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TD BANK GROUP ANNUAL REPORT 2010 FINANCIAL RESULTS98
The change in the Bank’s allowance for credit losses for the year
ended October 31 is shown in the following table.
Allowance for Credit Losses
(millions of Canadian dollars) Foreign
At Reporting- Provision exchange Balance
beginning period for credit and other as at
of year alignment2 losses Write-offs Recoveries adjustments Oct. 31
2010
Specific allowance
Residential mortgages $ 34 $ – $ 25 $ (35) $ 3 $ 4 $ 31
Consumer instalment and other personal 112 – 669 (762) 74 24 117
Credit card 71 – 410 (457) 39 3 66
Business and government 296 – 494 (512) 24 21 323
Debt securities classified as loans 45 – 128 (24) – (9) 140
Total specific allowance 558 – 1,726 (1,790) 140 43 677
General allowance
Residential mortgages 18 – 17 – – – 35
Consumer instalment and other personal 424 – (9) – – (6) 409
Credit card 302 – (2) – – (8) 292
Business and government 1,060 – (10) – – (39) 1,011
Debt securities classified as loans 277 – (97) – – (17) 163
Total general allowance 2,081 – (101) – – (70) 1,910
Allowance for credit losses
Residential mortgages 52 – 42 (35) 3 4 66
Consumer instalment and other personal 536 – 660 (762) 74 18 526
Credit card 373 – 408 (457) 39 (5) 358
Business and government 1,356 – 484 (512) 24 (18) 1,334
Debt securities classified as loans 322 – 31 (24) – (26) 303
Total allowance for credit losses $ 2,639 $ – $ 1,625 $ (1,790) $ 140 $ (27) $ 2,587
Less: Allowance for off-balance sheet positions 271 – 11 – – (4) 278
Allowance for loan losses $ 2,368 $ – $ 1,614 $ (1,790) $ 140 $ (23) $ 2,309
2009
Specific allowance
Residential mortgages $ 23 $ – $ 22 $ (14) $ 1 $ 2 $ 34
Consumer instalment and other personal 76 2 623 (654) 55 10 112
Credit card 44 3 457 (468) 33 2 71
Business and government 209 17 468 (411) 20 (7) 296
Debt securities classified as loans –1 – 44 – – 1 45
Total specific allowance 352 22 1,614 (1,547) 109 8 558
General allowance
Residential mortgages 19 1 (2) – – – 18
Consumer instalment and other personal 310 4 187 – – (77) 424
Credit card 228 1 79 – – (6) 302
Business and government 627 23 396 – – 14 1,060
Debt securities classified as loans 951 – 206 – – (24) 277
Total general allowance 1,279 29 866 – – (93) 2,081
Allowance for credit losses
Residential mortgages 42 1 20 (14) 1 2 52
Consumer instalment and other personal 386 6 810 (654) 55 (67) 536
Credit card 272 4 536 (468) 33 (4) 373
Business and government 836 40 864 (411) 20 7 1,356
Debt securities classified as loans 951 – 250 – – (23) 322
Total allowance for credit losses $ 1,631 $ 51 $ 2,480 $ (1,547) $ 109 $ (85) $ 2,639
Less: Allowance for off-balance sheet positions – – 236 – – 35 271
Allowance for loan losses $ 1,631 $ 51 $ 2,244 $ (1,547) $ 109 $ (120) $ 2,368
1
Includes the impact due to transition adjustment on adoption of the financial
instruments – 2009 amendments of $95 million. For details see Note 1.
2
The impact due to the alignment of reporting period of U.S. entities consists of
the following: provision for credit losses – $80 million; write-offs – $35 million;
recoveries – nil; and other – $6 million.