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By Bharat Masrani
• Nov. 28, 2018
Group President and Chief Executive Officer
TD Bank Group

Click here for TD's 2018 Annual Report – Own the Future

By Bharat Masrani
Chief Executive Officer and Group President

TD delivered record results in 2018.

Earnings surpassed $11 billion – up approximately 8 percent from last year.1 Revenue growth was impressive. And, as a result, we achieved nearly 16 percent in Return on Equity.1

Each business contributed to our overall success.

Canadian Retail earnings were up 10 per cent – surpassing $7 billion for the first time. U.S. Retail earnings were over (U.S.) $3 billion – up 28 percent.1 And once again TD Securities earned more than $1 billion.

We made substantial progress in areas of strategic importance. We devoted significant investments to our omni channel strategy, including building out our digital capabilities and end-to-end customer journeys, facilitating seamless customer experiences across the Bank. We made significant operational improvements, simplifying processes to make it easier and faster for customers to do business with us – and for our colleagues to serve them better. And we improved delivery of our most significant projects, adopting agile methodologies, and executing faster and with greater impact.

Our shareholders benefited from TD's performance. The Bank's dividend increased by 11 per cent on a full-year basis. We delivered above-average total shareholder return for the current fiscal year and lead our Canadian peers for Total Shareholder Return over the 3, 5 and 10-year periods.

So, it was a terrific year for TD and for our shareholders.

What sets TD apart

TD has proven that it can grow year after year on a consistent basis. I believe these factors help TD stand out in the marketplace.

Everything we do is centred on achieving our vision of being the Better Bank and fulfilling our purpose to enrich the lives of our customers, communities and colleagues.

Customers. We know, for example, our business is not built around a mortgage; it's built around a homeowner, who might also be a parent, an entrepreneur and an avid traveler. By knowing our customers better and understanding their needs more comprehensively, we are in a better position to bring the whole Bank to our customers and deliver real value for their entire needs.

Communities. Great people want to work for companies that do great things. In 2018, we launched The Ready Commitment, our corporate citizenship platform, which is helping people and communities thrive in a changing world. This initiative is helping us forge deeper community connections as we invest and actively support a target of $1 billion in programs by 2030. We also continued to move forward with existing commitments, such as those focused on transitioning to the low-carbon economy of the future. These initiatives include a target of CDN $100 billion in low-carbon lending, financing, asset management and other programs by 2030.

Colleagues. We encourage and support our people to be their best selves and do their best work. In 2018, we established a learning platform aligned with how people develop and grow to help ensure our people are armed with the know-how they need to succeed well into the future. We also promote the principles and practices of inclusion and diversity, so we can attract and retain the very best people. Being recognized as one of Canada's best Diversity Employers, and home to some of the most powerful women in US banking according to American Banker, reflects the results we are all aiming for at TD.

Our proven business model enables us to deliver consistent earnings growth, underpinned by a strong risk culture.

1Total adjusted earnings of $12 billion, up 15 percent from 2017. Total adjusted return on equity of 17 percent. U.S. Retail adjusted earnings of (U.S.) $3.4 billion, up 33 percent from 2017. Refer to footnote 1 on page 14 for information on how adjusted results are calculated.

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