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FINANCIALS: TD Bank Results Preview: Regulatory News To Dominate

FINANCIALS

TD Bank (TD: A1/A neg) reports 3Q24 results on 22-Aug.Regulatory issues have dominated the newsflow, but operating results were solid last time, and spreads have performed pretty well.

  • Results last time missed (23-May) but credit stats were broadly stable. NPL formation slowed slightly, and loan losses were relatively stable, albeit results were on the same day as Canadian regulators told the bank to improve its AML processes.
  • The bank reportedly fired over 12 people over these AML issues and mgmt have been busy denying it’s a systemic issue, but Fitch still revised its outlook to negative on 29-May.
  • Spreads (on its EUR lines) are 10bp wider since last results (€IG banks +13bp) and have marginally outperformed in the last month. The equity has done relatively well, too.
  • Revenue expectations were pushed up c.1% since last results with earnings up 3% for this year (but flat for next).

Results are 1100 (London time) with a conf call at 1300 (London time) at: https://td.streamme.ca/Q32024 

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