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TD BANK GROUP ANNUAL REPORT 2011 MANAGEMENT’S DISCUSSION AND ANALYSIS 21
(millions of Canadian dollars) Canadian Personal U.S. Personal and
and Commercial Wealth Commercial Wholesale
Banking Management Banking Banking Corporate Total
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Net interest income $ 7,320 $ 7,134 $ 423 $ 336 $ 4,286 $ 3,579 $ 1,603 $ 1,815 $ (801) $ (1,321) $ 12,831 $ 11,543
Non-interest income 3,490 3,237 2,356 2,121 1,402 1,180 899 1,059 616 425 8,763 8,022
Provision for (reversal of)
credit losses 820 1,046 – – 666 646 22 25 (43) (92) 1,465 1,625
Non-interest expenses 5,052 4,934 1,989 1,813 3,446 2,910 1,468 1,395 1,128 1,111 13,083 12,163
Income (loss) before provision
for income taxes 4,938 4,391 790 644 1,576 1,203 1,012 1,454 (1,270) (1,915) 7,046 5,777
Provision for (recovery of)
income taxes 1,327 1,296 221 197 320 230 199 588 (768) (1,049) 1,299 1,262
Non-controlling interests in
subsidiaries, net of income taxes – – – – – – – – 104 106 104 106
Equity in net income of
an associated company,
net of income taxes – – 207 194 – – – – 39 41 246 235
Net income (loss) – reported 3,611 3,095 776 641 1,256 973 813 866 (567) (931) 5,889 4,644
Adjustments for items of note,
net of income taxes1
Amortization of intangibles2 – – – – – – – – 426 467 426 467
Decrease (increase) in fair value
of derivatives hedging the
reclassified available-for-sale
debt securities portfolio – – – – – – – – (134) (5) (134) (5)
Integration and restructuring
charges relating to U.S.
Personal and Commercial
Banking acquisitions – – – – 69 69 – – – – 69 69
Decrease (increase) in fair value
of credit default swaps hedging
the corporate loan book, net of
provision for credit losses – – – – – – – – (13) 4 (13) 4
(Recovery of) provision for income
taxes due to changes in statutory
income tax rates – – – – – – – – – (11) – (11)
Provision (release) of insurance claims
– – – – – – – – – (17) – (17)
General allowance increase
(release) in Canadian Personal
and Commercial Banking
and Wholesale Banking – – – – – – – – – (44) – (44)
Agreement with Canada
Revenue Agency – – – – – – – 121 – – – 121
Integration charges relating to the
Chrysler Financial acquisition – – – – – – – – 14 – 14 –
Total adjustments for
items of note – – – – 69 69 – 121 293 394 362 584
Net income (loss) – adjusted $ 3,611 $ 3,095 $ 776 $ 641 $ 1,325 $ 1,042 $ 813 $ 987 $ (274) $ (537) $ 6,251 $ 5,228
(billions of Canadian dollars)
Average invested capital $ 9.3 $ 9.3 $ 4.2 $ 4.4 $ 17.6 $ 17.9 $ 3.3 $ 3.2 $ 10.3 $ 6.8 $ 44.7 $ 41.6
Risk-weighted assets 73 68 9 8 98 88 35 32 4 3 219 200
RESULTS BY SEGMENT
TABLE 15
1 For explanations of items of note, see the “Non-GAAP Financial Measures −
Reconciliation of Adjusted to Reported Net Income” table in the “Financial Results”
section of this document.
2 Effective 2011, amortization of software is recorded in amortization of intangibles.
For the purpose of the items of note only, software amortization is excluded from
the amortization of intangibles.