TD is leveraging its ability to adapt and invest in its future, delivering growth for its shareholders while helping customers feel more confident, TD Bank Group President and Chief Executive Officer, Bharat Masrani, said at the Bank's Annual Meeting of Shareholders (AMS).
During his address to shareholders at the Design Exchange in Toronto on April 18, Masrani reflected on the Bank's success as it navigates an increasingly complex and shifting global market, while keeping its customers at the centre of the business.
Here are five key takeaways from the CEO's remarks at the Bank’s AMS.
Adapting to change has been a key to success
As he discussed the Bank's results, Masrani highlighted the success of TD amid a backdrop of constant change — both economic and geopolitical. He pointed to the Bank's strong brand and ability to adapt as pivotal to meeting the evolving needs of its more than 28 million customers.
"TD successfully navigated a year of significant change, strengthened our businesses, and served our more than 28 million customers and clients with excellence," Masrani said. "We delivered fiscal 2023 adjusted earnings of $15 billion¹ and started 2024 with good results that position us well for the year ahead."
Helping newcomers make Canada their home
Looking at the success of TD in 2023, Masrani drew particular attention to the growth on the Canadian retail side of the Bank. Earning the business of new Canadians has been a priority for the Bank for the last few years, and TD has been dedicated in its efforts to help newcomers with their transition to their new home.
As part of the Bank's efforts to assist international students with their transition to living in Canada, TD recently announced its partnership with India's largest private sector bank, HDFC. "Our new-to-Canada program is helping families plant roots in a new country," Masrani said. "We have formed alliances here at home and around the world to better serve them."
TD Securities is driving results
During his address, Masrani provided an update on TD Cowen. TD has continued to integrate TD Cowen into its wholesale business, helping the Bank deliver on its strategy to deepen TD Securities' global reach.
“We recently marked the one-year anniversary of TD Cowen with new capabilities in the U.S. in research and equity sales and trading, and the addition of exceptional new talent,” said Masrani. "We added almost 100 new Wholesale Banking lending relationships in 2023 and participated in some of the largest transactions in the market, including the biggest biotech IPO of the year."
Supporting customers through a turbulent period
From technology to the geopolitical and macroeconomic environments, 2023 was a year of disruption. Masrani described how TD offered personalized solutions that drove confidence amid rising expectations from customers.
In particular, Masrani pointed to last year's regional banking crisis in the U.S. and the hiking of interest rates as central banks battled inflation. These were moments where TD demonstrated its ability to meet customers’ evolving needs, he said. "Our financial strength offered stability, and reinforced what customers already know: they can put their trust in TD," Masrani said.
TD invests in the communities it serves
TD remains focused on advancing its sustainability strategy. With $157 million invested this year through the Bank's corporate citizenship platform, the TD Ready Commitment, TD is on track to meet its goal of $1 billion in corporate giving by 2030.
Masrani highlighted the Bank's focus on supporting communities as they tackle the pressing challenges of the moment, including addressing barriers to affordable housing. This year's TD Ready Challenge, an annual granting program, awarded 10 non-profits with $1 million grants to improve access to affordable housing.
“By boosting access to housing, we can help people and communities thrive in a rapidly changing world,” Masrani said.
To read the full text of Masrani's remarks, please click here.
¹ $10.8 billion on a reported basis.
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