Previously the business lines were reported within the banking group's Canadian personal and business banking segment of its results
The growth of its wealth management and insurance operations have prompted Toronto-Dominion (TD) to change how it reports its financial results.
The banking group has announced that the two business lines will now be reported together as one reporting segment, rather than being part of the Canadian Personal and Commercial Banking in the Canadian Retail segment.
Kelvin Tran, TD Banking Group’s senior executive vice president and chief financial officer, says that the decision to separate the two business lines out from the herd is because of their success.
"The Wealth Management and Insurance businesses provide a significant and growing contribution to TD's success. They have an increasingly high profile in senior management analysis and strategic planning and this new reporting alignment provides TD shareholders with additional information on their performance," he said.
The new reporting segment shows that, for the quarter ended July 31, 2022, the Wealth Management and Insurance segment reported $575 million net income (reported and adjusted) as part of the overall group’s $3.2 billion net income.
Last year’s results
Last year’s full-year results to October 31, 2021, reveal $2.6 billion net income for the firm’s wealth management and insurance operations, amid an overall $14.3 billion net income for the year. Adjusted net income excludes charges associated with the acquisition of Greystone in 2020 of $100 million ($98 million after tax).
