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Adapting with purpose 2020 Annual Report For information on TD’s commitment to the community and our environment visit www.td.com/document/PDF/ESG/2019-TRC-Report.pdf See the TD Annual Report Table of Contents online by visiting www.td.com/ar2020 OUR STRATEGY 1 Group President and CEO’s Message 2 Chair of the Board’s Message 4 TD’s Response to the COVID-19 Pandemic 5 Proven Business Model 6 Purpose-Driven 8 Forward-Focused 10 Supporting a More Sustainable and Inclusive Tomorrow 12 MANAGEMENT’S DISCUSSION AND ANALYSIS 14 FINANCIAL RESULTS Consolidated Financial Statements 125 Notes to Consolidated Financial Statements 137 Ten-Year Statistical Review 216 Glossary 218 Board Committees 220 Shareholder and Investor Information 221 Our Strategy As a top 5 North American bank, TD aims to stand out from its peers by having a differentiated brand – anchored in our proven business model, and rooted in a desire to give our customers, communities and colleagues the confidence to thrive in a changing world. Proven Business Model Purpose-Driven Forward-Focused Deliver consistent earnings Centre everything we do Shape the future growth, underpinned on our vision, purpose and of banking in the by a strong risk culture shared commitments digital age Our Business Every day, TD enriches the lives of millions of customers who rely on us for their financial needs and to help them achieve their goals. (as at October 31, 2020) ~90,000 26.5 million 5th TD colleagues customers served around largest bank in North America1 the globe 1 By total assets 14 million+ 2,300+ 6,200+ active digital customers retail locations across ATMs North America TD BANK GROUP ANNUAL REPORT 2020 OUR STRATEGY 1 Group President and CEO’s Message TD delivered in a year of unprecedented disruption A year for the ages 2020 has been a year like no other and I am incredibly proud of how TD responded, guided by our purpose: to enrich the lives of our customers, communities and colleagues. Through it all, we demonstrated our ability to adapt with speed in response to the global pandemic. There is no doubt that millions have been deeply affected by the combined health and economic challenges of COVID-19. I want to thank health care workers and all who served on the front lines, including TD bankers. You kept us safe and supported essential services despite significant personal challenges and continue to do so today. As a Bank, we have a critical role to play in the recovery – to provide advice and services to the millions we serve, to help our economies grow and our communities thrive. Performance and strategic progress Over the course of our 165-year history, TD’s business model has continuously proven its strength, even in the face of global uncertainty and significant economic headwinds. In a year marked by a global health crisis, we delivered earnings of approximately $11.9 billion ($10.0 billion, on an adjusted basis). Although our adjusted earnings were lower in 2020 as households and businesses were impacted by the economic downturn, our Wealth, Insurance and Wholesale businesses delivered record Bharat Masrani revenue and earnings performance. Group President and Chief Executive Officer We also made important strategic progress in 2020. The transformative transaction between TD Ameritrade and The Charles Schwab Corporation closed, making TD the largest shareholder of a highly regarded U.S. investment firm with US$6 trillion in client assets. Our balance sheet ended the year strong, with a Common Equity Tier 1 ratio of 13.1 per cent and a liquidity coverage ratio of 145 per cent, positioning TD well for the future. Once again, TD delivered for our shareholders, increasing our dividend by 8 per cent year-over-year. This year was one of the most challenging in the history of the Bank and our results demonstrated the strength of our franchise, but there is more to the story of what we achieved this year. Resilience and execution in a period of unprecedented change 2020 brought many challenges, but also showcased our ability to execute. We benefited from investments in new capabilities to quickly shift our operations, enable more than 60,000 colleagues to work from home, and deploy new digital assets. 2 TD BANK GROUP ANNUAL REPORT 2020 GROUP PRESIDENT AND CEO’S MESSAGE “ I firmly believe that banking serves a higher purpose, and this has never been more true than in 2020.” TD was there for customers when they needed Addressing climate change is critical today and us the most to future generations, and in 2020 TD never lost Since the start of the pandemic, more than one million sight of this customers enrolled in digital banking services for the first time TD recently launched a bold and ambitious climate action plan and digital engagement increased by 57 per cent. We also to address the challenges of climate change. This includes a worked closely with governments in the U.S. and Canada to target to achieve net-zero greenhouse gas emissions in our facilitate access to relief and support programs, and directly operations and financing activities by 2050. We backed this addressed customer concerns with programs of our own, commitment with the creation of a new Sustainable Finance and tailoring solutions to their specific needs. Corporate Transitions Group to support clients around the world, and an Environmental, Social and Governance (ESG) Centre of In every decision we made, we put the well-being Expertise to participate in the global efforts required to deliver of our colleagues and customers at the forefront on this long-term target. For the seventh consecutive year, TD was recognized on the Guided by medical advice from public health officials and our Dow Jones Sustainability World Index and this year was the own Chief Medical Director, we implemented health and safety only North American bank included in the ranking – a further precautions at every TD location across our footprint. Though testament to our leadership incorporating ESG practices recent news of potential vaccines is encouraging, COVID-19 into our business. remains a challenge and we will continue to focus on the safety of our customers, colleagues, and the communities we serve. We face the challenges ahead with many advantages A more inclusive and sustainable future We enter 2021 with a robust balance sheet, deep customer relationships, a strong brand, and well-positioned businesses. I firmly believe that banking serves a higher purpose, and Though macroeconomic challenges and uncertainties remain, this has never been more true than in 2020. I am confident in the future as we work to build the Better Bank. As a result of COVID-19, many communities faced higher Together, our 90,000 dedicated and talented TD bankers unemployment, deeper economic impacts, and elevated around the world proved their mettle during a time of significant infection rates. Through the TD Ready Commitment, we change. I want to thank them for their tremendous efforts, our launched the TD Community Resilience Initiative, allocating customers for their trust, and you, our shareholders, for your $25 million to organizations delivering immediate front-line continued support. services and the longer-term support needed to promote a more inclusive recovery. Diversity and inclusion are central to our culture We continue to work tirelessly to build a workplace and world where all can thrive. As powerful demonstrations denouncing anti-Black racism unfolded this year, we made clear where Bharat Masrani Group President and Chief Executive Officer we stand and took meaningful action. We announced new commitments to grow minority executive representation and launched Bank and community efforts to tackle the impacts of anti-Black racism. At the same time, we pushed for continued progress in support of all of our diversity and inclusion objectives. TD BANK GROUP ANNUAL REPORT 2020 GROUP PRESIDENT AND CEO’S MESSAGE 3 Chair of the Board’s Message This year, TD successfully steered through one of the greatest challenges in its long history. The pandemic posed the challenge of a lifetime for the health and well-being of our customers, our communities and our colleagues. Guided by our purpose and values, we delivered for all our stakeholders. While meeting the operational challenges posed by the pandemic, the Bank made progress on critical strategic initiatives to position itself for growth in the years to come. The pace and scope of the Bank’s digital journey accelerated. The merger of TD Ameritrade with The Charles Schwab Corporation was concluded. The Bank enhanced its commitment to leadership in Environmental, Social and Governance practices with the launch of a climate action plan and a renewal and enhancement of its commitments to diversity and inclusion in its executive ranks. Investments to train and upskill our colleagues were also increased. On behalf of my Board colleagues and all the Bank’s stakeholders, I would like to thank our Group President and CEO and his Senior Executive Team for their engagement and calm leadership in these uncertain times. We also recognize the hard work and dedication of TD’s 90,000 colleagues, particularly those on the front lines who, in the face of unprecedented challenges, continued to deliver the customer experience that is the TD hallmark. I also want to express the Bank’s appreciation to our The Bank generated earnings that enabled it to build capital; shareholders for their ongoing support and to our customers set aside unprecedented provisions for credit losses; pay for the opportunity to serve them. We will continue to strive increased dividends to our shareholders; recognize the to maintain your support and trust. contribution of our colleagues with special compensation; and increase financial support for our communities.
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