Highlights
CEO succession to ensure leadership continuity
TD board announced CEO succession following Ed Clark’s 2014 retirement; Bharat Masrani transitioned to Chief Operating Officer on July 1, 2013 and will become Group President & CEO November 1, 2014.
TD maintained mobile banking leadership position in Canada
Ranking #1 for mobile subscribers accessing financial services via their mobile devices.1
TD increased its annual dividends paid 12% from the previous year
Including two additional dividend increases paid in fiscal 2013.
Record retail adjusted earnings of $6.5 billion
Record earnings contributions from Canadian P&C, US P&C and Wealth Management respectively.2,3
TD to become the primary credit card issuer for Aeroplan
TD will become the primary credit card issuer for Aeroplan on January 1, 2014 and also expects to acquire about half of the existing CIBC Aeroplan credit card accounts.4
TD Bank, America’s Most Convenient Bank® reaches milestone in New York City
TD opened its 100th store in NYC this year and ended the fiscal year with 108.
TD Wealth reported record Client Assets
As of October 31, 2013, has $293 billion in assets under administration and $257 billion in assets under management.
TD Securities improved its top-three dealer rankings in Canada
Equity block trading remained #1, government underwriting moved up to #3 from #4, and corporate debt increased to #1 from #2 in the previous year.5
1 Comscore reporting current as of October 31, 2013 based on an audience of approximately 23 million Canadian mobile subscribers above the age of 13.
2 Reference to retail earnings include the total adjusted earnings of the Canadian Personal and Commercial Banking, Wealth and Insurance and US Personal and Commercial Banking segments.
3 Effective November 1, 2011, The Toronto-Dominion Bank (the Bank or TD) prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accordance with IFRS as the ”reported” results. The Bank also utilizes non-GAAP financial measures to arrive at "adjusted" results (i.e. reported results excluding “items of note”, net of income taxes) to assess each of its businesses and measure overall Bank performance. See “How the Bank Reports” in the accompanying Management’s Discussion and Analysis (MD&A) for further explanation, a list of the items of note and a reconciliation of non-GAAP financial measures. The Bank’s financial results for fiscal 2011 have been presented in accordance with IFRS for comparative purposes in the Bank’s 2013 Annual Consolidated Financial Statements and MD&A (unless otherwise noted).
4 On September 16th 2013, TD, Aimia Inc., and Canadian Imperial Bank of Commerce (CIBC) confirmed that they have signed agreements under which TD will become the primary issuer of Aeroplan Visa credit cards on January 1, 2014. TD has also entered into an agreement to acquire approximately 50% of the existing Aeroplan credit card portfolio from CIBC. The acquisition is expected to close in the first quarter of fiscal 2014, subject to customary closing conditions.
5 These rankings are based on the 9 months ending September 30, 2013. Equity Block Trading Rankings is based on IRESS Market Data. Corporate debt and government underwriting are sourced from Bloomberg.
6 Big 5 Retail banks includes Canadian peers: Royal Bank of Canada, Scotiabank, Bank of Montreal and CIBC plus TD.