TORONTO, Feb. 1, 2024
/CNW/ - TD Bank Group ("TD" or the "Bank") (TSX: TD) (NYSE:
TD) released today on its website (www.td.com/investor) the 2023
supplemental financial information package updated to reflect the
impact of the adoption of IFRS 17, Insurance Contracts (IFRS
17), which replaces the guidance in IFRS 4, Insurance
Contracts (IFRS 4).
The pre-quarter end release of this information has been
provided to help readers of the Bank's financial statements better
understand the impact of IFRS 17. It is possible that the
supplemental financial information package for the first quarter of
2024 may reflect further refinements.
As disclosed in TD's Fiscal 2023 Consolidated Financial
Statements, the Bank has adopted IFRS 17 for the annual period
beginning on November 1, 2023, with a
restatement of the comparative period as required by the standard.
The Bank has recognized differences between the measurement of
insurance related balances applying IFRS 17 and IFRS 4 as an
adjustment to opening retained earnings on November 1, 2022. As such, fiscal 2023 results
are presented applying IFRS 17 and the results of prior periods
continue to reflect IFRS 4.
An abridged version of the supplemental financial information
package reflecting the changes described above is being provided to
help readers of the Bank's financial statements better understand
the impact of IFRS 17 on the Bank's consolidated financial results.
The comparative period results reflecting the changes in the
supplemental financial information package are unaudited. The Bank
expects to provide more information on the impacts of the adoption
of IFRS 17 in its Report to Shareholders for the first quarter of
2024.
Caution Regarding Forward-Looking
Statements
From time to time, the Bank (as defined in this document) makes
written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the United States (U.S.) Securities and
Exchange Commission (SEC), and in other communications. In
addition, representatives of the Bank may make forward-looking
statements orally to analysts, investors, the media and others. All
such statements are made pursuant to the "safe harbour" provisions
of, and are intended to be forward-looking statements under,
applicable Canadian and U.S. securities legislation, including the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements made in this document, the 2023 MD&A in the Bank's
2023 Annual Report under the heading "Economic Summary and
Outlook", under the headings "Key Priorities for 2024" and
"Operating Environment and Outlook" for the Canadian Personal and
Commercial Banking, U.S. Retail, Wealth Management and Insurance,
and Wholesale Banking segments, and under the heading "2023
Accomplishments and Focus for 2024" for the Corporate segment, and
in other statements regarding the Bank's objectives and priorities
for 2024 and beyond and strategies to achieve them, the regulatory
environment in which the Bank operates, and the Bank's anticipated
financial performance. Forward-looking statements are typically
identified by words such as "will", "would", "should", "believe",
"expect", "anticipate", "intend", "estimate", "plan", "goal",
"target", "may", and "could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include:
strategic, credit, market (including equity, commodity, foreign
exchange, interest rate, and credit spreads), operational
(including technology, cyber security, and infrastructure), model,
insurance, liquidity, capital adequacy, legal, regulatory
compliance and conduct, reputational, environmental and social, and
other risks. Examples of such risk factors include general business
and economic conditions in the regions in which the Bank operates;
geopolitical risk; inflation, rising rates and recession;
regulatory oversight and compliance risk; the ability of the
Bank to execute on long-term strategies and shorter-term key
strategic priorities, including the successful completion of
acquisitions and dispositions and integration of acquisitions, the
ability of the Bank to achieve its financial or strategic
objectives with respect to its investments, business retention
plans, and other strategic plans; technology and cyber security
risk (including cyber-attacks, data security breaches or technology
failures) on the Bank's technologies, systems and networks, those
of the Bank's customers (including their own devices), and third
parties providing services to the Bank; model risk;
fraud activity; the failure of third parties to comply
with their obligations to the Bank or its affiliates, including
relating to the care and control of information, and other risks
arising from the Bank's use of third parties; the impact of new and
changes to, or application of, current laws, rules and regulations,
including without limitation tax laws, capital guidelines and
liquidity regulatory guidance; ; increased competition from
incumbents and new entrants (including Fintechs and big technology
competitors); shifts in consumer attitudes and disruptive
technology; environmental and social risk (including climate
change); exposure related to significant litigation and regulatory
matters; ability of the Bank to attract, develop, and retain key
talent; changes to the Bank's credit ratings; changes in foreign
exchange rates, interest rates, credit spreads and equity prices;
the interconnectivity of Financial Institutions including existing
and potential international debt crises; increased funding costs
and market volatility due to market illiquidity and competition for
funding; Interbank Offered Rate (IBOR) transition risk; critical
accounting estimates and changes to accounting standards, policies,
and methods used by the Bank; the economic, financial, and other
impacts of pandemics; and the occurrence of natural and unnatural
catastrophic events and claims resulting from such events. The Bank
cautions that the preceding list is not exhaustive of all possible
risk factors and other factors could also adversely affect the
Bank's results. For more detailed information, please refer to the
"Risk Factors and Management" section of the 2023 MD&A, as may
be updated in subsequently filed quarterly reports to shareholders
and news releases (as applicable) related to any events or
transactions discussed under the heading "Significant and
Subsequent Events" in the relevant MD&A, which applicable
releases may be found on www.td.com. All such factors, as well as
other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements, should be considered
carefully when making decisions with respect to the Bank. The Bank
cautions readers not to place undue reliance on the Bank's
forward-looking statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2023
MD&A under the heading "Economic Summary and Outlook", under
the headings "Key Priorities for 2024" and "Operating Environment
and Outlook" for the Canadian Personal and Commercial Banking, U.S.
Retail, Wealth Management and Insurance, and Wholesale Banking
segments, and under the heading "2023 Accomplishments and Focus for
2024" for the Corporate segment, each as may be updated in
subsequently filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities and anticipated financial performance as
at and for the periods ended on the dates presented and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by assets and serves over
27.5 million customers in four key businesses operating in a number
of locations in financial centres around the globe: Canadian
Personal and Commercial Banking, including TD Canada Trust and TD
Auto Finance Canada; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in The Charles Schwab Corporation; Wealth Management and
Insurance, including TD Wealth (Canada), TD Direct Investing, and TD
Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 16 million active online and mobile
customers. TD had $1.96 trillion in assets
on October 31, 2023. The Toronto-Dominion Bank trades under
the symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Investor Relations