TD Bank (TD) Scotiabank’s 27th Annual Financials Summit summary

Strategic execution and financial performance

• Achieved 16% ROE, surpassing the 13% target for the year, with strong cost restructuring and disciplined capital execution.

• Restructuring costs reached CAD 900 million in Q3, with upside potential beyond the CAD 2–2.5 billion target.

• Record earnings across all business segments, with wholesale bank earnings contribution rising from 9% to 15%.

• Canadian operations led in residential, credit card, and deposit growth for four consecutive quarters.

• U.S. AML remediation remains on track, with plans to launch 100 new branches by end of 2029.

Credit quality and risk management

• Credit performance landed at the lower end of the 40–50 bps PCL guidance, with healthy reserves and prudent monitoring.

• CAD 500 million reserved for tariff-related risks, with ongoing stress testing and scenario analysis.

• Slight deterioration noted in unsecured retail clients with credit scores under 650, but within expected ranges.

• No significant pockets of risk identified; credit outlook remains stable into 2027.

U.S. and Canadian retail and wealth expansion

• U.S. remediation efforts nearing completion, enabling renewed growth focus and 100 new branches planned.

• Significant hiring across Canada and the U.S., including 1,200 wealth advisors and 1,000 specialized sales staff in Canada, and 500 wealth advisors in the U.S. by 2029.

• Specialization model in Canadian banking has tripled productivity compared to generalists.

• Investments in frontline distribution, AI, and data infrastructure are being made without increasing project pool or sacrificing future growth.