The Toronto-Dominion Bank ($TD) Q2 2023 Earnings Call Summary

The Toronto-Dominion Bank ($TD) Q2 2023 Earnings Call Summary

Posted: 1 week, 2 days ago // May 25, 2023 9:22 p.m. UTC

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.

Relevant tickers: TD