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FINANCIALS: TD Bank Results Headlines Small Miss; Unlikely To Move Spreads Much

FINANCIALS

TD Bank (TD: A1/A neg) headlines don’tappear too positive. Revenues are a 1% miss vs. consensus, loan losses are broadly in line meaning a small miss at the net profit level. CET1 is a relatively large miss (c.50bp) but there are a lot of moving parts around the Schwab stake. Spreads haven’t done much on the run-in to results and these appear spread neutral. More to follow…

  • “*TD BANK 3Q ADJ EPS C$2.05, EST. C$2.07
  • *TD BANK 3Q PROVISION FOR CREDIT LOSSES C$1.07B [cons: 1.1bn]
  • *TD BANK 3Q CET1 RATIO 12.8% [cons: 13.3%] “ - BBG

Conf call is 1300 (London time) at: https://td.streamme.ca/Q32024

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