TD Bank Q3 2010 Earnings

Scotia Capital, 3 September 2010Event• TD operating EPS declined 2% to $1.43, in line with expectations.Implications• Earnings were solid, driven by a strong performance at Canadian P&C (TDCT) with earnings up 24% YOY, followed by U.S. P&C up 19%, and Wealth Management up 10%, offset by a 45% decline in Wholesale. The bank viewed the Wholesale, earnings decline as normalization. The major