EX-99.1 2 ex991.htm EX-99.1 ex991
THE TORONTO-DOMINION BANK
EARNINGS COVERAGE ON SUBORDINATED
 
NOTES AND DEBENTURES,
PREFERRED SHARES CLASSIFIED AS EQUITY,
 
AND LIABILITIES FOR
 
PREFERRED SHARES AND OTHER EQUITY INSTRUMENTS
 
AND CAPITAL
 
TRUST SECURITIES
 
FOR THE TWELVE
 
MONTHS ENDED OCTOBER 31, 2024
TD Bank Group (“TD” or the “Bank”) dividend
 
requirements on all its outstanding preferred
 
shares and other equity instruments in respect
 
of the twelve months
ended October 31, 2024 and adjusted to a before-tax
 
equivalent using an effective tax rate of 24.8%
 
for the twelve months ended October 31,
 
2024, amounted to
$700.0 million. The Bank’s interest and dividend
 
requirements on all subordinated notes
 
and debentures, preferred shares and liabilities
 
for preferred shares and
other equity instruments and capital trust
 
securities, after adjustment for new issues
 
and retirement, amounted to $1,128.3
 
million for the twelve months ended
October 31, 2024.
 
The Bank’s reported net income, before interest
 
on subordinated debt and liabilities
 
for preferred shares and capital trust securities
 
and income
taxes was $11,270 million for the twelve months ended October 31,
 
2024,
 
which was 10.0 times the Bank’s aggregate
 
dividend and interest requirement
 
for this
period.
 
On an adjusted basis, the Bank’s net income
 
before interest on subordinated debt and liabilities
 
for preferred shares and capital trust securities
 
and income
taxes for the twelve months ended October
 
31, 2024,
 
was $17,181 million, which was 15.2 times
 
the Bank’s aggregate dividend and interest
 
requirement for this
period.
The Bank prepares its consolidated financial
 
statements in accordance with International
 
Financial Reporting Standards (IFRS),
 
the current generally accepted
accounting principles (GAAP), and refers to results
 
prepared in accordance with IFRS as
 
the “reported” results. The Bank also utilizes
 
non-GAAP financial
measures such as “adjusted” results
 
(i.e. reported results excluding “items of note”)
 
and non-GAAP ratios to assess each of
 
its businesses and measure overall
Bank performance. The Bank believes that non-GAAP
 
financial measures and non-GAAP ratios
 
provide the reader with a better understanding
 
of how
management views the Bank’s performance. Non-GAAP
 
financial measures and ratios used in
 
this presentation are not defined terms under
 
IFRS and, therefore,
may not be comparable to similar terms
 
used by other issuers. See “Financial Results
 
Overview”
 
in the Bank’s 2024 MD&A (available at www.td.com/investor
 
and
www.sedar+.com), which is incorporated by reference, for
 
further explanation, reported basis results,
 
a list of the items of note, and a reconciliation
 
of adjusted to
reported results.