Here is a summary of The Toronto-Dominion Bank's Q2 2023 earnings call, which took place on May 25:
- TD Bank Group had a good second quarter in 2023, with earnings of $3.8 billion and EPS of $1.94.
- Retail businesses were strengthened, while Wholesale Banking was impacted by challenging market conditions.
- Revenue grew 14% year-over-year, driven by margin expansion.
- The Bank's CET1 ratio was 15.3%, reflecting organic capital generation, offset by the impact of the Cowen acquisition.
- TD Bank is increasing new store openings by 50% and doubling wealth advisor hiring in the U.S.
- The Bank delivered industry-leading market share gains in core deposits, putting TD's market share at almost 26%.
- TD Auto Finance was ranked the highest in dealer satisfaction among non-captive, non-prime lenders with retail credit for the 6th year in a row in the JD Power 2023 Canada Dealer Financing Satisfaction Study.
- TD Bank has launched innovative new cards, enhanced current credit cards, and made advancements in digital capabilities to accelerate growth in the market.
- The bank expects downward pressure on margins in Q3 due to intensifying pricing competition in the US market, but expects margins to resume growth moderately in Q4.
- The bank plans to invest in expanding consumer and commercial banking operations while focusing on productivity and cost efficiencies.
This is an AI generated summary. There may be inaccuracies.
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