Financial Highlights

(millions of Canadian dollars, except where noted) 2017   2016   2015  
Results of operations
Total revenues - reported $ 36,149   $ 34,315   $ 31,426  
Total revenues - adjusted1 35,946   34,308   31,437  
Provision for credit losses - reported 2,216   2,330   1,683  
Provision for credit losses - adjusted1 2,216   2,330   1,683  
Insurance claims and related expenses 2,246   2,462   2,500  
Non-interest expenses - reported 19,366   18,877   18,073  
Non-interest expenses - adjusted1 19,092   18,496   17,076  
Net income - reported 10,517   8,936   8,024  
Net income - adjusted1 10,587   9,292   8,754  
Financial positions (billions of Canadian dollars)
Total loans net of allowance for loan losses $ 612.6   $ 585.7   $ 544.3  
Total assets 1,279.0   1,177.0   1,104.4  
Total deposits 832.8   773.7   695.6  
Total equity 75.2   74.2   67.0  
Total Common Equity Tier 1 Capital risk-weighted assets2 435.8   405.8   382.4  
Financial ratios
Return on common equity - reported 14.9 % 13.3 % 13.4 %
Return on common equity - adjusted3 15.0   13.9   14.7  
Efficiency ratio - reported 53.6 % 55.0 % 57.5 %
Efficiency ratio - adjusted1 53.1   53.9   54.3  
Provision for credit losses as a % of net average loans and acceptances4 0.37   0.41   0.34  
Common share information - reported (Canadian dollars)
Per share earnings
Basic $ 5.51   $ 4.68   $ 4.22  
Diluted 5.50   4.67   4.21  
Dividends per common share 2.35   2.16   2.00  
Book value per share 37.76   36.71   33.81  
Closing share price5 73.34   60.86   53.68  
Shares outstanding (millions)
Average basic 1,850.6   1,853.4   1,849.2  
Average diluted 1,854.8   1,856.8   1,854.1  
End of period 1,839.6   1,857.2   1,855.1  
Market capitalization (billions of Canadian dollars) $ 134.9   $ 113.0   $ 99.6  
Dividend yield6,7 3.6 % 3.9 % 3.7 %
Dividend payout ratio 42.6   46.1   47.4  
Price-earnings ratio 13.3   13.0   12.8  
Total shareholder return (1 year)8 24.8   17.9   0.4  
Common share information - adjusted (dollars)1
Per share earnings
Basic $ 5.55   $ 4.88   $ 4.62  
Diluted 5.54   4.87   4.61  
Dividend payout ratio 42.3 % 44.3 % 43.3 %
Price-earnings ratio 13.2   12.5   11.7  
Capital ratios
Common Equity Tier 1 Capital ratio2 10.7 % 10.4 % 9.9 %
Tier 1 Capital ratio2 12.3   12.2   11.3  
Total Capital ratio2 14.9   15.2   14.0  
Leverage ratio 3.9   4.0   3.7  

1 The Toronto-Dominion Bank ("TD" or the "Bank") 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", from reported results. Refer to the "Financial Results Overview" in the 2017 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 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 2015 and 2016, the scalars for inclusion of CVA for Common Equity Tier 1 (CET1), Tier 1, and Total Capital RWA were 64%, 71%, and 77%, respectively. For fiscal 2017, the scalars are 72%, 77%, and 81%, respectively. As the Bank is constrained by the Basel 1 regulatory floor, the RWA as it relates to the regulatory floor is calculated based on the Basel 1 risk weights which are the same for all capital ratios.
3 Adjusted return on common equity is a non-GAAP financial measure. Refer to the “Return on Common Equity” section of the MD&A for an explanation.
4 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.
5 Toronto Stock Exchange (TSX) closing market price.
6 Certain comparative amounts have been recast to conform with the presentation adopted in the current period.
7 Dividend yield is calculated as the dividend per common share paid during the year divided by the daily average closing stock price during the year.
8 Total shareholder return (TSR) is calculated based on share price movement and dividends reinvested over a trailing one year period.

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