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The Toronto-Dominion Bank TD

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Revenue Growth Stalls out for Toronto Dominion in Second Quarter

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Wide-moat-rated Toronto-Dominion reported okay fiscal second-quarter earnings. Adjusted earnings per share were CAD 2.04, representing solid year-over-year growth compared with adjusted EPS of CAD 0.85 from last year. Provisioning was the major swing factor, coming in at a net benefit of CAD 377 million compared with a cost of CAD 3.2 billion in the second quarter last year. This aligns with our view that the Canadian banks will be fine and that better results should be returning in 2021.

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Company Profile

Business Description

Toronto-Dominion is one of Canada's two largest banks and operates three business segments: Canadian retail banking, U.S. retail banking, and wholesale banking. The bank’s U.S. operations span from Maine to Florida, with a strong presence in the Northeast. It also has a 42% ownership stake in TD Ameritrade, a discount brokerage.

Contact
C/o General Counsel’s Office, P.O. Box 1, Toronto-Dominion Centre
Toronto, ON, M5K 1A2, Canada
T +1 416 308-6963
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Apr 30, 2021
Fiscal Year End Oct 31, 2021
Stock Type
Employees 89,598

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