Skip to main content
Home › CEO's message

CEO's message

Twitter  Facebook  linkedIn 


Download Report PDF

Bharat Masrani

Bharat Masrani, Group President and Chief Executive Officer


Winning organizations are more responsive to their customers, more agile than their competitors and more flexible in how they go to market.

Once again, TD delivered on all counts. In doing so, we achieved our best results to date and extended our leadership position in areas of strategic importance. TD was one of only two Canadian banks to achieve positive Total Shareholder Return in fiscal 2015. Indeed, over the short, medium and long term, we outperformed our Canadian peer average in creating shareholder value.


Adjusted earnings of $8.8 billion mark our 7th consecutive year of record adjusted earnings, and underscore the power of our diverse business mix.

The majority of those earnings, $5.9 billion, were generated by our flagship Canadian Retail businesses. Forty per cent of Canadians have a TD account with TD Canada Trust – the brand synonymous with legendary customer service. Our personal and commercial banking businesses again delivered strong loan volume growth. Record long-term mutual fund sales helped build momentum for TD Wealth. TD Mutual Funds reached $100 billion in assets under management on strong net sales. TD Insurance reached nearly $4 billion in premiums – a major milestone. We maintained the number one position in Canadian credit cards, and drove record auto loan originations in Canada.

Our U.S. operations, including TD Bank, America’s Most Convenient Bank®, reached more than US $2 billion in adjusted earnings for the first time. In the markets where we compete, we outperformed our peers in loan growth and household acquisition and we expanded our strategic credit cards business, acquiring Nordstrom’s U.S. retail credit card portfolio. Our U.S. Wealth businesses achieved $100 billion in client assets with solid contributions across both advisory and asset management businesses.

TD Securities delivered solid earnings of $873 million. Core revenue growth was robust across the board, with contributions from trading, corporate lending and debt underwriting both in Canada and the U.S., and we continued to expand product offerings to our U.S. clients.


None of us are able to predict the future with great certainty. But we can make sure our Bank has the capacity to adapt to the future – no matter what it looks like. To this end, TD made a number of bold moves in 2015 that we believe will help us compete, win and grow in the coming years.

This included taking decisive steps to optimize our operations and put in place a more streamlined, agile organizational structure. It has freed up resources to reinvest in our people, culture and brand promise.

We also elevated our game in the digital space. TD established a technology innovation centre in Waterloo, Ontario, which is becoming a hotbed of ideas to make the customer experience better. We have grown our patent portfolio – applications and issued – 10 times in size in the past three years, with a heightened focus on digital advances. All told, more than nine million customers across North America benefit from our online and digital experiences, the most of any financial institution in Canada.

But we won’t innovate for innovation’s sake. Banking is, and always will be, about people and relationships. And so our focus will remain on serving the real needs of our customers and clients: seamless interactions, personal advice and human experiences.


Looking ahead, our operating environment will continue to be shaped by slow growth in the economy and rapid change in our industry. Against this backdrop, it’s especially important to adapt when necessary without abandoning the things that matter most to our customers and colleagues. Moving forward, you will see TD continue to grow organically – a proven capability of ours – with significant opportunities in front of us. We will also find ways to be more productive with our resources, size and scale. At the same time, TD will look ahead to get ahead and will strive to evolve in ways that create real value for all our stakeholders.

In all of this, our people are key. I have met many of our colleagues this year, across our entire footprint. I am inspired by their energy and enthusiasm – they want to compete and win – not just because they care about TD’s long-term success, but because they also care about the long-term success of our customers and clients. And so they are motivated to be better and do better. Their understanding of our business – what we do and how we win – combined with their passion to live up to our brand is why TD will continue to grow and deliver results. They are why TD can be the even Better Bank.

Bharat B. Masrani
Bharat Masrani
Group President and Chief Executive Officer