TD Bank FY2024 Reported Net Income Falls 17% to CA$8.84 Billion as US Regulatory Charges Weigh

Toronto-Dominion Bank reported full-year 2024 net income on a reported basis of CA$8,842 million on 5 December 2024, a decline of 17% year-on-year, as charges for the global resolution of US investigations into its Bank Secrecy Act/anti-money-laundering programme weighed on reported earnings. Earnings per share on a reported basis came in at CA$4.72.

On an adjusted basis, which strips out items management regards as not reflective of the bank's underlying operating performance, TD's net income was CA$14,277 million, a decline of 5% year-on-year, with adjusted earnings per share of CA$7.81. The difference between reported and adjusted results is primarily attributable to the C$4.23 billion of charges booked for the global resolution of the US AML investigations.

US AML RESOLUTION

TD's US banking operations had been under regulatory scrutiny since 2023 over deficiencies in their anti-money-laundering programme, culminating in the October 2024 global resolution with US authorities.

Total revenue on a reported basis for the full year reached CA$57.2 billion, an increase of 12.9% year-on-year.

The US AML resolution, which also placed an asset cap on TD's US retail banking subsidiaries, imposes ongoing compliance obligations on its US banking operations, including requirements for enhanced transaction monitoring, programme remediation, and sustained co-operation with regulators.

CANADIAN PERSONAL AND COMMERCIAL BANKING

TD's Canadian Personal and Commercial Banking segment delivered net income growth of 9% year-on-year in the fourth quarter.