TD Bank 2014 Annual Report Download - page 16

TD BANK GROUP ANNUAL REPORT 2014 MANAGEMENT’S DISCUSSION AND ANALYSIS14
FINANCIAL RESULTS OVERVIEW
Revenue
AT A GLANCE OVERVIEW
• Reported revenue was $29,961 million, an increase of
$2,702 million, or 10%, compared with last year.
• Adjusted revenue was $29,681 million, an increase of
$2,493 million, or 9%, compared with last year.
• Net interest income increased by $1,510 million, or 9%,
compared with last year.
• Reported non-interest income increased by $1,192 million,
or 11%, compared with last year.
• Adjusted non-interest income increased by $983 million,
or 9%, compared with last year.
NET INTEREST INCOME
Net interest income for the year on a reported and adjusted basis was
$17,584 million, an increase of $1,510 million, or 9%, compared with
last year. The increase in adjusted net interest income was primarily
driven by increases in the U.S. Retail, Canadian Retail, and Wholesale
Banking segments. U.S. Retail net interest income increased primarily
due to strong loan and deposit volume growth, the full year inclusion
of Target, and the impact of foreign currency translation. Canadian
Retail net interest income increased primarily due to good loan and
deposit volume growth and the inclusion of Aeroplan. Wholesale
Banking net interest income increased primarily due to higher trading-
related net interest income.
NET INTEREST MARGIN
Net interest margin declined by 1 basis point (bps) during the year
to 2.19%, compared with 2.20% last year. Lower margins in the
Canadian and U.S. Retail segments were primarily due to core margin
compression, partially offset by the inclusions of Aeroplan and Target.
NET INTEREST INCOME
(millions of Canadian dollars)
12 13 14
$18,000
15,000
9,000
0
12,000
6,000
3,000
AdjustedReported