TD Bank Group reported first-quarter fiscal 2025 reported net income of $2,793 million and adjusted net income of $3,623 million — broadly flat year on year on an adjusted basis, declining just 0.4% — as the Canadian bank continued its anti-money-laundering remediation programme. Results were released on 27 February 2025.
Adjusted earnings per share came in at $2.02. The divergence between reported and adjusted net income mainly reflects a $927 million ($696 million after tax) charge for U.S. balance sheet restructuring, undertaken to operate under the asset cap imposed in the U.S. AML settlements reached in fiscal 2024. Chief executive Raymond Chun said U.S. AML remediation remained the bank's top priority and that it continued to make consistent progress to strengthen the bank.
WEALTH MANAGEMENT AND WHOLESALE BANKING
Wealth Management and Insurance net income rose 23% year on year to $680 million, driven by Wealth Management, where net income rose to $512 million on higher fee-based and transaction revenue, while insurance premiums also increased. Wholesale Banking net income improved 46% year on year, on record revenue of $2.0 billion, driven by higher trading-related revenue and underwriting fees.
TD's equity earnings from its stake in Charles Schwab Corporation contributed $199 million to the quarter's results. It was the last quarter to include a Schwab contribution: TD sold its entire stake in Schwab in February 2025, after the quarter ended.
CANADIAN RETAIL
TD's Canadian retail operations reported record revenue for the quarter, supported by loan and deposit volume growth.
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