TORONTO, Jan. 29, 2021 /CNW/ – TD Financial institution Group (“TD” or the “Financial institution”) (TSX: TD) and (NYSE: TD) launched at present on its web site (www.td.com/investor) an abridged model of its quarterly and annual supplemental monetary info for the 2 years ended October 31, 2020, reflecting two presentation adjustments that the Financial institution has adopted starting within the first quarter of 2021 on a retrospective foundation. The up to date supplemental monetary info, incorporating the anticipated presentation adjustments, is being posted to the Financial institution’s web site so as to help buyers in understanding these presentation adjustments.
First, the Financial institution modified its accounting coverage for the presentation of mark-to-market adjustments on hedging devices designated in sure honest worth hedge accounting relationships, re-classifying the portion excluded from the hedge accounting designation to internet curiosity earnings from non-interest earnings. With the re-classification, adjustments within the honest worth of the hedged merchandise and associated hedging instrument (excluding hedge ineffectiveness) are introduced in the identical traces on the Consolidated Assertion of Revenue. The presentation change impacts curiosity earnings, curiosity expense, different earnings (loss), and internet curiosity margin for the Company phase and the consolidated Financial institution, with no change in complete income. Second, the Financial institution has redefined a number of non-interest expense traces and re-aligned sure bills throughout them, with no change to complete non-interest bills.
Neither of the presentation adjustments impacts phase or consolidated Financial institution internet earnings. As famous above, TD intends to undertake these presentation adjustments starting within the first quarter of 2021 on a retrospective foundation.
The Supplemental Monetary Data bundle for the primary quarter of 2021 might mirror additional refinements.
About TD Financial institution Group
The Toronto-Dominion Financial institution and its subsidiaries are collectively generally known as TD Financial institution Group (“TD” or the “Financial institution”). TD is the sixth largest financial institution in North America by branches and serves over 26 million prospects in three key companies working in a variety of areas in monetary centres across the globe: Canadian Retail, together with TD Canada Belief, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance coverage; U.S. Retail, together with TD Financial institution, America’s Most Handy Financial institution®, TD Auto Finance U.S., TD Wealth (U.S.), and an funding in The Charles Schwab Company; and Wholesale Banking, together with TD Securities. TD additionally ranks among the many world’s main on-line monetary providers corporations, with greater than 14 million energetic on-line and cell prospects. TD had CDN $1.7 trillion in property on October 31, 2020. The Toronto-Dominion Financial institution trades underneath the image “TD” on the Toronto and New York Inventory Exchanges.
Warning Concerning Ahead-Trying Statements
Occasionally, the Financial institution (as outlined on this doc) makes written and/or oral forward-looking statements, together with on this doc, in different filings with Canadian regulators or the US (U.S.) Securities and Change Fee (SEC), and in different communications. As well as, representatives of the Financial institution might make forward-looking statements orally to analysts, buyers, the media and others. All such statements are made pursuant to the “secure harbour” provisions of, and are supposed to be forward-looking statements underneath, relevant Canadian and U.S. securities laws, together with the U.S. Personal Securities Litigation Reform Act of 1995. Ahead-looking statements embrace, however usually are not restricted to, statements made on this doc, statements made within the Financial institution’s Administration’s Dialogue and Evaluation (“2020 MD&A”) within the Financial institution’s 2020 Annual Report underneath the headings “Financial Abstract and Outlook” and “The Financial institution’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments underneath headings “Key Priorities for 2021”, and for the Company phase, “Focus for 2021”, and in different statements relating to the Financial institution’s goals and priorities for 2021 and past and techniques to attain them, the regulatory setting by which the Financial institution operates, the Financial institution’s anticipated monetary efficiency, and the potential financial, monetary and different impacts of the Coronavirus Illness 2019 (COVID‑19). Ahead-looking statements are sometimes recognized by phrases corresponding to “will”, “would”, “ought to”, “imagine”, “anticipate”, “anticipate”, “intend”, “estimate”, “plan”, “purpose”, “goal”, “might”, and “might”.
By their very nature, these forward-looking statements require the Financial institution to make assumptions and are topic to inherent dangers and uncertainties, basic and particular. Particularly in mild of the uncertainty associated to the bodily, monetary, financial, political, and regulatory environments, such dangers and uncertainties – a lot of that are past the Financial institution’s management and the results of which could be troublesome to foretell – might trigger precise outcomes to vary materially from the expectations expressed within the forward-looking statements. Danger elements that might trigger, individually or within the combination, such variations embrace: strategic, credit score, market (together with fairness, commodity, international change, rate of interest, and credit score spreads), operational (together with expertise, cyber safety, and infrastructure), mannequin, insurance coverage, liquidity, capital adequacy, authorized, regulatory compliance and conduct, reputational, environmental and social, and different dangers. Examples of such threat elements embrace the financial, monetary, and different impacts of the COVID-19 pandemic; basic enterprise and financial circumstances within the areas by which the Financial institution operates; geopolitical threat; the power of the Financial institution to execute on long-term methods and shorter-term key strategic priorities, together with the profitable completion of acquisitions and inclinations, enterprise retention plans, and strategic plans; expertise and cyber safety threat (together with cyber-attacks or information safety breaches) on the Financial institution’s info expertise, web, community entry or different voice or information communications programs or providers; mannequin threat; fraud to which the Financial institution is uncovered; the failure of third events to adjust to their obligations to the Financial institution or its associates, together with regarding the care and management of knowledge, and different dangers arising from the Financial institution’s use of third-party service suppliers; the influence of recent and adjustments to, or software of, present legal guidelines and rules, together with with out limitation tax legal guidelines, capital tips and liquidity regulatory steering and the financial institution recapitalization “bail-in” regime; regulatory oversight and compliance threat; elevated competitors from incumbents and new entrants (together with Fintechs and massive expertise opponents); shifts in client attitudes and disruptive expertise; environmental and social threat; publicity associated to important litigation and regulatory issues; means of the Financial institution to draw, develop, and retain key expertise; adjustments to the Financial institution’s credit score rankings; adjustments in foreign money and rates of interest (together with the opportunity of damaging rates of interest); elevated funding prices and market volatility on account of market illiquidity and competitors for funding; Interbank Supplied Fee (IBOR) transition threat; essential accounting estimates and adjustments to accounting requirements, insurance policies, and strategies utilized by the Financial institution; present and potential worldwide debt crises; environmental and social threat; and the incidence of pure and unnatural catastrophic occasions and claims ensuing from such occasions. The Financial institution cautions that the previous record will not be exhaustive of all doable threat elements and different elements might additionally adversely have an effect on the Financial institution’s outcomes. For extra detailed info, please check with the “Danger Elements and Administration” part of the 2020 MD&A, as could also be up to date in subsequently filed quarterly experiences to shareholders and information releases (as relevant) associated to any occasions or transactions mentioned underneath the headings “Vital Occasions” within the related MD&A, which relevant releases could also be discovered on www.td.com. All such elements ought to be thought-about rigorously, in addition to different uncertainties and potential occasions, and the inherent uncertainty of forward-looking statements, when making choices with respect to the Financial institution and the Financial institution cautions readers to not place undue reliance on the Financial institution’s forward-looking statements.
Materials financial assumptions underlying the forward-looking statements contained on this doc are set out within the 2020 MD&A underneath the headings “Financial Abstract and Outlook” and “The Financial institution’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Key Priorities for 2021”, and for the Company phase, “Focus for 2021”, every as could also be up to date in subsequently filed quarterly experiences to shareholders.
Any forward-looking statements contained on this doc symbolize the views of administration solely as of the date hereof and are introduced for the aim of helping the Financial institution’s shareholders and analysts in understanding the Financial institution’s monetary place, goals and priorities and anticipated monetary efficiency as at and for the intervals ended on the dates introduced, and will not be applicable for different functions. The Financial institution doesn’t undertake to replace any forward-looking statements, whether or not written or oral, which may be made on occasion by or on its behalf, besides as required underneath relevant securities laws.
SOURCE TD Financial institution Group
For additional info: Gillian Manning, Head of Investor Relations, 416-308-6014; Lynsey Wynberg, Senior Supervisor, Media Relations, 416-756-8391