TD Bank 2010 Annual Report Download - page 99

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TD BANK GROUP ANNUAL REPORT 2010 FINANCIAL RESULTS 97
its business use. Foreclosed assets held for sale were $158 million as
at October 31, 2010 (2009 – $85 million). The gross carrying value
of non-financial assets repossessed during the year was not material.
Financial assets repossessed, such as cash and bonds, are used in the
Bank’s daily trading and lending activities and are not differentiated
from other financial assets in the portfolios.
The carrying value of loans renegotiated during the year ended
October 31, 2010, that would otherwise have been impaired, was
$78 million (2009 – $18 million).
Included in residential mortgages are Canadian government-insured
mortgages of $47,886 million as at October 31, 2010 (2009 –
$48,359 million). Included in consumer instalment and other personal
loans are Canadian government-insured real estate personal loans of
$32,483 million as at October 31, 2010 (2009 – $31,899 million).
Foreclosed assets are non-financial assets repossessed where the
Bank gains title, ownership and possession of individual properties,
such as real estate properties, which are managed for sale in an orderly
manner with the proceeds used to reduce or repay any outstanding
debt. The Bank does not generally occupy foreclosed properties for
Loans, Impaired Loans and Allowance for Credit Losses
(millions of Canadian dollars) Gross Loans
Neither Total
past due Past due allowance
nor but not Specific General for loan Net
impaired impaired Impaired Total allowance allowance losses loans
2010
Residential mortgages1 $ 69,711 $ 1,324 $ 472 $ 71,507 $ 31 $ 32 $ 63 $ 71,444
Consumer instalment and other personal 94,704 5,842 334 100,880 117 361 478 100,402
Credit card 8,252 532 86 8,870 66 226 292 8,578
Business and government1 79,519 2,568 1,394 83,481 323 850 1,173 82,308
Debt securities classified as loans 6,421 – 1,170 7,591 140 163 303 7,288
Total $ 258,607 $ 10,266 $ 3,456 $ 272,329 $ 677 $ 1,632 $ 2,309 $ 270,020
2009
Residential mortgages1 $ 63,956 $ 1,315 $ 394 $ 65,665 $ 34 $ 18 $ 52 $ 65,613
Consumer instalment and other personal 89,693 4,390 274 94,357 112 378 490 93,867
Credit card 7,567 483 102 8,152 71 228 299 7,853
Business and government1 71,911 2,965 1,300 76,176 296 909 1,205 74,971
Debt securities classified as loans 10,905 – 241 11,146 45 277 322 10,824
Total $ 244,032 $ 9,153 $ 2,311 $ 255,496 $ 558 $ 1,810 $ 2,368 $ 253,128
2010 2009
Average gross impaired loans during the year $ 2,963 $ 1,799
1
Includes trading loans that the Bank intends to sell immediately or in the near
term with a fair value of $188 million (2009 – $140 million) and amortized cost
of $188 million (2009 – $142 million), and loans designated as trading under
the fair value option of $85 million (2009 – $210 million) and amortized cost
of $86 million (2009 – $226 million). No allowance is recorded for trading loans
or loans designated as trading under the fair value option.