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Financial Highlights

(millions of Canadian dollars, except where noted) 2016    2015    2014   
Results of operations
Total revenues – reported $ 34,315    $ 31,426    $ 29,961   
Total revenues – adjusted1 34,308    31,437    29,681   
Provision for credit losses – reported 2,330    1,683    1,557   
Provision for credit losses – adjusted1 2,330    1,683    1,582   
Insurance claims and related expenses 2,462    2,500    2,833   
Non-interest expenses – reported 18,877    18,073    16,496   
Non-interest expenses – adjusted1 18,496    17,076    15,863   
Net income – reported 8,936    8,024    7,883   
Net income – adjusted1 9,292    8,754    8,127   
Return on common equity – reported 13.3  %  13.4  %  15.4  % 
Return on common equity – adjusted2 13.9    14.7    15.9   
Financial positions (billions of Canadian dollars)
Total loans net of allowance for loan losses $ 585.7    $ 544.3    $ 478.9   
Total assets 1,177.0    1,104.4    960.5   
Total deposits 773.7    695.6    600.7   
Total equity 74.2    67.0    56.2   
Total Common Equity Tier 1 Capital risk-weighted assets3 405.8    382.4    328.4   
Financial ratios
Efficiency ratio – reported 55.0  %  57.5  %  55.1  % 
Efficiency ratio – adjusted1 53.9    54.3    53.4   
Common Equity Tier 1 Capital ratio3 10.4    9.9    9.4   
Tier 1 Capital ratio3 12.2    11.3    10.9   
Total Capital ratio3 15.2    14.0    13.4   
Leverage ratio 4.0    3.7    n/a4   
Provision for credit losses as a % of net average loans and acceptances5 0.41    0.34    0.34   
Common share information – reported (dollars)
Per share earnings
   Basic $ 4.68    $ 4.22    $ 4.15   
   Diluted 4.67    4.21    4.14   
Dividends per share 2.16    2.00    1.84   
Book value per share 36.71    33.81    28.45   
Closing share price6 60.86    53.68    55.47   
Shares outstanding (millions)
   Average basic 1,853.4    1,849.2    1,839.1   
   Average diluted 1,856.8    1,854.1    1,845.3   
   End of period 1,857.2    1,855.1    1,844.6   
Market capitalization (billions of Canadian dollars) $ 113.0    $ 99.6    $ 102.3   
Dividend yield 3.9  %  3.8  %  3.5  % 
Dividend payout ratio 46.1    47.4    44.3   
Price-earnings ratio 13.0    12.8    13.4   
Total shareholder return (1 year)7 17.9    0.4    20.1   
Common share information – adjusted (dollars)1
Per share earnings
   Basic $ 4.88    $ 4.62    $ 4.28   
   Diluted 4.87    4.61    4.27   
Dividend payout ratio 44.3  %  43.3  %  43.0  % 
Price-earnings ratio 12.5    11.7    13.0   

1 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 to assess each of its businesses and to measure overall Bank performance. To arrive at adjusted results, the Bank removes "items of note", net of income taxes, from reported results. Refer to the "Financial Results Overview" in the accompanying 2016 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.
2 Adjusted return on common equity is a non-GAAP financial measure. Refer to the "Return on Common Equity" section of this document for an explanation.
3 Effective the third quarter of 2014, each capital ratio has its own risk-weighted assets (RWA) measure due to the OSFI prescribed scalar for inclusion of the Credit Valuation Adjustment (CVA). For fiscal 2014, the scalars for inclusion of CVA for Common Equity Tier 1 (CET1), Tier 1, and Total Capital RWA are 57%, 65%, and 77% respectively. For fiscal 2015 and 2016, the scalars are 64%, 71%, and 77% respectively.
4 Not applicable.
5 Excludes acquired credit-impaired (ACI) loans and debt securities classified as loans. For additional information on ACI loans, refer to the "Credit Portfolio Quality" section of the MD&A and Note 8 of the Consolidated Financial Statements. For additional information on debt securities classified as loans, refer to the "Exposure to Non-Agency Collateralized Mortgage Obligations" discussion and tables in the "Credit Portfolio Quality" section of the MD&A.
6 Toronto Stock Exchange closing market price.
7 TSR is calculated based on share price movement and dividends reinvested over a trailing one year period.