adjusted basis, net income increased $837 million, or 65%. The reported and adjusted annualized ROE for the quarter was 47.6%, compared with 28.3% and 28.8%, respectively, in the third quarter last year.

Canadian Retail revenue is derived from the personal and business banking, wealth, and insurance businesses. Revenue for the quarter was $6,579 million, an increase of $553 million, or 9%, compared with the third quarter last year.

Net interest income was $3,044 million, an increase of $134 million, or 5%, compared with the third quarter last year, reflecting volume growth, partially offset by lower deposit margins. Average loan volumes increased $33 billion, or 7%, reflecting 8% growth in personal loans and 7% growth in business loans. Average deposit volumes increased $52 billion, or 13%, reflecting 10% growth in personal deposits, 19% growth in business deposits, and 15% growth in wealth deposits. Net interest margin was 2.61%, a decrease of 7 bps, reflecting changes to balance sheet mix.

Non-interest income was $3,535 million, an increase of $419 million, or 13%, reflecting higher fee-based revenue in the banking and wealth businesses, and higher insurance volumes, partially offset by a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in insurance claims.

Assets under administration (AUA) were $538 billion as at July 31, 2021, an increase of $104 billion, or 24%, and Assets under management (AUM) were $420 billion as at July 31, 2021, an increase of $54 billion, or 15%, compared with the third quarter last year, both reflecting market appreciation and new asset growth.

PCL was $100 million, a decrease of $851 million compared with the third quarter last year. PCL – impaired for the quarter was $154 million, a decrease of $218 million, or 59%, across the consumer and commercial lending portfolios, largely related to the continued impact of government economic support programs. PCL – performing was a recovery of $54 million, lower by $633 million, reflecting a performing allowance increase in the prior year and a release this quarter largely related to improved credit conditions. Total PCL as an annualized percentage of credit volume was 0.08%, a decrease of 78 bps compared with the third quarter last year.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 14 


Table of Contents

Insurance claims and related expenses for the quarter were $836 million, an increase of $31 million, or 4%, compared with the third quarter last year reflecting higher current year claims from business growth, partially offset by a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in non-interest income.

Reported non-interest expenses for the quarter were $2,748 million, an increase of $215 million, or 8%, compared with the third quarter last year, reflecting higher spend supporting business growth, including volume-driven and employee-related expenses, and technology and marketing costs, partially offset by prior year charges related to the Greystone acquisition. On an adjusted basis, non-interest expenses increased $240 million, or 10%, compared with the third quarter last year.

The reported and adjusted efficiency ratio for the quarter was 41.8%, compared with 42.0% and 41.6%, respectively, in the third quarter last year.

Quarterly comparison – Q3 2021 vs. Q2 2021

Canadian Retail net income of $2,125 million decreased $57 million, or 3%, compared with the prior quarter, reflecting higher insurance claims, PCL and non-interest expenses, partially offset by revenue growth. The annualized ROE for the quarter was 47.6%, compared with 51.3%, in the prior quarter.

Revenue increased $517 million, or 9%, compared with the prior quarter. Net interest income increased $171 million, or 6%, largely reflecting volume growth and the effect of more days in the third quarter. Average loan volumes increased $13 billion, or 3%, reflecting 2% growth in personal loans and 5% growth in business loans. Average deposit volumes increased $11 billion, or 3%, reflecting 2% growth in personal deposits, 4% growth in business deposits, and a 2% decrease in wealth deposits. Net interest margin was 2.61%, flat to the prior quarter.

Non-interest income increased $346 million, or 11%, reflecting higher fee-based revenue in the wealth and banking businesses, prior quarter premium rebates for customers in the insurance business, and an increase in the fair value of investments supporting claims liabilities which resulted in a similar increase in insurance claims, partially offset by lower transaction revenue in the wealth business.

AUA increased $24 billion, or 5%, and AUM increased $23 billion, or 6%, compared with the prior quarter, reflecting market appreciation and new asset growth.

PCL was $100 million, compared with a recovery of $37 million in the prior quarter. PCL – impaired decreased $37 million, or 19%, primarily reflected in the commercial lending portfolio. PCL – performing was a recovery of $54 million compared with a recovery of $228 million in the prior quarter, reflecting continued improvement in credit conditions. Total PCL as an annualized percentage of credit volume was 0.08%, an increase of 11 bps.

Insurance claims and related expenses for the quarter increased $395 million, or 90%, compared with the prior quarter, reflecting higher current year claims, less favourable prior years’ claims development, an increase in the fair value of investments supporting claims liabilities which resulted in a similar increase in non-interest income, and more severe weather-related events.

Non-interest expenses increased $59 million, or 2%, compared with the prior quarter reflecting higher volume-driven and employee-related expenses.

The efficiency ratio was 41.8%, compared with 44.4%, in the prior quarter.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Canadian Retail reported net income for the nine months ended July 31, 2021 was $6,344 million, an increase of $2,120 million, or 50%, compared with same period last year, reflecting lower PCL and higher revenue, partially offset by higher non-interest expenses. On an adjusted basis, net income increased $2,046 million, or 48%. The reported and adjusted annualized ROE for the period was 48.3%, compared with 31.0% and 31.5%, respectively, in the same period last year.

Revenue for the period was $18,986 million, an increase of $682 million, or 4%, compared with same period last year. Net interest income decreased $184 million, or 2%, reflecting lower deposit margins, partially offset by volume growth. Average loan volumes increased $23 billion, or 5%, reflecting 6% growth in personal loans and 4% growth in business loans. Average deposit volumes increased $66 billion, or 18%, reflecting 13% growth in personal deposits, 24% growth in business deposits, and 28% growth in wealth deposits. Net interest margin was 2.62%, a decrease of 20 bps, reflecting lower rates and changes to balance sheet mix.

Non-interest income increased $866 million, or 9%, reflecting higher transaction and fee-based revenue in the wealth and banking businesses and higher insurance volumes, partially offset by a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in insurance claims and the impact of premium rebates for customers in the insurance business.

PCL was $205 million, a decrease of $2,290 million compared with the same period last year. PCL – impaired was $512 million, a decrease of $545 million, or 52%, primarily in the consumer and commercial lending portfolios, largely related to the continued impact of government economic support programs. PCL – performing was a recovery of $307 million, lower by $1,745 million, reflecting a performing allowance increase in the prior year and an allowance release this year largely related to an improvement in the economic outlook. Total PCL as an annualized percentage of credit volume was 0.06%, a decrease of 70 bps.

Insurance claims and related expenses were $2,057 million, a decrease of $199 million, or 9%, compared with the same period last year, reflecting a decrease in the fair value of investments supporting claims liabilities which resulted in a similar decrease in non-interest income, lower current year claims, more favourable prior years’ claims development, and fewer severe weather-related events.

Reported non-interest expenses were $8,091 million, an increase of $334 million, or 4%, compared with the same period last year. The increase primarily reflects higher spend supporting business growth, including volume-driven and employee-related expenses and technology costs, partially offset by prior year charges related to the Greystone acquisition. On an adjusted basis, non-interest expenses increased $409 million or 5%.

The reported and adjusted efficiency ratios for the period were 42.6%, compared with 42.4% and 42.0%, respectively, for the same period last year.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 15 


Table of Contents

TABLE 12:  U.S. RETAIL

 

(millions of dollars, except as noted)  For the three months ended  For the nine months ended 
Canadian Dollars  

July 31

2021

  April 30
2021
  

July 31

2020

  

July 31

2021

  

July 31

2020

 

Net interest income

  $        1,990  $        1,950  $        2,256  $        5,971  $        6,763 

Non-interest income

   691   663   595   2,007   1,792 

Total revenue

   2,681   2,613   2,851   7,978   8,555 

Provision for (recovery of) credit losses – impaired

   63   117   290   370   850 

Provision for (recovery of) credit losses – performing

   (159  (330  607   (544  1,503 

Total provision for (recovery of) credit losses

   (96  (213  897   (174  2,353 

Non-interest expenses

   1,518   1,594   1,646   4,800   4,919 

Provision for (recovery of) income taxes

   161   162   (48  393   (120

U.S. Retail Bank net income

   1,098   1,070   356   2,959   1,403 

Share of net income from investment in Schwab and TD Ameritrade1,2

   197   246   317   652   752 

Net income

  $1,295  $1,316  $673  $3,611  $2,155 

U.S. Dollars

                     

Net interest income

  $1,619  $1,548  $1,648  $4,746  $4,995 

Non-interest income

   561   528   437   1,596   1,331 

Total revenue

   2,180   2,076   2,085   6,342   6,326 

Provision for (recovery of) credit losses – impaired

   53   91   211   291   627 

Provision for (recovery of) credit losses – performing

   (127  (264  444   (435  1,085 

Total provision for (recovery of) credit losses

   (74  (173  655   (144  1,712 

Non-interest expenses

   1,233   1,267   1,205   3,813   3,633 

Provision for (recovery of) income taxes

   130   129   (35  314   (83

U.S. Retail Bank net income

   891   853   260   2,359   1,064 

Share of net income from investment in Schwab and TD Ameritrade1,2

   161   194   230   516   556 

Net income

  $1,052  $1,047  $490  $2,875  $1,620 

Selected volumes and ratios

      

Return on common equity3

   13.8 %   13.9 %   6.7 %   12.5 %   7.3 % 

Net interest margin4

   2.16   2.15   2.50   2.18   2.83 

Efficiency ratio

   56.6   61.0   57.8   60.1   57.4 

Assets under administration (billions of U.S. dollars)

  $29  $27  $23  $29  $23 

Assets under management (billions of U.S. dollars)

   41   44   40   41   40 

Number of U.S. retail stores

   1,142   1,141   1,220   1,142   1,220 

Average number of full-time equivalent staff

   25,047   25,892   26,408   25,756   26,353 

 

1

The Bank’s share of Schwab’s and TD Ameritrade’s earnings is reported with a one-month lag. Refer to Note 7 of the Interim Consolidated Financial Statements for further details.

2

The after-tax amounts for amortization of acquired intangibles and the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade are recorded in the Corporate segment.

3

Capital allocated to the business segment was reduced to 9% CET1 effective the second quarter of 2020 compared with 10.5% in the first quarter of 2020.

4

Net interest margin excludes the impact related to sweep deposits arrangements and the impact of intercompany deposits and cash collateral. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value.

Quarterly comparison – Q3 2021 vs. Q3 2020

U.S. Retail net income for the quarter was $1,295 million (US$1,052 million), an increase of $622 million (US$562 million), or 92% (115% in U.S. dollars) compared with the third quarter last year. The annualized ROE for the quarter was 13.8%, compared with 6.7%, in the third quarter last year.

U.S. Retail net income includes contributions from the U.S. Retail Bank and the Bank’s investment in Schwab. Net income for the quarter from the U.S. Retail Bank and the Bank’s investment in Schwab was $1,098 million (US$891 million) and $197 million (US$161 million), respectively.

The contribution from Schwab of US$161 million decreased US$69 million, or 30%, compared with the contribution from TD Ameritrade in the third quarter last year.

U.S. Retail Bank net income of US$891 million increased US$631 million, primarily reflecting lower PCL and higher revenue, partially offset by higher expenses.

U.S. Retail Bank revenue is derived from the personal and business banking and wealth management businesses. Revenue for the quarter was US$2,180 million, an increase of US$95 million, or 5%, compared with the third quarter last year. Net interest income decreased US$29 million, or 2%, as lower deposit margins more than offset growth in deposit volumes and higher income from PPP loans, including accelerated fee amortization from loan forgiveness. Net interest margin was 2.16%, a decrease of 34 bps, reflecting continued deposit margin compression and balance sheet mix. Non-interest income increased US$124 million, or 28%, compared with the third quarter last year, primarily reflecting fee income growth from increased customer activity, and lower losses on low-income housing investments.

Average loan volumes decreased US$9 billion, or 5%, compared with the third quarter last year. Personal loans decreased 1%, primarily reflecting lower home equity and credit card balances. Business loans decreased 8%, reflecting paydowns and lower line usage on commercial loans, partially offset by higher average PPP loan volumes. Average deposit volumes increased US$35 billion, or 10%, reflecting an 18% increase in personal deposits, a 13% increase in business deposits, and a 3% increase in sweep deposits.

AUA were US$29 billion as at July 31, 2021, an increase of US$6 billion, or 26%, compared with the third quarter last year, reflecting net asset growth. AUM were US$41 billion as at July 31, 2021, an increase of US$1 billion, or 3%, compared with the third quarter last year, reflecting market appreciation, partially offset by net asset outflows.

PCL for the quarter was a recovery of US$74 million, lower by US$729 million compared with the third quarter last year. PCL – impaired was US$53 million, a decrease of US$158 million, or 75%, primarily reflected in the consumer lending portfolios, largely related to the continued impact of government economic support programs. PCL – performing was a recovery of US$127 million, lower by US$571 million, reflecting a performing allowance increase in the prior year and a release this quarter largely related to improved credit conditions. U.S. Retail PCL including only the Bank’s share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was -0.18%, lower by 169 bps, compared with the third quarter last year.

Non-interest expenses for the quarter were US$1,233 million, an increase of US$28 million, or 2%, compared with the third quarter last year, primarily reflecting higher investment in the business and employee-related expenses, partially offset by productivity savings.

The efficiency ratio for the quarter was 56.6%, compared with 57.8%, in the third quarter last year.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 16 


Table of Contents

Quarterly comparison – Q3 2021 vs. Q2 2021

U.S. Retail net income of $1,295 million (US$1,052 million) decreased CAD$21 million (increased US$5 million). The annualized ROE for the quarter was 13.8%, compared with 13.9% in the prior quarter.

The contribution from Schwab of US$161 million decreased US$33 million, or 17%, reflecting lower earnings.

U.S. Retail Bank net income of US$891 million increased US$38 million, or 4%, compared with the prior quarter, primarily reflecting higher revenue and lower expenses, partially offset by a smaller recovery of credit losses.

Revenue for the quarter increased US$104 million, or 5%, compared with the prior quarter. Net interest income increased US$71 million, or 5%, reflecting the effect of more days in the third quarter, higher average deposit volume excluding sweep deposits, and accelerated fee amortization from PPP loan forgiveness, partially offset by continued deposit margin compression. Net interest margin was 2.16%, an increase of 1 bps. Non-interest income increased US$33 million, or 6%, primarily reflecting higher fee income growth from increased customer activity, and lower losses on low-income housing investments.

Average loan volumes decreased US$3 billion, or 1%, compared with the prior quarter. Personal loans decreased 1%, primarily reflecting lower home equity and residential mortgage balances. Business loans decreased 2%, primarily reflecting paydowns, lower line usage on commercial loans, and a decline in PPP loan volumes from forgiveness. Average deposit volumes were flat compared with the prior quarter reflecting a 3% increase in personal and business deposits, offset by a 5% decrease in sweep deposits.

AUA were US$29 billion as at July 31, 2021, an increase of US$2 billion, or 7%, compared with the prior quarter, reflecting net asset growth. AUM were US$41 billion as at July 31, 2021, a decrease of US$3 billion, or 7%, reflecting net asset outflows, partially offset by market appreciation.

PCL was a recovery of US$74 million compared with a recovery of US$173 million in the prior quarter. PCL – impaired decreased US$38 million, or 42%, largely related to the continued impact of government economic support programs. PCL – performing was a recovery of US$127 million, compared with a recovery of US$264 million in the prior quarter, reflecting continued improvement in credit conditions. U.S. Retail PCL including only the Bank’s share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was -0.18%, higher by 23 bps.

Non-interest expenses for the quarter were US$1,233 million, a decrease of US$34 million, or 3%, primarily reflecting store optimization costs in the prior quarter, partially offset by more days in the quarter.

The efficiency ratio for the quarter was 56.6%, compared with 61.0% in the prior quarter.

Year-to-date comparison – Q3 2021 vs. Q3 2020

U.S. Retail net income for the nine months ended July 31, 2021, was $3,611 million (US$2,875 million), an increase of $1,456 million (US$1,255 million), or 68% (77% in U.S. dollars), compared with the same period last year. The annualized ROE for the period was 12.5%, compared with 7.3%, in the same period last year. Net income from the U.S. Retail Bank and the Bank’s investment in Schwab was $2,959 million (US$2,359 million) and $652 million (US$516 million), respectively.

The contribution from Schwab was US$516 million, a decrease of US$40 million, or 7%, compared with the contribution from TD Ameritrade for the same period last year.

U.S. Retail Bank net income for the period was US$2,359 million, an increase of US$1,295 million, or 122%, compared with the same period last year, reflecting lower PCL and higher non-interest income, partially offset by lower net interest income and higher expenses.

Revenue for the period was US$6,342 million, an increase of US$16 million compared with same period last year. Net interest income decreased US$249 million, or 5%, as lower deposit margins more than offset growth in deposit volume and higher income from PPP loans, including accelerated fee amortization from loan forgiveness. Net interest margin was 2.18%, a decrease of 65 bps, primarily reflecting deposit margin compression and balance sheet mix. Non-interest income increased US$265 million, or 20%, reflecting fee income growth from increased customer activity, lower losses on low-income housing investments, higher valuation of certain investments, and higher gains on the sale of mortgage loans.

Average loan volumes increased US$1 billion compared with the same period last year. Personal loans decreased 1%, as growth in residential mortgages and auto loans was offset by historically high payment rates on credit cards and decline in home equity. Business loans increased 1%, as higher PPP originations were partially offset by paydowns and lower line usage on commercial loans, and PPP loan forgiveness. Average deposit volumes increased US$65 billion, or 21%, reflecting a 26% increase in business deposit volumes, a 20% increase in personal deposit volumes, and an 18% increase in sweep deposit volumes.

PCL was a recovery of US$144 million, lower by US$1,856 million compared with the same period last year. PCL – impaired was US$291 million, a decrease of US$336 million, or 54%, primarily reflected in the consumer lending portfolios, largely related to the continued impact of government economic support programs. PCL – performing was a recovery of US$435 million, lower by US$1,520 million, reflecting a performing allowance increase in the prior year and a release this period largely related to an improvement in the economic outlook. U.S. Retail PCL including only the Bank’s share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was -0.10%, a decrease of 150 bps.

Non-interest expenses for the period were US$3,813 million, an increase of US$180 million, or 5%, compared with the same period last year, reflecting US$125 million in store optimization costs and higher employee-related expenses, partially offset by lower legal provisions and productivity savings.

The efficiency ratio for the period was 60.1%, compared with 57.4%, for the same period last year.

THE CHARLES SCHWAB CORPORATION

Refer to Note 7, Investment in Associates and Joint Ventures of the Bank’s Interim Consolidated Financial Statements for further information on Schwab.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 17 


Table of Contents

TABLE 13:  WHOLESALE BANKING

 

(millions of Canadian dollars, except as noted)  For the three months ended  For the nine months ended 
    July 31
2021
  April 30
2021
  July 31
2020
  July 31
2021
  July 31
2020
 

Net interest income (TEB)

  $632  $648  $531  $1,941  $1,381 

Non-interest income

   451   509   866   1,609   2,323 

Total revenue

   1,083   1,157   1,397   3,550   3,704 

Provision for (recovery of) credit losses – impaired

      12   52   22   298 

Provision for (recovery of) credit losses – performing

   2   (75  71   (63  216 

Total provision for (recovery of) credit losses

   2   (63  123   (41  514 

Non-interest expenses

   635   705   669   2,051   1,937 

Provision for (recovery of) income taxes (TEB)

   116   132   163   390   321 

Net income

  $330  $383  $442  $1,150  $932 

Selected volumes and ratios

      

Trading-related revenue (TEB)

  $467  $558  $942  $1,769  $2,179 

Average gross lending portfolio (billions of Canadian dollars)1

   59.9   60.3   69.4   59.6   63.3 

Return on common equity2

   15.7 %   20.0 %   19.7 %   19.0 %   14.9 % 

Efficiency ratio

   58.6   60.9   47.9   57.8   52.3 

Average number of full-time equivalent staff

       4,839       4,757       4,632       4,758       4,566 

 

1

Includes gross loans and bankers’ acceptances relating to Wholesale Banking, excluding letters of credit, cash collateral, credit default swaps (CDS), and allowance for credit losses.

2

Capital allocated to the business segment was reduced to 9% CET1 effective the second quarter of 2020 compared with 10.5% in the first quarter of 2020.

Quarterly comparison – Q3 2021 vs. Q3 2020

Wholesale Banking net income for the quarter was $330 million, a decrease of $112 million, or 25%, compared with the third quarter last year, reflecting lower revenue, partially offset by lower PCL and lower non-interest expenses.

Wholesale Banking revenue is derived primarily from capital markets and corporate and investment banking services provided to corporate, government, and institutional clients. Wholesale Banking generates revenue from corporate lending, advisory, underwriting, sales, trading and research, client securitization, trade finance, cash management, prime services, and trade execution services. Revenue for the quarter was $1,083 million, a decrease of $314 million, or 22%, compared with the third quarter last year, primarily reflecting lower trading-related revenue, partially offset by higher other revenue and advisory fees.

PCL for the quarter was $2 million, a decrease of $121 million compared with the third quarter last year. PCL – impaired was nil, a decrease of $52 million reflecting credit migration in the prior year. PCL – performing was $2 million, a decrease of $69 million, reflecting a performing allowance increase in the prior year.

Non-interest expenses were $635 million, a decrease of $34 million, or 5%, compared with the third quarter last year, primarily reflecting lower variable compensation, partially offset by higher employee-related costs from continued investment in Wholesale Banking’s U.S. dollar strategy.

Quarterly comparison – Q3 2021 vs. Q2 2021

Wholesale Banking net income for the quarter was $330 million, a decrease of $53 million, or 14%, compared with the prior quarter, reflecting lower revenue and higher PCL, partially offset by lower non-interest expenses.

Revenue for the quarter decreased $74 million, or 6%, primarily reflecting lower trading-related revenue, partially offset by higher advisory fees.

PCL was $2 million, compared with a recovery of $63 million in the prior quarter. PCL – impaired was nil, a decrease of $12 million. PCL – performing was $2 million, compared with a recovery of $75 million in the prior quarter.

Non-interest expenses for the quarter decreased $70 million, or 10%, primarily reflecting lower variable compensation.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Wholesale Banking net income for the nine months ended July 31, 2021 was $1,150 million, an increase of $218 million, or 23%, compared with the same period last year, reflecting lower PCL, partially offset by lower revenue and higher non-interest expenses.

Revenue was $3,550 million, a decrease of $154 million, or 4%, compared with the same period last year, reflecting lower trading-related revenue, partially offset by higher loan, equity underwriting, and advisory fees.

PCL was a recovery of $41 million, lower by $555 million compared with the same period last year. PCL – impaired was $22 million, a decrease of $276 million primarily reflecting credit migration in the prior year. PCL – performing was a recovery of $63 million, lower by $279 million reflecting a performing allowance increase in the prior year, and a release this year largely related to an improvement in the economic outlook.

Non-interest expenses were $2,051 million, an increase of $114 million, or 6%, compared with the same period last year, primarily reflecting higher employee-related costs from continued investment in Wholesale Banking’s U.S. dollar strategy.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 18 


Table of Contents

TABLE 14:  CORPORATE

 

(millions of Canadian dollars)  For the three months ended  For the nine months ended 
    July 31
2021
  April 30
2021
  July 31
2020
  July 31
2021
  July 31
2020
 

Net income (loss) – reported

  $(205 $(186 $(130 $(588 $(559

Adjustments for items of note1

      

Amortization of acquired intangibles before income taxes

   68   69   63   211   201 

Acquisition and integration charges related to the Schwab transaction

   24   19      81    

Less: impact of income taxes

   9   8   9   26   29 

Net income (loss) – adjusted

  $(122 $(106 $(76 $(322 $(387

Decomposition of items included in net income (loss) – adjusted

      

Net corporate expenses

  $(169 $(186 $(153 $(537 $(531

Other

   47   80   77   215   144 

Net income (loss) – adjusted

  $(122 $(106 $(76 $(322 $(387

Selected volumes

      

Average number of full-time equivalent staff

       17,657       17,736       17,889       17,704       17,726 
1

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

Quarterly comparison – Q3 2021 vs. Q3 2020

Corporate segment’s reported net loss for the quarter was $205 million, compared with a reported net loss of $130 million in the third quarter last year. The year-over-year increase reflects a lower contribution from other items, acquisition and integration charges related to the Schwab transaction, and higher net corporate expenses. The decrease in other items primarily reflects lower revenue from treasury and balance sheet management activities this quarter and the impact of tax items in the prior year. Net corporate expenses increased $16 million compared to the same quarter last year. The adjusted net loss for the quarter was $122 million, compared with an adjusted net loss of $76 million in the third quarter last year.

Quarterly comparison – Q3 2021 vs. Q2 2021

Corporate segment’s reported net loss for the quarter was $205 million, compared with a reported net loss of $186 million in the prior quarter. The quarter-over-quarter increase reflects a lower contribution from other items, partially offset by lower net corporate expenses. The decrease in other items primarily reflects lower revenue from treasury and balance sheet management activities this quarter. Net corporate expenses decreased $17 million compared to the prior quarter. The adjusted net loss for the quarter was $122 million, compared with an adjusted net loss of $106 million in the prior quarter.

Year-to-date comparison – Q3 2021 vs. Q3 2020

Corporate segment’s reported net loss for the nine months ended July 31, 2021 was $588 million, compared with a reported net loss of $559 million in the same period last year. The $29 million increase primarily reflects acquisition and integration charges related to the Schwab transaction, partially offset by a higher contribution from other items. Other items increased $71 million, largely reflecting higher revenue from treasury and balance sheet management activities in the current period. Net corporate expenses increased $6 million compared to the same period last year. Adjusted net loss for the nine months ended July 31, 2021 was $322 million, compared with an adjusted net loss of $387 million in the same period last year.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 19 


Table of Contents

 

QUARTERLY RESULTS

The following table provides summary information related to the Bank’s eight most recently completed quarters.

 

TABLE 15:  QUARTERLY RESULTS1

 

(millions of Canadian dollars, except as noted)              For the three months ended 
           2021               2020   2019 
    Jul. 31  Apr. 30  Jan. 31  Oct. 31  Jul. 31  Apr. 30  Jan. 31  Oct. 31

Net interest income

  $6,004  $5,835  $6,030  $6,027  $6,101  $6,200  $6,169  $6,066 

Non-interest income

   4,708   4,393   4,782   5,817   4,564   4,328   4,440   4,274 

Total revenue

   10,712   10,228   10,812   11,844   10,665   10,528   10,609   10,340 

Provision for (recovery of) credit losses

   (37  (377  313   917   2,188   3,218   919   891 

Insurance claims and related expenses

   836   441   780   630   805   671   780   705 

Non-interest expenses

   5,616   5,729   5,784   5,709   5,307   5,121   5,467   5,543 

Provision for (recovery of) income taxes

   922   962   827   (202  445   250   659   646 

Share of net income from investment in Schwab and TD Ameritrade

   170   222   169   353   328   247   205   301 

Net income – reported

   3,545   3,695   3,277   5,143   2,248   1,515   2,989   2,856 

Pre-tax adjustments for items of note2

         

Amortization of acquired intangibles

   68   69   74   61   63   68   70   74 

Acquisition and integration charges related to the Schwab transaction

   24   19   38                

Net gain on sale of the investment in TD Ameritrade

            (1,421            

Charges associated with the acquisition of Greystone

            25   25   26   24   30 

Total pre-tax adjustments for items of note

   92   88   112   (1,335  88   94   94   104 

Less: Impact of income taxes

   9   8   9   838   9   10   11   14 

Net income – adjusted

   3,628   3,775   3,380   2,970   2,327   1,599   3,072   2,946 

Preferred dividends and distributions on other equity instruments

   56   65   65   64   68   68   67   68 

Net income available to common shareholders – adjusted

  $3,572  $3,710  $3,315  $2,906  $2,259  $1,531  $3,005  $2,878 

(Canadian dollars, except as noted)

                                 

Basic earnings per share

         

Reported

  $1.92  $2.00  $1.77  $2.80  $1.21  $0.80  $1.61  $1.54 

Adjusted

   1.96   2.04   1.83   1.60   1.25   0.85   1.66   1.59 

Diluted earnings per share

         

Reported

   1.92   1.99   1.77   2.80   1.21   0.80   1.61   1.54 

Adjusted

   1.96   2.04   1.83   1.60   1.25   0.85   1.66   1.59 

Return on common equity – reported

   15.3 %   16.7 %   14.3 %   23.3 %   10.0 %   6.9 %   14.2 %   13.6 % 

Return on common equity – adjusted

   15.6   17.1   14.7   13.3   10.4   7.3   14.6   14.0 

 

(billions of Canadian dollars, except as noted)

                                 

Average earning assets

  $1,527  $1,536  $1,563  $1,531  $1,494  $1,374  $1,292  $1,264 

Net interest margin

   1.56 %   1.56 %   1.53 %   1.57 %   1.62 %   1.83 %   1.90 %   1.90 % 

 

1

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

2

For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document. For further explanations of items of note for the quarters ended January 31, 2021, April 30, 2020 and January 31, 2020, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of the Report to Shareholders for such quarter. For further explanations of items of note for the quarters ended October 31, 2020 and October 31, 2019, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of the earnings news release for the three months and twelve months ended October 31, 2020 and October 31, 2019, issued on December 3, 2020 and December 5, 2019, respectively.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 20 


Table of Contents

 

BALANCE SHEET REVIEW

 

TABLE 16:  SELECTED INTERIM CONSOLIDATED BALANCE SHEET ITEMS

 

(millions of Canadian dollars)

        As at
    July 31, 2021   October 31, 2020 

Assets

    

Cash and Interest-bearing deposits with banks

  $173,360   $170,594 

Trading loans, securities, and other

   147,438    148,318 

Non-trading financial assets at fair value through profit or loss

   9,252    8,548 

Derivatives

   51,742    54,242 

Financial assets designated at fair value through profit or loss

   4,632    4,739 

Financial assets at fair value through other comprehensive income

   84,389    103,285 

Debt securities at amortized cost, net of allowance for credit losses

   250,310    227,679 

Securities purchased under reverse repurchase agreements

   162,154    169,162 

Loans, net of allowance for loan losses

   719,220    717,523 

Investment in Schwab

   11,231    12,174 

Other

   89,365    99,601 

Total assets

  $1,703,093   $1,715,865 

Liabilities

    

Trading deposits

  $29,445   $19,177 

Derivatives

   52,715    53,203 

Financial liabilities designated at fair value through profit or loss

   92,355    59,665 

Deposits

   1,118,681    1,135,333 

Obligations related to securities sold under repurchase agreements

   155,863    188,876 

Subordinated notes and debentures

   11,303    11,477 

Other

   142,824    152,635 

Total liabilities

   1,603,186    1,620,366 

Total equity

   99,907    95,499 

Total liabilities and equity

  $    1,703,093   $    1,715,865 

Total assets were $1,703 billion as at July 31, 2021, a decrease of $13 billion, or 1%, from October 31, 2020. The impact of foreign exchange translation from the appreciation in the Canadian dollar decreased total assets by $50 billion, or approximately 3%.

The decrease in total assets reflects financial assets at fair value through other comprehensive income (FVOCI) of $19 billion, other assets of $10 billion, securities purchased under reverse repurchase agreements of $7 billion, derivatives of $3 billion, investment in Schwab of $1 billion and trading loans, securities, and other of $1 billion. The decrease was partially offset by an increase in debt securities at amortized cost (DSAC), net of allowance for credit losses, of $22 billion, cash and interest-bearing deposits with banks of $3 billion, loans, net of allowances for loan losses of $2 billion and non-trading financial assets at fair value through profit or loss (FVTPL) of $1 billion.

Cash and interest-bearing deposits with banks increased $3 billion primarily reflecting growth in customer deposits and cash management activities.

Trading loans, securities, and other decreased $1 billion primarily reflecting a decrease in government-related securities and the impact of foreign exchange translation, partially offset by an increase in equity securities.

Non-trading financial assets at fair value through profit or loss increased $1 billion reflecting new investments, partially offset by maturities.

Derivatives decreased $3 billion reflecting changes in mark-to-market values of foreign exchange and interest rate contracts and the impact of foreign exchange translation.

Financial assets at fair value through other comprehensive income decreased $19 billion reflecting maturities and the impact of foreign exchange translation, partially offset by new investments.

Debt securities at amortized cost, net of allowance for credit losses increased $22 billion reflecting new investments, partially offset by the impact of foreign exchange translation and maturities.

Securities purchased under reverse repurchase agreements decreased $7 billion reflecting the impact of foreign exchange translation and a decrease in volume.

Loans, net of allowance for loan losses increased $2 billion reflecting volume growth in real estate secured lending, partially offset by the impact of foreign exchange translation.

Investment in Schwab decreased $1 billion primarily reflecting the impact of foreign exchange translation.

Other assets decreased $10 billion primarily reflecting a decrease in amounts receivable from brokers, dealers and clients reflecting lower volumes of pending trades, and the impact of foreign exchange translation.

Total liabilities were $1,603 billion as at July 31, 2021, a decrease of $17 billion, or 1%, from October 31, 2020. The impact of foreign exchange translation from the appreciation in the Canadian dollar decreased total liabilities by $53 billion, or approximately 3%.

The decrease in total liabilities reflects obligations related to securities sold under repurchase agreements of $33 billion, deposits of $17 billion and other liabilities of $10 billion. The decrease was partially offset by an increase in financial liabilities designated at FVTPL of $33 billion and trading deposits of $10 billion.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 21 


Table of Contents

Trading deposits increased $10 billion reflecting new issuances, partially offset by maturities.

Financial liabilities designated at fair value through profit or loss increased $33 billion reflecting new issuances, partially offset by maturities.

Deposits decreased $17 billion as the increase in total deposits was more than offset by the impact of foreign exchange translation.

Obligations related to securities sold under repurchase agreements decreased $33 billion reflecting a decrease in volume.

Other liabilities decreased $10 billion primarily reflecting a decrease in amounts payable to brokers, dealers and clients reflecting lower volumes of pending trades, and the impact of foreign exchange translation.

Equity was $100 billion as at July 31, 2021, an increase of $4 billion, or 5%, from October 31, 2020. The increase primarily reflects an increase in retained earnings and the issuance of limited recourse capital notes, partially offset by the impact of foreign exchange translation.

 

 

CREDIT PORTFOLIO QUALITY

Quarterly comparison – Q3 2021 vs. Q3 2020

Gross impaired loans excluding ACI loans, were $2,651 million as at July 31, 2021, a decrease of $1,170 million, or 31%, compared with the third quarter last year. Canadian Retail gross impaired loans decreased $330 million, or 24%, compared with the third quarter last year, primarily in the consumer lending portfolios reflecting the ongoing impact of government economic support programs. U.S. Retail gross impaired loans decreased $565 million, or 27%, compared with the third quarter last year, largely reflecting the impact of foreign exchange, the ongoing impact of government economic support programs, and resolutions of impaired loans in the commercial lending portfolio. Wholesale gross impaired loans decreased $275 million or 80%, compared with the third quarter last year, reflecting resolutions outpacing formations. Net impaired loans were $1,938 million as at July 31, 2021, a decrease of $671 million, or 26%, compared with the third quarter last year.

The allowance for credit losses of $7,716 million as at July 31, 2021 was comprised of Stage 3 allowance for impaired loans of $728 million, Stage 2 allowance of $4,297 million and Stage 1 allowance of $2,685 million, and the allowance for debt securities of $6 million. The Stage 1 and 2 allowances are for performing loans and off-balance sheet instruments.

The Stage 3 allowance for loan losses decreased $530 million, or 42%, reflecting resolutions of impaired loans in the Wholesale portfolio, the ongoing impact of government economic support programs, and the impact of foreign exchange. The Stage 1 and Stage 2 allowance for loan losses decreased $980 million, or 12%, largely related to releases this year reflecting improvement in credit conditions, and the impact of foreign exchange. The allowance change included a decrease of $373 million attributable to the retailer program partners’ share of the U.S. strategic cards portfolio.

The allowance for debt securities decreased by $1 million compared with the third quarter last year.

Forward-looking information, including macroeconomic variables deemed to be predictive of expected credit losses (ECLs) based on the Bank’s experience, is used to determine ECL scenarios and associated probability weights to determine the probability-weighted ECLs. Each quarter, all base forecast macroeconomic variables are refreshed, resulting in new upside and downside macroeconomic scenarios. Starting in the first quarter of 2021, the upside scenario was based on plausible scenario analyses of a more rapid recovery from the COVID-19 shock. For the downside forecast, since the second quarter of 2020, macroeconomic variables were based on plausible scenario analyses of COVID-19 impacts, given the lack of comparable historical data for a shock of this nature. The probability weightings assigned to each ECL scenario are also reviewed each quarter and updated as required, as part of the Bank’s ECL governance process. As a result of periodic reviews and quarterly updates, the allowance for credit losses may be revised to reflect updates in statistically derived loss estimates based on the Bank’s recent loss experience and its forward-looking views, including the impact of COVID-19. The Bank periodically reviews the methodology and has performed certain additional qualitative portfolio and loan level assessments of significant increase in credit risk. Refer to Note 3 of the Bank’s third quarter 2021 Interim Consolidated Financial Statements for further details on forward-looking information.

The probability-weighted allowance for credit losses reflects the Bank’s forward-looking views, including its estimate of the potential impact of COVID-19. The Bank continues to monitor the effects of COVID-19. To the extent that certain anticipated effects of COVID-19 cannot be fully incorporated into quantitative models, management continues to exercise expert credit judgment in determining the amount of ECLs by considering reasonable and supportable information. There remains considerable uncertainty regarding the impact of the COVID-19 pandemic, and as the situation unfolds, the allowance for credit losses will be updated in future quarters. Refer to Note 3 of the Bank’s third quarter 2021 Interim Consolidated Financial Statements for additional details.

The Bank calculates allowances for ECLs on debt securities measured at amortized cost and FVOCI. The Bank has $329 billion in such debt securities, all of which are performing (Stage 1 and 2) and none are impaired (Stage 3). The allowance for credit losses on DSAC and debt securities at FVOCI was $2 million and $4 million, respectively.

Quarterly comparison – Q3 2021 vs. Q2 2021

Gross impaired loans, excluding ACI loans, decreased $152 million, or 5%, compared with the prior quarter, primarily in the Canadian and U.S. consumer lending portfolios reflecting the ongoing impact of government economic support programs. Impaired loans net of allowance decreased $131 million, or 6%, compared with the prior quarter.

The allowance for credit losses of $7,716 million as at July 31, 2021 was comprised of Stage 3 allowance for impaired loans of $728 million, Stage 2 allowance of $4,297 million and Stage 1 allowance of $2,685 million, and the allowance for debt securities of $6 million. The Stage 1 and 2 allowances are for performing loans and off-balance sheet instruments. The Stage 3 allowance for loan losses decreased $38 million, or 5%, compared with prior quarter, primarily in the consumer lending portfolios, largely related to the continued impact of government economic support programs. The Stage 1 and Stage 2 allowance for loan losses decreased $221 million, or 3%, compared with the prior quarter.

The allowance for debt securities was $6 million, consistent with the prior quarter.

For further details on loans, impaired loans, allowance for credit losses, and on the Bank’s use of forward-looking information and macroeconomic variables in determining its allowance for credit losses, refer to Note 6 of the Bank’s third quarter 2021 Interim Consolidated Financial Statements.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 22 


Table of Contents

TABLE 17: CHANGES IN GROSS IMPAIRED LOANS AND ACCEPTANCES

 

 

(millions of Canadian dollars)  For the three months ended  For the nine months ended 
    July 31
2021
  April 30
2021
  July 31
2020
  July 31
2021
  July 31
2020
 

Personal, Business, and Government Loans1

      

Impaired loans as at beginning of period

  $2,803  $3,057  $3,606  $3,157  $3,032 

Classified as impaired during the period

   830   1,010   1,708   3,043   5,180 

Transferred to performing during the period

   (229  (257  (297  (732  (842

Net repayments

   (309  (353  (278  (963  (987

Disposals of loans

   (15        (18  (15

Amounts written off

   (454  (585  (828  (1,714  (2,575

Exchange and other movements

   25   (69  (90  (122  28 

Impaired loans as at end of period

  $    2,651  $    2,803  $    3,821  $    2,651  $    3,821 

 

1

Excludes ACI loans.

 

TABLE 18: ALLOWANCE FOR CREDIT LOSSES

 

(millions of Canadian dollars, except as noted)               As at 
   July 31
2021
     April 30
2021
     July 31
2020
 

Allowance for loan losses for on-balance sheet loans

         

Stage 1 allowance for loan losses

 $2,311     $2,368     $2,841 

Stage 2 allowance for loan losses

  3,782      3,891      4,070 

Stage 3 allowance for loan losses

  718      740      1,222 

Total allowance for loan losses for on-balance sheet loans1

  6,811      6,999      8,133 

 

Allowance for off-balance sheet instruments

         

Stage 1 allowance for loan losses

  374      381      459 

Stage 2 allowance for loan losses

  515      563      592 

Stage 3 allowance for loan losses

  10      26      36 

Total allowance for off-balance sheet instruments

  899      970      1,087 

Allowance for loan losses

  7,710      7,969      9,220 

Allowance for debt securities

  6      6      7 

Allowance for credit losses

 $7,716     $7,975     $9,227 

Impaired loans, net of allowance2,3

 $    1,938     $    2,069     $    2,609 

Net impaired loans as a percentage of net loans2,3

  0.26 %      0.28 %      0.35 % 

Total allowance for loan losses as a percentage of gross loans and acceptances2

  1.03      1.08      1.24 

Provision for (recovery of) credit losses as a percentage of net average loans and acceptances

  (0.02     (0.21     1.17 

 

1

Includes allowance for loan losses related to loans that are measured at FVOCI of nil as at July 31, 2021 (April 30, 2021 – $1 million; July 31, 2020 – nil).

2

Excludes ACI loans.

3

Credit cards are considered impaired when they are 90 days past due and written off at 180 days past due.

Real Estate Secured Lending

Retail real estate secured lending includes mortgages and lines of credit to North American consumers to satisfy financing needs including home purchases and refinancing. While the Bank retains first lien on the majority of properties held as security, there is a small portion of loans with second liens, but most of these are behind a TD mortgage that is in first position. In Canada, credit policies are designed so that the combined exposure of all uninsured facilities on one property does not exceed 80% of the collateral value at origination. Lending at a higher loan-to-value ratio is permitted by legislation but requires default insurance. This insurance is contractual coverage for the life of eligible facilities and protects the Bank’s real estate secured lending portfolio against potential losses caused by borrowers’ default. The Bank may also purchase default insurance on lower loan-to-value ratio loans. The insurance is provided by either government-backed entities or approved private mortgage insurers. In the U.S., for residential mortgage originations, mortgage insurance is usually obtained from either government-backed entities or approved private mortgage insurers when the loan-to-value exceeds 80% of the collateral value at origination.

The Bank regularly performs stress tests on its real estate lending portfolio as part of its overall stress testing program. This is done with a view to determine the extent to which the portfolio would be vulnerable to a severe downturn in economic conditions. The effect of severe changes in house prices, interest rates, and unemployment levels are among the factors considered when assessing the impact on credit losses and the Bank’s overall profitability. A variety of portfolio segments, including dwelling type and geographical regions, are examined during the exercise to determine whether specific vulnerabilities exist.

Canadian minimum qualifying rate for uninsured and insured mortgages

On May 20, 2021, Office of the Superintendent of Financial Institutions Canada (OSFI) announced changes to the minimum qualifying rate for uninsured mortgages. In addition, the Department of Finance announced changes to the qualifying rate for insured mortgages. Effective June 1, 2021, the new benchmark rate will be the greater of the mortgage contractual rate plus 2% or 5.25% for both uninsured and insured mortgages. The previous uninsured benchmark rate was the greater of the mortgage contractual rate plus 2% or the Bank of Canada five-year benchmark rate. The previous insured benchmark rate was the greater of the mortgage contractual rate or the Bank of Canada five-year benchmark rate.

 

TABLE 19: CANADIAN REAL ESTATE SECURED LENDING1

 

(millions of Canadian dollars)                      As at 
   Amortizing   Non-amortizing   Total 
   Residential
Mortgages
   Home equity
lines of credit
   Total amortizing real
estate secured lending
   Home equity
lines of credit
      
                        July 31, 2021 

Total

  $227,606   $68,928   $296,534   $31,105   $327,639 
                        October 31, 2020 

Total

  $213,239   $61,790   $275,029   $33,048   $308,077 

 

1

Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 23 


Table of Contents

TABLE 20: REAL ESTATE SECURED LENDING1,2

 

(millions of Canadian dollars, except as noted)                                  As at 
   Residential mortgages  Home equity lines of credit  Total 
   Insured3  Uninsured  Insured3  Uninsured  Insured3  Uninsured 
                                        July 31, 2021 

Canada

                   

Atlantic provinces

  $3,052    1.3 %  $3,424    1.5 %  $278    0.3 %  $1,427    1.4 %  $3,330    1.0 %  $4,851    1.5 % 

British Columbia4

   9,646    4.2   35,722    15.7   1,505    1.5   17,372    17.4   11,151    3.4   53,094    16.2 

Ontario4

   26,312    11.6   91,689    40.4   5,319    5.3   51,457    51.4   31,631    9.7   143,146    43.6 

Prairies4

   20,939    9.2   17,122    7.5   2,501    2.5   11,314    11.3   23,440    7.2   28,436    8.7 

Québec

   8,239    3.6   11,461    5.0   870    0.9   7,990    8.0   9,109    2.8   19,451    5.9 

Total Canada

   68,188    29.9 %   159,418    70.1 %   10,473    10.5 %   89,560    89.5 %   78,661    24.1 %   248,978    75.9 % 

United States

   880        34,970                9,075        880        44,045      

Total

  $    69,068       $    194,388       $    10,473       $    98,635       $    79,541       $    293,023      
                                        October 31, 2020 

Canada

                   

Atlantic provinces

  $3,218    1.5 %  $3,108    1.5 %  $316    0.3 %  $1,337    1.4 %  $3,534    1.1 %  $4,445    1.4 % 

British Columbia4

   10,142    4.8   30,416    14.3   1,670    1.8   16,192    17.1   11,812    3.8   46,608    15.1 

Ontario4

   28,818    13.5   80,096    37.4   5,925    6.2   47,361    50.0   34,743    11.3   127,457    41.5 

Prairies4

   21,741    10.2   16,750    7.9   2,726    2.9   11,260    11.9   24,467    7.9   28,010    9.1 

Québec

   8,520    4.0   10,430    4.9   993    1.0   7,058    7.4   9,513    3.1   17,488    5.7 

Total Canada

   72,439    34.0 %   140,800    66.0 %   11,630    12.2 %   83,208    87.8 %   84,069    27.2 %   224,008    72.8 % 

United States

   1,008        37,972                10,953        1,008        48,925      

Total

  $73,447       $178,772       $11,630       $94,161       $85,077       $272,933      

 

1

Geographic location is based on the address of the property mortgaged.

2

Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.

3

Default insurance is contractual coverage for the life of eligible facilities whereby the Bank’s exposure to real estate secured lending, all or in part, is protected against potential losses caused by borrower default. It is provided by either government-backed entities or other approved private mortgage insurers.

4

The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and the Northwest Territories is included in the Prairies region.

The following table provides a summary of the Bank’s residential mortgages by remaining amortization period. All figures are calculated based on current customer payment behaviour in order to properly reflect the propensity to prepay by borrowers. The current customer payment basis accounts for any accelerated payments made to date and projects remaining amortization based on existing balance outstanding and current payment terms.

 

TABLE 21: RESIDENTIAL MORTGAGES BY REMAINING AMORTIZATION1,2

 

                                   As at 
   <5
years
  5– <10
years
  10– <15
years
  15– <20
years
  20– <25
years
  25– <30
years
  30– <35
years
  >=35
years
  Total 
                            July 31, 2021 

Canada

   0.9 %   3.2 %   6.6 %   19.3 %   42.6 %   27.0 %   0.4 %    %   100.0 % 

United States

   7.8   3.6   4.5   5.7   18.5   58.0   1.7   0.2   100.0 

Total

   1.8 %   3.3 %   6.4 %   17.4 %   39.3 %   31.2 %   0.6 %    %   100.0 % 
                            October 31, 2020 

Canada

   0.9 %   3.4 %   6.9 %   20.0 %   44.7 %   23.3 %   0.8 %    %   100.0 % 

United States

   5.3   4.5   4.6   6.0   20.8   56.3   2.3   0.2   100.0 

Total

   1.6 %   3.5 %   6.5 %   17.8 %   41.2 %   28.4 %   1.0 %    %   100.0 % 

 

1

Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.

2

Percentage based on outstanding balance.

 

TABLE 22: UNINSURED AVERAGE LOAN-TO-VALUE – Newly Originated and Newly Acquired1,2,3

 

   For the three months ended 
   

Residential

mortgages

  

Home equity

lines of credit4,5 

  Total  

Residential

mortgages

  

Home equity

lines of credit4,5 

  Total 
        July 31, 2021      October 31, 2020 

Canada

       

Atlantic provinces

                   73 %                   71 %                   72 %                   74 %                   72 %                   74 % 

British Columbia6

   68   65   67   68   65   67 

Ontario6

   68   66   67   69   66   68 

Prairies6

   74   71   73   74   71   73 

Québec

   73   72   72   73   73   73 

Total Canada

   69   67   68   70   67   69 

United States

   73   63   72   73   63   72 

Total

   69 %   66 %   68 %   70 %   67 %   69 % 

 

1

Geographic location is based on the address of the property mortgaged.

2

Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.

3

Based on house price at origination.

4

Home equity lines of credit (HELOCs) loan-to-value includes first position collateral mortgage if applicable.

5

HELOC fixed rate advantage option is included in loan-to-value calculation.

6

The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and the Northwest Territories is included in the Prairies region.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 24 


Table of Contents

Sovereign Risk

The following table provides a summary of the Bank’s credit exposure to certain European countries, including Greece, Italy, Ireland, Portugal, and Spain (GIIPS).

 

TABLE 23: EXPOSURE TO EUROPE – Total Net Exposure by Country and Counterparty1

 

(millions of Canadian dollars)

 

            As at
  Loans and commitments2   Derivatives, repos, and securities lending3   Trading and investment portfolio4,5   

Total

Exposure

 

6 

  Corporate  Sovereign  Financial  Total  Corporate  Sovereign  Financial  Total  Corporate  Sovereign  Financial  Total
Country                                         July 31, 2021 

GIIPS

                                                    

Greece

 $  $  $  $  $  $  $  $  $  $  $  $  $ 

Italy

        9   9         13   13   24   2   66   92   114 

Ireland

        544   544   4   4   358   366         3   3   913 

Portugal

                 121   37   158   1         1   159 

Spain

        95   95         146   146   19   53   33   105   346 

Total GIIPS

        648   648   4   125   554   683   44   55   102   201   1,532 

Rest of Europe

                                                    

Austria

        17   17   10   87   26   123      1,462   3   1,465   1,605 

Belgium

  437      172   609   707   37   179   923      307      307   1,839 

Finland

     211   9   220      66   120   186      950   59   1,009   1,415 

France

  557   923   979   2,459   20   372   1,198   1,590   158   5,973   353   6,484   10,533 

Germany

  2,305   530   377   3,212   936   703   1,390   3,029   261   8,810   44   9,115   15,356 

Netherlands

  612   243   378   1,233   244   235   675   1,154   162   2,462   71   2,695   5,082 

Norway

     320   28   348      186   29   215   5   1,024   474   1,503   2,066 

Sweden

        56   56      105   144   249   14   1,881   690   2,585   2,890 

Switzerland

  1,022   81   313   1,416   507   85   1,108   1,700   16      62   78   3,194 

United Kingdom

  6,549   24,034   664   31,247   1,748   1,167   8,861   11,776   676   1,203   394   2,273   45,296 

Other7

     249   173   422      180   610   790   1   385   2   388   1,600 

Total Rest of Europe

  11,482   26,591   3,166   41,239   4,172   3,223   14,340   21,735   1,293   24,457   2,152   27,902   90,876 

Total Europe

 $11,482  $26,591  $3,814  $41,887  $4,176  $3,348  $14,894  $22,418  $1,337  $24,512  $2,254  $28,103  $92,408 
Country                                         October 31, 2020 

GIIPS

                                                    

Greece

 $  $  $  $  $  $  $  $  $  $  $  $  $ 

Italy

        10   10         3   3   17      17   34   47 

Ireland

        320   320   11      331   342         21   21   683 

Portugal

                 86   24   110   13         13   123 

Spain

        89   89         86   86   4   715   38   757   932 

Total GIIPS

        419   419   11   86   444   541   34   715   76   825   1,785 

Rest of Europe

                                                    

Austria

        18   18   3   122   33   158   5   1,266   9   1,280   1,456 

Belgium

  266      189   455   824   30   175   1,029   40   320      360   1,844 

Finland

     252   9   261      52   63   115      1,054   16   1,070   1,446 

France

  591   1,024   962   2,577   55   1,075   1,253   2,383   109   4,789   466   5,364   10,324 

Germany

  1,481   494   374   2,349   895   697   725   2,317   249   9,691   30   9,970   14,636 

Netherlands

  609   275   536   1,420   383   179   1,086   1,648   29   2,635   220   2,884   5,952 

Norway

     365   29   394      439   42   481   5   708   439   1,152   2,027 

Sweden

        67   67      109   174   283   4   1,784   781   2,569   2,919 

Switzerland

  1,163   151   331   1,645   327   19   856   1,202   16      162   178   3,025 

United Kingdom

  5,333   9,797   760   15,890   1,592   847   8,424   10,863   93   479   526   1,098   27,851 

Other7

     273   109   382   9   203   699   911      430   40   470   1,763 

Total Rest of Europe

  9,443   12,631   3,384   25,458   4,088   3,772   13,530   21,390   550   23,156   2,689   26,395   73,243 

Total Europe

 $9,443  $12,631  $3,803  $    25,877  $4,099  $3,858  $13,974  $    21,931  $  584  $  23,871  $  2,765  $    27,220  $    75,028 

 

1

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

2

Exposures include interest-bearing deposits with banks and are presented net of impairment charges where applicable. There were no impairment charges for European exposures as at July 31, 2021, or October 31, 2020.

3

Exposures are calculated on a fair value basis and are net of collateral. Total market value of pledged collateral is $2.0 billion (October 31, 2020 – $1.5 billion) for GIIPS and $77.7 billion for the rest of Europe (October 31, 2020 – $82.3 billion). Derivatives are presented as net exposures where there is an International Swaps and Derivatives Association (ISDA) master netting agreement.

4

Trading and investment portfolio includes deposits and trading exposures are net of eligible short positions.

5

The fair values of the GIIPS exposures in Level 3 in the trading and investment portfolio were nil as at July 31, 2021 and October 31, 2020.

6

The Bank had nil related notional protection purchased through CDS (October 31, 2020 – nil).

7

Other European exposure is distributed across 11 countries (October 31, 2020 – 12 countries), each of which has a net exposure including loans and commitments, derivatives, repos and securities lending, and trading and investment portfolio below $1 billion as at October 31, 2020.

Of the Bank’s European exposure, approximately 98% (October 31, 2020 – 97%) is to counterparties in countries rated either Aa3 or better by Moody’s Investor Services (Moody’s) or AA or better by Standard & Poor’s (S&P), with the majority of this exposure to the sovereigns themselves or to well rated, systemically important banks in these countries. Derivatives and securities repurchase transactions are completed on a collateralized basis. The vast majority of derivatives exposure is offset by cash collateral while the repurchase transactions are backed largely by government securities rated AA or better, and cash. The Bank also takes a limited amount of exposure to well rated corporate issuers in Europe where the Bank also does business with their related entities in North America.

In addition to the European exposure identified above, the Bank also has $14.1 billion (October 31, 2020 – $14.8 billion) of exposure to supranational entities with European sponsorship and $4.2 billion (October 31, 2020 – $6.2 billion) of indirect exposure to European collateral from non-European counterparties related to repurchase and securities lending transactions that are margined daily.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 25 


Table of Contents

 

CAPITAL POSITION

REGULATORY CAPITAL

Capital requirements of the Basel Committee on Banking Supervision (BCBS) are commonly referred to as Basel III. Under Basel III, Total Capital consists of three components, namely CET1, Additional Tier 1, and Tier 2 Capital. Risk sensitive regulatory capital ratios are calculated by dividing CET1, Tier 1, and Total Capital by RWA, inclusive of any minimum requirements outlined under the regulatory floor. In 2015, Basel III introduced a non-risk sensitive leverage ratio to act as a supplementary measure to the risk-sensitive capital requirements. The objective of the leverage ratio is to constrain the build-up of excess leverage in the banking sector. The leverage ratio is calculated by dividing Tier 1 Capital by leverage exposure which is primarily comprised of on-balance sheet assets with adjustments made to derivative and securities financing transaction exposures, and credit equivalent amounts of off-balance sheet exposures. TD continues to manage its regulatory capital in accordance with the Basel III Capital Framework as discussed in the “Capital Position” section of the Bank’s 2020 Annual Report.

OSFI’s Capital Requirements under Basel III

OSFI’s Capital Adequacy Requirements (CAR) guideline details how the Basel III capital rules apply to Canadian banks. Other requirements, in addition to those described in “OSFI’s Capital Requirements under Basel III” section of Bank’s 2020 Annual Report, are noted below.

On March 13, 2020, as part of its COVID-19 response, OSFI announced that the Domestic Stability Buffer (DSB), previously set to increase to 2.25% effective April��30, 2020, was being lowered to 1.00% effective immediately and would not be increased for at least 18 months from March 13, 2020. On June 17, 2021, OSFI announced that the DSB would increase to 2.50% of total risk-weighted assets, effective October 31, 2021.

The Bank maintained its Global Systemically Important Bank (G-SIB) status when the Financial Stability Board published the 2020 list of G-SIBs on November 11, 2020. As a result, the Bank continues to be subject to an additional loss absorbency requirement (CET1 as a percentage of RWA) of 1%, which is consistent with the surcharge applied to all Canadian Domestic Systemically Important Banks (D-SIBs).

The table below summarizes OSFI’s current regulatory minimum capital ratios for the Bank.

 

REGULATORY CAPITAL TARGET RATIOS

 

    Minimum  Capital
Conservation
Buffer
  D-SIB /G-SIB1
Surcharge
  Pillar 12
Regulatory
target
  DSB3  Pillar 1 & 2
regulatory
target
 

CET1

   4.5 %   2.5 %   1.0 %   8.0 %   1.0 %   9.0 % 

Tier 1

   6.0   2.5   1.0   9.5   1.0   10.5 

Total Capital

   8.0   2.5   1.0   11.5   1.0   12.5 
1

The higher of the D-SIB and G-SIB surcharge applies. The D-SIB surcharge is currently equivalent to the Bank’s 1% G-SIB additional common equity requirement. The G SIB surcharge may increase above 1% if the Bank’s G-SIB score increases above certain thresholds to a maximum of 4.5%.

2

The Bank’s countercyclical buffer requirement is 0% as of July 31, 2021.

3

The DSB is established by OSFI within a range of 0% to 2.5% and is required to be held by D-SIBs in recognition of Pillar 2 risks associated with systemic vulnerabilities. OSFI has announced that the DSB will increase to 2.5% of total RWA effective October 31, 2021.

The Bank’s Leverage Ratio is calculated as per OSFI’s Leverage Requirements guideline and has a regulatory minimum requirement of 3%.

Effective January 1, 2013, all newly issued non-common Tier 1 and Tier 2 Capital instruments must include non-viability contingent capital (NVCC) provisions to qualify as regulatory capital. NVCC provisions require the conversion of non-common capital instruments into a variable number of common shares of the Bank upon the occurrence of a trigger event as defined in the guidance. Non-common Tier 1 and Tier 2 capital instruments issued prior to January 1, 2013 which do not include NVCC provisions are non-qualifying capital instruments and are subject to a phase-out period which began in 2013 and ends in Q1 2022.

On September 23, 2018, the Canadian Bail-in regime came into effect, including OSFI’s Total Loss Absorbing Capacity (TLAC) guideline. Under this guideline, the Bank is required to meet supervisory risk-based TLAC and TLAC leverage ratio targets by November 1, 2021. As of September 2018, the targets were 23.0% of RWA for the risk-based TLAC ratio, inclusive of the 1.50% DSB effective at that time, and 6.75% for the TLAC leverage ratio. As a result of the June 17, 2021 OSFI announcement related to the increase in the DSB, the Bank will be required to meet a risk-based TLAC target ratio of 24.0% of RWA, inclusive of the 2.50% DSB, by November 1, 2021. Further changes to the DSB will result in corresponding changes to the risk-based TLAC target ratio.

In the second quarter of 2020, OSFI introduced a number of measures to support D-SIBs’ ability to supply credit to the economy during an expected period of disruption related to COVID-19 and market conditions which are described in the “OSFI’s Capital Requirements under Basel III” section of Bank’s 2020 Annual Report, with further announcements and measures noted below.

 

On January 27, 2021, OSFI published guidance on the treatment of new loans to businesses through the Government of Canada’s HASCAP, announced on January 26, 2021. Under the program, the Government mandated the BDC to set up the HASCAP loan guarantee program. HASCAP loans are treated as sovereign exposures based on the BDC guarantee and the relevant risk weight applied under OSFI’s CAR guideline. The entire amount of the loan is included in the lender’s leverage ratio calculation. The Bank began originating loans under the HASCAP program in the second quarter of 2021.

 

On March 16, 2021, OSFI announced the expiration, effective May 1, 2021, of the temporary reduction in the stressed Value-at-Risk (VaR) multiplier, that was announced on March 27, 2020.

 

Beginning April 9, 2020, OSFI allowed Deposit-Taking Institutions to temporarily exclude sovereign-issued securities that qualify as High-Quality Liquid Assets (HQLA) and central bank reserves under the Liquidity Adequacy Requirements (LAR) Guideline from the leverage ratio measure. On August 12, 2021, OSFI confirmed that the exclusion of sovereign-issued securities will not extend past December 31, 2021. Central bank reserves will continue to be excluded from the leverage ratio exposure measure until further notice.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 26 


Table of Contents

The following table provides details of TD’s regulatory capital position.

 

TABLE 24:  CAPITAL STRUCTURE AND RATIOS – Basel III

 

(millions of Canadian dollars, except as noted)  As at 
    

July 31

2021

  

October 31

2020

  

July 31

2020

 

Common Equity Tier 1 Capital

    

Common shares plus related contributed surplus

  $22,879  $22,570  $22,429 

Retained earnings

   61,167   53,845   49,934 

Accumulated other comprehensive income

   9,164   13,437   14,307 

Common Equity Tier 1 Capital before regulatory adjustments

   93,210   89,852   86,670 

 

Common Equity Tier 1 Capital regulatory adjustments

    

Goodwill (net of related tax liability)1

   (16,211  (17,019  (20,001

Intangibles (net of related tax liability)

   (2,022  (2,030  (2,138

Deferred tax assets excluding those arising from temporary differences

   (122  (177  (207

Cash flow hedge reserve

   (3,052  (3,720  (4,276

Shortfall of provisions to expected losses

          

Gains and losses due to changes in own credit risk on fair valued liabilities

   (90  (57  (62

Defined benefit pension fund net assets (net of related tax liability)

   (246  (9  (13

Investment in own shares

   (2  (36  (87

Non-significant investments in the capital of banking, financial, and insurance entities, net of eligible short positions (amount above 10% threshold)2

   (5,163  (6,321   

Significant investments in the common stock of banking, financial, and insurance entities that are outside the scope of regulatory consolidation, net of eligible short positions (amount above 10% threshold)2

         (2,197

Other deductions or regulatory adjustments to CET1 as determined by OSFI3

   960   2,133   1,857 

Total regulatory adjustments to Common Equity Tier 1 Capital

   (25,948  (27,236  (27,124

Common Equity Tier 1 Capital

   67,262   62,616   59,546 

 

Additional Tier 1 Capital instruments

    

Directly issued qualifying Additional Tier 1 instruments plus stock surplus

   6,697   5,647   5,796 

Directly issued capital instruments subject to phase out from Additional Tier 1

   440   1,190   1,193 

Additional Tier 1 instruments issued by subsidiaries and held by third parties

          

Additional Tier 1 Capital instruments before regulatory adjustments

   7,137   6,837   6,989 

 

Additional Tier 1 Capital instruments regulatory adjustments

    

Non-significant investments in the capital of banking, financial, and insurance entities, net of eligible short positions (amount above 10% threshold)

   (10  (12   

Significant investments in the capital of banking, financial, and insurance entities that are outside the scope of regulatory consolidation, net of eligible short positions

   (350  (350  (350

Total regulatory adjustments to Additional Tier 1 Capital

   (360  (362  (350

Additional Tier 1 Capital

   6,777   6,475   6,639 

Tier 1 Capital

   74,039   69,091   66,185 

 

Tier 2 Capital instruments and provisions

    

Directly issued qualifying Tier 2 instruments plus related stock surplus

   11,103   11,277   12,276 

Directly issued capital instruments subject to phase out from Tier 2

   120   160   160 

Collective allowances

   1,569   509   646 

Tier 2 Capital before regulatory adjustments

   12,792   11,946   13,082 

 

Tier 2 regulatory adjustments

    

Investments in own Tier 2 instruments

          

Non-significant investments in the capital of banking, financial, and insurance entities, net of eligible short positions (amount above 10% threshold)4

   (369  (856   

Non-significant investments in the other TLAC-eligible instruments issued by G-SIBs and Canadian D-SIBs, where the institution does not own more than 10% of the issued common share capital of the entity: amount previously designated for the 5% threshold but that no longer meets the conditions

   (101      

Significant investments in the capital of banking, financial, and insurance entities that are outside the scope of regulatory consolidation, net of eligible short positions

   (160  (160  (160

Total regulatory adjustments to Tier 2 Capital

   (630  (1,016  (160

Tier 2 Capital

   12,162   10,930   12,922 

Total Capital

  $      86,201  $      80,021  $      79,107 

 

Risk-weighted assets

  $465,453  $478,909  $478,117 

 

Capital Ratios and Multiples5

    

Common Equity Tier 1 Capital (as percentage of risk-weighted assets)

   14.5 %   13.1 %   12.5 % 

Tier 1 Capital (as percentage of risk-weighted assets)

   15.9   14.4   13.8 

Total Capital (as percentage of risk-weighted assets)

   18.5   16.7   16.5 

Leverage ratio6

   4.8   4.5   4.4 
1

As of the fourth quarter of 2020, goodwill deduction decreased due to the sale of the investment in TD Ameritrade.

2

As of the fourth quarter of 2020, significant investment deduction was eliminated due to the sale of the investment in TD Ameritrade and the non-significant investment deduction increased due to the investment in Schwab.

3

Represents ECL transitional arrangements provided by OSFI. Refer to the “OSFI’s Capital Requirements under Basel III” within the “Capital Position” section of the Bank’s 2020 Annual Report.

4

Includes other TLAC-eligible instruments issued by G-SIBs and Canadian D-SIBs that are outside the scope of regulatory consolidation, where the institution does not own more than 10% of the issued common share capital of the entity.

5

The CET1, Tier 1, Total Capital and Leverage ratios excluding the ECL transitional arrangements are 14.2%, 15.7%, 18.5%, and 4.7%, respectively.

6

The Leverage ratio is calculated as Tier 1 Capital divided by leverage exposure, as defined in the “Regulatory Capital” section of this document.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 27 


Table of Contents

As at July 31, 2021, the Bank’s CET1, Tier 1, and Total Capital ratios were 14.5%, 15.9%, and 18.5%, respectively. The increase in the Bank’s CET1 Capital ratio from 13.1% as at October 31, 2020 was primarily from organic growth and actuarial gains on employee benefit plans (net), partially offset by the reduction in the scaling factor related to OSFI’s transition arrangements for ECL provisioning, from 70% in fiscal 2020 to 50% in fiscal 2021, and acquisitions during the quarter.

As at July 31, 2021, the Bank’s Leverage ratio was 4.8%, compared with 4.5%, as at October 31, 2020. The Leverage ratio increased primarily reflecting organic growth and the impact of foreign exchange, partially offset by exposure growth primarily in the Canadian Retail segment.

Future Regulatory Capital Developments

Future regulatory capital developments, in addition to those described in the “Future Regulatory Capital Developments” section of the Bank’s 2020 Annual Report, are noted below.

On November 26, 2020, the BCBS published a technical amendment for capital requirements for non-performing loan securitizations. The amendment includes removal of the option to use the foundation internal risk-based parameters as inputs for the internal ratings-based approach (SEC-IRBA), a 100% risk weight floor for exposures to securitizations that are risk weighted under SEC-IRBA or the standardized approach, and guidance on risk weights for certain senior tranches of securitizations. The amendment is scheduled to be implemented no later than January 1, 2023.

On March 11, 2021, OSFI released a public consultation on proposed regulatory changes for the final round of Basel III reforms to its capital, leverage, and related disclosure guidelines for banks. OSFI’s proposals are largely in line with the international standards set by the BCBS adapted to reflect domestic market considerations. The revised guidelines will be implemented in the first quarter of 2023, with the exception of the revised CAR guideline chapters relating to credit valuation adjustment risk and market risk that will be effective in the first quarter of 2024. On June 18, 2021, OSFI published a public consultation on the proposed management of operational risk capital data for institutions required to use the Basel III Standardized Approach for Operational Risk capital. Also, on June 18, 2021, OSFI launched a consultation on proposed changes to the treatment of credit valuation adjustments and market risk hedges of other valuation adjustments of over-the-counter (OTC) derivatives. These two proposed regulatory changes are a continuation of OSFI’s public consultation on the Basel III reforms.

On August 13, 2021, OSFI published final revisions to its Advisory on G-SIBs – Public Disclosure Requirements. The revised advisory addresses changes to the disclosure requirements included in the updated G-SIBs assessment methodology that was published by the BCBS in July 2018 and takes effect for the 2022 G-SIB assessment exercise.

 

TABLE 25: EQUITY AND OTHER SECURITIES

 

(millions of shares/units, except as noted)      As at 
   July 31, 2021  October 31, 2020 
    Number of
shares/units
  Number of
shares/units
 

Common shares outstanding

   1,822.5   1,816.1 

Treasury shares – common

   (2.5  (0.5

Total common shares

   1,820.0   1,815.6 

Stock options

   

Vested

   4.7   5.4 

Non-vested

   7.8   7.7 

Preferred shares – Class A

   

Series 1

   20.0   20.0 

Series 3

   20.0   20.0 

Series 5

   20.0   20.0 

Series 7

   14.0   14.0 

Series 9

   8.0   8.0 

Series 121

      28.0 

Series 14

   40.0   40.0 

Series 16

   14.0   14.0 

Series 18

   14.0   14.0 

Series 20

   16.0   16.0 

Series 22

   14.0   14.0 

Series 24

   18.0   18.0 

Total preferred shares – equity

   198.0   226.0 

Treasury shares – preferred

   (0.2  (0.1

Total preferred shares

   197.8   225.9 

Limited Recourse Capital Notes Series 12

   1.8    

Debt issued by TD Capital Trust IV: (thousands of units)

   

TD Capital Trust IV Notes – Series 23

   450.0   450.0 

TD Capital Trust IV Notes – Series 34

      750.0 

 

1

On April 30, 2021, the Bank redeemed all of its 28 million outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares NVCC, Series 12 (“Series 12 Shares”), at a redemption price of $25.00 per Series 12 Share, for a total redemption cost of $700 million.

2

For Limited Recourse Capital Notes, the number of shares/units represents the number of notes issued.

3

On February 27, 2020, the Bank announced that, subject to regulatory approval, it expects to exercise a regulatory event redemption right in its fiscal 2022 year in respect of the TD Capital Trust IV Notes – Series 2 outstanding at that time, meaning that this redemption right could occur as early as November 1, 2021. The Bank’s expectations regarding this redemption are based on a number of factors and assumptions, including the Bank’s current and expected future capital position and market conditions, which are subject to change and may result in a change in the Bank’s expectations regarding the redemption.

4

On June 30, 2021, TD Capital Trust IV redeemed all of the outstanding TD Capital Trust IV Notes – Series 3.

Limited Recourse Capital Notes

On July 29, 2021, the Bank issued $1,750 million of Limited Recourse Capital Notes NVCC, Series 1 (the “LRCNs”) with recourse limited to assets held in a trust consolidated by the Bank (the “Limited Recourse Trust”). The Limited Recourse Trust’s assets consist of $1,750 million of the Bank’s Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares NVCC, Series 26 (“Preferred Shares Series 26”) at a price of $1,000 per share, issued concurrently with the LRCNs. The Preferred Shares Series 26 are eliminated on the Bank’s consolidated financial statements.

The LRCNs bear interest at a fixed rate of 3.6% per annum, payable semi-annually, until October 31, 2026 and thereafter at a rate per annum, reset every five years, equal to the prevailing 5-year Government of Canada Yield plus 2.747% until maturity on October 31, 2081. The Bank may redeem the LRCNs, in whole or in part, during the period from October 1 to and including October 31, commencing in 2026 and every five years thereafter, with the prior written approval of OSFI.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 28 


Table of Contents

In the event of (i) non-payment of interest following any interest payment date, (ii) non-payment of the redemption price in case of a redemption of the LRCNs, (iii) non-payment of principal plus accrued and unpaid interest at the maturity of the LRCNs, (iv) an event of default on the LRCNs, or (v) a Trigger Event, the

recourse of each LRCN holder will be limited to that holder’s pro rata share of the Limited Recourse Trust’s assets. A Trigger Event is defined as an event where OSFI deems the Bank non-viable or a federal or provincial government of Canada publicly announces that the Bank has accepted or agreed to accept a capital injection or equivalent support from it.

The LRCNs, by virtue of the recourse to the Preferred Shares Series 26, include standard NVCC provisions necessary for them to qualify as Additional Tier 1 Capital under OSFI’s Capital Adequacy Requirements guideline. NVCC provisions require the conversion of the instrument into a variable number of common shares upon the occurrence of a Trigger Event. In such an event, each Preferred Share Series 26 held in the Limited Recourse Trust will automatically and immediately be converted into a variable number of common shares which will be delivered to LRCN holders in satisfaction of the principal amount of, and accrued and unpaid interest on, the LRCNs. The number of common shares issued will be determined based on the conversion formula set out in the terms of the Preferred Shares Series 26.

The LRCNs are compound instruments with both equity and liability features as payments of interest and principal in cash are made at the Bank’s discretion. Non-payment of interest and principal in cash does not constitute an event of default and will trigger the delivery of Preferred Shares Series 26. The liability component has a nominal value and, therefore, the proceeds received upon issuance have been presented as equity, and any interest payments are accounted for as distributions on other equity instruments.

NVCC Provision

All series of preferred shares – Class A include NVCC provisions. If a NVCC trigger event were to occur and excluding the preferred shares issued with respect to LRCNs, the maximum number of common shares that could be issued, assuming there are no declared and unpaid dividends on the respective series of preferred shares at the time of conversion, would be 1.0 billion in aggregate.

The LRCNs, by virtue of the recourse to the respective preferred shares, include NVCC provisions. For LRCNs, if a NVCC trigger were to occur, the maximum number of common shares that could be issued, assuming there are no declared and unpaid dividends on the respective series of preferred shares at the time of conversion, would be 350 million in aggregate.

For NVCC subordinated notes and debentures, if a NVCC trigger event were to occur, the maximum number of common shares that could be issued, assuming there is no accrued and unpaid interest on the respective subordinated notes and debentures, would be 3.2 billion in aggregate. The following subordinated debentures contain NVCC provisions: 3.589% subordinated debentures due September 14, 2028, 3.224% subordinated debentures due July 25, 2029, 3.105% subordinated debentures due April 22, 2030, 4.859% subordinated debentures due March 4, 2031, 3.625% subordinated debentures due September 15, 2031, and the 3.06% subordinated debentures due January 26, 2032. Refer to Note 19 of the Bank’s 2020 Annual Consolidated Financial Statements for additional details.

 

 

MANAGING RISK

EXECUTIVE SUMMARY

Growing profitability in financial results based on balanced revenue, expense and capital growth services involves selectively taking and managing risks within the Bank’s risk appetite. The Bank’s goal is to earn a stable and sustainable rate of return for every dollar of risk it takes, while putting significant emphasis on investing in its businesses to meet its future strategic objectives.

The Bank’s businesses and operations are exposed to a broad number of risks that have been identified and defined in the Enterprise Risk Framework. The Bank’s tolerance to those risks is defined in the Enterprise Risk Appetite which has been developed within a comprehensive framework that takes into consideration current conditions in which the Bank operates and the impact that emerging risks will have on TD’s strategy and risk profile. The Bank’s risk appetite states that it takes risks required to build its business, but only if those risks: (1) fit the business strategy, and can be understood and managed; (2) do not expose the enterprise to any significant single loss events; TD does not ‘bet the bank’ on any single acquisition, business, or product; and (3) do not risk harming the TD brand. Each business is responsible for setting and aligning its individual risk appetites with that of the enterprise based on a thorough examination of the specific risks to which it is exposed.

The Bank considers it critical to regularly assess its operating environment and highlight top and emerging risks. These are risks with a potential to have a material effect on the Bank and where the attention of senior leaders is focused due to the potential magnitude or immediacy of their impact.

Risks are identified, discussed, and actioned by senior leaders and reported quarterly to the Risk Committee of the Board and the Board. Specific plans to mitigate top and emerging risks are prepared, monitored, and adjusted as required.

The Bank’s risk governance structure and risk management approach have not substantially changed from that described in the Bank’s 2020 Annual Report. Additional information on risk factors can be found in the 2020 MD&A under the heading “Risk Factors and Management”. For a complete discussion of the risk governance structure and the risk management approach, refer to the “Managing Risk” section in the Bank’s 2020 Annual Report.

The shaded sections of this MD&A represent a discussion relating to market and liquidity risks and form an integral part of the Interim Consolidated Financial Statements for the period ended July 31, 2021.

CREDIT RISK

Gross credit risk exposure, also referred to as exposure at default (EAD), is the total amount the Bank is exposed to at the time of default of a loan and is measured before counterparty-specific provisions or write-offs. Gross credit risk exposure does not reflect the effects of credit risk mitigation and includes both on-balance sheet and off-balance sheet exposures. On-balance sheet exposures consist primarily of outstanding loans, acceptances, non-trading securities, derivatives, and certain other repo-style transactions. Off-balance sheet exposures consist primarily of undrawn commitments, guarantees, and certain other repo-style transactions.

Gross credit risk exposures for the two approaches the Bank uses to measure credit risk are included in the following table.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 29 


Table of Contents

TABLE 26: GROSS CREDIT RISK EXPOSURES – Standardized and Advanced Internal Ratings-Based (AIRB) Approaches1

 

(millions of Canadian dollars)  As at 
   July 31, 2021   October 31, 2020 
    Standardized   AIRB   Total   Standardized   AIRB   Total 

Retail

            

Residential secured

  $3,971   $425,810   $429,781   $3,594   $409,564   $413,158 

Qualifying revolving retail

       150,283    150,283        153,820    153,820 

Other retail

   3,296    88,175    91,471    3,135    88,185    91,320 

Total retail

   7,267    664,268    671,535    6,729    651,569    658,298 

Non-retail

            

Corporate

   10,057    615,514    625,571    11,774    588,331    600,105 

Sovereign

   1    483,260    483,261    1    528,598    528,599 

Bank

   573    137,166    137,739    446    149,117    149,563 

Total non-retail

   10,631    1,235,940    1,246,571    12,221    1,266,046    1,278,267 

Gross credit risk exposures

  $    17,898   $    1,900,208   $    1,918,106   $    18,950   $    1,917,615   $    1,936,565 
1

Gross credit risk exposures represent EAD and are before the effects of credit risk mitigation. This table excludes securitization, equity, and certain other credit RWA.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 30 


Table of Contents

MARKET RISK IFRS 7 Disclosure

Market risk capital is calculated using internal models and comprises three components: (1) Value-at-Risk (VaR); (2) Stressed VaR; and (3) Incremental Risk Charge (IRC). In addition, the Bank calculates market risk capital using the Standardized approach for a limited number of portfolios.

Market Risk Linkage to the Balance Sheet

The following table provides a breakdown of the Bank’s balance sheet into assets and liabilities exposed to trading and non-trading market risks. Market risk of assets and liabilities included in the calculation of VaR and other metrics used for regulatory market risk capital purposes is classified as trading market risk.

 

TABLE 27:  MARKET RISK LINKAGE TO THE BALANCE SHEET1

 

(millions of Canadian dollars)  

As at

 
   July 31, 2021   October 31, 2020      
    Balance
sheet
   Trading
market risk
   Non-trading
market risk
   Other   Balance
sheet
   Trading
market risk
   Non-trading
market risk
   Other   Non-trading market
risk – primary risk
sensitivity
 

Assets subject to market risk

                  

Interest-bearing deposits with banks

  $167,543   $374   $167,169   $   $164,149   $435   $163,714   $    Interest rate 

Trading loans, securities, and other

   147,438    138,034    9,404        148,318    143,381    4,937        Interest rate 

Non-trading financial assets at fair value through profit or loss

   9,252        9,252        8,548        8,548        

Equity,

foreign exchange,

interest rate

 

 

 

Derivatives

   51,742    49,572    2,170        54,242    51,722    2,520        

Equity,

foreign exchange,

interest rate

 

 

 

Financial assets designated at fair value through profit or loss

   4,632        4,632        4,739        4,739        Interest rate 

Financial assets at fair value through other comprehensive income

   84,389        84,389        103,285        103,285        

Equity,

foreign exchange,

interest rate

 

 

 

Debt securities at amortized cost, net of allowance for credit losses

   250,310        250,310        227,679        227,679        

Foreign exchange,

interest rate

 

 

Securities purchased under reverse repurchase agreements

   162,154    7,905    154,249        169,162    7,395    161,767        Interest rate 

Loans, net of allowance for loan losses

   719,220        719,220        717,523        717,523        Interest rate 

Customers’ liability under acceptances

   19,298        19,298        14,941        14,941        Interest rate 

Investment in Schwab

   11,231        11,231        12,174        12,174        Equity 

Other assets2

   2,354        2,354        2,277        2,277        Interest rate 

Assets not exposed to market risk

   73,530            73,530    88,828            88,828      

Total Assets

   1,703,093    195,885    1,433,678    73,530    1,715,865    202,933    1,424,104    88,828      

Liabilities subject to market risk

                  

Trading deposits

   29,445    29,271    174        19,177    18,089    1,088        Equity, interest rate 

Derivatives

   52,715    47,932    4,783        53,203    50,237    2,966        

Equity,

foreign exchange,

interest rate

 

 

 

Securitization liabilities at fair value

   13,633    13,633            13,718    13,718            Interest rate 

Financial liabilities designated at fair value through profit or loss

   92,355    9    92,346        59,665    15    59,650        Interest rate 

Deposits

   1,118,681        1,118,681        1,135,333        1,135,333        

Interest rate,

foreign exchange

 

 

Acceptances

   19,298        19,298        14,941        14,941        Interest rate 

Obligations related to securities sold short

   36,723    35,563    1,160        34,999    34,307    692        Interest rate 

Obligations related to securities sold under repurchase agreements

   155,863    5,620    150,243        188,876    3,675    185,201        Interest rate 

Securitization liabilities at amortized cost

   15,272        15,272        15,768        15,768        Interest rate 

Subordinated notes and debentures

   11,303        11,303        11,477        11,477        Interest rate 

Other liabilities2

   16,079        16,079        18,431        18,431        Equity, interest rate 

Liabilities and Equity not exposed to market risk

   141,726            141,726    150,277            150,277      

Total Liabilities and Equity

  $1,703,093   $132,028   $1,429,339   $141,726   $1,715,865   $120,041   $1,445,547   $150,277      
 1

Certain comparative amounts have been restated to conform with the presentation adopted in the current period.

 
 2

Relates to retirement benefits, insurance, and structured entity liabilities.

 

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 31 


Table of Contents

Calculating VaR

TD computes total VaR on a daily basis by combining the General Market Risk (GMR) and Idiosyncratic Debt Specific Risk (IDSR) associated with the Bank’s trading positions.

GMR is determined by creating a distribution of potential changes in the market value of the current portfolio using historical simulation. The Bank values the current portfolio using the market price and rate changes of the most recent 259 trading days for equity, interest rate, foreign exchange, credit, and commodity products. GMR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. A one-day holding period is used for GMR calculation, which is scaled up to ten days for regulatory capital calculation purposes.

IDSR measures idiosyncratic (single-name) credit spread risk for credit exposures in the trading portfolio using Monte Carlo simulation. The IDSR model is based on the historical behaviour of five-year idiosyncratic credit spreads. Similar to GMR, IDSR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. IDSR is measured for a ten-day holding period.

The following graph discloses daily one-day VaR usage and trading net revenue, reported on a taxable equivalent basis, within Wholesale Banking. Trading net revenue includes trading income and net interest income related to positions within the Bank’s market risk capital trading books. For the quarter ending July 31, 2021, there were 7 days of trading losses and trading net revenue was positive for 89% of the trading days, reflecting normal trading activity. Losses in the quarter did not exceed VaR on any trading day.

 

LOGO

VaR is a valuable risk measure but it should be used in the context of its limitations, for example:

  

VaR uses historical data to estimate future events, which limits its forecasting abilities;

  

it does not provide information on losses beyond the selected confidence level; and

  

it assumes that all positions can be liquidated during the holding period used for VaR calculation.

The Bank continuously improves its VaR methodologies and incorporates new risk measures in line with market conventions, industry best practices, and regulatory requirements.

To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk management and capital purposes. These include Stressed VaR, IRC, Stress Testing Framework, as well as limits based on the sensitivity to various market risk factors.

Calculating Stressed VaR

In addition to VaR, the Bank also calculates Stressed VaR, which includes Stressed GMR and Stressed IDSR. Stressed VaR is designed to measure the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of stressed market conditions. Stressed VaR is determined using similar techniques and assumptions in GMR and IDSR VaR. However, instead of using the most recent 259 trading days (one year), the Bank uses a selected year of stressed market conditions. In the third quarter of 2021, Stressed VaR was calculated using the one-year period that includes the COVID-19 Stress period. The appropriate historical one-year period to use for Stressed VaR is determined on a quarterly basis. Stressed VaR is a part of regulatory capital requirements.

Calculating the Incremental Risk Charge

The IRC is applied to all instruments in the trading book subject to migration and default risk. Migration risk represents the risk of changes in the credit ratings of the Bank’s exposures. TD applies a Monte Carlo simulation with a one-year horizon and a 99.9% confidence level to determine IRC, which is consistent with regulatory requirements. IRC is based on a “constant level of risk” assumption, which requires banks to assign a liquidity horizon to positions that are subject to IRC. IRC is a part of regulatory capital requirements.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 32 


Table of Contents

The following table presents the end of quarter, average, high, and low usage of TD’s portfolio metrics.

 

TABLE 28: PORTFOLIO MARKET RISK MEASURES Portfolio Market Risk Measures

 

(millions of Canadian dollars)  For the three months ended  For the nine months ended 
    

July 31

2021

 

 

   

April 30

2021

 

 

  

July 31

2020

 

 

  

July 31

2021

 

 

  

July 31

2020

 

 

    As at   Average   High   Low    Average   Average   Average   Average 

Interest rate risk

  $11.3  $12.5  $17.4  $9.2   $18.6  $24.2  $17.4  $19.3 

Credit spread risk

   7.1   8.2   9.6   6.7    19.4   47.9   17.3   35.2 

Equity risk

   7.1   9.0   12.5   7.1    10.2   23.9   9.8   13.9 

Foreign exchange risk

   0.8   1.4   2.7   0.5    2.0   4.0   2.1   4.4 

Commodity risk

   5.9   3.5   6.0   1.9    4.8   5.0   4.9   3.3 

Idiosyncratic debt specific risk

   16.9   24.4   34.2   16.9    31.1   53.4   28.8   34.2 

Diversification effect1

   (26.8  (30.2  n/m2    n/m    (51.7  (91.2  (48.0  (64.0

Total Value-at-Risk (one-day)

   22.3   28.8   37.4   21.9    34.4   67.2   32.3   46.3 

Stressed Value-at-Risk (one-day)

   34.1   38.4   41.3   34.1    35.0   65.5   35.6   62.3 

Incremental Risk Capital Charge (one-year)

  $    338.7  $    339.3  $    407.8  $    295.9   $    363.0  $    397.0  $    353.0  $    314.9 

 

 1

The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification.

 
 2

Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

 

Average VaR decreased compared to the last quarter and the same quarter last year driven by markets stabilizing and COVID-19 related VaR scenarios dropping out of the one-year range of the historical VaR period. Average Stressed VaR decreased compared to the same quarter last year mainly due to the stabilization of credit spreads and equity markets.

Average IRC decreased compared to the last quarter and the same quarter last year due to stabilization of the credit spread shocks observed during COVID-19 and position in corporate and government bonds.

Validation of VaR Model

The Bank uses a back-testing process to compare the actual and theoretical profit and losses to VaR to ensure that they are consistent with the statistical results of the VaR model. The theoretical profit or loss is generated using the daily price movements on the assumption that there is no change in the composition of the portfolio. Validation of the IRC model must follow a different approach since the one-year horizon and 99.9% confidence level preclude standard back-testing techniques. Instead, key parameters of the IRC model such as transition and correlation matrices are subject to independent validation by benchmarking against external study results or through analysis using internal or external data.

Structural (Non-Trading) Interest Rate Risk

The Bank’s structural interest rate risk arises from traditional personal and commercial banking activity and is generally the result of mismatches between the maturities and repricing dates of the Bank’s assets and liabilities. The measurement of interest rate risk in the banking book does not include exposures from TD’s Wholesale Banking or Insurance businesses.

The primary measures for this risk are Economic Value of Shareholders’ Equity (EVE) Sensitivity and Net Interest Income Sensitivity (NIIS).

The EVE Sensitivity measures the impact of a specified interest rate shock to the change in the net present value of the Bank’s banking book assets, liabilities, and certain off-balance sheet items. It reflects a measurement of the potential present value impact on shareholders’ equity without an assumed term profile for the management of the Bank’s own equity and excludes product margins.

The NIIS measures the NII change over a twelve-month horizon for a specified change in interest rates for banking book assets, liabilities, and certain off-balance sheet items assuming a constant balance sheet over the period.

The Bank’s Market Risk policy sets overall limits on the structural interest rate risk measures. These limits are periodically reviewed and approved by the Risk Committee of the Board. In addition to the Board policy limits, book-level risk limits are set for the Bank’s management of non-trading interest rate risk by Risk Management. Exposures against these limits are routinely monitored and reported, and breaches of the Board limits, if any, are escalated to both the Asset/Liability and Capital Committee (ALCO) and the Risk Committee of the Board.

The following table shows the potential before-tax impact of an immediate and sustained 100 bps increase or decrease in interest rates on the EVE and NIIS measures. Interest rate floors are applied by currency to the decrease in rates such that they do not exceed expected lower bounds, with the most material currencies set to a floor of -25 bps.

 

TABLE 29: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES Structural Interest Rate Sensitivity Measures

 

(millions of Canadian dollars)                      As at 
   July 31, 2021  April 30, 2021  October 31, 2020 
   

EVE

Sensitivity

  

NII1

Sensitivity

  

EVE

Sensitivity

  

NII1

Sensitivity

  

EVE

Sensitivity

  

NII

Sensitivity

 
    Canada   U.S.   Total   Canada   U.S.   Total   Total   Total   Total   Total 

Before-tax impact of

           

  100 bps increase in rates Canada [member]

  $66  $(1,643 $(1,577 $    1,087  $     986  $     2,073  $(1,510 $    2,101  $(1,876 $  1,926 

  100 bps decrease in rates United States [member]

   (133          377           244   (744  (390  (1,134          329   (927          277   (872

 

 1

Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates.

 

As at July 31, 2021, an immediate and sustained 100 bps increase in interest rates would have had a negative impact to the Bank’s EVE of $1,577 million, an increase of $67 million from last quarter, and a positive impact to the Bank’s NII of $2,073 million, a decrease of $28 million from last quarter. An immediate and sustained 100 bps decrease in interest rates would have had a positive impact to the Bank’s EVE of $244 million, a decrease of $85 million from last quarter, and a negative impact to the Bank’s NII of $1,134 million, an increase of $207 million from last quarter. The quarter-over-quarter increase in up shock EVE was primarily driven by increased sensitivity from U.S. mortgage prepayment optionality. The quarter-over-quarter increase in down shock NII Sensitivity was primarily driven by deposit growth and a larger effective shock due to the increase in short-term rates, partially offset by hedging activity in Treasury.

 

TD BANK GROUP THIRD QUARTER 2021 REPORT TO SHAREHOLDERS  Page 33 


Table of Contents

Liquidity Risk

Liquidity risk is the risk of having insufficient cash or collateral to meet financial obligations and an inability to, in a timely manner, raise funding or monetize assets at a non-distressed price. Financial obligations can arise from deposit withdrawals, debt maturities, commitments to provide credit or liquidity support, or the need to pledge additional collateral.

TD’S LIQUIDITY RISK APPETITE

The Bank maintains a prudent and disciplined approach to managing its potential exposure to liquidity risk. The Bank targets a 90-day survival horizon under a combined bank-specific and market-wide stress scenario, and a minimum buffer over regulatory requirements prescribed by the OSFI LAR guidelines. Under the LAR guidelines, Canadian banks are required to maintain a Liquidity Coverage Ratio (LCR) at the minimum of 100% other than during periods of financial stress and to maintain a Net Stable Funding Ratio (NSFR) at the minimum of 100%. The Bank’s funding program emphasizes maximizing deposits as a core source of funding, and having ready access to wholesale funding markets across diversified terms, funding types, and currencies that is designed to ensure low exposure to a sudden contraction of wholesale funding capacity and to minimize structural liquidity gaps. The Bank also maintains a comprehensive contingency funding plan to enhance preparedness for recovery from potential liquidity stress events. The Bank’s strategies and actions comprise an integrated liquidity risk management program that is designed to ensure low exposure to liquidity risk and compliance with regulatory requirements.

LIQUIDITY RISK MANAGEMENT RESPONSIBILITY

The Bank’s ALCO oversees the Bank’s liquidity risk management program. It ensures there are effective management structures and practices in place to properly measure and manage liquidity risk. The Global Liquidity & Funding Committee, a subcommittee of the ALCO comprised of senior management from Treasury and Balance Sheet Management (TBSM), Risk Management and Wholesale Banking, identifies and monitors the Bank’s liquidity risks. The management of liquidity risk is the responsibility of the Head of TBSM, while oversight and challenge is provided by the ALCO and independently by Risk Management. The Risk Committee of the Board regularly reviews the Bank’s liquidity position and approves the Bank’s Liquidity Risk Management Framework bi-annually and the related policies annually.

The Bank has established TDGUS as TD’s U.S. Intermediate Holding Company (IHC), as well as a Combined U.S. Operations (CUSO) reporting unit that consists of the IHC and TD’s U.S. branch and agency network. Both TDGUS and CUSO are managed to the U.S. Enhanced Prudential Standards liquidity requirements in addition to the Bank’s liquidity management framework.

The Bank’s liquidity risk appetite and liquidity risk management approach have not substantially changed from that described in the Bank