TD Bank Financial Group 147th Annual Report 2002 Close Window Button
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Management's discussion and analysis of operating performance

Balance Sheet

See Consolidated balance sheet page 44


Total assets were $278 billion at the end of the year, $10 billion or 3% lower than as at October 31, 2001. Lower volumes from trading securities contributed $13 billion to the decrease in total assets with securities purchased under resale agreements representing $7 billion of the decrease. Personal loans, including securitizations, increased by $3 billion, primarily attributable to a solid performance in real estate secured lines of credit at TD Canada Trust. At the end of the year, residential mortgages, including securitizations, increased by $2 billion from last year end to $69 billion.

As at October 31, 2002, wholesale deposits decreased by $11 billion and securities under repurchase agreements decreased by $6 billion as compared with October 31, 2001. Personal non-term deposits grew by $4 billion from October 31, 2001 to reach $51 billion at the end of fiscal 2002, with TD Canada Trust accounting for the majority of this increase. Personal term deposits remained unchanged at $50 billion compared with the prior year.

The Bank also enters into structured transactions on behalf of clients which result in assets recorded on the Bank’s consolidated balance sheet for which market risk has been transferred to third parties via total return swaps. As at October 31, 2002, assets under such arrangements amounted to $12 billion (2001 – $11 billion). The Bank also acquires market risk on certain assets via total return swaps, without acquiring the cash instruments directly. Assets under such arrangements amounted to $3 billion as at October 31, 2002 (2001 – $6 billion). Market risk for all such positions is tracked and monitored, and regulatory market risk capital is required. See Note 15 of the Bank’s consolidated financial statements for more details of derivative contracts.

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