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TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 MANAGEMENT’S DISCUSSION AND ANALYSIS 29
(millions of Canadian dollars) Canadian Personal U.S. Personal and
and Commercial Wealth Commercial Wholesale
Banking Management Banking1,2 Banking Corporate Total
2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Net interest income
$ 6,348 $ 5,790 $ 270 $ 347 $ 3,607 $ 2,144 $ 2,488 $ 1,318 $ (1,387) $ (1,067) $ 11,326 $ 8,532
Non-interest income 3,101 3,036 1,935 1,981 1,117 853 733 (68) (352) 335 6,534 6,137
Total revenue 9,449 8,826 2,205 2,328 4,724 2,997 3,221 1,250 (1,739) (732) 17,860 14,669
Provision for (reversal of)
credit losses 1,155 766 ––948 226 164 106 213 (35) 2,480 1,063
Non-interest expenses 4,725 4,522 1,701 1,615 3,213 1,791 1,417 1,199 1,155 375 12,211 9,502
Income (loss) before provision
for income taxes 3,569 3,538 504 713 563 980 1,640 (55) (3,107) (1,072) 3,169 4,104
Provision for (recovery of)
income taxes 1,097 1,114 159 233 (70) 258 503 (120) (1,448) (948) 241 537
Non-controlling interests
in subsidiaries,
net of income taxes ––––––––111 43 111 43
Equity in net income of
an associated company,
net of income taxes ––252 289 ––––51 20 303 309
Net income (loss) – reported 2,472 2,424 597 769 633 722 1,137 65 (1,719) (147) 3,120 3,833
Adjustments for items of note,
net of income taxes
Amortization of intangibles ––––––––492 404 492 404
Reversal of Enron litigation reserve –––––––––(323) –(323)
Decrease (increase) in fair value
of derivatives hedging the
reclassified available-for-sale
debt securities portfolio ––––––––450 (118) 450 (118)
Restructuring and integration
charges relating to the
Commerce acquisition ––––276 70 ––––276 70
Decrease (increase) in fair value
of credit default swaps hedging
the corporate loan book,
net of provision for credit losses ––––––––126 (107) 126 (107)
Other tax items –––––14 –––20 –34
Provision for insurance claims –––––––––20 –20
General allowance
increase (release) in
Canadian Personal and
Commercial Banking
(excluding VFC) and
Wholesale Banking ––––––––178 –178 –
Settlement of TD Banknorth
shareholder litigation ––––––––39 –39 –
FDIC special
assessment charge ––––––––35 –35 –
Total adjustments for
items of note ––––276 84 ––1,320 (104) 1,596 (20)
Net income (loss) – adjusted $ 2,472 $ 2,424 $ 597 $ 769 $ 909 $ 806 $ 1,137 $65$ (399) $ (251) $ 4,716 $ 3,813
(billions of Canadian dollars)
Average invested capital $ 8.8 $ 8.3 $ 4.7 $ 4.0 $ 20.0 $ 13.2 $ 3.8 $ 3.6 $ 2.6 $ 1.2 $ 39.9 $ 30.3
Risk-weighted assets 64 58 8780 83 34 56 48 190 212
RESULTS BY SEGMENT
TABLE 13
1Commencing the third quarter ended July 31, 2008, the results of U.S. Personal
and Commercial Banking include Commerce. For details, see Note 7 to the 2009
Consolidated Financial Statements.
2As explained in the “How the Bank Reports” section and Note 1 to the 2009
Consolidated Financial Statements, effective the second quarter ended April 30,
2009, as a result of the reporting-period alignment of U.S. entities, TD Banknorth
and Commerce are consolidated using the same period as the Bank.