TD misses expectations as expenses, credit loss provisions rise
TD reported that its common equity tier 1 ratio stood at 15.3 per cent at the end of the quarter, well above the regulated minimum of 11 per cent.
The termination of the deal also led to a valuation adjustment loss of $199 million on TD’s US$494 million investment into non-voting First Horizon shares and a US$225 million cash break free payable to First Horizon. Loan growth was also up 10 per cent in the U.S., and while personal deposits decline by three per cent from the year ago period, the bank said they were flat on a quarter-over-quarter basis. Business deposits, meanwhile, declined by six per cent from last year. Deposit flight had been a concern following the collapse of California-based Silicon Valley Bank, which roiled the U.S. regional banking space earlier this year.
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