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


The Other segment includes non-controlling interests in subsidiaries, certain gains on dispositions of businesses, real estate investments, the effect of securitizations, treasury management, general provisions for credit losses, certain taxable equivalent adjustments and corporate level tax benefits, restructuring costs and residual unallocated revenues and expenses.

During the year, the Other segment had an operating cash basis net loss of $56 million. The most significant factors contributing to this result were net losses of $49 million related to transfer pricing differences, net treasury activities, and net unallocated revenues, expenses and taxes. In addition, the Other segment included the $34 million after-tax charge for non-controlling interest in subsidiaries. The above net losses were offset by net earnings of $27 million from dispositions of businesses. Reported net loss for the Other segment was $24 million for the year, and includes the special gain of $32 million after-tax related to the sale of the Bank’s mutual fund record keeping and custody business.


(millions of dollars)




Net interest income (TEB)







Other income







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Provision for credit losses







Non-interest expenses excluding non-cash goodwill/intangible amortization







Income (loss) before taxes







Provision for (benefit of) income taxes (TEB)







Non-controlling interest in net income of subsidiaries







Net income (loss) – operating cash basis







Special increase in general provision, net of income taxes






Gain on sale of mutual fund record keeping and custody business, net of income taxes





Gains on sale of investment real estate, net of income taxes






Restructuring costs, net of income taxes







Income tax expense from income tax rate changes






Net loss – reported basis







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