TD Bank - Q1-2023 Earnings, Price Target Update

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TD Bank (TD) with $1.93T in assets as of Jan-31-2023 compared to $1.92% as of Oct-31-2022 (2021 at $1.73T); is the second largest bank in Canada next to Royal Bank (RY) and the sixth largest bank in North America by assets serving 26M customers in three operating segments; Canadian Retail contributes 56% of earnings, US Retail – 29%, Wholesale Banking -9% and 6% from the investment in Charles Schwab. Canadian Retail, includes TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, includes TD Bank, TD Auto Finance U.S., TD Wealth (U.S.), a 12% ownership in Charles Schwab; Wholesale Banking includes TD Securities. TD Bank is the primary credit card issuer for Air Canada's new loyalty program from 2020 through 2030. They are in the process of acquiring First Horizon Corporation for US$13.4B, the largest bank in Tennessee, the Cowan Inc. acquisition for $1.3B(US) closed during Q1-2023. The ownership in Schwab was reduced from 1.34% to 12% in Aug-2022 for a realized gain of $2.3B(Cdn)

FINANCIAL

Q1-2023

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