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By Bharat Masrani
• Dec 1, 2022
Group President and Chief Executive Officer
TD Bank Group

The following is TD Group President and Chief Executive Officer Bharat Masrani's letter to shareholders, which was published in the 2022 TD Annual Report. To read the full report, please visit Annual Report 2022.


In 2022, TD made excellent progress on our strategic priorities and delivered for all of our stakeholders. Earnings grew to $17.4 billion ($15.4 billion on an adjusted basis), a 22 per cent increase over 2021 (five per cent on an adjusted basis), as we welcomed new customers and deepened existing relationships across our businesses. Our strong performance allowed us to invest in our business and our people, and we ended the year with a solid capital position resulting in a Common Equity Tier 1 Ratio of 16.2 per cent.

We also announced two strategic transactions to add scale, new capabilities, talented colleagues, and over one million customers and clients to TD. Both the First Horizon and Cowen acquisitions are strategically compelling, financially attractive, within our risk appetite, and culturally aligned. These two organizations also share our deep commitment to the communities in which we live and work.

As we strengthened our business and invested in the future, we were pleased that our dividend increased by 13 per cent in 2022. We also declared a $0.07 dividend increase effective in the first quarter of fiscal 2023.

These results demonstrate the value creation inherent in our business model, and the continued success of our strategy.

Adapting to a changing landscape

2022 was a year of fluctuating market dynamics. The disruption of the pandemic transformed entire industries. Powered by new technology, millions shifted how and where they work, spend, and invest. Unprecedented central bank monetary policy actions to address global inflation, rapidly changing economic conditions, a devastating war in Ukraine, and new geopolitical dynamics further impacted the macroeconomic environment.

Our investments in technology, products, people, and new capabilities enabled us to meet the needs of our customers and clients through a period of rapid change. With enhanced products, data-driven personalization, and trusted advice, we helped those we serve advance their financial goals.

Well-positioned businesses focused on customer and client needs

At TD, we are building our future for—and with—our customers and clients. Our success this year was supported by a consistent focus on their evolving needs.

The Canadian Personal Bank welcomed new customers, deepened relationships with innovative products and services, and further strengthened its position as Canada's leading personal bank. The Business Bank grew by supporting the aspirations of its customers and increasing its loan and deposit volumes. Wealth Management held its leadership position as Canada's largest direct investing business and institutional money manager. And TD Insurance introduced new products, increased the number of TD Auto Centres, and solidified its leadership as Canada's largest direct-to-consumer home and auto insurer.

In the United States, TD Bank, America's Most Convenient Bank, continued to grow with new stores, additional capabilities, and enhanced products. In just under twenty years, we have built a leading U.S. franchise that now serves nearly ten million customers from Maine to Florida. Once completed, the First Horizon acquisition will provide us with presence and scale in highly attractive, rapidly growing markets in the U.S. Southeast.

In Wholesale, TD Securities advanced its U.S. dollar strategy, strengthened its global business, and supported clients through a changing economic landscape. Upon closing, Cowen will help accelerate TD Securities' growth strategy and provide our clients with complementary capabilities and broader equity research coverage.

Overall, 2022 was a year of tremendous progress. We brought more of the Bank to those we serve and strengthened our competitive position.

Continued investment in TD colleagues

As we built our business and advanced our strategy, we also invested in our colleagues – our greatest asset.

In 2022, we provided most TD bankers with a one-time salary increase or bonus, in addition to their annual compensation adjustments, as a recognition of their extraordinary efforts. We also continued to deliver training and development programs to equip our people with capabilities to help them grow professionally. In fact, nearly 80 per cent of our colleagues took advantage of the TD Thrive digital platform to complement Bank training programs with self-directed learning.

We also advanced our diversity and inclusion priorities. We reached our goal of doubling the number of Black executives by the end of 2022 and made strides on our objectives to further increase minority and women executive representation. Our overall progress earned TD recognition as a leading diversity employer, including being named one of Canada's Best Workplaces for Women by Great Place to Work Canada, and a Top Company for Diversity by DiversityInc in the U.S.

Sustainable and inclusive growth

TD's Environmental, Social and Governance (ESG) priorities are embedded in our business strategy and reflect our commitment to create a more sustainable and inclusive future.

In 2022, we advanced the goals of our Global Climate Action Plan and announced interim financed emissions targets for the Energy and Power Generation sectors, an important step forward in our journey to net zero by 2050. Through sustainable finance products, new services, advice, and guidance we also worked with clients to help create and finance their transition strategies.

As a result of this work, we are proud to be the only Canadian bank on the Dow Jones Sustainability World Index for eight consecutive years.

A sustainable future also requires continued investment in new ideas and innovative solutions. The 2022 TD Ready Challenge, our annual initiative to address important societal issues, is allocating ten grants of $1 million each to organizations developing new solutions to support the needs of those disproportionately affected by climate change.

We also dedicated human capital and financial resources to help create a more inclusive future. In 2022 alone, TD contributed more than $147 million towards our 2030 target of $1 billion to community, non-profit, and other organizations through the TD Ready Commitment. These investments directly contribute to a better tomorrow across our communities, where all have the opportunity to thrive.

Confidence in the future

I am proud of our performance and progress in 2022. We enter 2023 with a strong financial position, a leading global brand, well-positioned businesses, more than 27 million customers, and the best talent in the industry.

We expect the economic landscape to evolve over the coming year, creating financial complexity for millions of households and businesses. Those we serve will need our expertise and our advice more than ever.

TD will be there for our customers and clients, for our communities and for the economies we support. We will invest in new capabilities, products, and services to further strengthen our business. As we move forward, we remain committed to delivering on our purpose: to enrich the lives of our customers, communities, and colleagues. That’s what it means to Be the Better Bank.

I would like to thank our TD colleagues around the world for their tremendous efforts, our customers and clients for their trust, and you, our shareholders, for your continued support.

Bharat Masrani

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