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TD Bank FinancialToronto, Ontario, Canada
Report FactsCompany name Toronto-Dominion BankFiscal year end: October 31, 2009 Report title: Building on Our Momentum President and CEO: W. Edmund Clark Number of books: One Report length: 154 pages Auditors: Ernst & Young LLP Design: q30 design E-mail: tdshinfo@td.com |
Report rating (Rating scale below)(3.5/5)
Profile-Mission(Excerpts, as from the report)The Toronto-Dominion Bank and its subsidiaries are... known as TD Bank Financial Group. The Bank is the sixth largest bank in North America by branches and serves approximately 17 million customers in four key businesses: Canadian Personal and Commercial Banking, U.S. Personal and Commercial Banking, Wealth Management, Wholesale Banking.(Annual Report p 18, p 28) (Italics are own company’s words) Key FiguresTotal assets: $ 557,219 millionTotal revenue: $ 17,860 million Net interest income: $ 11,326 million Net income: $ 3,120 million Earnings per share: $ 3.49 (basic) Dividends per share: $ 2.44 Return on equity: 8.4% Tier 1 capital ratio: 11.3% Total capital ratio: 14.9% (Source: figures in Canadian dollars, sourced from the annual report) Major Competitors
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Triple A> For years we’ve cultivated a conservative risk management philosophy –we only take risks that we understand and that can be managed within an acceptable level. It’s that simple. (CEO’s message to shareholders). We were one of the few global institutions that did not require support from the government. (p 3).> Thorough and superior management discussion and analysis. > Great transparency and historical records about credit portfolio quality, capital position (see Selected Page below), provisions, impaired loans, reconciliation for financial assets and liabilities at fair value, et al. > Outstanding risk management analysis. > Comprehensive and very clear Risk management chapter: each risk category |
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Double A> Detailed notes to statements.> Ten-year Statistical Review compiles all statements and provides many key ratios. |
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Simple A> Key Metrics come quickly, but are rather short, don’t show year-on-year changes, and include many footnotes.> Corporate responsibility matters are too briefly reported, yet a separate special report is available. |
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Some Bs> As Paul Krugman and a few leading economists put it, banking should be boring (again). Does this mean making (mostly) boring reports? We don’t think so. 150-plus pages of which most are deadly dull, made of small line spacing, long tables, footnotes (ah, that fine print!).> For a real profile, wait until p 18 and enlarge (on screen) or wear glasses (on paper). > Building on Our Momentum really sounds hackneyed. We remember some banks having used it before 2007. > Year at a Glance highlights Aaa rated by Moody’s first. Apparently, some still value those ratings. > No direct investor relations contact... and that odd habit to leave it all (or almost) up to a transfer agent. |
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How does the company report in key areas? What are the main report pluses and minuses?
The Report Scan gives an overview of strengths and weaknesses, and scores each item.
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Selected Page(p 59 of TD Bank Financial Annual Report 2009)
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Reportwatch
"In many organizations, the riskJulian Birkinshaw and Huw Jenkins, <br /><em>professors at the London Business School</em>
manager is too far removed from
action to feel genuine responsibility"
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REPORT OF THE MONTH
TD Bank Financial (March 2010)
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