TD Bank Q4 2010 Earnings

Scotia Capital, 2 December 2010TD Q4/10 Earnings Miss - Higher Expenses• TD operating EPS declined 5% to $1.38, below expectations, due to lower-than-expected earnings from Canadian P&C (TDCT) as a result of high operating expenses including non-recurring items.Implications• TD recorded strong retail earnings with TDCT earnings up 24% YOY and U.S. P&C up 34%, which were offset by Wealth