TD Bank 2003 Annual Report Download - page 11

Management’s Discussion and Analysis
page 10 How We Performed
page 15 Off-balance Sheet Arrangements
page 16 Critical Accounting Policies
page 17 Controls and Procedures
page 19 How Our Businesses Performed
page 20 Personal and Commercial Banking
page 24 Wholesale Banking
page 27 Wealth Management
page 30 Corporate
page 31 Corporate Management
page 32 Factors That May Affect Future Results
page 33 Managing Risk
page 34 Strategic risk
page 34 Credit risk
page 36 Market risk
page 38 Asset liability management
page 39 Liquidity risk
page 40 Operational risk
page 41 Regulatory risk
page 41 Reputational risk
page 42 Managing Capital
page 45 Supplementary Information
Financial Results
page 54 Consolidated Financial Statements
page 54 Financial reporting responsibility
page 54 Auditors’ report to the shareholders
page 55 Consolidated Balance Sheet
page 56 Consolidated Statement of Operations
page 57 Consolidated Statement of Changes in
Shareholders’ Equity
page 58 Consolidated Statement of Cash Flows
page 59 Notes to Consolidated Financial Statements
page 90 Principal Subsidiaries
page 91 Glossary
page 92 Ten-year Statistical Review
page 96 Quarterly Results
Caution regarding forward-looking statements
From time to time, the Bank makes written and oral forward-looking statements, including in this Annual Report, in other filings with Canadian regula-
tors or the U.S. Securities and Exchange Commission (SEC), and in other communications. All such statements are made pursuant to the “safe harbour”
provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements regard-
ing the Bank’s objectives and strategies to achieve them, the outlook for the Bank’s business lines, and the Bank’s anticipated financial performance.
Forward-looking statements are typically identified by words such as “believe”, “expect”, “may” and “could”. By their very nature, these statements
are subject to inherent risks and uncertainties, general and specific, which may cause actual results to differ materially from the expectations expressed
in the forward-looking statements. Some of the factors that could cause such differences include: the credit, market, liquidity, interest rate, operational
and other risks discussed starting on page 33 of this report and in the MD&A section in other regulatory filings made in Canada and with the SEC; gen-
eral business and economic conditions in Canada, the United States and other countries in which the Bank conducts business; the effect of changes in
monetary policy; the degree of competition in the markets in which the Bank operates, both from established competitors and new entrants; legislative
and regulatory developments; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely develop-
ment and introduction of new products and services in receptive markets; the Bank’s ability to complete and integrate acquisitions; the Bank’s ability to
attract and retain key executives; reliance on third parties to provide components of the Bank’s business infrastructure; technological changes; change
in tax laws; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and saving habits; the possible impact on the
Bank’s businesses of international conflicts and terrorism; acts of God, such as earthquakes; and management’s ability to anticipate and manage the
risks associated with these factors and execute the Bank’s strategies within a disciplined risk environment. Please see the discussion starting on page 32
of this report concerning the effect certain key factors could have on actual results. The preceding list and the discussion of factors starting on page 32
are not exhaustive of all possible factors. Other factors could also adversely affect the Bank’s results. All such factors should be considered carefully
when making decisions with respect to the Bank, and undue reliance should not be placed on the Bank’s forward-looking statements. The Bank does
not undertake to update any forward-looking statements, written or oral, that may be made from time to time by or on its behalf.
Management’s discussion and analysis (MD&A)
gives you management’s perspective on performance
of our businesses, the economy and how we
manage risk and capital.
TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Management’s Discussion and Analysis 9