TD Bank 2009 Annual Report Download - page 41

TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 MANAGEMENT’S DISCUSSION AND ANALYSIS 37
(millions of Canadian dollars) For the years ended
Sept. 30, 2009 Sept. 30, 2008
Revenues
Net interest revenue $ 347 $ 550
Fee-based and other revenue 2,061 1,987
Total revenue 2,408 2,537
Expenses
Employee compensation and benefits 511 503
Other 835 771
Total expenses 1,346 1,274
Other income (expense) (2) 1
Pre-tax income 1,060 1,264
Provision for income taxes 416 460
Net income1$ 644 $ 804
Earnings per share – basic $ 1.11 $ 1.35
Earning per share – diluted $ 1.10 $ 1.33
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
TABLE 17
1The Bank’s equity share of net income of TD Ameritrade is subject to adjustments
relating to amortization of intangibles.
BUSINESS OUTLOOK AND FOCUS FOR 2010
We remain cautiously optimistic as we move into 2010. While
the markets have regained their momentum since hitting their
lows in March 2009, we are not yet confident that this is fully
sustainable in the near term. For the longer term, our prospects
for growth remain positive. Our key priorities for 2010 are
as follows:
•
In both Canada and the U.K., increase share of the online
brokerage market by enhancing functionality with access to
global markets and enhanced fixed income trading capability.
•Continue to elevate the client experience in our advice-based
channels, by improving our service offerings and enhancing
advisor tools.
•Increase proprietary mutual fund sales in retail branches by
continuing to offer high quality products and solutions that
align to the needs of our retail clients.
•Leverage our premier institutional asset management capabil
i-
ties as we compete for new mandates.
•Further integrate our operations and technology capabilities
to drive efficiencies across the Wealth Management platform
and to improve client service levels.
KEY PRODUCT GROUPS
Online brokerage
•The online business has experienced record trade volumes and very
strong new account growth as volatility in the global equity markets
attracted new investors and increased trade activities of clients.
Our Canadian and U.K. online businesses are number one in each
of their respective markets as measured by trade volumes.
Advice-based
•
Despite the market turmoil, we continued to grow our client-facing
advisors by adding 75 net new investment advisors and financial
planners this fiscal year.
•The focus for our wealth management business in the U.S. is to
leverage our retail bank client base.
Asset Management
•In 2009, we were ranked number one in the industry in long term
net fund sales. This was achieved by a strong sales focus in our
retail branches and in the broker/dealer network.
•Successfully launched our new proprietary Comfort portfolios in
TD Canada Trust to simplify the investment choices for retail bank
customers in Canada.
•
In our institutional business, the Bank leveraged our premium brand
and capabilities to win over 100 new mandates, which amounted
to $10 billion in new assets under management.