TD Bank 2009 Annual Report Download - page 54

TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 MANAGEMENT’S DISCUSSION AND ANALYSIS50
(millions of Canadian dollars, except as noted) Percentage of total
2009 20085200752009 2008520075
Canada
Residential mortgages1,2 $ 58,239 $ 52,799 $ 56,034 22.0% 22.8% 30.1%
Consumer instalment and other personal 88,478 74,089 65,819 33.4 32.0 35.3
Total residential and personal 146,717 126,888 121,853 55.4 54.8 65.4
Real estate
Residential 9,069 8,516 2,567 3.4 3.6 1.4
Non-residential 3,788 2,907 2,269 1.4 1.3 1.2
Total real estate 12,857 11,423 4,836 4.8 4.9 2.6
Agriculture 2,383 2,351 2,533 0.9 1.0 1.4
Automotive 992 1,167 1,062 0.4 0.5 0.6
Chemical 341 613 490 –0.3 0.2
Financial36,295 6,758 5,974 2.4 2.8 3.2
Food, beverage, and tobacco 1,757 1,996 1,786 0.7 0.9 1.0
Forestry 445 438 427 0.2 0.2 0.2
Government and public sector entities 1,395 1,315 885 0.5 0.6 0.5
Health and social services 2,552 2,244 1,721 1.0 1.0 0.9
Industrial construction and trade contractors 1,019 952 867 0.4 0.4 0.5
Media and entertainment 767 1,023 974 0.3 0.4 0.5
Metals and mining 788 1,210 620 0.3 0.5 0.3
Pipelines, oil, and gas 2,465 3,311 3,051 0.9 1.4 1.6
Power and utilities 960 1,203 505 0.4 0.5 0.3
Retail sector 1,469 1,362 1,172 0.6 0.6 0.6
Sundry manufacturing and wholesale 825 952 947 0.3 0.4 0.5
Telecommunications and cable 434 692 661 0.2 0.3 0.4
Transportation 516 580 540 0.2 0.3 0.3
Other 3,754 2,852 2,203 1.4 1.2 1.2
Total business and government242,014 42,442 31,254 15.9 18.2 16.8
Total Canada 188,731 169,330 153,107 71.3 73.0 82.2
United States
Residential mortgages 7,390 4,773 2,405 2.8 2.1 1.3
Consumer instalment and other personal 13,796 12,778 7,330 5.2 5.5 3.9
Total residential and personal 21,186 17,551 9,735 8.0 7.6 5.2
Real estate
Residential 4,253 4,019 1,244 1.6 1.7 0.7
Non-residential 9,359 9,349 4,488 3.5 4.0 2.4
Total real estate 13,612 13,368 5,732 5.1 5.7 3.1
Agriculture 391 505 181 0.1 0.2 0.1
Automotive 1,178 1,419 711 0.4 0.6 0.4
Chemical 883 584 387 0.3 0.3 0.2
Financial32,522 2,595 2,091 1.0 1.1 1.1
Food, beverage, and tobacco 2,098 2,103 724 0.8 0.9 0.4
Forestry 453 664 387 0.2 0.3 0.2
Government and public sector entities 1,855 1,436 630 0.7 0.6 0.3
Health and social services 3,978 3,137 1,095 1.5 1.4 0.6
Industrial construction and trade contractors 1,178 1,252 697 0.4 0.5 0.4
Media and entertainment 731 831 487 0.3 0.4 0.3
Metals and mining 648 729 479 0.2 0.3 0.3
Pipelines, oil, and gas 775 1,088 423 0.3 0.5 0.2
Power and utilities 774 534 318 0.3 0.2 0.2
Retail sector 1,744 2,210 1,019 0.7 1.0 0.5
Sundry manufacturing and wholesale 1,227 1,021 724 0.5 0.4 0.4
Telecommunications and cable 633 1,079 669 0.2 0.5 0.4
Transportation 1,261 1,251 596 0.5 0.5 0.3
Other 3,248 3,608 2,496 1.2 1.6 1.3
Total business and government139,189 39,414 19,846 14.7 17.0 10.7
Total United States 60,375 56,965 29,581 22.7 24.6 15.9
Other International
Residential and personal 899–––
Business and government 4,669 5,544 3,589 1.8 2.4 1.9
Total other international 4,677 5,553 3,598 1.8 2.4 1.9
Total excluding debt securities classified as loans 253,783 231,848 186,286 95.8 100.0 100.0
Debt securities classified as loans411,101 ––4.2 ––
Total net of specific allowance 264,884 231,848 186,286 100.0% 100.0% 100.0%
General allowance
General allowance – loan losses 1,533 1,184 1,092
General allowance – debt securities classified as loans 277 ––
Total general allowance 1,810 1,184 1,092
Total net of allowance for loan losses $ 263,074 $ 230,664 $ 185,194
Percentage change over previous year – loans and acceptances, net of specific allowance 14.25% 24.46% 9.40%
LOANS AND ACCEPTANCES, NET OF SPECIFIC ALLOWANCE FOR LOAN LOSSES BY INDUSTRY SECTOR
TABLE 23
1Includes trading loans that the Bank intends to sell immediately or in the near
term with a fair value of $140 million (amortized cost of $142 million), and loans
designated as trading under the fair value option of $210 million (amortized cost
of $226 million). No allowance is recorded for trading loans or loans designated
as trading under the fair value option.
2Effective 2009, multiple-unit residential (MUR) mortgages, and any related credit
losses, have been reclassified from personal – residential mortgages to business
and government retroactively to 2008. This is to achieve consistent reporting
across all operating business segments.
3The Bank has no direct or derivative exposures to monoline insurance counterparties.
4As a result of the 2009 Amendments to CICA Handbook Section 3855, certain
available-for-sale and held-to-maturity securities were reclassified to loans, as
described in the “Changes in Accounting Policies during the Current Year” section.
5The presentation of 2008 and 2007 have been reclassified to conform to the
current presentation of reporting real estate secured loans under the borrower’s
appropriate industry sector rather than as a real estate loan. Additionally in 2009,
certain automotive and industrial construction and trade contractor loans were
reclassified to the financial sector.