Wholesale Banking - Positioned for Growth
Fiscal 2023 Highlights
EPS of $5.60, down 41% YoY
Adjusted EPS of $7.99, down 4% YoY
Revenue up 3% YoY (Adj¹ up 12% YoY)
Reported revenue includes the impact of the
terminated First Horizon acquisition-related capital
hedging strategy² and gain in the prior period on sale
of Schwab shares
Margin growth in the personal and commercial
banking businesses
PCL of $2,933MM
Expenses up 25% YoY (incl. US Strategic Card
Portfolio ("SCP") partners' share)
Reported expenses include the Stanford litigation
settlement and acquisition and integration-related
charges including charges related to the terminated
First Horizon acquisition
■ Reflects the inclusion of TD Cowen
☐
Higher employee-related expenses
Adjusted¹ expenses increased 12.6% excluding the
impact of SCP accounting and FX3
P&L ($MM)
Reported
2023
2022
YOY
Revenue
50,492
49,032
3%
PCL
2,933
1,067
+$1,866
Expenses
30,768
24,641
25%
Net Income
10,782
17,429
(38%)
Diluted EPS ($)
5.60
9.47
(41%)
ROE4
10.1%
18.0%
-790 bps
Adjusted¹
2023
2022
YOY
Revenue
51,839
46,170
12%
Expenses
27,430
24,359
13%
Net Income
15,143
15,425
(2%)
Diluted EPS ($)
7.99
8.36
(4%)
ROE
14.4%
15.9%
-150 bps
TD
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