6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of February, 2019. Commission File Number: 001-14446

The Toronto-Dominion Bank

(Translation of registrant’s name into English)

c/o General Counsel’s Office

P.O. Box 1, Toronto Dominion Centre,

Toronto, Ontario, M5K 1A2

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☐             Form 40-F  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This Form 6-K, excluding Exhibit 99.4, Exhibit 99.5 and Exhibit 99.6 hereto, is incorporated by reference into all outstanding Registration Statements of The Toronto-Dominion Bank filed with the U.S. Securities and Exchange Commission.

EXHIBIT INDEX

Exhibit	Description
99.1	1st Quarter 2019 Report to Shareholders
99.2	Earnings Coverage
99.3	Return on Assets, Dividend Payouts, and Equity to Assets Ratios
99.4	Q1 2019 Earnings News Release
99.5	Q1 2019 Dividend News Release
99.6	CEO and CFO Certificates

FORM 6-K

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE TORONTO-DOMINION BANK
DATE: February 28, 2019	By:	/s/ Caroline Cook
	Name:	Caroline Cook
	Title:	Associate Vice President, Legal

EX-99.1

Exhibit 99.1

    TD Bank Group Reports First Quarter 2019 Results Report to Shareholders • Three months ended January 31, 2019

The financial information in this document is reported in Canadian dollars, and is based on the Bank's unaudited Interim Consolidated Financial Statements and related Notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted.

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. Adjusted measures are non-GAAP measures. Refer to the "How the Bank Reports" section of the Management's Discussion and Analysis (MD&A) for an explanation of reported and adjusted results.

FIRST QUARTER FINANCIAL HIGHLIGHTS, compared with the first quarter last year:

• Reported diluted earnings per share were $1.27, compared with $1.24.

• Adjusted diluted earnings per share were $1.57, compared with $1.56.

• Reported net income was $2,410 million, compared with $2,353 million.

• Adjusted net income was $2,953 million, compared with $2,946 million.

FIRST QUARTER ADJUSTMENTS (ITEMS OF NOTE)

The first quarter reported earnings figures included the following items of note:

• Amortization of intangibles of $80 million ($67 million after-tax or 4 cents per share), compared with $85 million ($68 million after-tax or 4 cents per share) in the first quarter last year.

• Charges related to the long-term loyalty agreement with Air Canada of $607 million ($446 million after-tax or 24 cents per share).

• Charges associated with the acquisition of Greystone of $31 million ($30 million after-tax or 2 cents per share).

TORONTO, February 28, 2019 – TD Bank Group ("TD" or the "Bank") today announced its financial results for the first quarter ended January 31, 2019. First quarter reported earnings were $2.4 billion, up 2% on a reported basis and flat on an adjusted basis, compared with the same quarter last year.

"TD's Retail segments in both Canada and the U.S. had a strong start to the year, with continued revenue growth and solid earnings. However, market volatility and lower client activity impacted our Wholesale segment in the quarter," said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. "TD's diversified business and geographic mix continues to serve us well and we are focused on the work ahead to advance our business strategy and innovate to build new capabilities to serve our over 25 million customers."

The Bank also announced a dividend increase of seven cents per common share for the quarter ending in April, an increase of 10%.

Canadian Retail

Reported net income for Canadian Retail was $1,379 million, down 22% from the first quarter last year. Adjusted net income, which excludes the Air Canada and Greystone charges above, was $1,855 million, an increase of 6% over the first quarter of 2018. Revenue growth was 8%, reflecting contributions across all businesses. The real estate secured lending business launched an industry-leading digital mortgage application and gained market share for the third quarter in a row. We solidified our position as Canada's leading credit card issuer with our agreement to become the primary credit card issuer for Air Canada's new loyalty program and became Canada's largest money manager with the acquisition of Greystone.

U.S. Retail

U.S. Retail reported net income was $1,240 million (US$935 million), an increase of 30% (25% in U.S. dollars) and up 21% (16% in U.S. dollars) on an adjusted basis, compared with the same quarter last year. TD Ameritrade contributed $311 million (US$235 million) to the segment this quarter compared to $106 million in the same quarter last year.

The U.S. Retail Bank, which excludes the Bank's investment in TD Ameritrade, reported net income of $929 million (US$700 million), up 10% (5% in U.S. dollars) on a reported basis and 9% (4% in U.S. dollars) on an adjusted basis, from the same period last year. Earnings reflect loan and deposit volume growth, and higher margins. The U.S. Retail Bank remains focused on providing legendary customer service and making it easier for customers to bank with us with the roll-out of new customer capabilities such as Mobile Bill Pay and eSignature.

Wholesale

Wholesale Banking reported a net loss for the quarter of $17 million, compared to net earnings of $278 million in the first quarter last year, reflecting lower trading-related revenue and origination activity, and higher expenses. Revenue was down 35% from the same period last year, impacted by challenging market conditions and reduced client activity. Non-interest expenses were up 14%, from the same quarter last year due to continued investment in the global expansion of our U.S. dollar business and the benefit of a revaluation of certain liabilities for post-retirement benefits in the prior year, which was partially offset by lower variable compensation accrual in the current quarter.

Capital

TD's Common Equity Tier 1 Capital ratio on a Basel lll fully phased-in basis was 12%.

Innovation

"New digital capabilities are deepening our customer relationships, allowing us to offer more personalized and connected experiences to our growing North American customer base," continued Masrani. "We are particularly excited by the launch of TD Clari, an artificial intelligence powered chatbot that allows our customers to engage with us in truly differentiated ways."

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 1

Conclusion

"We're continuing to invest in our business, colleagues, and brand, and the dividend increase announced today further reinforces the confidence we have in our proven business model," concluded Masrani. "We continue to face many of the same challenges and opportunities that we identified at the end of 2018. Subject to these, and assuming the improvements in market conditions we are now seeing are sustained, we expect our full-year performance to be closer to the low end of our 7-10 per cent medium-term target for adjusted EPS growth."

The foregoing contains forward-looking statements. Please refer to the "Caution Regarding Forward-Looking Statements" on page 4.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 2

ENHANCED DISCLOSURE TASK FORCE

The Enhanced Disclosure Task Force (EDTF) was established by the Financial Stability Board in 2012 to identify fundamental disclosure principles, recommendations and leading practices to enhance risk disclosures of banks. The index below includes the recommendations (as published by the EDTF) and lists the location of the related EDTF disclosures presented in the first quarter 2019 Report to Shareholders (RTS), Supplemental Financial Information (SFI), or Supplemental Regulatory Disclosures (SRD). Information on TD's website, SFI, and SRD is not and should not be considered incorporated herein by reference into the first quarter 2019 RTS, Management's Discussion and Analysis, or the Interim Consolidated Financial Statements. Certain disclosure references have been made to the Bank's 2018 Annual Report.

Type of         Risk	Topic	EDTF Disclosure	Page
			RTS First Quarter 2019	SFI First Quarter 2019	SRD First Quarter 2019	Annual Report 2018
General	1	Present all related risk information together in any particular report.	Refer to below for location of disclosures
	2	The bank's risk terminology and risk measures and present key parameter values used.				71-76,81,87, 89-91, 101-103
	3	Describe and discuss top and emerging risks.				67-71
	4	Outline plans to meet each new key regulatory ratio once applicable rules are finalized.	28, 41			62-63, 95-96, 98
Risk Governance and Risk Management and Business Model	5	Summarize the bank's risk management organization, processes, and key functions.				72-75
	6	Description of the bank's risk culture and procedures applied to support the culture.				71-72
	7	Description of key risks that arise from the bank's business models and activities.				61, 71, 76-103
	8	Description of stress testing within the bank's risk governance and capital frameworks.	32			60,75-76, 84,101
Capital Adequacy and Risk Weighted Assets	9	Pillar 1 capital requirements and the impact for global systemically important banks.	26-28, 74		1-3, 6	57-59, 63, 211
	10	Composition of capital and reconciliation of accounting balance sheet to the regulatory balance sheet.			1-3, 5	57
	11	Flow statement of the movements in regulatory capital.			4
	12	Discussion of capital planning within a more general discussion of management's strategic planning.				58-60, 101
	13	Analysis of how RWA relate to business activities and related risks.		4-7		60-61
	14	Analysis of capital requirements for each method used for calculating RWA.	32		10	77-79,81, 83-84
	15	Tabulate credit risk in the banking book for Basel asset classes and major portfolios.			19-25, 28-30
	16	Flow statement reconciling the movements of RWA by risk type.			11-12
	17	Discussion of Basel III back-testing requirements.			35	80, 84, 89
Liquidity	18	The bank's management of liquidity needs and liquidity reserves.	34-36, 38-39			91-93
Funding	19	Encumbered and unencumbered assets in a table by balance sheet category.	37			94,204
	20	Tabulate consolidated total assets, liabilities and off-balance sheet commitments by remaining contractual maturity at the balance sheet date.	41-43			98-100
	21	Discussion of the bank's funding sources and the bank's funding strategy.	37-38, 40-41			97-98
Market Risk	22	Linkage of market risk measures for trading and non-trading portfolio and balance sheet.	31			82
	23	Breakdown of significant trading and non-trading market risk factors.	31-34			82, 84-87
	24	Significant market risk measurement model limitations and validation procedures.	32			83-87, 89
	25	Primary risk management techniques beyond reported risk measures and parameters.	32			83-87
Credit Risk	26	Provide information that facilitates users' understanding of the bank's credit risk profile, including any significant credit risk concentrations.	22-25, 60-67	15-33	1-5, 10-11, 13-35	44-57,  76-81, 162-169, 178, 180-182, 209-210
	27	Description of the bank's policies for identifying impaired loans.	66			52,130-131,137-138,   168
	28	Reconciliation of the opening and closing balances of impaired loans in the period and the allowance for loan losses.	22, 63-66	19, 23-24		49, 165-167
	29	Analysis of the bank's counterparty credit risks that arise from derivative transactions.			26-27, 31	79-80, 147, 174-175,178, 180-182
	30	Discussion of credit risk mitigation, including collateral held for all sources of credit risk.				80, 134, 147
Other Risks	31	Description of ‘other risk' types based on management's classifications and discuss how each one is identified, governed, measured and managed.				87-90, 101-103
	32	Discuss publicly known risk events related to other risks.	72			70-71, 202-204

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 3

TABLE OF CONTENTS

	MANAGEMENT'S DISCUSSION AND ANALYSIS
4	Caution Regarding Forward-Looking Statements
5	Financial Highlights
6	How We Performed
9	Financial Results Overview
14	How Our Businesses Performed
20	Quarterly Results
21	Balance Sheet Review
22	Credit Portfolio Quality
26	Capital Position
29	Managing Risk
44	Securitization and Off-Balance Sheet Arrangements

44	Accounting Policies and Estimates
46	Changes in Internal Control over Financial Reporting
	INTERIM CONSOLIDATED FINANCIAL STATEMENTS
47	Interim Consolidated Balance Sheet
48	Interim Consolidated Statement of Income
49	Interim Consolidated Statement of Comprehensive Income
50	Interim Consolidated Statement of Changes in Equity
51	Interim Consolidated Statement of Cash Flows
52	Notes to Interim Consolidated Financial Statements
75	SHAREHOLDER AND INVESTOR INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATING PERFORMANCE

This MD&A is presented to enable readers to assess material changes in the financial condition and operating results of TD Bank Group ("TD" or the "Bank") for the three months ended January 31, 2019, compared with the corresponding periods shown. This MD&A should be read in conjunction with the Bank's unaudited Interim Consolidated Financial Statements and related Notes included in this Report to Shareholders and with the 2018 Consolidated Financial Statements and related Notes and 2018 MD&A. This MD&A is dated February 27, 2019. Unless otherwise indicated, all amounts are expressed in Canadian dollars and have been primarily derived from the Bank's 2018 Consolidated Financial Statements and related Notes or Interim Consolidated Financial Statements and related Notes, prepared in accordance with IFRS as issued by the IASB. Note that certain comparative amounts have been restated/reclassified to conform with the presentation adopted in the current period. Additional information relating to the Bank, including the Bank's 2018 Annual Information Form, is available on the Bank's website at http://www.td.com, as well as on SEDAR at http://www.sedar.com and on the SEC's website at http://www.sec.gov (EDGAR filers section).

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management's Discussion and Analysis ("2018 MD&A") in the Bank's 2018 Annual Report under the heading "Economic Summary and Outlook", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments under headings "Business Outlook and Focus for 2019", and for the Corporate segment, "Focus for 2019", and in other statements regarding the Bank's objectives and priorities for 2019 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank's anticipated financial performance. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "intend", "estimate", "plan", "goal", "target", "may", and "could".

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks. Examples of such risk factors include the general business and economic conditions in the regions in which the Bank operates; the ability of the Bank to execute on key priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans and to attract, develop and retain key executives; disruptions in or attacks (including cyber-attacks) on the Bank's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; exposure related to significant litigation and regulatory matters; increased competition, including through internet and mobile banking and non-traditional competitors; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. For more detailed information, please refer to the "Risk Factors and Management" section of the 2018 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings "Significant Events" and "Significant Events and Pending Acquisitions" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank's forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2018 MD&A under the headings "Economic Summary and Outlook", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, "Business Outlook and Focus for 2019", and for the Corporate segment, "Focus for 2019", each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

This document was reviewed by the Bank's Audit Committee and was approved by the Bank's Board of Directors, on the Audit Committee's recommendation, prior to its release.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 4

TABLE 1:  FINANCIAL HIGHLIGHTS¹

(millions of Canadian dollars, except as noted)		As at or for the three months ended
		January 31 2019			October 31 2018			January 31 2018
Results of operations
Total revenue	$	9,998		$	10,136		$	9,375
Provision for credit losses		850			670			693
Insurance claims and related expenses		702			684			575
Non-interest expenses – reported		5,855			5,366			4,861
Non-interest expenses – adjusted2		5,161			5,313			4,793
Net income – reported		2,410			2,960			2,353
Net income – adjusted2		2,953			3,048			2,946
Financial position (billions of Canadian dollars)
Total loans net of allowance for loan losses	$	648.5		$	646.4		$	607.1
Total assets		1,322.5			1,334.9			1,261.3
Total deposits		849.3			851.4			813.4
Total equity		81.7			80.0			73.2
Total Common Equity Tier 1 Capital risk-weighted assets3		439.3			435.6			441.3
Financial ratios
Return on common equity – reported		12.2	%		15.8	%		13.2	%
Return on common equity – adjusted4		15.0			16.3			16.6
Return on tangible common equity4		17.5			22.7			19.4
Return on tangible common equity – adjusted4		21.0			22.9			23.7
Efficiency ratio – reported		58.6			52.9			51.9
Efficiency ratio – adjusted2		51.6			52.4			50.6
Provision for credit losses as a % of net average loans and acceptances5		0.50			0.41			0.45
Common share information – reported (Canadian dollars)
Per share earnings
Basic	$	1.27		$	1.58		$	1.24
Diluted		1.27			1.58			1.24
Dividends per share		0.67			0.67			0.60
Book value per share		41.69			40.50			36.58
Closing share price6		74.00			73.03			74.82
Shares outstanding (millions)
Average basic		1,833.1			1,826.5			1,841.7
Average diluted		1,836.2			1,830.5			1,846.2
End of period		1,830.8			1,828.3			1,843.7
Market capitalization (billions of Canadian dollars)	$	135.5		$	133.5		$	137.9
Dividend yield7		3.8	%		3.5	%		3.3	%
Dividend payout ratio		52.6			42.3			48.3
Price-earnings ratio		12.3			12.2			13.8
Total shareholder return (1 year)8		2.6			3.1			14.9
Common share information – adjusted (Canadian dollars)2
Per share earnings
Basic	$	1.57		$	1.63		$	1.56
Diluted		1.57			1.63			1.56
Dividend payout ratio		42.7	%		41.1	%		38.3	%
Price-earnings ratio		11.4			11.3			13.0
Capital ratios
Common Equity Tier 1 Capital ratio3		12.0	%		12.0	%		10.6	%
Tier 1 Capital ratio3		13.5			13.7			12.1
Total Capital ratio3		15.9			16.2			14.2
Leverage ratio		4.1			4.2			4.0

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Adjusted measures are non-GAAP measures. Refer to the "How the Bank Reports" section of this document for an explanation of reported and adjusted results.

³  Each capital ratio has its own risk-weighted assets (RWA) measure due to the Office of the Superintendent of Financial Institutions Canada (OSFI) prescribed scalar for inclusion of the Credit Valuation Adjustment (CVA). For fiscal 2019, the scalars for inclusion of CVA for Common Equity Tier 1 (CET1), Tier 1, and Total Capital RWA are all 100%. For fiscal 2018, the scalars for inclusion were 80%, 83%, and 86%, respectively. Prior to the second quarter of 2018, as the Bank was constrained by the Basel I regulatory floor, the RWA as it relates to the regulatory floor was calculated based on the Basel I risk weights which are the same for all capital ratios.

⁴ Metrics are non-GAAP financial measures. Refer to the "Return on Common Equity" and "Return on Tangible Common Equity" sections of this document for an explanation.

⁵ Excludes acquired credit-impaired (ACI) loans.

⁶ Toronto Stock Exchange (TSX) closing market price.

⁷ Dividend yield is calculated as the annualized dividend per common share paid divided by daily average closing stock price in the relevant period. Dividend per common share is derived as follows: a) for the quarter – by annualizing the dividend per common share paid during the quarter; and b) for the year-to-date – by annualizing the year-to-date dividend per common share paid.

⁸ Total shareholder return (TSR) is calculated based on share price movement and dividends reinvested over a trailing one-year period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 5

HOW WE PERFORMED

Corporate Overview

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, which includes the results of the Canadian personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, wealth management services, and the Bank's investment in TD Ameritrade; and Wholesale Banking. TD also ranks among the world's leading online financial services firms, with approximately 12 million active online and mobile customers. TD had $1.3 trillion in assets on January 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

How the Bank Reports

The Bank prepares its Interim Consolidated Financial Statements in accordance with IFRS, the current GAAP, and refers to results prepared in accordance with IFRS as "reported" results. The Bank also utilizes non-GAAP financial measures referred to as "adjusted" results to assess each of its businesses and to measure the Bank's overall performance. To arrive at adjusted results, the Bank removes "items of note", from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The Bank believes that adjusted results provide the reader with a better understanding of how management views the Bank's performance. The items of note are disclosed in Table 3. As explained, adjusted results differ from reported results determined in accordance with IFRS. Adjusted results, items of note, and related terms used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

The Bank's U.S. strategic cards portfolio comprises agreements with certain U.S. retailers pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit cards to their U.S. customers. Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after credit losses. Under IFRS, TD is required to present the gross amount of revenue and provisions for credit losses related to these portfolios in the Bank's Interim Consolidated Statement of Income. At the segment level, the retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to TD under the agreements.

TABLE 2:  OPERATING RESULTS – Reported¹

(millions of Canadian dollars)		For the three months ended
		January 31 2019		October 31 2018		January 31 2018
Net interest income	$	5,860	$	5,756	$	5,430
Non-interest income		4,138		4,380		3,945
Total revenue		9,998		10,136		9,375
Provision for credit losses		850		670		693
Insurance claims and related expenses		702		684		575
Non-interest expenses		5,855		5,366		4,861
Income before income taxes and equity in net income of an investment in TD Ameritrade		2,591		3,416		3,246
Provision for income taxes		503		691		1,040
Equity in net income of an investment in TD Ameritrade		322		235		147
Net income – reported		2,410		2,960		2,353
Preferred dividends		60		51		52
Net income available to common shareholders and non-controlling interests in subsidiaries	$	2,350	$	2,909	$	2,301
Attributable to:
Common shareholders	$	2,332	$	2,891	$	2,283
Non-controlling interests		18		18		18

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 6

The following table provides a reconciliation between the Bank's adjusted and reported results.

TABLE 3:  NON-GAAP FINANCIAL MEASURES – Reconciliation of Adjusted to Reported Net Income¹

(millions of Canadian dollars)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Operating results – adjusted
Net interest income	$	5,860		$	5,756		$	5,430
Non-interest income2		4,138			4,380			4,034
Total revenue		9,998			10,136			9,464
Provision for credit losses		850			670			693
Insurance claims and related expenses		702			684			575
Non-interest expenses3		5,161			5,313			4,793
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,285			3,469			3,403
Provision for income taxes		678			704			653
Equity in net income of an investment in TD Ameritrade4		346			283			196
Net income – adjusted		2,953			3,048			2,946
Preferred dividends		60			51			52
Net income available to common shareholders and non-controlling interests in subsidiaries – adjusted		2,893			2,997			2,894
Attributable to:
Non-controlling interests in subsidiaries, net of income taxes		18			18			18
Net income available to common shareholders – adjusted		2,875			2,979			2,876
Pre-tax adjustments of items of note
Amortization of intangibles5		(80	)		(76	)		(85	)
Charges related to the long-term loyalty agreement with Air Canada6		(607	)		–			–
Charges associated with the acquisition of Greystone7		(31	)		–			–
Charges associated with the Scottrade transaction8		–			(25	)		(73	)
Impact from U.S. tax reform9		–			–			(48	)
Provision for (recovery of) income taxes for items of note
Amortization of intangibles10		(13	)		(13	)		(17	)
Charges related to the long-term loyalty agreement with Air Canada		(161	)		–			–
Charges associated with the acquisition of Greystone		(1	)		–			–
Charges associated with the Scottrade transaction		–			–			(1	)
Impact from U.S. tax reform9		–			–			405
Total adjustments for items of note		(543	)		(88	)		(593	)
Net income available to common shareholders – reported	$	2,332		$	2,891		$	2,283

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Adjusted Non-interest income excludes the following item of note: Adjustment to the carrying balances of certain tax credit-related investments, as explained in footnote 9 – first quarter 2018 – $(89) million. This amount was reported in the Corporate segment.

³  Adjusted Non-interest expenses exclude the following items of note: Amortization of intangibles, as explained in footnote 5 – first quarter 2019 – $56 million, fourth quarter 2018 – $53 million, first quarter 2018 – $63 million; these amounts were reported in the Corporate segment. Charges related to the long-term loyalty agreement with Air Canada, as explained in footnote 6 – first quarter 2019 – $607 million; this amount was reported in the Canadian Retail segment. Charges associated with the acquisition of Greystone, as explained in footnote 7 – first quarter 2019 – $31 million; this amount was reported in the Canadian Retail segment. Charges associated with Scottrade transaction, as explained in footnote 8 – first quarter 2018 – $5 million; this amount was reported in the U.S. Retail segment.

⁴  Adjusted Equity in net income of an investment in TD Ameritrade excludes the following items of note: Amortization of intangibles, as explained in footnote 5 – first quarter 2019 – $24 million, fourth quarter 2018 – $23 million, first quarter 2018 – $22 million; and the Bank's share of TD Ameritrade's deferred tax balances adjustment, as explained in footnote 9 – first quarter 2018 – $(41) million. The earnings impact of both of these items was reported in the Corporate segment. The Bank's share of charges associated with TD Ameritrade's acquisition of Scottrade Financial Services Inc. ("Scottrade"), as explained in footnote 8 – fourth quarter 2018 – $25 million, and first quarter 2018 – $68 million. This item was reported in the U.S.-Retail segment.

⁵ Amortization of intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of intangibles relating to the Equity in net income of the investment in TD Ameritrade. Although the amortization of software and asset servicing rights are recorded in amortization of intangibles, they are not included for purposes of the items of note.

⁶ On January 10, 2019, the Bank's long-term loyalty program agreement with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). In connection with the Transaction, the Bank recognized an expense of $607 million ($446 million after-tax) in the Canadian Retail segment.

⁷ On November 1, 2018, the Bank acquired Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. ("Greystone"). The Bank incurred acquisition related charges including compensation to employee shareholders issued in common shares in respect of the purchase price, direct transaction costs, and certain other acquisition related costs. These amounts have been recorded as an adjustment to net income and were reported in the Canadian Retail segment.

⁸ On September 18, 2017, the Bank acquired Scottrade Bank and TD Ameritrade acquired Scottrade, together with the Bank's purchase of TD Ameritrade shares issued in connection with TD Ameritrade's acquisition of Scottrade (the "Scottrade transaction"). Scottrade Bank merged with TD Bank, N.A. The Bank and TD Ameritrade incurred acquisition related charges including employee severance, contract termination fees, direct transaction costs, and other one-time charges. These amounts have been recorded as an adjustment to net income and include charges associated with the Bank's acquisition of Scottrade Bank and the after-tax amounts for the Bank's share of charges associated with TD Ameritrade's acquisition of Scottrade. These amounts were reported in the U.S. Retail segment.

⁹ In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the Tax Cuts and Jobs Act (the "U.S. Tax Act") resulted in a net charge to earnings of $453 million, comprising a net $48 million pre-tax charge related to the write-down of certain tax credit-related investments, partially offset by the favourable impact of the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances, and a net $405 million income tax expense resulting from the remeasurement of the Bank's deferred tax assets and liabilities to the lower base rate of 21% and other related tax adjustments. The earnings impact was reported in the Corporate segment.

¹⁰ The amount reported for the three months ended January 31, 2018 excludes $31 million relating to the one-time adjustment of associated deferred tax liability balances as a result of the U.S. Tax Act. The impact of this adjustment is included in the Impact from U.S. tax reform item of note.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 7

TABLE 4:  RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE (EPS)¹

(Canadian dollars)		For the three months ended
		January 31 2019		October 31 2018		January 31 2018
Basic earnings per share – reported	$	1.27	$	1.58	$	1.24
Adjustments for items of note2		0.30		0.05		0.32
Basic earnings per share – adjusted	$	1.57	$	1.63	$	1.56
Diluted earnings per share – reported	$	1.27	$	1.58	$	1.24
Adjustments for items of note2		0.30		0.05		0.32
Diluted earnings per share – adjusted	$	1.57	$	1.63	$	1.56

¹ EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the period.

² For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

TABLE 5:  AMORTIZATION OF INTANGIBLES, NET OF INCOME TAXES^1,2

(millions of Canadian dollars)		For the three months ended
		January 31 2019		October 31 2018		January 31 2018
TD Bank, National Association (TD Bank, N.A.)	$	21	$	20	$	22
TD Ameritrade Holding Corporation (TD Ameritrade)3		24		23		22
MBNA Canada		10		10		15
Aeroplan		4		4		4
Other		8		6		5
		67		63		68
Software and asset servicing rights		110		129		105
Amortization of intangibles, net of income taxes	$	177	$	192	$	173

¹ The amount reported in the first quarter of 2018 excludes $31 million relating to the one-time adjustment of associated deferred tax liability balances as a result of the U.S. Tax Act. The impact of this adjustment is included in the Impact from U.S. tax reform item of note.

² Amortization of intangibles, with the exception of software and asset servicing rights, are included as items of note. For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

³  Included in Equity in net income of an investment in TD Ameritrade.

Return on Common Equity

The Bank's methodology for allocating capital to its business segments is aligned with the common equity capital requirements under Basel III. For fiscal 2019, the capital allocated to the business segments is based on 10% CET1 Capital. Capital allocated to the business segments was based on 9% for fiscal 2018.

Adjusted ROE is adjusted net income available to common shareholders as a percentage of average common equity.

Adjusted ROE is a non-GAAP financial measure as it is not a defined term under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

TABLE 6:  RETURN ON COMMON EQUITY

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Average common equity	$	75,873		$	72,461		$	68,614
Net income available to common shareholders – reported		2,332			2,891			2,283
Items of note, net of income taxes1		543			88			593
Net income available to common shareholders – adjusted		2,875			2,979			2,876
Return on common equity – reported		12.2	%		15.8	%		13.2	%
Return on common equity – adjusted		15.0			16.3			16.6

¹ For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

Return on Tangible Common Equity

Tangible common equity (TCE) is calculated as common shareholders' equity less goodwill, imputed goodwill and intangibles on an investment in TD Ameritrade and other acquired intangible assets, net of related deferred tax liabilities. Return on tangible common equity (ROTCE) is calculated as reported net income available to common shareholders after adjusting for the after-tax amortization of acquired intangibles, which are treated as an item of note, as a percentage of average TCE. Adjusted ROTCE is calculated using reported net income available to common shareholders, adjusted for items of note, as a percentage of average TCE. Adjusted ROTCE provides a useful measure of the performance of the Bank's income producing assets, independent of whether or not they were acquired or developed internally. TCE, ROTCE, and adjusted ROTCE are each non-GAAP financial measures and are not defined terms under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 8

TABLE 7:  RETURN ON TANGIBLE COMMON EQUITY

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Average common equity	$	75,873		$	72,461		$	68,614
Average goodwill		17,021			16,390			15,902
Average imputed goodwill and intangibles on an -investment in TD Ameritrade		4,170			4,100			4,083
Average other acquired intangibles1		676			597			757
Average related deferred tax liabilities		(238	)		(219	)		(283	)
Average tangible common equity		54,244			51,593			48,155
Net income available to common shareholders – reported		2,332			2,891			2,283
Amortization of acquired intangibles, net of income taxes2		67			63			68
Net income available to common shareholders after adjusting for after-tax amortization of acquired intangibles		2,399			2,954			2,351
Other items of note, net of income taxes2		476			25			525
Net income available to common shareholders – adjusted	$	2,875		$	2,979		$	2,876
Return on tangible common equity		17.5	%		22.7	%		19.4	%
Return on tangible common equity – adjusted		21.0			22.9			23.7

¹ Excludes intangibles relating to software and asset servicing rights.

² For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

SIGNIFICANT EVENTS IN 2019

Agreement for Air Canada Credit Card Loyalty Program

On January 10, 2019, the Bank's long-term loyalty program agreement (the "Loyalty Agreement") with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). Under the terms of the Loyalty Agreement, the Bank will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 through to 2030. TD Aeroplan cardholders will become members of Air Canada's new loyalty program and their miles will be transitioned when Air Canada's new loyalty program launches in 2020.

In connection with the Transaction, the Bank paid $622 million plus applicable sales tax to Air Canada, of which $547 million ($446 million after sales and income taxes) was recognized in non-interest expenses – other in the Canadian Retail segment, and $75 million was recognized as an intangible asset which will be amortized over the Loyalty Agreement term. In addition, the Bank prepaid $308 million plus applicable sales tax for the future purchase of loyalty points over a ten-year period. The Bank also expects to incur additional pre-tax costs of approximately $100 million over two years to build the functionality required to facilitate the new program. The Transaction reduced the Bank's CET1 ratio by approximately 13 basis points (bps).

Acquisition of Greystone

On November 1, 2018, the Bank acquired 100% of the outstanding equity of Greystone for consideration of $817 million, of which $475 million was paid in cash and $342 million was paid in the Bank's common shares. The value of 4.7 million common shares issued as consideration was based on the volume weighted-average market price of the Bank's common shares over the 10 trading day period immediately preceding the fifth business day prior to the acquisition date and was recorded based on market price at close. Common shares of $167 million issued to employee shareholders in respect of the purchase price will be held in escrow for two years post-acquisition, subject to their continued employment, and will be recorded as a compensation expense over the two-year escrow period.

The acquisition is accounted for as a business combination under the purchase method. As at November 1, 2018, the acquisition contributed $169 million of assets and $55 million of liabilities. The excess of accounting consideration over the fair value of the identifiable net assets is allocated to customer relationship intangibles of $140 million, deferred tax liability of $37 million and goodwill of $433 million. Goodwill is not deductible for tax purposes. The results of the acquisition have been consolidated from the acquisition date and reported in the Canadian Retail segment. The purchase price allocation is subject to refinement and may be adjusted to reflect new information about facts and circumstances that existed at the acquisition date during the measurement period.

FINANCIAL RESULTS OVERVIEW

Performance Summary

Outlined below is an overview of the Bank's performance on an adjusted basis for the first quarter of 2019. Shareholder performance indicators help guide and benchmark the Bank's accomplishments. For the purposes of this analysis, the Bank utilizes adjusted earnings, which excludes items of note from the reported results that are prepared in accordance with IFRS. Reported and adjusted results and items of note are explained in the "How the Bank Reports" section of this document.

• Adjusted diluted earnings per share for the three months ended January 31, 2019, increased 0.6% from the same period last year. The Bank's goal is to achieve 7 to 10% adjusted earnings per share growth over the medium term.

• Adjusted return on tangible common equity for the three months ended January 31, 2019, was 21.0%.

• For the twelve months ended January 31, 2019, the total shareholder return was 2.6% compared to the Canadian peer¹ average of (2.7%).

¹  Canadian peers include Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and The Bank of Nova Scotia.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 9

Net Income

Quarterly comparison – Q1 2019 vs. Q1 2018

Reported net income for the quarter was $2,410 million, an increase of $57 million, or 2%, compared with the first quarter last year. The increase reflects revenue growth, the impact from U.S. tax reform during the first quarter of 2018, and a higher contribution from TD Ameritrade, partially offset by charges related to the agreement with Air Canada, higher non-interest expenses, and higher provision for credit losses (PCL). Adjusted net income for the quarter was $2,953 million, an increase of $7 million.

By segment, the increase in reported net income was due to an increase in U.S. Retail of $288 million, or 30%, and a lower net loss in the Corporate segment of $442 million, or 70%, partially offset by a decrease in Canadian Retail of $378 million, or 22%, and a decrease in Wholesale Banking of $295 million. Adjusted net income for Canadian Retail increased $98 million, or 6%.

Quarterly comparison – Q1 2019 vs. Q4 2018

Reported net income for the quarter decreased $550 million, or 19%, compared with the prior quarter. The decrease was largely due to charges related to the agreement with Air Canada and lower revenue in Wholesale Banking, partially offset by lower non-interest expenses, higher deposit margins, higher contribution from TD Ameritrade and Insurance, and loan and deposit growth. Adjusted net income for the quarter decreased $95 million, or 3%.

By segment, the decrease in reported net income was due to a decrease in Wholesale Banking of $303 million, a decrease in Canadian Retail of $362 million, or 21%, and a higher net loss in the Corporate segment of $11 million, or 6%, partially offset by an increase in U.S. Retail of $126 million, or 11%. Adjusted net income for Canadian Retail increased $114 million, or 7%.

Net Interest Income

Quarterly comparison – Q1 2019 vs. Q1 2018

Net interest income for the quarter was $5,860 million, an increase of $430 million, or 8%, compared with the first quarter last year. The increase reflects higher deposit margins and loan and deposit volume growth in the Canadian and U.S. Retail segments, and the impact of foreign currency translation, partially offset by lower net interest income in Wholesale Banking.

By segment, the increase in net interest income was due to an increase in U.S. Retail of $307 million, or 16%, an increase in Canadian Retail of $219 million, or 8%, and an increase in the Corporate segment of $60 million, or 18%, partially offset by a decrease in Wholesale Banking of $156 million, or 47%.

Quarterly comparison – Q1 2019 vs. Q4 2018

Net interest income for the quarter increased $104 million, or 2%, compared with the prior quarter, primarily due to higher deposit margins and loan and deposit volume growth in the Canadian and U.S. Retail segments, and the impact of foreign currency translation, partially offset by lower net interest income in Wholesale Banking.

By segment, the increase in net interest income was due to an increase in U.S. Retail of $102 million, or 5%, an increase in Canadian Retail of $22 million, or 1%, and an increase in the Corporate segment of $80 million, or 25%, partially offset by a decrease in Wholesale Banking of $100 million, or 37%.

Non-Interest Income

Quarterly comparison – Q1 2019 vs. Q1 2018

Reported non-interest income for the quarter was $4,138 million, an increase of $193 million, or 5%, compared with the first quarter last year. The increase was due to higher revenues from the insurance business, the impact from U.S. tax reform during the first quarter of 2018, changes in fair value of investments supporting claims liabilities, the impact of foreign currency translation, and the acquisition of Greystone, partially offset by lower non-interest income in Wholesale Banking.

By segment, the increase in reported non-interest income was due to an increase in Canadian Retail of $219 million, or 8%, and an increase in the Corporate segment of $128 million, partially offset by a decrease in Wholesale Banking of $152 million, or 27%, and a decrease in U.S. Retail of $2 million.

Quarterly comparison – Q1 2019 vs. Q4 2018

Reported non-interest income for the quarter decreased $242 million, or 6%, compared with the prior quarter. The decrease was primarily due to lower non-interest income in Wholesale Banking and lower fee income, partially offset by changes in fair value of investments supporting claims liabilities, and the acquisition of Greystone.

By segment, the decrease in reported non-interest income was due to a decrease in Wholesale Banking of $249 million, or 38%, a decrease in the Corporate segment of $95 million, or 53%, and a decrease in U.S. Retail of $12 million, or 2%, partially offset by an increase in Canadian Retail of $114 million, or 4%.

Provision for Credit Losses

Quarterly comparison – Q1 2019 vs. Q1 2018

PCL for the quarter was $850 million, an increase of $157 million, or 23%, compared with the first quarter last year. PCL – impaired for the quarter was $717 million, an increase of $160 million, or 29%, reflecting higher provisions for the U.S. commercial portfolio, as well as volume growth, seasoning, and mix in the U.S. credit card portfolio. PCL – performing for the quarter was $133 million, a decrease of $3 million, or 2%. The decrease primarily reflects migration from performing to impaired in the U.S. commercial portfolio, partially offset by volume growth and credit migration in Canadian Retail. Total PCL for the quarter as an annualized percentage of credit volume was 0.50%.

PCL increased across all segments as U.S. Retail increased $59 million, or 24%, the Corporate segment increased $44 million, or 24%, Canadian Retail increased $40 million, or 15%, and Wholesale Banking increased $14 million.

Quarterly comparison – Q1 2019 vs. Q4 2018

PCL for the quarter increased by $180 million, or 27%, compared with the prior quarter. PCL – impaired was $717 million, an increase of $158 million, or 28%, reflecting higher provisions for the U.S. commercial portfolio, seasonal trends in the U.S. credit card and auto portfolios, and higher provisions in Canadian personal lending. PCL – performing was $133 million, an increase of $22 million, or 20%, reflecting credit migration in the Canadian personal lending and commercial portfolios, and seasonal trends in the U.S. credit card and auto portfolios, partially offset by migration from performing to impaired in the U.S. commercial portfolio. Total PCL for the quarter as an annualized percentage of credit volume was 0.50%.

By segment, the increase in PCL was due to an increase in Corporate segment of $72 million, or 46%, an increase in U.S. Retail of $62 million, or 25%, an increase in Canadian Retail of $47 million, or 18%, and a decrease in Wholesale Banking of $1 million, or 13%.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 10

TABLE 8:  PROVISION FOR CREDIT LOSSES

(millions of Canadian dollars)		For the three months ended
		January 31 2019		October 31 2018		January 31 2018
Provision for credit losses – Stage 3 (impaired)
Canadian Retail	$	264	$	245	$	237
U.S. Retail		285		205		187
Wholesale Banking		–		–		–
Corporate1		168		109		133
Total provision for credit losses – Stage 3		717		559		557
Provision for credit losses – Stage 1 and Stage 2 (performing)2
Canadian Retail		46		18		33
U.S. Retail		21		39		60
Wholesale Banking		7		8		(7	)
Corporate1		59		46		50
Total provision for credit losses – Stage 1 and Stage 2		133		111		136
Total provision for credit losses	$	850	$	670	$	693

¹  Includes PCL on the retailer program partners' share of the U.S. strategic cards portfolio.

²  Includes financial assets, loan commitments, and financial guarantees.

Insurance claims and related expenses

Quarterly comparison – Q1 2019 vs. Q1 2018

Insurance claims and related expenses for the quarter were $702 million, an increase of $127 million, or 22%, compared with the first quarter last year, reflecting changes in the fair value of investments supporting claims liabilities, increases in reinsurance claims assumed, less favourable prior years' claims development and higher current year claims, partially offset by the impact of changes to actuarial assumptions in the life and health business.

Quarterly comparison – Q1 2019 vs. Q4 2018

Insurance claims and related expenses for the quarter increased $18 million, or 3%, compared with the prior quarter, reflecting changes in the fair value of investments supporting claims liabilities and less favourable prior years' claims development, partially offset by lower current year claims, less severe weather-related events, and the impact of changes to actuarial assumptions in the life and health business.

Non-Interest Expenses and Efficiency Ratio

Quarterly comparison – Q1 2019 vs. Q1 2018

Reported non-interest expenses were $5,855 million, an increase of $994 million, or 20%, compared with the first quarter last year, reflecting charges related to the agreement with Air Canada, the impact of foreign currency translation, higher spend on strategic initiatives, and additional employees supporting business growth. Adjusted non-interest expenses were $5,161 million, an increase of $368 million, or 8%.

By segment, the increase in reported non-interest expenses was due to an increase in Canadian Retail of $773 million, or 33%, an increase in U.S. Retail of $164 million, or 11%, and an increase in Wholesale Banking of $76 million, or 14%, partially offset by a decrease in the Corporate segment of $19 million, or 3%. Adjusted non-interest expenses for Canadian Retail increased $135 million, or 6%.

The Bank's reported efficiency ratio was 58.6%, compared with 51.9% in the first quarter last year. The Bank's adjusted efficiency ratio was 51.6%, compared with 50.6% in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

Reported non-interest expenses for the quarter increased $489 million, or 9%, compared with the prior quarter, largely due to charges related to the agreement with Air Canada, partially offset by lower spend related to projects and higher spend related to marketing and promotion in the prior quarter. Adjusted non-interest expenses decreased $152 million, or 3%.

By segment, the increase in reported non-interest expenses was due to an increase in Canadian Retail of $554 million, or 22%, and an increase in Wholesale Banking of $51 million, or 9%, partially offset by a decrease in the Corporate segment of $90 million, or 14%, and a decrease in U.S. Retail of $26 million, or 2%. Adjusted non-interest expenses for Canadian Retail decreased $84 million, or 3%.

The Bank's reported efficiency ratio was 58.6%, compared with 52.9% in the prior quarter. The Bank's adjusted efficiency ratio was 51.6%, compared with 52.4% in the prior quarter.

Income Taxes

As discussed in the "How the Bank Reports" section of this document, the Bank adjusts its reported results to assess each of its businesses and to measure overall Bank performance. As such, the provision for income taxes is stated on a reported and an adjusted basis.

The Bank's effective income tax rate on a reported basis was 19.4% for the first quarter, compared with 32.0% in the first quarter last year and 20.2% in the prior quarter. The year-over-year decrease was largely due to the impact from U.S. tax reform during the first quarter of 2018 and lower income before taxes in the current quarter, partially offset by lower tax-exempt dividend income in the current quarter and business mix. The quarter-over-quarter decrease was mainly due to lower income before taxes in the current quarter and business mix.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 11

TABLE 9:  INCOME TAXES

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019					October 31 2018					January 31 2018
Income taxes at Canadian statutory income tax rate	$	687		26.5	%	$	905		26.5	%	$	861		26.5	%
Increase (decrease) resulting from:
Dividends received		(23	)	(0.9	)		(24	)	(0.7	)		(80	)	(2.5	)
Rate differentials on international operations		(185	)	(7.1	)		(192	)	(5.6	)		254		7.8
Other		24		0.9			2		–			5		0.2
Provision for income taxes and effective income tax rate – reported	$	503		19.4	%	$	691		20.2	%	$	1,040		32.0	%
Total adjustments for items of note1		175					13					(387	)
Provision for income taxes and effective income tax rate – adjusted2,3	$	678		20.6	%	$	704		20.3	%	$	653		19.2	%

¹ For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

² The tax effect for each item of note is calculated using the statutory income tax rate of the applicable legal entity.

³ Adjusted effective income tax rate is the adjusted provision for income taxes before other taxes as a percentage of adjusted net income before taxes.

The Bank's adjusted effective tax rate was 20.6% for the quarter, higher than 19.2% in the first quarter last year and similar to 20.3% in the prior quarter. The year-over-year increase was mainly due to lower tax-exempt dividend income in the current quarter and business mix. The quarter-over-quarter increase was mainly due to business mix.

Impact of Foreign Exchange Rate on U.S. Retail Segment Translated Earnings

U.S. Retail segment earnings, including the contribution from the Bank's investment in TD Ameritrade, reflect fluctuations in the U.S. dollar to Canadian dollar exchange rate compared with the same period last year. Depreciation of the Canadian dollar had a favourable impact on U.S. Retail segment earnings for the three months ended January 31, 2019, compared with the same period last year, as shown in the following table.

TABLE 10:  IMPACT OF FOREIGN EXCHANGE RATE ON U.S. RETAIL SEGMENT TRANSLATED EARNINGS

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31, 2019 vs. January 31, 2018 Increase (Decrease)
U.S. Retail Bank
Total revenue	$	145
Non-interest expenses		79
Net income – after-tax		46
Equity in net income on an investment in TD Ameritrade		11
U.S. Retail segment decreased net income – after-tax		57
Earnings per share (Canadian dollars)
Basic	$	0.03
Diluted		0.03

On a trailing twelve-month basis, a one cent appreciation/depreciation in the U.S. dollar to Canadian dollar average exchange rate would have increased/decreased U.S. Retail segment net income by approximately $60 million.

Economic Summary and Outlook

Since the midway point of calendar 2018, synchronicity in the global economic slowdown has become more reinforced. This more subdued pace is expected to persist, with gains in world real gross domestic product (GDP) poised to average about 3.4% per year over calendar 2019 and 2020. This compares to a rate of nearly 4% in the 2017 and 2018 calendar years. China has been a key catalyst of this recent downshift, in part reflecting government efforts to rebalance sources of growth away from debt-fuelled activities. However, more recently, the data has conveyed the impact of U.S. tariffs. These impacts are being transmitted globally via supply chains and financial market volatility. Growth in advanced economies has also moderated, particularly in the euro area. The perception of increased downside risks to growth is leading central banks to signal greater patience with respect to further withdrawal of monetary stimulus.

Among the major advanced economies, the U.S. has remained the strongest performer. Real GDP is estimated to have expanded by roughly 3% in calendar 2018, supported by robust consumer spending and healthy business investment. For the 2019 calendar year, the U.S. economy is expected to remain a top performer relative to international peers, but at a more moderate average quarterly pace of 2% growth. Several factors underpin this view, including near-term data that indicate the U.S. is not immune to global dynamics, as evidenced by greater financial market volatility and waning business sentiment relative to levels in the prior year. In addition, the growth lift from fiscal stimulus will fade as the year goes on, at the same time as the higher interest rate environment weighs on activity. Although we anticipate that GDP growth will be marginally weighed down over the January to March 2019 period due to the 35-day federal government shutdown, this is expected to be a transitory impact that will be largely recovered in the following quarter.

With the Federal Reserve balancing domestic and international considerations, expectations for policy interest rate increases have been reduced relative to the prior quarter. Calendar 2019 is expected to remain the peak in the interest rate cycle, with the expectation now being that the central bank will either not raise its policy interest rate, or will do so only once during the calendar year, versus prior expectations of two hikes.

Canadian economic growth appears to have moderated in the final quarter of calendar 2018. Current data indicate only a 1% pace of growth is likely to be reported. The moderation of economic activity is due to two factors. The first is expected to be temporary. Production shut-ins among energy producers, as well as unusual refinery maintenance in the U.S. have weighed on economic activity. We anticipate that the impact will become more apparent within GDP in the January to March 2019 period, as the Alberta government enforces mandatory production cuts among oil producers. Thereafter, smaller curtailments will be in effect, and the net effect should help buoy economic growth. Current government communications indicate that all mandatory curtailment will be concluded by January 2020. The second factor constraining growth is more permanent in nature. The impacts of past Bank of Canada policy interest rate increases, as well as macroprudential policy related to housing markets are reverberating in rate-sensitive areas of the economy. Household spending on areas such as automobiles, furnishings, and building supplies continues to moderate in the wake of higher borrowing costs. Higher borrowing costs and regulatory changes have caused resale housing activity to moderate in recent months. The Vancouver market is particularly soft, with resale activity down 32% in calendar 2018.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 12

Canadian household credit growth has undergone a marked deceleration in the latter half of 2018, and at the same time there has been a slight uptick in consumer insolvencies. Much of this can be attributed to the unique challenges facing Alberta. Regardless, higher borrowing costs are clearly impacting consumer finances, reducing spending power.

The impact of past interest rate increases is expected to continue to constrain activity in these sectors. The result is a forecast moderation of economic growth to 1.5% in calendar 2019 from 2.0% in calendar 2018. Central bank communication has become more cautious, reflective of both the near- and long-term factors slowing the pace of expansion, as well as trade uncertainty and a softer global demand backdrop. However, a bias towards further rate increases remains given the current low level relative to estimates of the neutral rate. We expect the Bank of Canada to take a cautious approach to further rate increases, and we forecast a 25 bps policy rate increase in late 2019 calendar year. However, this is contingent on clear evidence of a rebound in economic activity following the oil adjustment process and, importantly, household sector developments in the wake of prior interest rate increases. Yields in Canada should remain below those in the U.S., and the currency is expected to remain in a range of US75 to US77 cents in calendar 2019.

Downside risks remain on both the domestic and global landscapes. Domestically, the Bank of Canada will need to remain watchful of the possibility of a renewed slowdown in housing activity and a period of household deleveraging. Energy sector developments are also important, with prices subject to international forces and the possibility of a further investment retrenchment in light of transportation capacity issues. A negative shock to energy producing provinces would likely intensify consumer stresses in those regions. Within the U.S., trade tensions with China and Europe remain unresolved and may intensify a disruption to globally integrated supply chains. Likewise, it is possible that inflationary pressures will unexpectedly heat up in light of escalating global trade tensions coupled with greater labour scarcity within the U.S. and Canada. Globally, the political situation in Venezuela remains fluid, with potential impacts on North American energy markets. The United Kingdom's exit from the European Union is progressing more slowly than expected, creating longer lasting uncertainty on the investment backdrop. Lastly, other areas that continue to present a downside risk include ongoing tensions in the Middle East, and populist threats to established political and economic systems. These all keep global uncertainty elevated and may drive periods of financial market volatility. However, it should be noted that upside risk can also quickly come into the foreground, particularly if progress becomes evident in regards to trade tensions and Brexit developments.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 13

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, wealth management services, and the Bank's investment in TD Ameritrade; and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. Where applicable, the Bank measures and evaluates the performance of each segment based on adjusted results and ROE, and for those segments the Bank indicates that the measure is adjusted. For further details, refer to the "How the Bank Reports" section of this document, the "Business Focus" section in the Bank's 2018 MD&A, and Note 29 Segmented Information of the Bank's Consolidated Financial Statements for the year ended October 31, 2018. For information concerning the Bank's measure of ROE, which is a non-GAAP financial measure, refer to the "How We Performed" section of this document.

PCL related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees is recorded within the respective segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including certain dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB increase to net interest income and provision for income taxes reflected in Wholesale Banking's results are reversed in the Corporate segment. The TEB adjustment for the quarter was $21 million, compared with $105 million in the first quarter last year and $28 million in the prior quarter.

TABLE 11:  CANADIAN RETAIL

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Net interest income	$	3,044		$	3,022		$	2,825
Non-interest income		2,944			2,830			2,725
Total revenue		5,988			5,852			5,550
Provision for credit losses – impaired		264			245			237
Provision for credit losses – performing		46			18			33
Total provision for credit losses		310			263			270
Insurance claims and related expenses		702			684			575
Non-interest expenses – reported		3,084			2,530			2,311
Non-interest expenses – adjusted1		2,446			2,530			2,311
Provision for (recovery of) income taxes – reported		513			634			637
Provision for (recovery of) income taxes – adjusted1		675			634			637
Net income – reported		1,379			1,741			1,757
Net income – adjusted1	$	1,855		$	1,741		$	1,757
Selected volumes and ratios
Return on common equity – reported2		31.6	%		45.1	%		47.2	%
Return on common equity – adjusted1,2		42.5			45.1			47.2
Net interest margin (including on securitized assets)		2.94			2.94			2.88
Efficiency ratio – reported		51.5			43.2			41.6
Efficiency ratio – adjusted		40.8			43.2			41.6
Assets under administration (billions of Canadian dollars)	$	396		$	389		$	397
Assets under management (billions of Canadian dollars)		332			289			289
Number of Canadian retail branches		1,099			1,098			1,129
Average number of full-time equivalent staff		39,997			39,283			38,050

¹  Adjusted non-interest expenses excludes the following items of note: Charges related to the long-term loyalty agreement with Air Canada in the first quarter 2019 – $607 million ($446 million after-tax); and charges associated with the acquisition of Greystone in the first quarter 2019 – $31 million ($30 million after-tax). For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

² Capital allocated to the business segment was based on 10% CET1 Capital in fiscal 2019 and 9% in fiscal 2018.

Quarterly comparison – Q1 2019 vs. Q1 2018

Canadian Retail reported net income for the quarter was $1,379 million, a decrease of $378 million, or 22%, compared with the first quarter last year, reflecting charges related to the agreement with Air Canada and the acquisition of Greystone, higher other non-interest expenses, insurance claims, and PCL, partially offset by revenue growth. On an adjusted basis, net income for the quarter was $1,855 million, an increase of $98 million, or 6%. The reported and adjusted annualized ROE for the quarter was 31.6% and 42.5% respectively, compared with 47.2% in the first quarter last year.

Canadian Retail revenue is derived from Canadian personal and commercial banking, wealth, and insurance businesses. Revenue for the quarter was $5,988 million, an increase of $438 million, or 8%, compared with the first quarter last year.

Net interest income was $3,044 million, an increase of $219 million, or 8%, reflecting volume growth and higher margins. Average loan volumes increased $24 billion, or 6%, reflecting 5% growth in personal loans and 9% growth in business loans. Average deposit volumes increased $8 billion, or 3%, reflecting 3% growth in both personal and business deposits, partially offset by a 1% decrease in wealth deposits. Net interest margin was 2.94%, an increase of 6 bps, reflecting rising interest rates, partially offset by lower margins on loans and a refinement in treasury allocation methodology.

Non-interest income was $2,944 million, an increase of $219 million, or 8%, reflecting higher revenues from the insurance business, higher fee-based revenue in the banking businesses, and the acquisition of Greystone. The increase in non-interest income also includes $60 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

Assets under administration (AUA) were $396 billion as at January 31, 2019, in line with the first quarter last year. Assets under management (AUM) were $332 billion as at January 31, 2019, an increase of $43 billion, or 15%, compared with the first quarter last year, reflecting the acquisition of Greystone, increases in market value, and new asset growth.

PCL was $310 million, an increase of $40 million, or 15%, compared with the first quarter last year. PCL – impaired for the quarter was $264 million, an increase of $27 million, or 11%, primarily in the personal lending portfolios, and a prior year change in methodology regarding the timing of loss recognition in the indirect auto portfolio. PCL – performing was $46 million, an increase of $13 million, reflecting volume growth, and credit migration in the commercial portfolio,

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 14

partially offset by the impact of a change in macroeconomic assumptions in the prior year. Total PCL as an annualized percentage of credit volume was 0.29%, or an increase of 2 bps.

Insurance claims and related expenses for the quarter were $702 million, an increase of $127 million, or 22%, compared with the first quarter last year reflecting changes in the fair value of investments supporting claims liabilities, increases in reinsurance claims assumed, less favourable prior years' claims development and higher current year claims, partially offset by the impact of changes to actuarial assumptions in the life and health business.

Reported non-interest expenses for the quarter were $3,084 million, an increase of $773 million, or 33%, compared with the first quarter last year, reflecting charges related to the agreement with Air Canada and the acquisition of Greystone, higher spend on strategic initiatives, and additional employees supporting business growth. On an adjusted basis, non-interest expenses were $2,446 million, an increase of $135 million, or 6%.

The reported and adjusted efficiency ratio for the quarter was 51.5% and 40.8% respectively, compared with 41.6% in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

Canadian Retail reported net income for the quarter decreased $362 million, or 21%, compared with the prior quarter. The decrease in earnings reflects charges related to the agreement with Air Canada and the acquisition of Greystone, higher insurance claims and PCL, partially offset by revenue growth, and lower other non-interest expenses. On an adjusted basis, net income increased $114 million, or 7%. The reported and adjusted annualized ROE for the quarter was 31.6% and 42.5% respectively, compared with 45.1% in the prior quarter.

Revenue increased $136 million, or 2%, compared with the prior quarter. Net interest income increased $22 million, or 1%, reflecting volume growth. Average loan volumes increased $4 billion, or 1%, reflecting 1% growth in both personal and business loans. Average deposit volumes increased $3 billion, or 1%, reflecting 1% growth in both personal and wealth deposits, while business deposits were relatively consistent with the prior quarter. Net interest margin was 2.94%, consistent with the prior quarter, reflecting rising interest rates offset by lower margins on loans and a refinement in treasury allocation methodology.

Non-interest income increased $114 million, or 4%, reflecting higher revenues from the insurance business, higher fee-based revenue in the banking businesses, and the acquisition of Greystone. The increase in non-interest income also includes $69 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

AUA increased $7 billion, or 2%, compared with the prior quarter, reflecting new asset growth, and increases in market value. AUM increased $43 billion, or 15%, reflecting the acquisition of Greystone, increases in market value, and new asset growth.

PCL increased $47 million, or 18%, compared with the prior quarter. PCL – impaired increased by $19 million, or 8%, primarily in the personal lending portfolios. PCL – performing increased $28 million due to credit migration in the personal lending and commercial portfolios. Total PCL as an annualized percentage of credit volume was 0.29%, or an increase of 4 bps.

Insurance claims and related expenses for the quarter increased $18 million, or 3%, compared with the prior quarter reflecting changes in the fair value of investments supporting claims liabilities and less favourable prior years' claims development, partially offset by lower current year claims, less severe weather-related events, and the impact of changes to actuarial assumptions in the life and health business.

Reported non-interest expenses increased $554 million, or 22%, compared with the prior quarter, reflecting charges related to the agreement with Air Canada and the acquisition of Greystone, and additional employees supporting business growth, partially offset by higher spend related to marketing and promotion in the prior quarter. On an adjusted basis, non-interest expenses decreased $84 million, or 3%.

The reported and adjusted efficiency ratio for the quarter was 51.5% and 40.8% respectively, compared with 43.2% in the prior quarter.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 15

TABLE 12:  U.S. RETAIL

(millions of dollars, except as noted)		For the three months ended
Canadian Dollars		January 31 2019			October 31 2018			January 31 2018
Net interest income	$	2,247		$	2,145		$	1,940
Non-interest income1		701			713			703
Total revenue		2,948			2,858			2,643
Provision for credit losses – impaired		285			205			187
Provision for credit losses – performing		21			39			60
Total provision for credit losses		306			244			247
Non-interest expenses – reported		1,611			1,637			1,447
Non-interest expenses – adjusted2		1,611			1,637			1,442
Provision for (recovery of) income taxes – reported1		102			91			103
Provision for (recovery of) income taxes – adjusted1,2		102			91			104
U.S. Retail Bank net income – reported		929			886			846
U.S. Retail Bank net income – adjusted2		929			886			850
Equity in net income of an investment in TD Ameritrade – reported1,3		311			228			106
Equity in net income of an investment in TD Ameritrade – adjusted1,4		311			253			174
Net income – reported		1,240			1,114			952
Net income – adjusted	$	1,240		$	1,139		$	1,024
U.S. Dollars
Net interest income	$	1,688		$	1,646		$	1,533
Non-interest income1		528			547			555
Total revenue – reported		2,216			2,193			2,088
Provision for credit losses – impaired		214			157			148
Provision for credit losses – performing		16			30			47
Total provision for credit losses		230			187			195
Non-interest expenses – reported		1,209			1,256			1,144
Non-interest expenses – adjusted2		1,209			1,256			1,140
Provision for (recovery of) income taxes – reported1		77			70			80
Provision for (recovery of) income taxes – adjusted1,2		77			70			81
U.S. Retail Bank net income – reported		700			680			669
U.S. Retail Bank net income – adjusted2		700			680			672
Equity in net income of an investment in TD Ameritrade – reported1,3		235			175			82
Equity in net income of an investment in TD Ameritrade – adjusted1,4		235			194			137
Net income – reported		935			855			751
Net income – adjusted	$	935		$	874		$	809
Selected volumes and ratios
Return on common equity – reported5		12.6	%		12.8	%		11.2	%
Return on common equity – adjusted2,4,5		12.6			13.0			12.0
Net interest margin6		3.42			3.33			3.19
Efficiency ratio – reported		54.6			57.3			54.8
Efficiency ratio – adjusted		54.6			57.3			54.6
Assets under administration (billions of U.S. dollars)	$	19		$	19		$	19
Assets under management (billions of U.S. dollars)		46			52			65
Number of U.S. retail stores		1,240			1,257			1,244
Average number of full-time equivalent staff		26,864			27,015			26,168

¹ In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in an adjustment to the Bank's U.S. deferred tax assets and liabilities to the lower base rate of 21% as well as an adjustment to the Bank's carrying balances of certain tax credit-related investments and its investment in TD Ameritrade. The earnings impact was reported in the Corporate segment. For additional details, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

² Adjusted U.S. Retail Bank net income excludes the following item of note: Charges associated with the Bank's acquisition of Scottrade Bank in the first quarter 2018 – $5 million ($4 million after-tax) or US$4 million (US$3 million after-tax). For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

³  The after-tax amounts for amortization of intangibles relating to the Equity in net income of the investment in TD Ameritrade is recorded in the Corporate segment with other acquired intangibles.

⁴ Adjusted equity in net income of an investment in TD Ameritrade in the prior year excludes the following items of note: The Bank's share of charges associated with TD Ameritrade's acquisition of Scottrade in the fourth quarter 2018 – $25 million or US$19 million after-tax and first quarter 2018 – $68 million or US$55 million after-tax. For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

⁵  Capital allocated to the business segment was based on 10% CET1 Capital in fiscal 2019 and 9% in fiscal 2018.

⁶  Net interest margin excludes the impact related to the TD Ameritrade insured deposit accounts (IDA) and the impact of intercompany deposits and cash collateral. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value.

Quarterly comparison – Q1 2019 vs. Q1 2018

U.S. Retail reported net income for the quarter was $1,240 million (US$935 million), an increase of $288 million (US$184 million), or 30% (25% in U.S. dollars), compared with the first quarter last year. On an adjusted basis, net income for the quarter was $1,240 million (US$935 million), an increase of $216 million (US$126 million), or 21% (16% in U.S. dollars). The reported and adjusted annualized ROE for the quarter was 12.6%, compared with 11.2% and 12.0%, respectively, in the first quarter last year.

U.S. Retail net income includes contributions from the U.S. Retail Bank and the Bank's investment in TD Ameritrade. Net income for the quarter from the U.S. Retail Bank was $929 million (US$700 million). Reported and adjusted net income for the quarter from the Bank's investment in TD Ameritrade was $311 million (US$235 million).

The reported contribution from TD Ameritrade of US$235 million, an increase of US$153 million, compared with the first quarter last year, primarily due to higher asset-based revenue and increased trading volumes. Adjusted contribution from TD Ameritrade increased US$98 million, or 72%.

U.S. Retail Bank reported net income of US$700 million for the quarter increased US$31 million, or 5%, due to higher revenue, partially offset by higher expenses and PCL. U.S. Retail Bank adjusted net income increased US$28 million, or 4%.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 16

U.S. Retail Bank revenue is derived from personal and business banking, and wealth management. Revenue for the quarter was US$2,216 million, an increase of US$128 million, or 6%, compared with the first quarter last year. Net interest income increased US$155 million, or 10%, reflecting higher deposit margins and growth in loan and deposit volumes. Net interest margin was 3.42%, an increase of 23 bps, primarily due to higher deposit margins and balance sheet mix. Non-interest income decreased US$27 million, or 5%, reflecting lower contribution from low income housing investments and wealth management fee income due to lower AUM.

Average loan volumes increased US$5 billion, or 3%, compared with the first quarter last year due to growth in business and personal loans of 4% and 3%, respectively. Average deposit volumes increased US$5 billion, or 2%, reflecting 5% growth in business deposit volumes, 3% growth in personal deposit volumes, and 1% decrease in sweep deposit volume.

AUA were US$19 billion as at January 31, 2019, flat compared with the first quarter last year. AUM were US$46 billion as at January 31, 2019, a decrease of US$19 billion, or 29%, reflecting net fund outflows including the impact of the strategic disposition of U.S. money market funds and negative market impact.

PCL for the quarter was US$230 million, an increase of US$35 million, or 18%, compared with the first quarter last year. PCL – impaired was US$214 million, an increase of US$66 million, or 45%, reflecting higher provisions primarily attributable to the power and utilities sector, coupled with volume growth, seasoning, and mix in the credit card portfolio. PCL – performing was US$16 million, a decrease of US$31 million, or 66%, primarily reflecting migration from performing to impaired in the commercial portfolio. U.S. Retail PCL including only the Bank's contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.59%, or an increase of 7 bps.

Reported non-interest expenses for the quarter were US$1,209 million, an increase of US$65 million, or 6%, compared with the first quarter last year, reflecting higher investments in business initiatives, business volume growth, and higher employee-related costs, partially offset by productivity savings and the elimination of the Federal Deposit Insurance Corporation (FDIC) deposit insurance surcharge. On an adjusted basis, non-interest expenses increased US$69 million, or 6%.

The reported and adjusted efficiency ratio for the quarter was 54.6%, compared with 54.8% and 54.6%, respectively, in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

U.S. Retail reported net income of $1,240 million (US$935 million) increased $126 million (US$80 million), or 11% (9% in U.S. dollars), compared with the prior quarter, while adjusted net income of $1,240 million (US$935 million) increased $101 million (US$61 million), or 9% (7% in U.S. dollars). The reported and adjusted annualized ROE for the quarter was 12.6%, compared with 12.8% and 13.0%, respectively, in the prior quarter.

The reported contribution from TD Ameritrade was US$235 million, an increase of US$60 million, or 34%, compared with the prior quarter, primarily due to higher asset-based revenue and increased trading volumes. Adjusted contribution from TD Ameritrade was US$235 million, an increase of US$41 million, or 21%.

U.S. Retail Bank net income for the quarter was US$700 million, an increase of US$20 million, or 3%, compared with the prior quarter, due to higher revenue and lower expenses, partially offset by higher PCL.

Revenue for the quarter increased US$23 million, or 1%, compared with the prior quarter. Net interest income increased US$42 million, or 3%, due to growth in loan and deposit volumes and higher deposit margins. Net interest margin was 3.42%, an increase of 9 bps, primarily due to higher deposit margins and balance sheet mix. Non-interest income decreased US$19 million, or 3%, reflecting lower personal banking and wealth management fee income.

Average loan volumes increased US$4 billion, or 2%, compared with prior quarter, due to growth in business and personal loans of 3% and 2%, respectively. Average deposit volumes increased US$2 billion, or 1%, due to growth in personal and sweep deposit volumes.

AUA were US$19 billion as at January 31, 2019, flat to prior quarter. AUM were US$46 billion as at January 31, 2019, a decrease of US$6 billion, or 12%, reflecting net fund outflows including the impact of the strategic disposition of U.S. money market funds.

PCL for the quarter increased US$43 million, or 23%, compared with the prior quarter. PCL – impaired was US$214 million, an increase of US$57 million, or 36%, primarily reflecting higher provisions for the commercial portfolio, coupled with seasonal trends in the credit card and auto portfolios. PCL – performing was US$16 million, a decrease of US$14 million, or 47%, primarily reflecting migration from performing to impaired in the commercial portfolio, partially offset by seasonal trends in the credit card and auto portfolios. U.S. Retail PCL including only the Bank's contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.59%, or an increase of 9 bps.

Non-interest expenses for the quarter were US$1,209 million, a decrease of US$47 million, or 4%, compared with the prior quarter, reflecting the elimination of the FDIC deposit insurance surcharge and timing of investment spending.

The efficiency ratio for the quarter was 54.6%, compared with 57.3% in the prior quarter.

TD AMERITRADE HOLDING CORPORATION

Refer to Note 7, Investment in Associates and Joint Ventures of the Bank's Interim Consolidated Financial Statements for further information on TD Ameritrade.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 17

TABLE 13:  WHOLESALE BANKING¹

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Net interest income (TEB)	$	173		$	273		$	329
Non-interest income		409			658			561
Total revenue		582			931			890
Provision for (recovery of) credit losses – impaired		–			–			–
Provision for (recovery of) credit losses – performing		7			8			(7	)
Total provision for (recovery of) credit losses		7			8			(7	)
Non-interest expenses		602			551			526
Provision for (recovery of) income taxes (TEB)2		(10	)		86			93
Net income (loss)	$	(17	)	$	286		$	278
Selected volumes and ratios
Trading-related revenue (TEB)	$	251		$	484		$	515
Gross drawn (billions of Canadian dollars)3		23.4			23.9			19.5
Return on common equity4		(0.9	) %		18.4	%		20.1	%
Efficiency ratio		103.4			59.2			59.1
Average number of full-time equivalent staff		4,478			4,426			4,027

¹ Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

² In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in a one-time adjustment to Wholesale Banking's U.S. deferred tax assets and liabilities to the lower base rate of 21%. The earnings impact was reported in the Corporate segment. For additional details, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

³  Includes gross loans and bankers' acceptances, excluding letters of credit, cash collateral, credit default swaps (CDS), and allowance for credit losses relating to the corporate lending business.

⁴  Capital allocated to the business segment was based on 10% CET1 Capital in fiscal 2019 and 9% in fiscal 2018.

Quarterly comparison – Q1 2019 vs. Q1 2018

Wholesale Banking net loss for the quarter was $17 million, a decrease in net income of $295 million, compared with net income of $278 million in the first quarter last year, reflecting lower revenue, higher PCL, and higher non-interest expenses.

Wholesale Banking revenue is derived primarily from capital markets and corporate and investment banking services provided to corporate, government, and institutional clients. Wholesale Banking generates revenue from corporate lending, advisory, underwriting, sales, trading and research, client securitization, trade finance, cash management, prime services, and trade execution services. Revenue for the quarter was $582 million, a decrease of $308 million, compared with the first quarter last year, reflecting challenging market conditions. The volatility in rates, equity and credit markets resulted in a difficult trading environment, reduced client activity and a meaningful slowdown in debt and equity underwriting, particularly in Canada. Trading margins declined reflecting yield compression on high quality assets relative to funding costs.

With market volatility and client activity slowly returning to normal levels, and subject to the same market conditions and other factors discussed in our 2018 MD&A, we are cautiously optimistic that revenue will improve over the remainder of the year; however, we no longer anticipate full year 2019 revenue to exceed 2018 levels.

PCL for the quarter was $7 million, compared to a benefit of $7 million in the first quarter last year. PCL – performing increased by $14 million, reflecting prior year credit risk improvement in the oil and gas sector.

Non-interest expenses were $602 million, an increase of $76 million, or 14%, compared with the first quarter last year. This increase reflects the benefit of revaluation of certain liabilities for post-retirement benefits recognized in the prior year, continued investments in employees supporting the global expansion of Wholesale Banking's U.S. dollar strategy, and the impact of foreign exchange translation, partially offset by lower variable compensation accrual this quarter.

Quarterly comparison – Q1 2019 vs. Q4 2018

Wholesale Banking net loss for the quarter was $17 million, a decrease in net income of $303 million, compared with net income of $286 million in the prior quarter, reflecting lower revenue and higher non-interest expenses.

Revenue for the quarter decreased $349 million, compared with the prior quarter, reflecting challenging market conditions. The volatility in rates, equity and credit markets resulted in a difficult trading environment, reduced client activity and a meaningful slowdown in debt and equity underwriting, particularly in Canada. Trading margins declined reflecting yield compression on high quality assets relative to funding costs.

PCL for the quarter was $7 million, compared with $8 million in the prior quarter.

Non-interest expenses for the quarter increased $51 million, or 9%, compared with the prior quarter, reflecting continued investments in employees supporting the global expansion of Wholesale Banking's U.S. dollar strategy, timing of employee-related costs, and the impact of foreign exchange translation.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 18

TABLE 14:  CORPORATE

(millions of Canadian dollars)		For the three months ended
	January 31 2019			October 31 2018			January 31 2018
Net income (loss) – reported1	$	(192	)	$	(181	)	$	(634	)
Pre-tax adjustments for items of note2
Amortization of intangibles		80			76			85
Impact from U.S. tax reform1		–			–			48
Total pre-tax adjustments for items of note		80			76			133
Provision for (recovery of) income taxes for items of note1		13			13			(388	)
Net income (loss) – adjusted	$	(125	)	$	(118	)	$	(113	)
Decomposition of items included in net income (loss) – adjusted
Net corporate expenses	$	(182	)	$	(221	)	$	(198	)
Other		39			85			67
Non-controlling interests		18			18			18
Net income (loss) – adjusted	$	(125	)	$	(118	)	$	(113	)
Selected volumes
Average number of full-time equivalent staff		16,229			15,864			14,336

¹ In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in a net charge to earnings of $453 million, comprising a net $48 million pre-tax charge related to the write-down of certain tax credit-related investments, partially offset by the favourable impact of the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances, and a net $405 million income tax expense resulting from the remeasurement of the Bank's deferred tax assets and liabilities to the lower base rate of 21% and other related tax adjustments.

² For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

Quarterly comparison – Q1 2019 vs. Q1 2018

Corporate segment's reported net loss for the quarter was $192 million, compared with a reported net loss of $634 million in the first quarter last year. Reported net loss decreased primarily reflecting the impact of U.S. tax reform during the first quarter of 2018, lower net corporate expenses this quarter, partially offset by lower contribution from Other items. Other items decreased primarily reflecting lower revenue from treasury and balance sheet management activities in the first quarter this year. Net corporate expenses were lower largely reflecting lower pension and compensation-related expenses in the first quarter this year. Adjusted net loss was $125 million compared with an adjusted net loss of $113 million in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

Corporate segment's reported net loss for the quarter was $192 million, compared with a reported net loss of $181 million in the prior quarter. Reported net loss increased primarily reflecting lower contribution from Other items, partially offset by lower net corporate expenses in the current quarter. Other items decreased primarily reflecting lower revenue from treasury and balance sheet management activities in the current quarter. Net corporate expenses decreased largely reflecting lower pension expenses in the current quarter. Adjusted net loss was $125 million compared with an adjusted net loss of $118 million in the prior quarter.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 19

QUARTERLY RESULTS

The following table provides summary information related to the Bank's eight most recently completed quarters.

TABLE 15:  QUARTERLY RESULTS¹

(millions of Canadian dollars, except as noted)														For the three months ended
		2019												2018									2017
	Jan. 31			Oct. 31			Jul. 31			Apr. 30			Jan. 31			Oct. 31			Jul. 31			Apr. 30
Net interest income	$	5,860		$	5,756		$	5,655		$	5,398		$	5,430		$	5,330		$	5,267		$	5,109
Non-interest income		4,138			4,380			4,244			4,084			3,945			3,955			4,033			3,377
Total revenue		9,998			10,136			9,899			9,482			9,375			9,285			9,300			8,486
Provision for credit losses		850			670			561			556			693			578			505			500
Insurance claims and related expenses		702			684			627			558			575			615			519			538
Non-interest expenses		5,855			5,366			5,131			4,837			4,861			4,843			4,869			4,799
Provision for (recovery of) income taxes		503			691			705			746			1,040			640			760			257
Equity in net income of an investment in
TD Ameritrade		322			235			230			131			147			103			122			111
Net income – reported		2,410			2,960			3,105			2,916			2,353			2,712			2,769			2,503
Pre-tax adjustments for items of note
Amortization of intangibles2		80			76			77			86			85			78			74			78
Charges related to the long-term loyalty agreement
with Air Canada2		607			–			–			–			–			–			–			–
Charges associated with the acquisition
of Greystone2		31			–			–			–			–			–			–			–
Charges associated with the Scottrade transaction2		–			25			18			77			73			46			–			–
Impact from U.S. tax reform2		–			–			–			–			48			–			–			–
Dilution gain on the Scottrade transaction3		–			–			–			–			–			(204	)		–			–
Loss on sale of TD Direct Investing business
in Europe4		–			–			–			–			–			–			42			–
Total pre-tax adjustments for items of note		718			101			95			163			206			(80	)		116			78
Provision for (recovery of) income taxes
for items of note		175			13			73			17			(387	)		29			20			20
Net income – adjusted		2,953			3,048			3,127			3,062			2,946			2,603			2,865			2,561
Preferred dividends		60			51			59			52			52			50			47			48
Net income available to common
shareholders and non-controlling
interests in subsidiaries – adjusted	$	2,893		$	2,997		$	3,068		$	3,010		$	2,894		$	2,553		$	2,818		$	2,513
Attributable to:
Common shareholders – adjusted	$	2,875		$	2,979		$	3,050		$	2,992		$	2,876		$	2,518		$	2,789		$	2,485
Non-controlling interests – adjusted		18			18			18			18			18			35			29			28
(Canadian dollars, except as noted)
Basic earnings per share
Reported	$	1.27		$	1.58		$	1.65		$	1.54		$	1.24		$	1.42		$	1.46		$	1.31
Adjusted		1.57			1.63			1.67			1.62			1.56			1.36			1.51			1.34
Diluted earnings per share
Reported		1.27			1.58			1.65			1.54			1.24			1.42			1.46			1.31
Adjusted		1.57			1.63			1.66			1.62			1.56			1.36			1.51			1.34
Return on common equity – reported		12.2	%		15.8	%		16.9	%		16.8	%		13.2	%		15.4	%		15.5	%		14.4	%
Return on common equity – adjusted		15.0			16.3			17.1			17.6			16.6			14.7			16.1			14.8
(billions of Canadian dollars, except as noted)
Average earning assets	$	1,200		$	1,183		$	1,152		$	1,124		$	1,116		$	1,077		$	1,077		$	1,056
Net interest margin		1.94	%		1.93	%		1.95	%		1.97	%		1.93	%		1.96	%		1.94	%		1.98	%

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

³ In connection with TD Ameritrade's acquisition of Scottrade on September 18, 2017, TD Ameritrade issued 38.8 million shares, of which the Bank purchased 11.1 million pursuant to its pre-emptive rights. As a result of the share issuances, the Bank's common stock ownership percentage in TD Ameritrade decreased and the Bank realized a dilution gain of $204 million reported in the Corporate segment.

⁴ On June 2, 2017, the Bank completed the sale of its Direct Investing business in Europe to Interactive Investor PLC. A loss of $40 million after-tax was recorded in the Corporate segment in other income (loss). The loss is not considered to be in the normal course of business for the Bank.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 20

BALANCE SHEET REVIEW

TABLE 16:  SELECTED INTERIM CONSOLIDATED BALANCE SHEET ITEMS¹

(millions of Canadian dollars)			As at
	January 31, 2019		October 31, 2018
Assets
Cash and interest-bearing deposits with banks	$	36,052	$	35,455
Trading loans, securities, and other		122,070		127,897
Non-trading financial assets at fair value through profit or loss		3,875		4,015
Derivatives		45,094		56,996
Financial assets designated at fair value through profit or loss		3,760		3,618
Financial assets at fair value through other comprehensive income		126,253		130,600
Debt securities at amortized cost, net of allowance for credit losses		107,162		107,171
Securities purchased under reverse repurchase agreements		132,430		127,379
Loans, net of allowance for loan losses		648,468		646,393
Other		97,342		95,379
Total assets	$	1,322,506	$	1,334,903
Liabilities
Trading deposits	$	82,559	$	114,704
Derivatives		42,665		48,270
Financial liabilities designated at fair value through profit or loss		26,885		16
Deposits		849,338		851,439
Obligations related to securities sold under repurchase agreements		94,762		93,389
Subordinated notes and debentures		8,893		8,740
Other		135,734		138,305
Total liabilities		1,240,836		1,254,863
Total equity		81,670		80,040
Total liabilities and equity	$	1,322,506	$	1,334,903

¹  Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

Total assets were $1,323 billion as at January 31, 2019, a decrease of $12 billion, or 1%, from October 31, 2018. The decrease was primarily due to derivatives of $12 billion, trading loans, securities, and other of $6 billion, and financial assets at fair value through other comprehensive income of $4 billion. The decrease was partially offset by increases in securities purchased under reverse repurchase agreements of $5 billion, loans, net of allowances for loan losses of $2 billion, and other assets of $2 billion. The foreign currency translation impact on total assets, primarily in the U.S. Retail segment, was a decrease of approximately $1 billion.

Trading loans, securities, and other decreased $6 billion primarily due to a decrease in trading securities, partially offset by higher market value of commodities.

Derivatives decreased $12 billion primarily due to the impact of the foreign exchange, interest rates, and equity markets on the mark-to-market values, partially offset by reduced netting of positions.

Financial assets at fair value through other comprehensive income decreased $4 billion primarily due to sales and maturities, partially offset by new investments.

Securities purchased under reverse repurchase agreements increased $5 billion primarily due to an increase in secured financing activities.

Loans (net of allowance for loan losses) increased $2 billion primarily due to business loans, HELOC, and credit card loans.

Other assets increased $2 billion primarily due to an increase in bankers' acceptance loans, and the impacts of the acquisition of Greystone and the long-term loyalty agreement with Air Canada.

Total liabilities were $1,241 billion as at January 31, 2019, a decrease of $14 billion, or 1%, from October 31, 2018. The decrease was primarily due to trading deposits of $32 billion, derivatives of $6 billion, deposits of $2 billion, and other liabilities of $3 billion. The decrease was partially offset by increases in financial liabilities designated at fair value though profit and loss of $27 billion, and obligations related to securities sold under repurchase agreements of $1 billion. The foreign currency translation impact on total liabilities, primarily in the U.S. Retail segment, was a decrease of approximately $1 billion.

Trading deposits decreased $32 billion as the majority of maturing deposits were reissued as financial liabilities designated at fair value through profit and loss.

Derivatives decreased $6 billion primarily due to the impact of the foreign exchange, interest rates, and equity markets on the mark-to-market values, partially offset by reduced netting of positions.

Financial liabilities designated at fair value through profit and loss increased $27 billion due to new issuances of funding instruments.

Deposits decreased $2 billion primarily due to a decrease in business and government deposits.

Obligations related to securities sold under repurchase agreements increased $1 billion primarily due to an increase in trading volumes.

Other liabilities decreased $3 billion primarily due to amounts payable to brokers, dealers and clients due to unsettled and pending trades.

Equity was $82 billion as at January 31, 2019, an increase of $2 billion, or 2%, from October 31, 2018. The increase was primarily in other comprehensive income due to gains on cash flow hedges, the issuance of common shares due to the acquisition of Greystone, and the issuance of Non-Cumulative 5-year Rate Reset Preferred Shares, Series 22, partially offset by the redemption of the TD Capital Trust III securities and actuarial losses on employee benefit plans.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 21

CREDIT PORTFOLIO QUALITY

Quarterly comparison – Q1 2019 vs. Q1 2018

Gross impaired loans excluding FDIC covered loans and other ACI loans were $3,534 million as at January 31, 2019, an increase of $486 million, or 16%, compared with the first quarter last year. Canadian Retail gross impaired loans increased $102 million, or 12%, compared with the first quarter last year largely due to new formations in the Canadian commercial portfolio. U.S. Retail gross impaired loans increased $415 million, or 19%, compared with the first quarter last year largely reflecting new formations in the commercial portfolio primarily attributable to the power and utilities sector and the impact of foreign exchange. Wholesale gross impaired loans were nil, a decrease of $31 million compared with the first quarter last year reflecting resolutions in the oil and gas sector. Net impaired loans were $2,754 million as at January 31, 2019, an increase of $418 million, or 18%, compared with the first quarter last year, largely driven by the new formations in U.S. commercial portfolio and the impact of foreign exchange.

The allowance for credit losses of $4,804 million as at January 31, 2019, was comprised of Stage 3 allowance for impaired loans of $796 million, Stage 2 allowance of $1,789 million, Stage 1 allowance of $2,213 million collectively for performing loans and off-balance sheet instruments and allowance for debt securities of $6 million.

The Stage 3 allowance for loan losses increased $58 million, or 8%, primarily due to an increase in the U.S. credit card portfolio and the impact of foreign exchange. The Stage 1 and Stage 2 allowance for loan losses increased $428 million, or 12%, largely reflecting an increase in the U.S. credit card portfolio and the impact of foreign exchange.

The allowance for debt securities decreased by $140 million, or 96% compared with the first quarter last year primarily reflecting the sale of certain debt securities.

The Bank periodically reviews the methodology for assessing significant increase in credit risk and expected credit losses (ECLs). Forward-looking information is incorporated as appropriate where macroeconomic scenarios and associated probability weights are updated quarterly and incorporated to determine the probability-weighted ECLs. As part of periodic review and quarterly updates, certain revisions may be made to reflect updates in statistically derived loss estimates for the Bank's recent loss experience of its credit portfolios and forward-looking views, which may cause a change to the allowance for ECLs. During the first quarter of 2019, no changes were made to the methodology.

The Bank calculates allowances for ECLs on debt securities measured at amortized cost and FVOCI. The Bank has $229 billion in such debt securities of which $229 billion are performing securities (Stage 1 and 2) and none are impaired (Stage 3). The allowance for credit losses on debt securities at amortized cost and debt securities at FVOCI was $1 million and $5 million, respectively.

Quarterly comparison – Q1 2019 vs. Q4 2018

Gross impaired loans excluding FDIC covered loans and other ACI loans increased $380 million, or 12%, compared with the prior quarter due to new formations in the U.S. commercial portfolio primarily attributable to the power and utilities sector and seasonal trends in the U.S. credit card and auto portfolios. Impaired loans net of allowance increased $286 million, or 12%, compared with the prior quarter due to new formations in the U.S. commercial portfolio.

The Stage 3 allowance for loan losses increased $92 million, or 13%, compared with the prior quarter reflecting seasonal trends in the U.S. credit card portfolio and an increase attributable to the U.S. commercial portfolio. The Stage 1 and Stage 2 allowance for loan losses increased $128 million, or 3%, compared with the prior quarter.

The allowance for debt securities decreased by $74 million, or 93% compared to the prior quarter primarily reflecting the sale of certain debt securities.

For further details on loans, impaired loans, and allowance for credit losses, refer to Note 6 of the Bank’s first quarter 2019 Interim Consolidated Financial Statements.

TABLE 17:  CHANGES IN GROSS IMPAIRED LOANS AND ACCEPTANCES

(millions of Canadian dollars)	For the three months ended
	January 31 2019			October 31 2018			January 31 2018
Personal, Business, and Government Loans1
Impaired loans as at beginning of period	$	3,154		$	2,964		$	3,085
Classified as impaired during the period		1,722			1,424			1,257
Transferred to performing during the period		(200	)		(227	)		(189	)
Net repayments		(371	)		(327	)		(340	)
Disposals of loans		–			(1	)		(9	)
Amounts written off		(766	)		(705	)		(648	)
Recoveries of loans and advances previously written off		–			–			–
Exchange and other movements		(5	)		26			(108	)
Impaired loans as at end of period	$	3,534		$	3,154		$	3,048

¹ Excludes FDIC covered loans and other ACI loans.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 22

TABLE 18:  ALLOWANCE FOR CREDIT LOSSES

(millions of Canadian dollars, except as noted)							As at
	January 31 2019			October 31 2018			January 31 2018
Allowance for loan losses for on-balance sheet loans
Stage 1 allowance for loan losses	$	1,640		$	1,628		$	1,495
Stage 2 allowance for loan losses		1,293			1,217			1,232
Stage 3 allowance for loan losses		796			704			738
Total allowance for loan losses for on-balance sheet loans		3,729			3,549			3,465
Allowance for off-balance sheet instruments
Stage 1 allowance for loan losses		573			550			463
Stage 2 allowance for loan losses		496			479			384
Total allowance for off-balance sheet instruments		1,069			1,029			847
Allowance for loan losses		4,798			4,578			4,312
Allowance for debt securities		6			80			146
Allowance for credit losses	$	4,804		$	4,658		$	4,458
Impaired loans, net of allowance1,2	$	2,754		$	2,468		$	2,336
Net impaired loans as a percentage of net loans1,2		0.41	%		0.37	%		0.37	%
Provision for loan losses as a percentage of net average loans and acceptances		0.50			0.40			0.44

¹ Excludes FDIC covered loans and other ACI loans.

² Credit cards are considered impaired when they are 90 days past due and written off at 180 days past due.

Real Estate Secured Lending

Retail real estate secured lending includes mortgages and lines of credit to North American consumers to satisfy financing needs including home purchases and refinancing. While the Bank retains first lien on the majority of properties held as security, there is a small portion of loans with second liens, but most of these are behind a TD mortgage that is in first position. In Canada, credit policies ensure that the combined exposure of all uninsured facilities on one property does not exceed 80% of the collateral value at origination. Lending at a higher loan-to-value ratio is permitted by legislation but requires default insurance. This insurance is contractual coverage for the life of eligible facilities and protects the Bank's real estate secured lending portfolio against potential losses caused by borrowers' default. The Bank also purchases default insurance on lower loan-to-value ratio loans. The insurance is provided by either government-backed entities or approved private mortgage insurers. In the U.S., for residential mortgage originations, mortgage insurance is usually obtained from either government-backed entities or approved private mortgage insurers when the loan-to-value exceeds 80% of the collateral value at origination.

The Bank regularly performs stress tests on its real estate lending portfolio as part of its overall stress testing program. This is done with a view to determine the extent to which the portfolio would be vulnerable to a severe downturn in economic conditions. The effect of severe changes in house prices, interest rates, and unemployment levels are among the factors considered when assessing the impact on credit losses and the Bank's overall profitability. A variety of portfolio segments, including dwelling type and geographical regions, are examined during the exercise to determine whether specific vulnerabilities exist. Based on the Bank's most recent reviews, potential losses on all real estate secured lending exposures are considered manageable.

TABLE 19:  CANADIAN REAL ESTATE SECURED LENDING¹

(millions of Canadian dollars)									As at
	Amortizing						Non-amortizing		Total
	Residential Mortgages		Home equity lines of credit		Total amortizing real estate secured lending		Home equity lines of credit
									January 31, 2019
Total	$	193,918	$	51,870	$	245,788	$	35,167	$	280,955
										October 31, 2018
Total	$	193,829	$	50,554	$	244,383	$	35,605	$	279,988

¹ Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at fair value through profit or loss for which no allowance is recorded.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 23

TABLE 20: REAL ESTATE SECURED LENDING^1,2,3

(millions of Canadian dollars, except as noted)																								As at
		Residential mortgages								Home equity lines of credit									Total
		Insured4				Uninsured				Insured4				Uninsured					Insured4				Uninsured
															January 31, 2019
Canada
Atlantic provinces	$	3,443	1.8	%	$	2,596	1.3	%	$	426	0.5	%	$	1,312		1.5	%	$	3,869	1.4	%	$	3,908	1.4	%
British Columbia5		12,008	6.2			23,942	12.3			1,992	2.3			14,418		16.6			14,000	5.0			38,360	13.7
Ontario5		34,212	17.6			61,825	31.9			7,049	8.1			40,685		46.6			41,261	14.7			102,510	36.4
Prairies5		23,191	12.0			15,114	7.8			3,441	4.0			10,988		12.6			26,632	9.5			26,102	9.3
Québec		9,130	4.7			8,457	4.4			1,106	1.3			5,620		6.5			10,236	3.6			14,077	5.0
Total Canada		81,984	42.3	%		111,934	57.7	%		14,014	16.2	%		73,023		83.8	%		95,998	34.2	%		184,957	65.8	%
United States		893				30,889				1				12,134					894				43,023
Total	$	82,877			$	142,823			$	14,015			$	85,157				$	96,892			$	227,980
															October 31, 2018
Canada
Atlantic provinces	$	3,492	1.8	%	$	2,544	1.3	%	$	424	0.5	%	$	1,312		1.5	%	$	3,916	1.4	%	$	3,856	1.4	%
British Columbia5		12,389	6.4			23,460	12.1			1,981	2.3			14,221		16.5			14,370	5.1			37,681	13.5
Ontario5		35,355	18.2			60,308	31.2			7,052	8.2			40,163		46.6			42,407	15.1			100,471	35.9
Prairies5		23,561	12.2			14,998	7.7			3,408	4.0			10,963		12.7			26,969	9.6			25,961	9.3
Québec		9,350	4.8			8,372	4.3			1,105	1.3			5,530		6.4			10,455	3.7			13,902	5.0
Total Canada		84,147	43.4	%		109,682	56.6	%		13,970	16.3	%		72,189		83.7	%		98,117	34.9	%		181,871	65.1	%
United States		900				30,462				1				12,367					901				42,829
Total	$	85,047			$	140,144			$	13,971			$	84,556				$	99,018			$	224,700

¹ Certain comparative amounts have been restated to conform with the presentation adopted in the current period.

² Geographic location is based on the address of the property mortgaged.

³ Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at fair value through profit or loss for which no allowance is recorded.

⁴ Default insurance is contractual coverage for the life of eligible facilities whereby the Bank's exposure to real estate secured lending, all or in part, is protected against potential losses caused by borrower default. It is provided by either government-backed entities or other approved private mortgage insurers.

⁵ The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and the Northwest Territories is included in the Prairies region.

The following table provides a summary of the Bank's residential mortgages by remaining amortization period. All figures are calculated based on current customer payment behaviour in order to properly reflect the propensity to prepay by borrowers. The current customer payment basis accounts for any accelerated payments made to date and projects remaining amortization based on existing balance outstanding and current payment terms.

TABLE 21: RESIDENTIAL MORTGAGES BY REMAINING AMORTIZATION^1,2

																		As at
	<5 years		5–<10 years		10–<15 years		15–<20 years		20–<25 years		25–<30 years			30–<35 years		>=35 years		Total
													January 31, 2019
Canada	1.0	%	3.7	%	6.8	%	15.6	%	43.2	%	29.5	%		0.2	%	–	%	100	%
United States	4.7		7.8		4.8		5.4		29.2		47.2			0.6		0.3		100
Total	1.6	%	4.3	%	6.5	%	14.1	%	41.2	%	32.0	%		0.3	%	–	%	100	%
													October 31, 2018
Canada	1.0	%	3.8	%	6.7	%	15.1	%	42.7	%	30.1	%		0.6	%	–	%	100	%
United States	4.8		8.2		4.8		5.2		29.4		46.3			1.0		0.3		100
Total	1.6	%	4.4	%	6.5	%	13.7	%	40.8	%	32.4	%		0.6	%	–	%	100	%

¹ Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at fair value through profit or loss for which no allowance is recorded.

² Percentage based on outstanding balance.

TABLE 22:  UNINSURED AVERAGE LOAN-TO-VALUE – Newly Originated and Newly Acquired^1,2,3

	For the three months ended
	Residential mortgages			Home equity lines of credit4,5		Total		Residential mortgages			Home equity lines of credit4,5		Total
			January 31, 2019							October 31, 2018
Canada
Atlantic provinces	73	%		69	%	72	%	75	%		71	%	73	%
British Columbia6	66			61		63		65			62		64
Ontario6	68			65		66		67			65		66
Prairies6	73			71		72		73			71		72
Québec	72			72		72		73			73		73
Total Canada	68			65		67		68			66		67
United States	67			64		65		70			59		65
Total	68	%		65	%	67	%	68	%		65	%	67	%

¹ Geographic location is based on the address of the property mortgaged.

² Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at fair value through profit or loss for which no allowance is recorded.

³ Based on house price at origination.

⁴ Home equity lines of credit (HELOC) loan-to-value includes first position collateral mortgage if applicable.

⁵ HELOC fixed rate advantage option is included in loan-to-value calculation.

⁶ The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and the Northwest Territories is included in the Prairies region.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 24

Sovereign Risk

The following table provides a summary of the Bank's credit exposure to certain European countries, including Greece, Italy, Ireland, Portugal, and Spain (GIIPS).

TABLE 23:  EXPOSURE TO EUROPE – Total Net Exposure by Country and Counterparty¹

(millions of Canadian dollars)																										As at
		Loans and commitments2								Derivatives, repos, and securities lending3								Trading and investment portfolio4,5								Total
		Corporate		Sovereign		Financial		Total		Corporate		Sovereign		Financial		Total		Corporate		Sovereign		Financial		Total		Exposure6
Country																					January 31, 2019
GIIPS
Greece	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Italy		–		184		1		185		–		–		3		3		9		26		7		42		230
Ireland		–		–		296		296		9		–		133		142		–		–		–		–		438
Portugal		–		–		–		–		–		131		45		176		–		–		–		–		176
Spain		–		30		57		87		–		–		69		69		15		526		2		543		699
Total GIIPS		–		214		354		568		9		131		250		390		24		552		9		585		1,543
Rest of Europe
Austria		–		–		–		–		6		43		11		60		2		1,022		2		1,026		1,086
Belgium		263		–		161		424		413		16		250		679		41		97		–		138		1,241
Finland		–		102		37		139		–		33		163		196		–		1,111		3		1,114		1,449
France		580		1,227		148		1,955		88		493		1,824		2,405		139		5,431		153		5,723		10,083
Germany		672		669		53		1,394		457		790		1,281		2,528		216		8,202		39		8,457		12,379
Netherlands		466		669		167		1,302		251		355		614		1,220		42		3,429		254		3,725		6,247
Norway		–		154		5		159		1		474		52		527		16		535		769		1,320		2,006
Sweden		–		146		121		267		–		257		119		376		18		1,623		605		2,246		2,889
Switzerland		997		58		119		1,174		24		–		932		956		63		–		81		144		2,274
United Kingdom		2,913		1,706		40		4,659		1,707		678		8,009		10,394		304		984		2,163		3,451		18,504
Other7		–		5		99		104		16		169		628		813		5		433		73		511		1,428
Total Rest of Europe		5,891		4,736		950		11,577		2,963		3,308		13,883		20,154		846		22,867		4,142		27,855		59,586
Total Europe	$	5,891	$	4,950	$	1,304	$	12,145	$	2,972	$	3,439	$	14,133	$	20,544	$	870	$	23,419	$	4,151	$	28,440	$	61,129
Country																					October 31, 2018
GIIPS
Greece	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Italy		–		178		1		179		–		–		3		3		26		22		5		53		235
Ireland		–		–		197		197		17		–		268		285		–		–		–		–		482
Portugal		–		–		–		–		–		139		56		195		1		–		–		1		196
Spain		–		30		56		86		–		–		61		61		23		522		–		545		692
Total GIIPS		–		208		254		462		17		139		388		544		50		544		5		599		1,605
Rest of Europe
Austria		–		–		7		7		9		46		12		67		–		1,008		–		1,008		1,082
Belgium		263		–		225		488		140		34		486		660		40		94		2		136		1,284
Finland		–		141		–		141		–		36		110		146		–		1,071		–		1,071		1,358
France		579		514		133		1,226		77		621		1,822		2,520		122		5,613		176		5,911		9,657
Germany		1,106		354		210		1,670		443		805		933		2,181		240		7,779		63		8,082		11,933
Netherlands		509		706		194		1,409		273		506		362		1,141		44		3,717		265		4,026		6,576
Norway		121		33		5		159		20		288		54		362		24		426		630		1,080		1,601
Sweden		–		67		95		162		–		287		235		522		15		1,548		644		2,207		2,891
Switzerland		997		58		89		1,144		37		–		2,127		2,164		39		–		25		64		3,372
United Kingdom		2,872		1,082		19		3,973		1,558		559		9,262		11,379		336		857		2,429		3,622		18,974
Other7		–		5		99		104		30		164		761		955		3		395		66		464		1,523
Total Rest of Europe		6,447		2,960		1,076		10,483		2,587		3,346		16,164		22,097		863		22,508		4,300		27,671		60,251
Total Europe	$	6,447	$	3,168	$	1,330	$	10,945	$	2,604	$	3,485	$	16,552	$	22,641	$	913	$	23,052	$	4,305	$	28,270	$	61,856

1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

2 Exposures include interest-bearing deposits with banks and are presented net of impairment charges where applicable. There were no impairment charges for European exposures as at January 31, 2019, or October 31, 2018.

³ Exposures are calculated on a fair value basis and are net of collateral. Total market value of pledged collateral is $0.2 billion (October 31, 2018 – $0.4 billion) for GIIPS and $45.5 billion for the rest of Europe (October 31, 2018 – $66 billion). Derivatives are presented as net exposures where there is an International Swaps and Derivatives Association (ISDA) master netting agreement.

⁴ Trading and investment portfolio includes deposits and trading exposures are net of eligible short positions.

⁵ The fair values of the GIIPS exposures in Level 3 in the trading and investment portfolio were not significant as at January 31, 2019 and October 31, 2018.

⁶  The reported exposures do not include $0.2 billion of protection the Bank purchased through CDS (October 31, 2018 – $0.2 billion).

⁷  Other European exposure is distributed across 10 countries (October 31, 2018 – 10 countries), each of which has a net exposure including loans and commitments, derivatives, repos and securities lending, and trading and investment portfolio below $1 billion as at January 31, 2019.

Of the Bank's European exposure, approximately 97% (October 31, 2018 – 96%) is to counterparties in countries rated AA or better by either Moody's Investor Services (Moody's) or Aa3 or better by Standard & Poor's (S&P), with the majority of this exposure to the sovereigns themselves and to well-rated, systemically important banks in these countries. Derivatives and securities repurchase transactions are completed on a collateralized basis. The vast majority of derivatives exposure is offset by cash collateral while the repurchase transactions are backed largely by government securities rated AA or better, and cash. The Bank also takes a limited amount of exposure to well-rated corporate issuers in Europe where the Bank also does business with their related entities in North America.

In addition to the European exposure identified above, the Bank also has $10.7 billion (October 31, 2018 – $11.2 billion) of exposure to supranational entities with European sponsorship and $1.3 billion (October 31, 2018 – $1.0 billion) of indirect exposure to European collateral from non-European counterparties related to repurchase and securities lending transactions that are margined daily.

As part of the Bank's usual credit risk and exposure monitoring processes, all exposures are reviewed on a regular basis. European exposures are reviewed monthly or more frequently as circumstances dictate and are periodically stress tested to identify and understand any potential vulnerabilities. Based on the most recent reviews, all European exposures are considered manageable.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 25

CAPITAL POSITION

REGULATORY CAPITAL

Capital requirements of the Basel Committee on Banking Supervision (BCBS) are commonly referred to as Basel III. Under Basel III, Total Capital consists of three components, namely CET1, Additional Tier 1, and Tier 2 Capital. Risk sensitive regulatory capital ratios are calculated by dividing CET1, Tier 1, and Total Capital by their respective RWA, inclusive of any minimum requirements outlined under the regulatory floor. In 2015, Basel III implemented a non-risk sensitive leverage ratio to act as a supplementary measure to the risk-sensitive capital requirements. The objective of the leverage ratio is to constrain the build-up of excess leverage in the banking sector. The leverage ratio is calculated by dividing Tier 1 Capital by leverage exposure which is primarily comprised of on-balance sheet assets with adjustments made to derivative and securities financing transaction exposures, and credit equivalent amounts of off-balance sheet exposures. TD continues to manage its regulatory capital in accordance with the Basel III Capital Framework as discussed in the "Capital Position" section of the Bank's 2018 Annual Report.

OSFI's Capital Requirements under Basel III

OSFI's Capital Adequacy Requirements (CAR) guideline details how the Basel III capital rules apply to Canadian banks.

From fiscal 2014 to 2018, the CVA capital charge was phased-in based on a scalar approach. For fiscal 2018, the scalars inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively. For fiscal 2019, the CVA has been fully phased-in.

Effective January 1, 2013, all newly issued non-common Tier 1 and Tier 2 Capital instruments must include non-viability contingent capital (NVCC) provisions to qualify as regulatory capital. NVCC provisions require the conversion of non-common capital instruments into a variable number of common shares of the Bank upon the occurrence of a trigger event as defined in the guidance. Existing non-common Tier 1 and Tier 2 capital instruments which do not include NVCC provisions are non-qualifying capital instruments and are subject to a phase-out period which began in 2013 and ends in 2022.

The CAR guideline contains two methodologies for capital ratio calculation: (1) the "transitional" method; and (2) the "all-in" method. The minimum CET1, Tier 1, and Total Capital ratios, based on the "all-in" method, are 4.5%, 6%, and 8%, respectively. OSFI expects Canadian banks to include an additional capital conservation buffer of 2.5%, effectively raising the CET1, Tier 1 Capital, and Total Capital ratio minimum requirements to 7%, 8.5%, and 10.5%, respectively.

In March 2013, OSFI designated the six major Canadian banks as domestic systemically important banks (D-SIBs), for which a 1% common equity capital surcharge is in effect from January 1, 2016. As a result, the six Canadian banks designated as D-SIBs, including TD, are required to meet an "all-in" Pillar 1 target CET1, Tier 1, and Total Capital ratios of 8%, 9.5%, and 11.5%, respectively.

At the discretion of OSFI, a common equity countercyclical capital buffer (CCB) within a range of 0% to 2.5% may be imposed. The primary objective of the CCB is to protect the banking sector against future potential losses resulting from periods of excess aggregate credit growth that have often been associated with the build-up of system-wide risk. The CCB is an extension of the capital conservation buffer and must be met with CET1 capital. The CCB is calculated using the weighted-average of the buffers deployed in Canada and across BCBS member jurisdictions and selected non-member jurisdictions to which the bank has private sector credit exposures.

Effective November 1, 2017, OSFI required D-SIBs and foreign bank subsidiaries in Canada to comply with the CCB regime, phased-in according to the transitional arrangements. As a result, the maximum countercyclical buffer relating to foreign private sector credit exposures was capped at 1.25% of total RWA in the first quarter of 2017 and increases each subsequent year by an additional 0.625%, to reach its final maximum of 2.5% of total RWA in the first quarter of 2019. As at January 31, 2019, the CCB is only applicable to private sector credit exposures located in Hong Kong, Sweden, Norway, and the United Kingdom. Based on the allocation of exposures and buffers currently in place in Hong Kong, Sweden, Norway, and the United Kingdom, the Bank's countercyclical buffer requirement is 0% as at January 31, 2019.

On June 25, 2018, OSFI provided greater transparency related to previously undisclosed Pillar 2 CET1 capital buffer through the introduction of the public Domestic Stability Buffer (DSB). The DSB is held by D-SIBs against Pillar 2 risks associated with systemic vulnerabilities including, but not limited to: i) Canadian consumer indebtedness; ii) asset imbalances in the Canadian market; and iii) Canadian institutional indebtedness. The level of the buffer ranges between 0% and 2.5% of total RWA and must be met with CET1 Capital. At a minimum, OSFI will review the buffer semi-annually and any changes will be made public. The current buffer is set at 1.5%. In December 2018, OSFI announced that the DSB would be set at 1.75% as of April 30, 2019 effectively raising the CET1 target to 9.75%. A breach of the buffer will not automatically constrain capital distributions; however, OSFI will require a remediation plan.

Effective in the second quarter of 2018, OSFI implemented a revised methodology for calculating the regulatory capital floor. The revised floor is based on the Basel II standardized approach, with the floor factor transitioned in over three quarters. The floor was fully transitioned, to a factor of 75%, in the fourth quarter of fiscal 2018. The Bank is not constrained by the capital floor.

In the current quarter, the Bank implemented the revised CAR guidelines related to the domestic implementation of the standardized approach for counterparty credit risk (SA-CCR), capital requirements for bank exposures to central counterparties, as well as revisions to the securitization framework.

The leverage ratio is calculated as per OSFI's Leverage Requirements guideline and has a regulatory minimum requirement of 3%.

The Canadian Bail-in regime, including OSFI's Total Loss Absorbing Capacity (TLAC) guideline, came into effect on September 23, 2018. Under this guideline, the Bank in required to meet target TLAC requirements by November 1, 2021. The Bank is currently subject to a target risk-based TLAC ratio of 23.25% of RWA and a TLAC leverage ratio of 6.75%.

Global Systemically Important Banks Disclosures

In July 2013, the BCBS issued an update to the final rules on Global Systemically Important Banks (G-SIBs) and outlined the G-SIB assessment methodology which is based on the submissions of the largest global banks. Twelve indicators are used in the G-SIB assessment methodology to determine systemic importance. The score for a particular indicator is calculated by dividing the individual bank value by the aggregate amount for the indicator summed across all banks included in the assessment. Accordingly, an individual bank's ranking is reliant on the results and submissions of other global banks. The update also provided clarity on the public disclosure requirements of the twelve indicators used in the assessment methodology. As per OSFI's revised Advisory issued September 2015, the Canadian banks that have been designated as D-SIBs are also required by OSFI to publish, at a minimum, the twelve indicators used in the G-SIB indicator-based assessment framework. Public disclosure of financial year-end data is required annually, no later than the date of a bank's first quarter public disclosure of shareholder financial data in the following year.

In July 2018, BCBS issued a revised G-SIB framework entitled "G-SIBs: revised assessment methodology and the higher loss absorbency requirement". The new assessment methodology introduces a trading volume indicator and modifies the weights in the substitutability category, amends the definition of cross-jurisdictional indicators, extends the scope of consolidation to insurance subsidiaries, and provides further guidance on bucket migration and associated loss absorbency surcharges. The revised methodology is expected to be implemented in 2021.

The indicator-based measurement approach divides the twelve indicators into five categories, with each category yielding a 20% weight to a bank's total score on the G-SIB scale as per the following table.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 26

Category (and weighting)	Individual indicator (and weighting)	Category background
Cross-jurisdictional activity (20%)	1.   Cross-jurisdictional claims (10%) 2.   Cross-jurisdictional liabilities (10%)	This category measures the importance of the bank's activities outside its home jurisdiction, relative to overall activity of other banks. The two indicators account for an understanding that the international impact of a bank's distress or failure would vary in line with its share of cross-jurisdictional assets and liabilities.
Size (20%)	3.   Total exposures as defined for use in the Basel III leverage ratio (20%)	This category measures the size of the bank. The larger the bank, the more difficult it is for its activities to be quickly replaced by other banks and therefore the greater the chance that its distress or failure would cause disruption to the financial markets in which it operates. The distress or failure of a large bank is also more likely to damage confidence in the financial system as a whole. Size is therefore a key measure of systemic importance.
Interconnectedness (20%)	4.   Intra-financial system assets (6.67%) 5.   Intra-financial system liabilities (6.67%) 6.   Securities outstanding (6.67%)	This category measures the magnitude of dependence amongst banks. Given the network of contractual obligations in which the banks operate, financial distress at one institution can materially increase the likelihood of distress at other institutions. A bank's systemic impact is likely to be positively related to its interconnectedness vis-à-vis other financial institutions.
Substitutability / financial institution infrastructure (20%)	7.   Assets under custody (6.67%) 8.   Payments activity (6.67%) 9.   Underwritten transactions in debt and equity markets (6.67%)	This category measures the extent to which other institutions could provide the same service (such as availability of substitutes) of the failed bank. The three indicators also measure the bank's dominance in the financial institution infrastructure in which it operates. The greater a bank's role in a particular business line, or as a service provider in underlying market infrastructure (for example, payment systems), the larger the disruption will likely be following its failure, in terms of both service gaps and reduced flow of market and infrastructure liquidity. At the same time, the cost to the failed bank's customers in having to seek the same service from another institution is likely to be higher for a failed bank with relatively greater market share in providing the service.
Complexity (20%)	10.  Notional amount of over-the-counter (OTC) derivatives (6.67%) 11.  Trading and available-for-sale securities (6.67%) 12.  Level 3 assets (6.67%)	This category measures the complexity of the bank. The systemic impact of a bank's distress or failure is expected to be positively related to its overall complexity – that is, its business, structural, and operational complexity. The more complex a bank is, the greater are the costs and time needed to resolve the bank.

Based on 2017 fiscal year indicators, the Bank was not designated a G-SIB in November 2018. If the Bank were designated a G-SIB in the future, the Bank's capital ratio requirements would include the higher of the D-SIB and G-SIB surcharges, both of which are currently 1%, as per the draft OSFI CAR guideline released for public consultation in August 2017. Additionally, the Bank's minimum leverage ratio requirement would be the current OSFI and BCBS stipulated 3%. The D-SIB and G-SIB surcharges, and leverage ratio requirements, are subject to change at the discretion of the regulators. On December 15, 2016, the Federal Reserve Board adopted a final rule establishing TLAC and related requirements for U.S. bank holding companies designated as G-SIBs and intermediate holding companies (IHCs) of foreign banking organizations designated as G-SIBs. The rule requires that covered institutions maintain a minimum amount of loss-absorbing capital, long-term debt and imposes other limits and requirements so that, in the event of the covered institution's failure, there will be sufficient internal loss-absorbing capacity available to allow for an orderly resolution. If the Bank should be designated as a G-SIB in the future, the rule will be applicable to the Bank's IHC, TD Group US Holding LLC (TDGUS), with a phase-in period.

Failure to meet the Bank's capital ratios and TLAC requirements, including any applicable surcharge if the Bank were designated a G-SIB in the future, could result in limitations on the Bank's ability to distribute capital and make certain discretionary compensation payments, and may negatively impact TD's reputation in the market.

The following table provides the results of the twelve indicators for the Bank. The increase in Cross-jurisdictional liabilities is due to an increase in deposits and obligations related to securities sold under repurchase agreements. The increase in notional amount of OTC derivatives is due to foreign exchange forwards and interest rate swaps.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 27

TABLE 24:  G-SIB INDICATORS

(millions of Canadian dollars)					As at
		October 31 2018		October 31 2017
Category (and weighting)	Individual Indicator
Cross-jurisdictional activity (20%)	Cross-jurisdictional claims	$	614,504	$	580,509
	Cross-jurisdictional liabilities		567,172		457,379
Size (20%)	Total exposures as defined for use in the Basel III leverage ratio		1,452,835		1,366,804
Interconnectedness (20%)	Intra-financial system assets		82,249		81,564
	Intra-financial system liabilities		44,761		37,990
	Securities outstanding		363,154		330,694
Substitutability / financial institution	Assets under custody		410,970		410,462
infrastructure (20%)	Payments activity		28,769,038		27,109,728
	Underwritten transactions in debt and equity markets		140,173		134,448
Complexity (20%)	Notional amount of OTC derivatives		13,382,592		10,266,636
	Trading and available-for-sale securities		93,353		92,689
	Level 3 assets		3,352		3,586

The following table provides details of TD's regulatory capital position.

TABLE 25:  REGULATORY CAPITAL POSITION

(millions of Canadian dollars, except as noted)								As at
	January 31 2019			October 31 2018			January 31 2018
Capital
Common Equity Tier 1 Capital	$	52,668		$	52,389		$	46,809
Tier 1 Capital		59,396			59,735			53,403
Total Capital		69,968			70,434			62,769
Common Equity Tier 1 Capital risk-weighted assets for:
Credit risk1		370,583			370,044			335,600
Market risk		15,735			13,213			11,303
Operational risk		53,006			52,375			49,416
Regulatory floor		–			–			44,954
Total	$	439,324		$	435,632		$	441,273
Capital and leverage ratios
Common Equity Tier 1 Capital ratio1		12.0	%		12.0	%		10.6	%
Tier 1 Capital ratio1		13.5			13.7			12.1
Total Capital ratio1		15.9			16.2			14.2
Leverage ratio		4.1			4.2			4.0

1 Each capital ratio has its own RWA measure due to the OSFI-prescribed scalar for inclusion of the CVA. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%. For fiscal 2019, the scalars are 100%.

As at January 31, 2019, the Bank's CET1, Tier 1, and Total Capital ratios were 12.0%, 13.5%, and 15.9%, respectively. Compared with the Bank's CET1 Capital ratio of 12.0% at October 31, 2018, the CET1 Capital ratio remained relatively flat as the decrease due to the loyalty agreement with Air Canada, common shares repurchased, actuarial losses on employee benefit plans, and the acquisition of Greystone was offset by organic capital growth.

As at January 31, 2019, the Bank's Leverage ratio was 4.1%, compared with the Bank's Leverage ratio of 4.2% at October 31, 2018. The Leverage ratio decreased due to an increase in exposure resulting from the implementation of the standardized approach for measuring counterparty credit risk, partially offset by capital generation and preferred share issuances.

Future Regulatory Capital Developments

Future regulatory capital developments, in addition to those described in the "Future Regulatory Capital Developments" section of the Bank's 2018 Annual Report, are noted below.

In January 2019, BCBS issued the final minimum capital requirements for market risk standard. The key aspects of the standard include: clarification on the scope; a refined standardized approach for foreign exchange risk and index instruments; revised standardized risk weights applicable to general interest rate risk, foreign exchange, and certain other exposures; revisions to the assessment process relating to internal models reflecting the risks on individual trading desks; and revisions related to identification of risk factors that are eligible for internal modelling. The standard is effective January 1, 2022.

In December 2018, BCBS issued a consultative document on leverage ratio disclosure requirements. The proposal requires banks to include in Pillar 3 disclosures, in addition to current requirements, the amount of each of the following exposures calculated based on an average of daily values over the quarter: adjusted gross securities financing transaction assets; replacement cost derivative exposures; and central bank reserves that are included on-balance sheet. The revisions are expected to be implemented no later than January 1, 2022.

In December 2018, OSFI released proposed revisions to the Large Exposure Limit guideline. The proposed guideline specifies a number of revisions to the large exposure limit calculation including, moving the eligible capital base from Total capital to Tier 1 capital, tighter limits for exposures to systemically important banks, and providing for the recognition of eligible credit risk mitigation techniques. It also contains additional guidance for determining groups of connected counterparties. The guideline is expected to be implemented in the first quarter of 2020.

In December 2018, BCBS issued the final "Pillar 3 disclosure requirements – updated framework". The framework includes disclosure revisions and additions arising from the finalization of the Basel III reforms related to the following areas: credit risk, operational risk, leverage ratio, credit valuation adjustment risk; RWA calculated by the Bank's internal models and under standardized approaches; and an overview of risk management, RWA, and key prudential metrics. The framework also contains new disclosure requirements related to asset encumbrance and capital distribution constraints. These disclosure requirements, together with the first and second phase of the revised Pillar 3 disclosure requirements, issued in January 2015 and March 2017 respectively, complete the Pillar 3 framework. The disclosure requirements related to Basel III reforms are effective January 1, 2022.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 28

Normal Course Issuer Bid

On December 10, 2018, the Bank announced that the Toronto Stock Exchange (TSX) and OSFI approved the Bank's amended normal course issuer bid (NCIB) to repurchase for cancellation up to an additional 20 million of the Bank's common shares. During the three months ended January 31, 2019, the Bank repurchased 4.5 million common shares under its NCIB at an average price of $69.63 per share for a total amount of $313 million.

On April 19, 2018, the Bank announced that the TSX and OSFI approved the Bank's previously announced NCIB to repurchase for cancellation up to 20 million of the Bank's common shares. During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its NCIB at an average price of $75.07 per share for a total amount of $1.5 billion.

TABLE 26:  EQUITY AND OTHER SECURITIES

(millions of shares/units, except as noted)					As at
		January 31, 2019			October 31, 2018
	Number of shares/units			Number of shares/units
Common shares outstanding		1,832.8			1,830.4
Treasury shares – common		(2.0	)		(2.1	)
Total common shares		1,830.8			1,828.3
Stock options
Vested		6.5			4.7
Non-vested		8.2			8.4
Preferred shares – Class A
Series 1		20.0			20.0
Series 3		20.0			20.0
Series 5		20.0			20.0
Series 7		14.0			14.0
Series 9		8.0			8.0
Series 11		6.0			6.0
Series 12		28.0			28.0
Series 14		40.0			40.0
Series 16		14.0			14.0
Series 18		14.0			14.0
Series 20		16.0			16.0
Series 22		14.0			–
		214.0			200.0
Treasury shares – preferred		(0.1	)		(0.3	)
Total preferred shares		213.9			199.7
Capital Trust Securities (thousands of shares)
Trust units issued by TD Capital Trust III:
TD Capital Trust III Securities – Series 20081		–			1,000.0
Debt issued by TD Capital Trust IV:
TD Capital Trust IV Notes – Series 1		550.0			550.0
TD Capital Trust IV Notes – Series 2		450.0			450.0
TD Capital Trust IV Notes – Series 3		750.0			750.0

¹ TD Capital Trust III redeemed all of the outstanding TD Capital Trust III Securities – Series 2008 on December 31, 2018.

Preferred shares Series 1, 3, 5, 7, 9, 11, 12, 14, 16, 18, 20, and 22 include NVCC provisions. If a NVCC trigger event were to occur, the maximum number of common shares that could be issued, assuming there are no declared and unpaid dividends on the respective series of preferred shares at the time of conversion, would be 1.1 billion in aggregate.

For NVCC subordinated notes and debentures, if a NVCC trigger event were to occur, the maximum number of common shares that could be issued, assuming there is no accrued and unpaid interest on the respective subordinated notes and debentures, would be 2,550 million in aggregate. The following subordinated debentures contain NVCC provisions: the 2.692% subordinated debentures due June 24, 2025, 2.982% subordinated debentures due September 30, 2025, 3.589% subordinated debentures due September 14, 2028, 3.224% subordinated debentures due July 25, 2029, 4.859% subordinated debentures due March 4, 2031, and the 3.625% subordinated debentures due September 15, 2031. Refer to Note 19 of the Bank's 2018 Consolidated Financial Statements for additional details.

MANAGING RISK

EXECUTIVE SUMMARY

Growing profitability in financial services involves selectively taking and managing risks within TD's risk appetite. The Bank's goal is to earn a stable and sustainable rate of return for every dollar of risk it takes, while putting significant emphasis on investing in TD's businesses to ensure it can meet its future strategic objectives.

TD's businesses and operations are exposed to a broad number of risks that have been identified and defined in the Enterprise Risk Framework. The Bank's tolerance to those risks is defined in the Enterprise Risk Appetite which has been developed within a comprehensive framework that takes into consideration current conditions in which the Bank operates and the impact that emerging risks will have on TD's strategy and risk profile. The Bank's risk appetite states that it takes risks required to build its business, but only if those risks: (1) fit the business strategy, and can be understood and managed; (2) do not expose the enterprise to any significant single loss events; TD does not 'bet the bank' on any single acquisition, business, or product; and (3) do not risk harming the TD brand. Each business is responsible for setting and aligning its individual risk appetites with that of the enterprise based on a thorough examination of the specific risks to which it is exposed.

TD considers it critical to regularly assess its operating environment and highlight top and emerging risks. These are risks with a potential to have a material effect on the Bank and where the attention of senior leaders is focused due to the potential magnitude or immediacy of their impact.

Risks are identified, discussed, and actioned by senior leaders and reported quarterly to the Risk Committee of the Board and the Board. Specific plans to mitigate top and emerging risks are prepared, monitored, and adjusted as required.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 29

The Bank's risk governance structure and risk management approach have not substantially changed from that described in the Bank's 2018 Annual Report. Additional information on risk factors can be found in the 2018 MD&A under the heading "Risk Factors and Management". For a complete discussion of the risk governance structure and the risk management approach, refer to the "Managing Risk" section in the Bank's 2018 Annual Report.

The shaded sections of this MD&A represent a discussion relating to market and liquidity risks and form an integral part of the Interim Consolidated Financial Statements for the period ended January 31, 2019.

CREDIT RISK

Gross credit risk exposure, also referred to as exposure at default (EAD), is the total amount the Bank is exposed to at the time of default of a loan and is measured before counterparty-specific provisions or write-offs. Gross credit risk exposure does not reflect the effects of credit risk mitigation and includes both on-balance sheet and off-balance sheet exposures. On-balance sheet exposures consist primarily of outstanding loans, acceptances, non-trading securities, derivatives, and certain other repo-style transactions. Off-balance sheet exposures consist primarily of undrawn commitments, guarantees, and certain other repo-style transactions.

Gross credit risk exposures for the two approaches the Bank uses to measure credit risk are included in the following table.

TABLE 27:  GROSS CREDIT RISK EXPOSURES – Standardized and Advanced Internal Ratings Based (AIRB) Approaches¹

(millions of Canadian dollars)												As at
				January 31, 2019				October 31, 2018
	Standardized		AIRB		Total		Standardized		AIRB		Total
Retail
Residential secured	$	3,273	$	372,929	$	376,202	$	3,091	$	371,450	$	374,541
Qualifying revolving retail		–		112,260		112,260		–		112,388		112,388
Other retail		13,001		79,782		92,783		12,835		80,513		93,348
Total retail		16,274		564,971		581,245		15,926		564,351		580,277
Non-retail
Corporate		133,793		349,996		483,789		132,030		346,751		478,781
Sovereign		91,117		147,652		238,769		95,411		136,951		232,362
Bank		19,247		100,466		119,713		18,019		110,295		128,314
Total non-retail		244,157		598,114		842,271		245,460		593,997		839,457
Gross credit risk exposures	$	260,431	$	1,163,085	$	1,423,516	$	261,386	$	1,158,348	$	1,419,734

¹ Gross credit risk exposures represent EAD and are before the effects of credit risk mitigation. This table excludes securitization, equity, and other credit RWA.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 30

MARKET RISK

Market risk capital is calculated using internal models and comprises three components: (1) Value-at-Risk (VaR); (2) Stressed VaR; and (3) Incremental Risk Charge (IRC). In addition, the Bank calculates market risk capital using the Standardized approach for a limited number of portfolios.

Market Risk Linkage to the Balance Sheet

The following table provides a breakdown of the Bank's balance sheet into assets and liabilities exposed to trading and non-trading market risks. Market risk of assets and liabilities included in the calculation of VaR and other metrics used for regulatory market risk capital purposes is classified as trading market risk.

TABLE 28:  MARKET RISK LINKAGE TO THE BALANCE SHEET

(millions of Canadian dollars)																	As at
	January 31, 2019								October 31, 2018
	Balance sheet		Trading market risk		Non-trading market risk		Other		Balance sheet		Trading market risk		Non-trading market risk		Other		Non-trading market risk – primary risk sensitivity
Assets subject to market risk
Interest-bearing deposits with banks	$	31,671	$	244	$	31,427	$	–	$	30,720	$	729	$	29,991	$	–		Interest rate
Trading loans, securities, and other		122,070		118,962		3,108		–		127,897		125,437		2,460		–		Interest rate
Non-trading financial assets at fair value through profit or loss		3,875		–		3,875		–		4,015		–		4,015		–		Equity, foreign exchange, interest rate
Derivatives		45,094		41,510		3,584		–		56,996		53,087		3,909		–		Equity, foreign exchange, interest rate
Financial assets designated at fair value through profit or loss		3,760		–		3,760		–		3,618		–		3,618		–		Interest rate
Financial assets at fair value through other comprehensive income		126,253		–		126,253		–		130,600		–		130,600		–		Equity, foreign exchange, interest rate
Debt securities at amortized cost, net of allowance for credit losses		107,162		–		107,162		–		107,171		–		107,171		–		Foreign exchange, interest rate
Securities purchased under reverse repurchase agreements		132,430		4,384		128,046		–		127,379		3,920		123,459		–		Interest rate
Loans, net of allowance for loan losses		648,468		–		648,468		–		646,393		–		646,393		–		Interest rate
Customers' liability under acceptances		17,881		–		17,881		–		17,267		–		17,267		–		Interest rate
Investment in TD Ameritrade		8,679		–		8,679		–		8,445		–		8,445		–		Equity
Other assets1		1,610		–		1,610		–		1,751		–		1,751		–		Interest rate
Assets not exposed to market risk		73,553		–		–		73,553		72,651		–		–		72,651
Total Assets		1,322,506		165,100		1,083,853		73,553		1,334,903		183,173		1,079,079		72,651
Liabilities subject to market risk
Trading deposits		82,559		7,774		74,785		–		114,704		6,202		108,502		–		Interest rate
Derivatives		42,665		38,413		4,252		–		48,270		44,119		4,151		–		Equity, foreign exchange, interest rate
Securitization liabilities at fair value		12,294		12,294		–		–		12,618		12,618		–		–		Interest rate
Financial liabilities designated at fair value through profit or loss		26,885		5		26,880		–		16		2		14				Interest rate
Deposits		849,338		–		849,338		–		851,439		–		851,439		–		Interest rate
Acceptances		17,881		–		17,881		–		17,269		–		17,269		–		Interest rate
Obligations related to securities sold short		38,890		36,874		2,016		–		39,478		37,323		2,155		–		Interest rate
Obligations related to securities sold under repurchase agreements		94,762		2,712		92,050		–		93,389		3,797		89,592		–		Interest rate
Securitization liabilities at amortized cost		13,986		–		13,986		–		14,683		–		14,683		–		Interest rate
Subordinated notes and debentures		8,893		–		8,893		–		8,740		–		8,740		–		Interest rate
Other liabilities1		16,811		–		16,811		–		16,134		–		16,134		–		Equity, interest rate
Liabilities and Equity not exposed to market risk		117,542		–		–		117,542		118,163		–		–		118,163
Total Liabilities and Equity	$	1,322,506	$	98,072	$	1,106,892	$	117,542	$	1,334,903	$	104,061	$	1,112,679	$	118,163

¹  Relates to retirement benefits, insurance, and structured entity liabilities.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 31

Calculating VaR

TD computes total VaR on a daily basis by combining the General Market Risk (GMR) and Idiosyncratic Debt Specific Risk (IDSR) associated with the Bank's trading positions.

GMR is determined by creating a distribution of potential changes in the market value of the current portfolio using historical simulation. The Bank values the current portfolio using the market price and rate changes of the most recent 259 trading days for equity, interest rate, foreign exchange, credit, and commodity products. GMR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. A one-day holding period is used for GMR calculation, which is scaled up to ten days for regulatory capital calculation purposes.

IDSR measures idiosyncratic (single-name) credit spread risk for credit exposures in the trading portfolio using Monte Carlo simulation. The IDSR model is based on the historical behaviour of five-year idiosyncratic credit spreads. Similar to GMR, IDSR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. IDSR is measured for a ten-day holding period.

The following graph discloses daily one-day VaR usage and trading net revenue, reported on a taxable equivalent basis, within Wholesale Banking. Trading net revenue includes trading income and net interest income related to positions within the Bank's market risk capital trading books. For the quarter ended January 31, 2019, there were 14 days of trading losses and trading net revenue was positive for 78% of the trading days. Losses in the quarter did not exceed VaR on any trading day.

VaR is a valuable risk measure but it should be used in the context of its limitations, for example:

• VaR uses historical data to estimate future events, which limits its forecasting abilities;

• it does not provide information on losses beyond the selected confidence level; and

• it assumes that all positions can be liquidated during the holding period used for VaR calculation.

The Bank continuously improves its VaR methodologies and incorporates new risk measures in line with market conventions, industry best practices, and regulatory requirements.

To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk management and capital purposes. These include Stressed VaR, IRC, Stress Testing Framework, as well as limits based on the sensitivity to various market risk factors.

Calculating Stressed VaR

In addition to VaR, the Bank also calculates Stressed VaR, which includes Stressed GMR and Stressed IDSR. Stressed VaR is designed to measure the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of stressed market conditions. Stressed VaR is determined using similar techniques and assumptions in GMR and IDSR VaR. However, instead of using the most recent 259 trading days (one year), the Bank uses a selected year of stressed market conditions. In the first quarter of 2019, Stressed VaR was calculated using the one-year period that began on February 1, 2008. The appropriate historical one-year period to use for Stressed VaR is determined on a quarterly basis. Stressed VaR is a part of regulatory capital requirements.

Calculating the Incremental Risk Charge

The IRC is applied to all instruments in the trading book subject to migration and default risk. Migration risk represents the risk of changes in the credit ratings of the Bank's exposures. TD applies a Monte Carlo simulation with a one-year horizon and a 99.9% confidence level to determine IRC, which is consistent with regulatory requirements. IRC is based on a "constant level of risk" assumption, which requires banks to assign a liquidity horizon to positions that are subject to IRC. IRC is a part of regulatory capital requirements.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 32

The following table presents the end of quarter, average, high, and low usage of TD's portfolio metrics.

TABLE 29:  PORTFOLIO MARKET RISK MEASURES

(millions of Canadian dollars)	For the three months ended
	January 31 2019											October 31 2018			January 31 2018
	As at			Average			High			Low		Average			Average
Interest rate risk	$	12.0		$	12.9		$	17.2		$	8.2	$	12.5		$	9.0
Credit spread risk		15.6			19.7			22.5			15.6		14.6			9.2
Equity risk		9.1			7.1			10.6			5.1		5.7			7.6
Foreign exchange risk		6.8			6.5			10.2			2.8		5.3			3.7
Commodity risk		2.4			2.6			4.8			1.6		3.3			2.7
Idiosyncratic debt specific risk		16.0			20.2			23.5			16.0		16.2			14.2
Diversification effect1		(36.7	)		(41.4	)		n/m	2		n/m		(34.3	)		(27.2	)
Total Value-at-Risk (one-day)		25.2			27.6			31.8			23.9		23.3			19.2
Stressed Value-at-Risk (one-day)		39.6			60.5			84.4			39.6		46.6			39.0
Incremental Risk Capital Charge (one-year)	$	192.8		$	232.6		$	266.9		$	192.8	$	185.8		$	207.3

 ¹  The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification.

 ²  Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

Average VaR increased quarter-over-quarter and year-over-year due to an increase in debt specific risk reflecting a combination of changes in government and financial bonds positions and changes in market rates. Average Stressed VaR increased quarter-over-quarter and year-over-year driven by U.S. interest rate risk positions.

Average IRC increased quarter-over-quarter and year-over-year due to Canadian bank positions.

Validation of VaR Model

The Bank uses a back-testing process to compare the actual and theoretical profit and losses to VaR to ensure that they are consistent with the statistical results of the VaR model. The theoretical profit or loss is generated using the daily price movements on the assumption that there is no change in the composition of the portfolio. Validation of the IRC model must follow a different approach since the one-year horizon and 99.9% confidence level preclude standard back-testing techniques. Instead, key parameters of the IRC model such as transition and correlation matrices are subject to independent validation by benchmarking against external study results or through analysis using internal or external data.

Interest Rate Risk

The following graph shows the Bank's interest rate risk exposure (as measured by Economic Value at Risk (EVaR)) on all non-trading assets, liabilities, and derivative instruments used for structural interest rate management. This reflects the interest rate risk from personal and commercial banking products (loans and deposits) as well as related funding, investments and high-quality liquid assets (HQLA). EVaR is defined as the difference between the change in the present value of the Bank's asset portfolio and the change in the present value of the Bank's liability portfolio, including off-balance sheet instruments and assumed profiles for non-rate sensitive products, resulting from an immediate and sustained 100 bps unfavourable interest rate shock. EVaR measures the relative sensitivity of asset and liability cash flow mismatches to changes in interest rates. Closely matching asset and liability cash flows reduces EVaR and mitigates the risk of volatility in future net interest income.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 33

The Bank uses derivative financial instruments, wholesale investments, funding instruments, other capital market alternatives, and, less frequently, product pricing strategies to manage interest rate risk. As at January 31, 2019 an immediate and sustained 100 bps increase in interest rates would have decreased the economic value of shareholders' equity by $304 million (October 31, 2018 – $238 million decrease) after-tax. An immediate and sustained 100 bps decrease in interest rates would have reduced the economic value of shareholders' equity by $149 million (October 31, 2018 – $2 million increase) after-tax.

The interest risk exposure, or EVaR, in the insurance business is not included in the above graph. Interest rate risk in the insurance business is managed using defined exposure limits and processes, as set and governed by the insurance Board of Directors.

The following table shows the sensitivity of the economic value of shareholders' equity (after-tax) by currency for those currencies where TD has material exposure.

TABLE 30:  SENSITIVITY OF AFTER-TAX ECONOMIC VALUE-AT-RISK BY CURRENCY

(millions of Canadian dollars)													As at
	January 31, 2019						October 31, 2018						January 31, 2018
	100 bps increase			100 bps decrease			100 bps increase			100 bps decrease			100 bps increase			100 bps decrease
Canadian dollar	$	(58	)	$	1		$	(41	)	$	(17	)	$	(28	)	$	(56	)
U.S. dollar		(246	)		(150	)		(197	)		19			(275	)		(36	)
	$	(304	)	$	(149	)	$	(238	)	$	2		$	(303	)	$	(92	)

Liquidity Risk

Liquidity risk is the risk of having insufficient cash or collateral to meet financial obligations and an inability to, in a timely manner, raise funding or monetize assets at a non-distressed price. Financial obligations can arise from deposit withdrawals, debt maturities, commitments to provide credit or liquidity support or the need to pledge additional collateral.

TD'S LIQUIDITY RISK APPETITE

The Bank maintains a prudent and disciplined approach to managing its potential exposure to liquidity risk. The Bank targets a 90-day survival horizon under a combined Bank-specific and market-wide stress scenario, and a minimum buffer over regulatory requirements prescribed by the OSFI Liquidity Adequacy Requirements (LAR) guideline. Under the LAR guideline, Canadian banks are required to maintain a Liquidity Coverage Ratio (LCR) at the minimum of 100%. The Bank operates under a prudent funding paradigm with an emphasis on maximizing deposits as a core source of funding and having a ready access to wholesale funding markets across diversified terms, funding types, and currencies so as to ensure low exposure to a sudden contraction of wholesale funding capacity and to minimize structural liquidity gaps. The Bank also maintains a detailed contingency funding plan to enhance preparedness for recovery from potential liquidity stress events. The resultant management strategies and actions comprise an integrated liquidity risk management program that ensures low exposure to identified sources of liquidity risk and compliance with regulatory requirements.

LIQUIDITY RISK MANAGEMENT RESPONSIBILITY

The Bank's Asset/Liability and Capital Committee (ALCO) oversees the Bank's liquidity risk management program. It is designed to ensure there are effective management structures and policies in place to properly measure and manage liquidity risk. The Global Liquidity Forum (GLF), a subcommittee of the ALCO comprised of senior management from TBSM, Risk Management, Finance, and Wholesale Banking, identifies and monitors the Bank's liquidity risks. The management of liquidity risk is the responsibility of the Head of TBSM, while oversight and challenge are provided by the ALCO and independently by Risk Management. The Risk Committee of the Board regularly reviews the Bank's liquidity position and approves the Bank's Liquidity Risk Management Framework bi-annually and the related policies annually.

Pursuant to the Enhanced Prudential Standards for Bank Holding Companies and Foreign Banking Organizations, the Bank has established TD Group US Holding LLC (TDGUS), as TD's U.S. IHC, and a Combined U.S. Operations (CUSO) reporting unit that consists of the IHC and TD's U.S. branch and agency network. Both TDGUS and CUSO are managed to the U.S. Enhanced Prudential Standards liquidity requirements in addition to the Bank's liquidity management framework.

The Bank's liquidity risk appetite and liquidity risk management approach have not substantially changed from that described in the Bank's 2018 Annual Report. For a complete discussion of liquidity risk, refer to the "Liquidity Risk" section in the Bank's 2018 Annual Report.

LIQUID ASSETS

The unencumbered liquid assets the Bank holds to meet its liquidity requirements must be high-quality securities that the Bank believes can be monetized quickly in stress conditions with minimum loss in market value. Unencumbered liquid assets are represented in a cumulative liquidity gap framework with adjustments made for estimated market or trading depths, settlement timing, and/or other identified impediments to potential sale or pledging. Overall, the Bank expects any reduction in market value of its liquid asset portfolio to be modest given the underlying high credit and liquidity quality.

Assets held by the Bank to meet liquidity requirements are summarized in the following tables. The tables do not include assets held within the Bank's insurance businesses due to investment restrictions.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 34

TABLE 31:  SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY¹

(millions of Canadian dollars, except as noted)													As at
	Bank-owned liquid assets		Securities received as collateral from securities financing and derivative transactions2		Total liquid assets		% of total			Encumbered liquid assets		Unencumbered liquid assets2
				January 31, 2019
Cash and due from banks	$	2,018	$	–	$	2,018		–	%	$	161	$	1,857
Canadian government obligations		14,285		56,195		70,480		13			40,525		29,955
National Housing Act Mortgage-Backed Securities (NHA MBS)		42,208		49		42,257		7			4,310		37,947
Provincial government obligations		14,256		18,908		33,164		6			22,112		11,052
Corporate issuer obligations		4,928		4,214		9,142		2			3,949		5,193
Equities		6,922		2,470		9,392		2			5,624		3,768
Other marketable securities and/or loans		4,154		447		4,601		1			337		4,264
Total Canadian dollar-denominated		88,771		82,283		171,054		31			77,018		94,036
Cash and due from banks		26,327		–		26,327		5			28		26,299
U.S. government obligations		31,779		33,216		64,995		12			29,442		35,553
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		48,472		6,832		55,304		10			16,379		38,925
Other sovereign obligations		52,558		39,670		92,228		16			29,529		62,699
Corporate issuer obligations		76,697		2,722		79,419		14			7,405		72,014
Equities		31,616		33,202		64,818		11			30,671		34,147
Other marketable securities and/or loans		5,620		659		6,279		1			967		5,312
Total non-Canadian dollar-denominated		273,069		116,301		389,370		69			114,421		274,949
Total	$	361,840	$	198,584	$	560,424		100	%	$	191,439	$	368,985
			October 31, 2018
Cash and due from banks	$	3,002	$	–	$	3,002		1	%	$	1,098	$	1,904
Canadian government obligations		18,256		63,463		81,719		14			47,572		34,147
NHA MBS		39,649		42		39,691		6			3,057		36,634
Provincial government obligations		12,720		19,241		31,961		5			23,651		8,310
Corporate issuer obligations		6,622		3,767		10,389		2			3,769		6,620
Equities		10,554		1,637		12,191		2			6,028		6,163
Other marketable securities and/or loans		2,655		349		3,004		1			277		2,727
Total Canadian dollar-denominated		93,458		88,499		181,957		31			85,452		96,505
Cash and due from banks		24,046		–		24,046		4			28		24,018
U.S. government obligations		30,163		37,691		67,854		12			32,918		34,936
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		47,150		927		48,077		8			7,522		40,555
Other sovereign obligations		56,034		45,912		101,946		18			41,993		59,953
Corporate issuer obligations		78,160		1,576		79,736		14			7,234		72,502
Equities		33,514		37,666		71,180		12			32,206		38,974
Other marketable securities and/or loans		4,786		4		4,790		1			191		4,599
Total non-Canadian dollar-denominated		273,853		123,776		397,629		69			122,092		275,537
Total	$	367,311	$	212,275	$	579,586		100	%	$	207,544	$	372,042

     ¹   Positions stated include gross asset values pertaining to secured borrowing/lending and reverse-repurchase/repurchase businesses.

     ²   Liquid assets include collateral received that can be re-hypothecated or otherwise redeployed.

Liquid assets are held in The Toronto-Dominion Bank and multiple domestic and foreign subsidiaries and branches and are summarized in the following table.

TABLE 32:  SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES

(millions of Canadian dollars)			As at
	January 31 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	131,008	$	136,544
Bank subsidiaries		217,237		217,565
Foreign branches		20,740		17,933
Total	$	368,985	$	372,042

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 35

The Bank's monthly average liquid assets (excluding those held in insurance subsidiaries) for the quarters ended January 31, 2019 and October 31, 2018, are summarized in the following table.

TABLE 33:  SUMMARY OF AVERAGE LIQUID ASSETS BY TYPE AND CURRENCY¹

(millions of Canadian dollars, except as noted)			Average for the three months ended
	Bank-owned liquid assets		Securities received as collateral from securities financing and derivative transactions2		Total liquid assets		% of Total			Encumbered liquid assets		Unencumbered liquid assets2
			January 31, 2019
Cash and due from banks	$	2,583	$	–	$	2,583		–	%	$	451	$	2,132
Canadian government obligations		15,721		57,341		73,062		12			42,228		30,834
NHA MBS		42,274		40		42,314		7			3,890		38,424
Provincial government obligations		13,372		19,900		33,272		6			23,001		10,271
Corporate issuer obligations		5,349		4,017		9,366		2			3,845		5,521
Equities		7,367		2,972		10,339		2			6,220		4,119
Other marketable securities and/or loans		3,414		465		3,879		1			345		3,534
Total Canadian dollar-denominated		90,080		84,735		174,815		30			79,980		94,835
Cash and due from banks		30,137		–		30,137		5			28		30,109
U.S. government obligations		33,103		38,549		71,652		12			35,498		36,154
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		49,877		6,911		56,788		10			17,436		39,352
Other sovereign obligations		54,201		42,376		96,577		16			30,857		65,720
Corporate issuer obligations		79,597		2,800		82,397		14			7,109		75,288
Equities		33,735		35,711		69,446		12			31,206		38,240
Other marketable securities and/or loans		5,763		239		6,002		1			677		5,325
Total non-Canadian dollar-denominated		286,413		126,586		412,999		70			122,811		290,188
Total	$	376,493	$	211,321	$	587,814		100	%	$	202,791	$	385,023
			October 31, 2018
Cash and due from banks	$	4,200	$	–	$	4,200		1	%	$	935	$	3,265
Canadian government obligations		16,586		61,096		77,682		13			44,245		33,437
NHA MBS		40,487		43		40,530		7			3,496		37,034
Provincial government obligations		12,208		18,597		30,805		5			23,316		7,489
Corporate issuer obligations		6,382		3,814		10,196		2			2,890		7,306
Equities		11,202		2,015		13,217		2			5,225		7,992
Other marketable securities and/or loans		2,662		400		3,062		1			265		2,797
Total Canadian dollar-denominated		93,727		85,965		179,692		31			80,372		99,320
Cash and due from banks		28,225		–		28,225		5			28		28,197
U.S. government obligations		31,039		37,601		68,640		12			35,498		33,142
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		46,720		966		47,686		8			8,100		39,586
Other sovereign obligations		54,256		49,743		103,999		18			43,555		60,444
Corporate issuer obligations		76,491		1,557		78,048		13			6,584		71,464
Equities		33,840		36,898		70,738		12			32,668		38,070
Other marketable securities and/or loans		4,671		25		4,696		1			590		4,106
Total non-Canadian dollar-denominated		275,242		126,790		402,032		69			127,023		275,009
Total	$	368,969	$	212,755	$	581,724		100	%	$	207,395	$	374,329

¹ Positions stated include gross asset values pertaining to secured borrowing/lending and reverse-repurchase/repurchase businesses.

² Liquid assets include collateral received that can be re-hypothecated or otherwise redeployed.

Average liquid assets held in The Toronto-Dominion Bank and multiple domestic and foreign subsidiaries and branches are summarized in the following table.

TABLE 34:  SUMMARY OF AVERAGE UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES

(millions of Canadian dollars)	Average for the three months ended
	January 31 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	134,578	$	138,695
Bank subsidiaries		227,337		216,779
Foreign branches		23,108		18,855
Total	$	385,023	$	374,329

ASSET ENCUMBRANCE

In the course of the Bank's day-to-day operations, assets are pledged to obtain funding, support trading and brokerage businesses, and participate in clearing and/or settlement systems. A summary of encumbered and unencumbered assets (excluding assets held in insurance subsidiaries) is presented in the following table to identify assets that are used or available for potential funding needs.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 36

TABLE 35:  ENCUMBERED AND UNENCUMBERED ASSETS

(millions of Canadian dollars, except as noted)	As at
	Encumbered1				Unencumbered
	Pledged as collateral2		Other3		Available as collateral4		Other5			Total assets		Encumbered assets as a % of total assets
										January 31, 2019
Cash and due from banks	$	126	$	–	$	–	$	4,255		$	4,381		–	%
Interest-bearing deposits with banks		4,115		101		24,005		3,450			31,671		0.3
Securities, trading loans, and other6		65,962		12,250		269,497		15,411			363,120		5.9
Derivatives		–		–		–		45,094			45,094		–
Securities purchased under reverse repurchase agreements7		–		–		–		132,430			132,430		–
Loans, net of allowance for loan losses		24,581		58,291		82,866		482,730			648,468		6.3
Customers' liability under acceptances		–		–		–		17,881			17,881		–
Investment in TD Ameritrade		–		–		–		8,679			8,679		–
Goodwill		–		–		–		16,941			16,941		–
Other intangibles		–		–		–		2,647			2,647		–
Land, buildings, equipment, and other depreciable assets		–		–		–		5,353			5,353		–
Deferred tax assets		–		–		–		2,266			2,266		–
Other assets8		759		–		–		42,816			43,575		0.1
Total on-balance sheet assets	$	95,543	$	70,642	$	376,368	$	779,953		$	1,322,506		12.6	%
Off-balance sheet items9
Securities purchased under reverse repurchase agreements		128,819		–		19,563		(132,430	)
Securities borrowing and collateral received		42,299		1,503		13,494		–
Margin loans and other client activity		9,874		–		18,030		(12,829	)
Total off-balance sheet items		180,992		1,503		51,087		(145,259	)
Total	$	276,535	$	72,145	$	427,455	$	634,694
										October 31, 2018
Total on-balance sheet assets	$	100,719	$	72,086	$	377,068	$	785,030		$	1,334,903		12.9	%
Total off-balance sheet items		185,323		559		57,845		(142,072	)
Total	$	286,042	$	72,645	$	434,913	$	642,958

¹ Asset encumbrance has been analyzed on an individual asset basis. Where a particular asset has been encumbered and TD has holdings of the asset both on-balance sheet and off-balance sheet, for the purpose of this disclosure, the on and off-balance sheet holdings are encumbered in alignment with the business practice.

² Represents assets that have been posted externally to support the Bank's day-to-day operations, including securities financing transactions, clearing and payments, and derivative transactions. Also includes assets that have been pledged to Federal Home Loan Bank (FHLB) to support the U.S. Retail business.

³ Assets supporting TD's long-term funding activities, assets pledged against securitization liabilities, and assets held by consolidated securitization vehicles or in pools for covered bond issuance.

⁴ Assets that are considered readily available in their current legal form to generate funding or support collateral needs. This category includes reported FHLB assets that remain unutilized and held-to-maturity securities that are available for collateral purposes however not regularly utilized in practice.

⁵ Assets that cannot be used to support funding or collateral requirements in their current form. This category includes those assets that are potentially eligible as funding program collateral (for example, Canada Mortgage and Housing Corporation (CMHC) insured mortgages that can be securitized into NHA MBS).

⁶ Securities include trading loans, securities, non-trading financial assets at fair value through profit or loss and other financial assets designated at fair value through profit or loss, securities at fair value through other comprehensive income (FVOCI), and debt securities at amortized cost (DSAC).

⁷ Assets reported in Securities purchased under reverse repurchase agreements represent the value of the loans extended and not the value of the collateral received.

⁸ Other assets include amounts receivable from brokers, dealers, and clients.

⁹ Off-balance sheet items include the collateral value from the securities received under reverse repurchase agreements, securities borrowing, margin loans, and other client activity. The loan value from the reverse repurchase transactions and margin loans/client activity is deducted from the on-balance sheet Unencumbered – Other category.

LIQUIDITY STRESS TESTING AND CONTINGENCY FUNDING PLANS

In addition to the "Severe Combined Stress" scenario, TD performs liquidity stress testing on multiple alternate scenarios. These scenarios are a mix of TD-specific events and market-wide stress events designed to test the impact from risk factors material to TD's risk profile. Liquidity assessments are also part of the Bank's enterprise-wide stress testing program. Results from these stress event scenarios are used to inform the Bank's contingency funding plan actions.

The Bank has liquidity contingency funding plans (CFP) in place at the enterprise level ("Enterprise CFP") and for subsidiaries operating in both domestic and foreign jurisdictions ("Regional CFP"). The Enterprise CFP provides a documented framework for managing unexpected liquidity situations and thus is an integral component of the Bank's overall liquidity risk management program. It outlines different contingency levels based on the severity and duration of the liquidity situation, and identifies governance protocols and recovery actions appropriate for each level. For each recovery action, it provides key operational steps required to execute the action. Regional CFPs identify recovery actions to address region-specific stress events. The actions and governance structure proposed in the Enterprise CFP are aligned with the Bank's Crisis Management Recovery Plan.

CREDIT RATINGS

Credit ratings impact TD's borrowing costs and ability to raise funds. Rating downgrades could potentially result in higher financing costs, increased requirement to pledge collateral, reduced access to capital markets, and could also affect the Bank's ability to enter into derivative transactions.

Credit ratings and outlooks provided by rating agencies reflect their views and are subject to change from time-to-time, based on a number of factors including the Bank's financial strength, competitive position, and liquidity, as well as factors not entirely within the Bank's control, including the methodologies used by rating agencies and conditions affecting the overall financial services industry.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 37

TABLE 36:  CREDIT RATINGS¹

							As at
							January 31, 2019
Rating agency	Short-term debt rating		Legacy senior debt rating2		Senior debt rating3		Outlook
Moody's		P-1		Aa1		Aa3		Stable
S&P		A-1+		AA-		A		Stable
DBRS		R-1 (high)		AA		Aa (low)		Positive

¹ The above ratings are for The Toronto-Dominion Bank legal entity. A more extensive listing, including subsidiaries' ratings, is available on the Bank's website at http://www.td.com/investor/credit.jsp. Credit ratings are not recommendations to purchase, sell, or hold a financial obligation inasmuch as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization.

²  Includes (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime, including debt with an original term-to-maturity of less than 400 days and most structured notes.

³ Subject to conversion under the bank recapitalization "bail-in" regime.

The Bank regularly reviews the level of increased collateral its trading counterparties would require in the event of a downgrade of TD's credit rating. The following table presents the additional collateral that could have been contractually required to be posted to the derivative counterparties at the reporting date in the event of one, two, and three-notch downgrades of the Bank's credit ratings.

TABLE 37:  ADDITIONAL COLLATERAL REQUIREMENTS FOR RATING DOWNGRADES¹

(millions of Canadian dollars)	Average for the three months ended
	January 31 2019		October 31 2018
One-notch downgrade	$	56	$	46
Two-notch downgrade		56		48
Three-notch downgrade		458		458

¹ The above collateral requirements are based on contractual trading counterparty Credit Support Annex (CSA) and the Bank's credit rating across applicable rating agencies.

LIQUIDITY COVERAGE RATIO

The LCR is a Basel III metric calculated as the ratio of the stock of unencumbered HQLA over the net cash outflow requirements in the next 30 days under a hypothetical liquidity stress event.

The Bank must maintain the LCR above 100% under normal operating conditions in accordance with the OSFI LAR requirement. The Bank's LCR is calculated according to the scenario parameters in the OSFI LAR guideline, including prescribed HQLA eligibility criteria and haircuts, deposit run-off rates, and other outflow and inflow rates. HQLA eligible for the LCR calculation under the OSFI LAR guideline are primarily central bank reserves, sovereign issued or guaranteed securities, and high-quality securities issued by non-financial entities.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 38

The following table summarizes the Bank's average daily LCR position for the quarter ended January 31, 2019.

TABLE 38:  AVERAGE BASEL III LIQUIDITY COVERAGE RATIO¹ 

(millions of Canadian dollars, except as noted)	Average for the three months ended
	January 31, 2019
	Total unweighted value (average)2			Total weighted value (average)3
High-quality liquid assets
Total high-quality liquid assets	$	n/a	4	$	213,982
Cash outflows
Retail deposits and deposits from small business customers, of which:	$	475,794		$	33,707
Stable deposits5		198,186			5,946
Less stable deposits		277,608			27,761
Unsecured wholesale funding, of which:		240,154			119,162
Operational deposits (all counterparties) and deposits in networks of cooperative banks6		98,011			23,310
Non-operational deposits (all counterparties)		105,057			58,766
Unsecured debt		37,086			37,086
Secured wholesale funding		n/a			13,465
Additional requirements, of which:		201,542			55,020
Outflows related to derivative exposures and other collateral requirements		29,002			15,906
Outflows related to loss of funding on debt products		6,729			6,729
Credit and liquidity facilities		165,811			32,385
Other contractual funding obligations		8,219			3,460
Other contingent funding obligations7		581,689			9,129
Total cash outflows	$	n/a		$	233,943
Cash inflows
Secured lending	$	178,632		$	19,649
Inflows from fully performing exposures		14,767			6,812
Other cash inflows		44,215			44,215
Total cash inflows	$	237,614		$	70,676
	Average for the three months ended
	January 31, 2019			October 31, 2018
	Total adjusted value			Total adjusted value
Total high-quality liquid assets8	$	213,982		$	206,490
Total net cash outflows9		163,267			160,426
Liquidity coverage ratio		131	%		129	%

¹ The LCR for the quarter ended January 31, 2019, is calculated as an average of the 62 daily data points in the quarter.

² Unweighted inflow and outflow values are outstanding balances maturing or callable within 30 days.

³ Weighted values are calculated after the application of respective HQLA haircuts or inflow and outflow rates, as prescribed by the OSFI LAR guideline.

⁴ Not applicable.

⁵  As defined by the OSFI LAR guideline, stable deposits from retail and small medium-sized enterprise (SME) customers are deposits that are insured and are either held in transactional accounts or the depositors have an established relationship with the Bank that make deposit withdrawal highly unlikely.

⁶ Operational deposits from non-SME business customers are deposits kept with the Bank in order to facilitate their access and ability to conduct payment and settlement activities. These activities include clearing, custody, or cash management services.

⁷ Includes uncommitted credit and liquidity facilities, stable value money market mutual funds, outstanding debt securities with remaining maturity greater than 30 days, and other contractual cash outflows. TD has no contractual obligation to buyback these outstanding TD debt securities, and as a result, a 0% outflow rate is applied under the OSFI LAR guideline.

⁸ Adjusted HQLA includes both asset haircut and applicable caps, as prescribed by the OSFI LAR guideline (HQLA assets after haircuts are capped at 40% for Level 2 and 15% for Level 2B).

⁹  Adjusted Net Cash Outflows include both inflow and outflow rates and applicable caps, as prescribed by the OSFI LAR guideline (inflows are capped at 75% of outflows).

The Bank's average LCR of 131% for quarter ended January 31, 2019, continues to meet the regulatory requirements.

The Bank holds a variety of liquid assets commensurate with liquidity needs in the organization. Many of these assets qualify as HQLA under the OSFI LAR guideline. The average HQLA of the Bank for the quarter ended January 31, 2019, was $214 billion (October 31, 2018 – $206 billion), with Level 1 assets representing 79% (October 31, 2018 – 80%). The Bank's reported HQLA excludes excess HQLA from the U.S. Retail operations, as required by the OSFI LAR guideline, to reflect liquidity transfer considerations between U.S. Retail and its affiliates in the Bank as a result of U.S. Federal Reserve Board's regulations. By excluding excess HQLA, the U.S. Retail LCR is effectively capped at 100% prior to total Bank consolidation.

As described in the "How TD Manages Liquidity Risk" section of the Bank's 2018 Annual Report, the Bank manages its HQLA and other liquidity buffers to the higher of TD's 90-day surplus requirement and the target buffers over regulatory requirements from the LCR and the Net Cumulative Cash Flow (NCCF) metrics. As a result, the total stock of HQLA is subject to ongoing rebalancing against the projected liquidity requirements.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 39

FUNDING

The Bank has access to a variety of unsecured and secured funding sources. The Bank's funding activities are conducted in accordance with the liquidity management policy that requires assets be funded to the appropriate term and to a prudent diversification profile.

The Bank's primary approach to managing funding activities is to maximize the use of deposits raised through personal and commercial banking channels. The following table illustrates the Bank's large base of personal and commercial, wealth, and TD Ameritrade sweep deposits (collectively, "P&C deposits") that make up over 70% of total funding.

TABLE 39:    SUMMARY OF DEPOSIT FUNDING

(millions of Canadian dollars)	As at
	January 31 2019		October 31 2018
P&C deposits – Canadian Retail	$	363,193	$	359,473
P&C deposits – U.S. Retail		346,495		346,624
Other deposits		33		36
Total	$	709,721	$	706,133

The Bank actively maintains various registered external wholesale term (greater than 1 year) funding programs to provide access to diversified funding sources, including asset securitization, covered bonds, and unsecured wholesale debt. The Bank also raises term funding through Canadian Senior Notes, Canadian NHA MBS, Canada Mortgage Bonds, debt issued in Australia, and notes backed by credit card receivables (Evergreen Credit Card Trust). The Bank's wholesale funding is diversified by geography, by currency, and by funding types. The Bank raises short-term (1 year and less) funding using certificates of deposit and commercial paper.

The following table summarizes the registered term funding programs by geography, with the related program size.

Canada	United States	Europe
Capital Securities Program ($10 billion) Canadian Senior Medium-Term Linked Notes Program ($4 billion) HELOC Asset-Backed Security (ABS) Program (Genesis Trust II) ($7 billion)	U.S. SEC (F-3) Registered Capital and Debt Program (US$40 billion)	United Kingdom Listing Authority (UKLA) Registered Legislative Covered Bond Program ($50 billion) UKLA Registered European Medium-Term Note Program (US$20 billion)

The Bank regularly evaluates opportunities to diversify its funding into new markets and to new investors in order to manage funding risk and cost. The following table presents a breakdown of the Bank's term debt by currency and funding type. Term funding for the quarter ended January 31, 2019, was $122.3 billion (October 31, 2018 – $127.7 billion).

TABLE 40:  LONG-TERM FUNDING

	As at
Long-term funding by currency	January 31 2019			October 31 2018
Canadian dollar		33	%		32	%
U.S. dollar		38			39
Euro		19			19
British pound		7			7
Other		3			3
Total		100	%		100	%
Long-term funding by type
Senior unsecured medium-term notes		53	%		55	%
Covered bonds		30			29
Mortgage securitization1		12			12
Term asset-backed securities		5			4
Total		100	%		100	%

¹ Mortgage securitization excludes the residential mortgage trading business.

The Bank maintains depositor concentration limits against short-term wholesale deposits so that it does not depend on small groups of depositors for funding. The Bank further limits short-term wholesale funding maturity concentration in an effort to mitigate exposures to refinancing risk during a stress event.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 40

The following table represents the remaining maturity of various sources of funding outstanding as at January 31, 2019 and October 31, 2018.

TABLE 41:  WHOLESALE FUNDING

(millions of Canadian dollars)	As at
													January 31 2019		October 31 2018
	Less than 1 month		1 to 3 months		3 to 6 months		6 months to 1 year		Over 1 to 2 years		Over 2 years		Total		Total
Deposits from banks1	$	4,553	$	4,053	$	1,517	$	2,939	$	–	$	–	$	13,062	$	14,176
Bearer deposit note		609		894		683		473		–		–		2,659		3,872
Certificates of deposit		8,396		12,766		13,642		12,890		–		–		47,694		51,401
Commercial paper		8,940		12,019		11,821		16,742		–		–		49,522		55,570
Covered bonds		689		–		2,630		3,259		5,668		24,616		36,862		36,284
Mortgage securitization		35		760		1,174		1,934		4,759		17,618		26,280		27,301
Senior unsecured medium-term notes		–		2,287		4,886		9,172		18,982		29,046		64,373		69,518
Subordinated notes and debentures2		–		–		–		–		–		8,893		8,893		8,740
Term asset-backed securitization		–		–		998		786		3,138		1,445		6,367		5,626
Other3		7,358		1,564		750		989		557		1,081		12,299		6,534
Total	$	30,580	$	34,343	$	38,101	$	49,184	$	33,104	$	82,699	$	268,011	$	279,022
Of which:
Secured	$	724	$	760	$	4,802	$	5,979	$	13,565	$	43,690	$	69,520	$	69,225
Unsecured		29,856		33,583		33,299		43,205		19,539		39,009		198,491		209,797
Total	$	30,580	$	34,343	$	38,101	$	49,184	$	33,104	$	82,699	$	268,011	$	279,022

¹ Includes fixed-term deposits from banks.

² Subordinated notes and debentures are not considered wholesale funding as they may be raised primarily for capital management purposes.

³ Includes fixed-term deposits from non-bank institutions (unsecured) of $12.3 billion (October 31, 2018 – $6.5 billion).

Excluding the Wholesale Banking mortgage aggregation business, the Bank's total mortgage-backed securities issuance for the three months ended

January 31, 2019, was $0.6 billion (three months ended January 31, 2018 – $0.6 billion). Other asset-backed securities issuance for the three months ended January 31, 2019, was $1.4 billion (three months ended January 31, 2018 – nil). The Bank did not issue unsecured medium-term notes for the three months ended January 31, 2019 (three months ended January 31, 2018 – $4.6 billion). The Bank did not issue covered bonds for the three months ended January 31, 2019 (three months ended January 31, 2018 – $0.9 billion).

REGULATORY DEVELOPMENTS CONCERNING LIQUIDITY AND FUNDING

On April 18, 2018, the Government of Canada published the final regulations under the Bank Act and the Canada Deposit Insurance Corporation Act (CDIC Act) providing details of the bank recapitalization "bail-in" regime. The issuance regulations under the Bank Act and the conversion regulations under the CDIC Act came into force on September 23, 2018, while the compensation regulations under the CDIC Act were brought into force immediately upon registration on March 27, 2018. The bail-in regulations represent the final step in the implementation of the bail-in regime which provides the Canada Deposit Insurance Corporation (CDIC) with the power to convert specified eligible liabilities of D-SIBs into common shares in the unlikely event the D-SIB becomes non-viable. The Budget Implementation Act, providing amendments to the CDIC Act, Bank Act and other statutes to allow for bail-in, was passed in June 2016.

In October 2014, the BCBS released the final standard for "Basel III: the net stable funding ratio". The net stable funding ratio (NSFR) requires that the ratio of available stable funding over required stable funding be greater than 100%. The NSFR is designed to reduce structural funding risk by requiring banks to have sufficient stable sources of funding and lower reliance on funding maturing in one year to support their businesses. In December 2018, OSFI released the draft NSFR guideline for the Canadian jurisdiction based on the BCBS standards. The public comment period ended in February 2019. OSFI is targeting implementation of the NSFR for D-SIBs in January 2020 with the disclosure requirement beginning January 2021. The NSFR disclosure guideline is currently in the public comment period until March 2019. The NSFR is part of the OSFI LAR.

In February 2019 OSFI issued proposed changes to the LAR guideline for public comment. The proposal increases reserve requirements on certain retail deposit types that, in the view of OSFI, may have higher risk of withdrawals in periods of stress. The regulation also introduces new monitoring requirements on the components of banks' funding profiles. The public consultation period for these changes is open until March 2019, and OSFI targets an implementation date of January 2020.

MATURITY ANALYSIS OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET COMMITMENTS

The following table summarizes on-balance sheet and off-balance sheet categories by remaining contractual maturity. Off-balance sheet commitments include contractual obligations to make future payments on operating capital lease commitments, certain purchase obligations, and other liabilities. The values of credit instruments reported in the following table represent the maximum amount of additional credit that the Bank could be obligated to extend should such instruments be fully drawn or utilized. Since a significant portion of guarantees and commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of expected future liquidity requirements. These contractual obligations have an impact on the Bank's short-term and long-term liquidity and capital resource needs.

The maturity analysis presented does not depict the degree of the Bank's maturity transformation or the Bank's exposure to interest rate and liquidity risk. The Bank ensures that assets are appropriately funded to protect against borrowing cost volatility and potential reductions to funding market availability. The Bank utilizes stable non-maturity deposits (chequing and savings accounts) and term deposits as the primary source of long-term funding for the Bank's non-trading assets. The Bank also funds the stable balance of revolving lines of credit with long-term funding. The Bank issues long-term funding based primarily on the projected net growth of non-trading assets. The Bank raises short-term funding primarily to finance trading assets. The liquidity of trading assets under stressed market conditions is considered when determining the appropriate term of the related funding.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 41

TABLE 42:  REMAINING CONTRACTUAL MATURITY

(millions of Canadian dollars)	As at
	January 31, 2019
	Less than 1 month		1 to 3 months		3 to 6 months		6 to 9 months		9 months to 1 year		Over 1 to 2 years		Over 2 to 5 years		Over 5 years		No specific maturity			Total
Assets
Cash and due from banks	$	4,378	$	3	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	4,381
Interest-bearing deposits with banks		30,517		316		512		–		–		–		–		–		326			31,671
Trading loans, securities, and other1		2,072		3,042		3,492		1,983		3,107		10,082		24,975		22,649		50,668			122,070
Non-trading financial assets at fair value through profit or loss		–		–		327		658		15		741		631		725		778			3,875
Derivatives		5,102		6,418		3,722		2,289		2,774		5,381		9,725		9,683		–			45,094
Financial assets designated at fair value through profit or loss		228		458		235		41		68		303		1,710		717		–			3,760
Financial assets at fair value through other comprehensive income		2,804		2,312		5,744		4,185		2,938		20,538		55,004		30,767		1,961			126,253
Debt securities at amortized cost, net of allowance for credit losses		681		2,753		3,786		4,174		3,546		6,647		35,441		50,135		(1	)		107,162
Securities purchased under reverse repurchase agreements		87,287		25,552		13,995		3,393		2,175		28		–		–		–			132,430
Loans
Residential mortgages		2,444		2,486		10,917		10,837		8,790		44,206		111,426		34,594		–			225,700
Consumer instalment and other personal		959		1,835		3,158		3,723		3,500		14,675		56,952		25,978		61,162			171,942
Credit card		–		–		–		–		–		–		–		–		35,726			35,726
Business and government		21,700		4,316		6,307		8,464		7,102		20,478		69,773		60,468		20,221			218,829
Total loans		25,103		8,637		20,382		23,024		19,392		79,359		238,151		121,040		117,109			652,197
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,729	)		(3,729	)
Loans, net of allowance for loan losses		25,103		8,637		20,382		23,024		19,392		79,359		238,151		121,040		113,380			648,468
Customers' liability under acceptances		14,727		2,988		149		7		10		–		–		–		–			17,881
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		8,679			8,679
Goodwill2		–		–		–		–		–		–		–		–		16,941			16,941
Other intangibles2		–		–		–		–		–		–		–		–		2,647			2,647
Land, buildings, equipment, and other depreciable assets2		–		–		–		–		–		–		–		–		5,353			5,353
Deferred tax assets		–		–		–		–		–		–		–		–		2,266			2,266
Amounts receivable from brokers, dealers, and clients		26,827		–		–		–		–		–		–		–		–			26,827
Other assets		3,602		3,105		341		140		138		161		231		87		8,943			16,748
Total assets	$	203,328	$	55,584	$	52,685	$	39,894	$	34,163	$	123,240	$	365,868	$	235,803	$	211,941		$	1,322,506
Liabilities
Trading deposits	$	14,030	$	19,676	$	18,214	$	17,021	$	6,702	$	1,899	$	3,930	$	1,087	$	–		$	82,559
Derivatives		5,884		7,400		3,771		2,375		2,373		4,227		7,466		9,169		–			42,665
Securitization liabilities at fair value		–		193		674		273		573		1,737		6,731		2,113		–			12,294
Financial liabilities designated at fair value through profit or loss		3,558		8,346		6,804		3,919		4,253		–		1		4		–			26,885
Deposits3,4
Personal		4,389		7,521		7,545		7,412		7,923		10,282		10,016		36		428,008			483,132
Banks		2,997		1,388		1,105		60		1,355		–		3		7		9,851			16,766
Business and government		20,406		12,714		12,625		11,643		5,794		25,397		48,684		7,753		204,424			349,440
Total deposits		27,792		21,623		21,275		19,115		15,072		35,679		58,703		7,796		642,283			849,338
Acceptances		14,727		2,988		149		7		10		–		–		–		–			17,881
Obligations related to securities sold short1		1,513		1,999		1,261		1,803		931		3,918		13,093		12,632		1,740			38,890
Obligations related to securities sold under repurchase agreements		75,741		16,599		1,690		412		142		38		27		113		–			94,762
Securitization liabilities at amortized cost		35		566		500		576		512		3,022		5,748		3,027		–			13,986
Amounts payable to brokers, dealers, and clients		26,094		–		–		–		–		–		–		–		–			26,094
Insurance-related liabilities		258		320		338		272		269		940		1,627		919		1,755			6,698
Other liabilities5		3,391		979		1,540		1,047		1,124		3,530		2,050		171		6,059			19,891
Subordinated notes and debentures		–		–		–		–		–		–		–		8,893		–			8,893
Equity		–		–		–		–		–		–		–		–		81,670			81,670
Total liabilities and equity	$	173,023	$	80,689	$	56,216	$	46,820	$	31,961	$	54,990	$	99,376	$	45,924	$	733,507		$	1,322,506
Off-balance sheet commitments
Credit and liquidity commitments6,7	$	15,632	$	16,363	$	18,334	$	10,043	$	14,179	$	26,648	$	102,964	$	3,128	$	2,636		$	209,927
Operating lease commitments		81		162		241		240		236		916		2,262		3,286		–			7,424
Other purchase obligations		50		101		146		140		193		435		779		441		–			2,285
Unconsolidated structured entity commitments		–		679		904		501		408		408		–		–		–			2,900
Total off-balance sheet commitments	$	15,763	$	17,305	$	19,625	$	10,924	$	15,016	$	28,407	$	106,005	$	6,855	$	2,636		$	222,536

¹  Amount has been recorded according to the remaining contractual maturity of the underlying security.

²  For the purposes of this table, non-financial assets have been recorded as having 'no specific maturity'.

³  As the timing of demand deposits and notice deposits is non-specific and callable by the depositor, obligations have been included as having 'no specific maturity'.

⁴  Includes $37 billion of covered bonds with remaining contractual maturities of $1 billion in less 1 month, $3 billion in over 3 months to 6 months, $2 billion in over 6 months to 9 months, $1 billion in over 9 months to 1 year, $6 billion in 'over 1 to 2 years', $21 billion in 'over 2 to 5 years', and $3 billion in 'over 5 years'.

⁵  Includes $97 million of capital lease commitments with remaining contractual maturities of $2 million in 'less than 1 month', $4 million in '1 month to 3 months', $6 million in '3 months to 6 months', $6 million in '6 months to 9 months', $5 million in '9 months to 1 year', $20 million in 'over 1 to 2 years', $50 million in 'over 2 to 5 years', and $4 million in 'over 5 years'.

⁶  Includes $200 million in commitments to extend credit to private equity investments.

⁷  Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 42

TABLE 42:  REMAINING CONTRACTUAL MATURITY (continued)¹

(millions of Canadian dollars)	As at
	October 31, 2018
	Less than 1 month		1 to 3 months		3 to 6 months		6 to 9 months		9 months to 1 year		Over 1 to 2 years		Over 2 to 5 years		Over 5 years		No specific maturity			Total
Assets
Cash and due from banks	$	4,733	$	2	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	4,735
Interest-bearing deposits with banks		28,332		924		154		21		16		–		–		–		1,273			30,720
Trading loans, securities, and other2		1,971		5,244		2,111		3,653		3,998		9,683		25,772		25,895		49,570			127,897
Non-trading financial assets at fair value through profit or loss		–		12		99		460		906		227		841		848		622			4,015
Derivatives		7,343		9,263		5,275		3,276		2,321		7,130		12,436		9,952		–			56,996
Financial assets designated at fair value through profit or loss		30		95		535		243		90		297		1,532		796		–			3,618
Financial assets at fair value through other comprehensive income		1,111		4,214		4,150		5,354		3,962		19,777		57,922		31,936		2,174			130,600
Debt securities at amortized cost, net of allowance for credit losses		881		2,577		3,010		3,594		4,059		8,103		34,032		50,990		(75	)		107,171
Securities purchased under reverse repurchase agreements		77,612		30,047		14,426		3,807		1,458		29		–		–		–			127,379
Loans
Residential mortgages		908		3,234		6,614		11,166		11,061		43,063		113,852		35,293		–			225,191
Consumer instalment and other personal		753		1,332		2,628		3,724		4,131		14,313		56,632		26,321		62,245			172,079
Credit card		–		–		–		–		–		–		–		–		35,018			35,018
Business and government		23,052		4,320		5,539		7,131		9,269		19,637		67,922		59,251		21,533			217,654
Total loans		24,713		8,886		14,781		22,021		24,461		77,013		238,406		120,865		118,796			649,942
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,549	)		(3,549	)
Loans, net of allowance for loan losses		24,713		8,886		14,781		22,021		24,461		77,013		238,406		120,865		115,247			646,393
Customers' liability under acceptances		14,984		2,145		132		6		–		–		–		–		–			17,267
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		8,445			8,445
Goodwill3		–		–		–		–		–		–		–		–		16,536			16,536
Other intangibles3		–		–		–		–		–		–		–		–		2,459			2,459
Land, buildings, equipment, and other depreciable assets3		–		–		–		–		–		–		–		–		5,324			5,324
Deferred tax assets		–		–		–		–		–		–		–		–		2,812			2,812
Amounts receivable from brokers, dealers, and clients		26,940		–		–		–		–		–		–		–		–			26,940
Other assets		3,432		854		1,926		120		142		136		301		90		8,595			15,596
Total assets	$	192,082	$	64,263	$	46,599	$	42,555	$	41,413	$	122,395	$	371,242	$	241,372	$	212,982		$	1,334,903
Liabilities
Trading deposits	$	16,145	$	37,337	$	31,081	$	12,954	$	11,739	$	1,183	$	3,260	$	1,005	$	–		$	114,704
Derivatives		6,195		8,684		4,230		3,103		2,263		5,510		9,282		9,003		–			48,270
Securitization liabilities at fair value		–		981		194		661		272		1,822		6,719		1,969		–			12,618
Financial liabilities designated at fair value through profit or loss		10		5		–		–		–		–		–		1		–			16
Deposits4,5
Personal		4,330		7,094		7,541		6,245		7,718		10,222		9,876		38		424,580			477,644
Banks		6,499		1,941		255		24		54		–		3		8		7,928			16,712
Business and government		18,840		19,337		7,033		9,984		11,299		21,345		54,780		8,000		206,465			357,083
Total deposits		29,669		28,372		14,829		16,253		19,071		31,567		64,659		8,046		638,973			851,439
Acceptances		14,986		2,145		132		6		–		–		–		–		–			17,269
Obligations related to securities sold short2		2,621		3,679		1,500		387		904		4,330		13,771		11,474		812			39,478
Obligations related to securities sold under repurchase agreements		73,759		15,508		3,516		428		108		43		27		–		–			93,389
Securitization liabilities at amortized cost		22		1,240		625		503		575		2,496		6,232		2,990		–			14,683
Amounts payable to brokers, dealers, and clients		28,385		–		–		–		–		–		–		–		–			28,385
Insurance-related liabilities		213		294		353		309		310		937		1,624		903		1,755			6,698
Other liabilities6		2,916		2,631		538		1,326		1,394		2,205		2,308		152		5,704			19,174
Subordinated notes and debentures		–		–		–		–		–		–		–		8,740		–			8,740
Equity		–		–		–		–		–		–		–		–		80,040			80,040
Total liabilities and equity	$	174,921	$	100,876	$	56,998	$	35,930	$	36,636	$	50,093	$	107,882	$	44,283	$	727,284		$	1,334,903
Off-balance sheet commitments
Credit and liquidity commitments7,8	$	18,339	$	16,728	$	17,217	$	13,098	$	9,152	$	25,691	$	101,120	$	4,034	$	2,663		$	208,042
Operating lease commitments		79		159		240		237		233		902		2,188		3,229		–			7,267
Other purchase obligations		46		161		125		122		121		437		831		520		–			2,363
Unconsolidated structured entity commitments		–		1,079		940		329		–		7		408		–		–			2,763
Total off-balance sheet commitments	$	18,464	$	18,127	$	18,522	$	13,786	$	9,506	$	27,037	$	104,547	$	7,783	$	2,663		$	220,435

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Amount has been recorded according to the remaining contractual maturity of the underlying security.

³  For the purposes of this table, non-financial assets have been recorded as having 'no specific maturity'.

⁴  As the timing of demand deposits and notice deposits is non-specific and callable by the depositor, obligations have been included as having 'no specific maturity'.

⁵  Includes $36 billion of covered bonds with remaining contractual maturities of $1 billion in '3 months to 6 months', $3 billion in '6 months to 9 months', $2 billion in '9 months to 1 year', $5 billion in 'over 1 to 2 years', $22 billion in 'over 2 to 5 years', and $3 billion in 'over 5 years'.

⁶  Includes $60 million of capital lease commitments with remaining contractual maturities of $2 million in 'less than 1 month', $5 million in '1 month to 3 months', $7 million in '3 months to 6 months', $6 million in '6 months to 9 months', $6 million in '9 months to 1 year', $12 million in 'over 1 to 2 years', $17 million in 'over 2 to 5 years', and $5 million in 'over 5 years'.

⁷  Includes $205 million in commitments to extend credit to private equity investments.

⁸  Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 43

SECURITIZATION AND OFF-BALANCE SHEET ARRANGEMENTS

The Bank enters into securitization and off-balance sheet arrangements in the normal course of operations. The Bank is involved with structured entities that it sponsors, as well as entities sponsored by third-parties. Refer to "Securitization and Off-Balance Sheet Arrangements" section, Note 9: Transfers of Financial Assets and Note 10: Structured Entities of the Bank's 2018 Annual Report for further details. There have been no significant changes to the Bank's securitization and off-balance sheet arrangements during the quarter ended January 31, 2019.

Securitization of Bank-Originated Assets

The Bank securitizes residential mortgages, business and government loans, credit cards, and personal loans to enhance its liquidity position, to diversify sources of funding, and to optimize the management of the balance sheet.

Residential Mortgage Loans

The Bank securitizes residential mortgage loans through significant unconsolidated special purpose entities (SPEs) and Canadian non-SPE third parties. Residential mortgage loans securitized by the Bank may give rise to full derecognition of the financial assets depending on the individual arrangement of each transaction. In instances where the Bank fully derecognizes residential mortgage loans, the Bank may be exposed to the risks of transferred loans through retained interests.

Consumer Instalment and Other Personal Loans

The Bank securitizes consumer instalment and other personal loans through a consolidated SPE. The Bank consolidates the SPE as it serves as a financing vehicle for the Bank's assets, the Bank has power over the key economic decisions of the SPE, and the Bank is exposed to the majority of the residual risks of the SPE.

Credit Card Loans

The Bank securitizes credit card loans through a SPE. The Bank consolidates the SPE as it serves as a financing vehicle for the Bank's assets, the Bank has power over the key economic decisions of the SPE, and the Bank is exposed to the majority of the residual risks of the SPE.

Business and Government Loans

The Bank securitizes business and government loans through significant unconsolidated SPEs and Canadian non-SPE third parties. Business and government loans securitized by the Bank may be derecognized from the Bank's balance sheet depending on the individual arrangement of each transaction. In instances where the Bank fully derecognizes business and government loans, the Bank may be exposed to the risks of transferred loans through retained interests. There are no ECLs on the retained interests of the securitized business and government loans as the mortgages are all government insured.

Securitization of Third Party-Originated Assets

Significant Unconsolidated Special Purpose Entities

Multi-Seller Conduits

The Bank administers multi-seller conduits and provides liquidity facilities as well as securities distribution services; it may also provide credit enhancements. Third party-originated assets are securitized through Bank-sponsored SPEs, which are not consolidated by the Bank. TD's maximum potential exposure to loss due to its ownership interest in commercial paper and through the provision of liquidity facilities for multi-seller conduits was $10.6 billion as at January 31, 2019 (October 31, 2018 – $10.4 billion). Further, as at January 31, 2019, the Bank had committed to provide an additional $2.9 billion in liquidity facilities that can be used to support future asset-backed commercial paper in the purchase of deal-specific assets (October 31, 2018 – $2.8 billion).

All third-party assets securitized by the Bank's unconsolidated multi-seller conduits were originated in Canada and sold to Canadian securitization structures.

Off-Balance Sheet Exposure to Third Party-Sponsored Conduits

The Bank has off-balance sheet exposure to third party-sponsored conduits arising from providing liquidity facilities and funding commitments of $3.3 billion as at January 31, 2019 (October 31, 2018 – $3.0 billion). The assets within these conduits are comprised of individual notes backed by automotive loan receivables, credit card receivables, equipment receivables and trade receivables. As at January 31, 2019, these assets have maintained ratings from various credit rating agencies, with a minimum rating of A. On-balance sheet exposure to third party-sponsored conduits have been included in the financial statements.

ACCOUNTING POLICIES AND ESTIMATES

The Bank's unaudited Interim Consolidated Financial Statements have been prepared in accordance with IFRS. For details of the Bank's accounting policies under IFRS, refer to Note 2 of the Bank's first quarter 2019 Interim Consolidated Financial Statements and the 2018 Annual Consolidated Financial Statements. For details of the Bank's significant accounting judgments, estimates, and assumptions under IFRS, refer to Note 3 of the Bank's 2018 Annual Consolidated Financial Statements.

CURRENT CHANGES IN ACCOUNTING POLICY

The following new standards have been adopted by the Bank on November 1, 2018.

Revenue from Contracts with Customers

On November 1, 2018, the Bank adopted IFRS 15, Revenue from Contracts with Customers (IFRS 15), which establishes the principles for recognizing revenue and cash flows arising from contracts with customers and prescribes the application of a five-step recognition and measurement model. The standard excludes from its scope, revenue arising from items such as financial instruments, insurance contracts, and leases. The Bank adopted the standard on a modified retrospective basis, recognizing the cumulative effect of initially applying the standard as an adjustment to opening retained earnings without restating comparative period financial information.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 44

The adoption of IFRS 15 resulted in a reduction to Shareholder's Equity of $41 million related to certain expenses not eligible for deferral under IFRS 15. The presentation of certain revenue and expense items is changed due to IFRS 15 and reclassified prospectively. These presentation changes are not significant and do not have an impact on net income.

In addition to the above changes related to the adoption of IFRS 15, the Bank also changed its accounting policy on securities lending and borrowing transactions. Where securities are received or pledged as collateral, securities lending income and securities borrowing fees are recorded in Non-interest income and Non-interest expenses, respectively on the Interim Consolidated Statement of Income. This change has been applied retrospectively.

Revenue Recognition

Revenue is recognized at an amount that reflects the consideration the Bank expects to be entitled to in exchange for transferring services to a customer, excluding amounts collected on behalf of third parties. The Bank recognizes revenue when it transfers control of a good or a service to a customer at a point in time or over time. The determination of when performance obligations are satisfied requires the use of judgment. Refer to Note 3 for further details.

The Bank identifies contracts with customers subject to IFRS 15, which create enforceable rights and obligations. The Bank determines the performance obligations based on distinct services promised to the customers in the contracts. The Bank's contracts generally have a term of one year or less, consist of a single performance obligation, and the performance obligations generally reflect services.

For each contract, the Bank determines the transaction price, which includes estimating variable consideration and assessing whether the price is constrained. Variable consideration is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. As such, the estimate of the variable consideration is constrained until the end of the invoicing period. The uncertainty is generally resolved at the end of the reporting period and as such, no significant judgment is required when recognizing variable consideration in revenues.

The Bank's receipt of payment from customers generally occurs subsequent to the satisfaction of performance obligations or a short time thereafter. As such, the Bank has not recognized any material contract assets (unbilled receivables) or contract liabilities (deferred revenues) and there is no significant financing component associated with the consideration due to the Bank.

When another party is involved in the transfer of services to a customer, an assessment is made to evaluate whether the Bank is the principal such that revenues are reported on a gross basis or the agent such that revenues are reported on a net basis. The Bank is the principal when it controls the services in the contract promised to the customer before they are transferred. Control is demonstrated by the Bank being primarily responsible for fulfilling the transfer of the services to the customer, having discretion in establishing pricing of the services, or both.

Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for additional revenue policy disclosures.

Share-based Payment

In June 2016, the IASB published amendments to IFRS 2, Share-based Payment (IFRS 2), which provide additional guidance on the classification and measurement of share-based payment transactions. The amendments clarify the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features for withholding tax obligations, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled. The amendments to IFRS 2 are effective for annual periods beginning on or after January 1, 2018, which was November 1, 2018 for the Bank. These amendments have been applied prospectively and did not have a significant impact on the Bank.

FUTURE CHANGES IN ACCOUNTING POLICIES

The following standards have been issued, but are not yet effective on the date of issuance of the Bank's Interim Consolidated Financial Statements. The Bank is currently assessing the impact of the application of these standards on the Interim Consolidated Financial Statements and will adopt these standards when they become effective.

Leases

In January 2016, the IASB issued IFRS 16, Leases (IFRS 16), which will replace IAS 17, Leases, introducing a single lessee accounting model for all leases by eliminating the distinction between operating and financing leases. IFRS 16 requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet. Lessees will also recognize depreciation expense on the right-of-use asset, interest expense on the lease liability, and a shift in the timing of expense recognition in the statement of income. Short-term leases, which are defined as those that have a lease term of twelve months or less; and leases of low-value assets are exempt. Lessor accounting remains substantially unchanged. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, which will be November 1, 2019 for the Bank, and is to be applied retrospectively. The Bank is continuing to assess the impact of the new standard on its portfolio of leases and is upgrading its lease administration and accounting systems and developing future processes and internal controls to enable the application of IFRS 16 in 2019.

Insurance Contracts

In May 2017, the IASB issued IFRS 17, Insurance Contracts (IFRS 17), which replaces the guidance in IFRS 4, Insurance Contracts and establishes principles for recognition, measurement, presentation, and disclosure of insurance contracts. IFRS 17 is currently effective for the Bank's annual reporting period beginning November 1, 2021; however, based on recent IASB meetings, an upcoming amendment to IFRS 17 and a deferral of the effective date by one year is anticipated. Any change to the Bank's effective date is subject to updates of OSFI's related Advisory. The Bank is currently assessing the impact of adopting this standard.

Conceptual Framework for Financial Reporting

In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Revised Conceptual Framework is effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted. The Bank is currently assessing the impact of adopting the revised framework.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 45

Business Combinations

In October 2018, the IASB issued a narrow-scope amendment to IFRS 3, Business Combinations (IFRS 3). The amendments provide additional guidance on the definition of a business which determines whether an acquisition is of a business or a group of assets. An acquirer recognizes goodwill only when acquiring a business, not when acquiring a group of assets. The amendments to IFRS 3 are effective for annual reporting periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted and is to be applied prospectively. The Bank will assess the impact of the amendments on future acquisitions.

Presentation of Financial Statements and Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors which clarify the definition of "material". Specifically, the amendments clarify that information is material if omitting, misstating, or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Accompanying explanations to the definition have also been improved. The amendments are effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, and are to be applied prospectively with early application permitted. The Bank is currently assessing the impact of adopting these amendments.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the most recent interim period, there have been no changes in the Bank's policies and procedures and other processes that comprise its internal control over financial reporting, that have materially affected, or are reasonably likely to materially affect, the Bank's internal control over financial reporting.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 46

INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

INTERIM CONSOLIDATED BALANCE SHEET (unaudited)
(As at and in millions of Canadian dollars)	January 31, 2019			October 31, 2018
ASSETS
Cash and due from banks	$	4,381		$	4,735
Interest-bearing deposits with banks		31,671			30,720
		36,052			35,455
Trading loans, securities, and other (Note 4)		122,070			127,897
Non-trading financial assets at fair value through profit or loss (Note 4)		3,875			4,015
Derivatives (Note 4)		45,094			56,996
Financial assets designated at fair value through profit or loss (Note 4)		3,760			3,618
Financial assets at fair value through other comprehensive income (Notes 4, 5, 6)		126,253			130,600
		301,052			323,126
Debt securities at amortized cost, net of allowance for credit losses (Notes 4, 5)		107,162			107,171
Securities purchased under reverse repurchase agreements		132,430			127,379
Loans (Note 6)
Residential mortgages		225,700			225,191
Consumer instalment and other personal		171,942			172,079
Credit card		35,726			35,018
Business and government		218,829			217,654
		652,197			649,942
Allowance for loan losses (Note 6)		(3,729	)		(3,549	)
Loans, net of allowance for loan losses		648,468			646,393
Other
Customers' liability under acceptances		17,881			17,267
Investment in TD Ameritrade (Note 7)		8,679			8,445
Goodwill (Note 9)		16,941			16,536
Other intangibles		2,647			2,459
Land, buildings, equipment, and other depreciable assets		5,353			5,324
Deferred tax assets (Note 16)		2,266			2,812
Amounts receivable from brokers, dealers, and clients		26,827			26,940
Other assets (Note 10)		16,748			15,596
		97,342			95,379
Total assets	$	1,322,506		$	1,334,903
LIABILITIES
Trading deposits (Notes 4, 11)	$	82,559		$	114,704
Derivatives (Note 4)		42,665			48,270
Securitization liabilities at fair value (Note 4)		12,294			12,618
Financial liabilities designated at fair value through profit or loss (Notes 4, 11)		26,885			16
		164,403			175,608
Deposits (Note 11)
Personal		483,132			477,644
Banks		16,766			16,712
Business and government		349,440			357,083
		849,338			851,439
Other
Acceptances		17,881			17,269
Obligations related to securities sold short (Note 4)		38,890			39,478
Obligations related to securities sold under repurchase agreements (Note 4)		94,762			93,389
Securitization liabilities at amortized cost		13,986			14,683
Amounts payable to brokers, dealers, and clients (Note 4)		26,094			28,385
Insurance-related liabilities		6,698			6,698
Other liabilities (Note 12)		19,891			19,174
		218,202			219,076
Subordinated notes and debentures		8,893			8,740
Total liabilities		1,240,836			1,254,863
EQUITY
Shareholders' Equity
Common shares (Note 13)		21,661			21,221
Preferred shares (Note 13)		5,350			5,000
Treasury shares – common (Note 13)		(139	)		(144	)
Treasury shares – preferred (Note 13)		(3	)		(7	)
Contributed surplus		158			193
Retained earnings		46,660			46,145
Accumulated other comprehensive income (loss)		7,983			6,639
		81,670			79,047
Non-controlling interests in subsidiaries (Note 13)		–			993
Total equity		81,670			80,040
Total liabilities and equity	$	1,322,506		$	1,334,903

The accompanying Notes are an integral part of these Interim Consolidated Financial Statements.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 47

INTERIM CONSOLIDATED STATEMENT OF INCOME (unaudited)

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			January 31 2018
Interest income 1
Loans	$	7,902		$	6,469
Securities
Interest		2,120			1,454
Dividends		334			246
Deposits with banks		188			139
		10,544			8,308
Interest expense (Note 20)
Deposits		3,524			2,109
Securitization liabilities		151			139
Subordinated notes and debentures		95			92
Other		914			538
		4,684			2,878
Net interest income		5,860			5,430
Non-interest income
Investment and securities services		1,164			1,171
Credit fees		303			282
Net securities gain (loss) (Note 5)		(11	)		3
Trading income (loss)		175			287
Income (loss) from non-trading financial instruments at fair value through profit or loss		11			13
Income (loss) from financial instruments designated at fair value through profit or loss		36			(75	)
Service charges		714			671
Card services		643			595
Insurance revenue		1,035			944
Other income (loss)		68			54
		4,138			3,945
Total revenue		9,998			9,375
Provision for credit losses (Note 6)		850			693
Insurance claims and related expenses		702			575
Non-interest expenses
Salaries and employee benefits (Note 15)		2,852			2,560
Occupancy, including depreciation		460			442
Equipment, including depreciation		279			245
Amortization of other intangibles		195			196
Marketing and business development		160			156
Restructuring charges (recovery)		(1	)		45
Brokerage-related and sub-advisory fees		83			94
Professional and advisory services		327			239
Other		1,500			884
		5,855			4,861
Income before income taxes and equity in net income of an investment in TD Ameritrade		2,591			3,246
Provision for (recovery of) income taxes (Note 16)		503			1,040
Equity in net income of an investment in TD Ameritrade (Note 7)		322			147
Net income		2,410			2,353
Preferred dividends		60			52
Net income available to common shareholders and non-controlling interests in subsidiaries	$	2,350		$	2,301
Attributable to:
Common shareholders	$	2,332		$	2,283
Non-controlling interests in subsidiaries		18			18
Earnings per share (Canadian dollars) (Note 17)
Basic	$	1.27		$	1.24
Diluted		1.27			1.24
Dividends per common share (Canadian dollars)		0.67			0.60

¹ Includes $8,685 million and $7,101 million, for the three months ended January 31, 2019 and January 31, 2018, respectively, which have been calculated based on the effective interest rate method (EIRM). Refer to Note 20.

The accompanying Notes are an integral part of these Interim Consolidated Financial Statements.

Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 48

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME¹ (unaudited)

(millions of Canadian dollars)		For the three months ended
		January 31 2019			January 31 2018
Net income	$	2,410		$	2,353
Other comprehensive income (loss), net of income taxes
Items that will be subsequently reclassified to net income
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income		33			6
Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income		40			(2	)
Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income		–			4
		73			8
Net change in unrealized foreign currency translation gains (losses) on Investments in foreign operations, net of hedging activities
Unrealized gains (losses) on investments in foreign operations		(131	)		(3,086	)
Net gains (losses) on hedges of investments in foreign operations		19			841
		(112	)		(2,245	)
Net change in gains (losses) on derivatives designated as cash flow hedges
Change in gains (losses) on derivatives designated as cash flow hedges		836			(2,395	)
Reclassification to earnings of losses (gains) on cash flow hedges		609			1,149
		1,445			(1,246	)
Items that will not be subsequently reclassified to net income
Actuarial gains (losses) on employee benefit plans		(302	)		20
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income		(52	)		26
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss		(10	)		–
		(364	)		46
Total other comprehensive income (loss), net of income taxes		1,042			(3,437	)
Total comprehensive income (loss)	$	3,452		$	(1,084	)
Attributable to:
Common shareholders	$	3,374		$	(1,154	)
Preferred shareholders		60			52
Non-controlling interests in subsidiaries		18			18

¹ The amounts are net of income tax provisions (recoveries) presented in the following table.

Income Tax Provisions (Recoveries) in the Interim Consolidated Statement of Comprehensive Income
(millions of Canadian dollars)		For the three months ended
		January 31 2019			January 31 2018
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income	$	7		$	(57	)
Less: Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income		(15	)		1
Less: Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income		–			–
Unrealized gains (losses) on investments in foreign operations		–			–
Net gains (losses) on hedges of investments in foreign operations		7			304
Change in gains (losses) on derivatives designated as cash flow hedges		275			(1,046	)
Less: Reclassification to earnings of losses (gains) on cash flow hedges		(236	)		(576	)
Actuarial gains (losses) on employee benefit plans		(109	)		24
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income		(19	)		14
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss		(4	)		–
Total income taxes	$	408		$	(186	)

The accompanying Notes are an integral part of these Interim Consolidated Financial Statements.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 49

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)

(millions of Canadian dollars)		For the three months ended
		January 31, 2019			January 31, 2018
Common shares (Note 13)
Balance at beginning of period	$	21,221		$	20,931
Proceeds from shares issued on exercise of stock options		28			72
Shares issued as a result of dividend reinvestment plan		99			91
Shares issued in connection with acquisitions (Notes 8, 13)		366			–
Purchase of shares for cancellation		(53	)		–
Balance at end of period		21,661			21,094
Preferred shares (Note 13)
Balance at beginning of period		5,000			4,750
Issue of shares		350			–
Balance at end of period		5,350			4,750
Treasury shares – common (Note 13)
Balance at beginning of period		(144	)		(176	)
Purchase of shares		(2,343	)		(1,899	)
Sale of shares		2,348			1,983
Balance at end of period		(139	)		(92	)
Treasury shares – preferred (Note 13)
Balance at beginning of period		(7	)		(7	)
Purchase of shares		(33	)		(31	)
Sale of shares		37			29
Balance at end of period		(3	)		(9	)
Contributed surplus
Balance at beginning of period		193			214
Net premium (discount) on sale of treasury shares		(32	)		24
Issuance of stock options, net of options exercised		(1	)		(8	)
Other		(2	)		(1	)
Balance at end of period		158			229
Retained earnings
Balance at beginning of period		46,145			40,489
Impact on adoption of IFRS 151 (Note 2)		(41	)		n/a	2
Impact on adoption of IFRS 93		–			53
Net income attributable to shareholders		2,392			2,335
Common dividends		(1,227	)		(1,102	)
Preferred dividends		(60	)		(52	)
Share issue expenses and others		(4	)		–
Net premium on repurchase of common shares and redemption of preferred shares		(260	)		–
Actuarial gains (losses) on employee benefit plans		(302	)		20
Realized gains (losses) on equity securities designated at fair value through other comprehensive income		17			1
Balance at end of period		46,660			41,744
Accumulated other comprehensive income (loss)
Net unrealized gain (loss) on debt securities at fair value through other comprehensive income:
Balance at beginning of period		245			510
Impact on adoption of IFRS 9		–			19
Other comprehensive income (loss)		73			4
Allowance for credit losses		–			4
Balance at end of period		318			537
Net unrealized gain (loss) on equity securities designated at fair value through other comprehensive income:
Balance at beginning of period		55			113
Impact on adoption of IFRS 9		–			(96	)
Other comprehensive income (loss)		(35	)		27
Reclassification of loss (gain) to retained earnings		(17	)		(1	)
Balance at end of period		3			43
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss:
Balance at beginning of period		–			–
Other comprehensive income (loss)		(10	)		–
Balance at end of period		(10	)		–
Net unrealized foreign currency translation gain (loss) on investments in foreign operations, net of hedging activities:
Balance at beginning of period		8,826			7,791
Other comprehensive income (loss)		(112	)		(2,245	)
Balance at end of period		8,714			5,546
Net gain (loss) on derivatives designated as cash flow hedges:
Balance at beginning of period		(2,487	)		(408	)
Other comprehensive income (loss)		1,445			(1,246	)
Balance at end of period		(1,042	)		(1,654	)
Total accumulated other comprehensive income		7,983			4,472
Total shareholders' equity		81,670			72,188
Non-controlling interests in subsidiaries (Note 13)
Balance at beginning of period		993			983
Net income attributable to non-controlling interests in subsidiaries		18			18
Redemption of non-controlling interests in subsidiaries		(1,000	)		–
Other		(11	)		(15	)
Balance at end of period		–			986
Total equity	$	81,670		$	73,174

¹ IFRS 15, Revenue from Contracts with Customers (IFRS 15).

² Not applicable.

³ IFRS 9, Financial Instruments (IFRS 9).

The accompanying Notes are an integral part of these Interim Consolidated Financial Statements.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 50

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

(millions of Canadian dollars)		For the three months ended
		January 31 2019			January 31 2018
Cash flows from (used in) operating activities
Net income before income taxes, including equity in net income of an investment in TD Ameritrade	$	2,913		$	3,393
Adjustments to determine net cash flows from (used in) operating activities
Provision for credit losses (Note 6)		850			693
Depreciation		144			137
Amortization of other intangibles		195			196
Net securities losses (gains) (Note 5)		11			(3	)
Equity in net income of an investment in TD Ameritrade (Note 7)		(322	)		(147	)
Deferred taxes		141			680
Changes in operating assets and liabilities
Interest receivable and payable (Notes 10, 12)		(76	)		(62	)
Securities sold under repurchase agreements		1,373			(4,643	)
Securities purchased (sold) under reverse repurchase agreements		(5,051	)		9,829
Securities sold short		(588	)		1,685
Trading loans and securities		5,827			(8,043	)
Loans net of securitization and sales		(2,884	)		(4,777	)
Deposits		(34,246	)		(5,493	)
Derivatives		6,297			3,002
Non-trading financial assets at fair value through profit or loss		231			4,768
Financial assets and liabilities designated at fair value through profit or loss		26,727			(133	)
Securitization liabilities		(1,021	)		(1,220	)
Current taxes		(764	)		159
Brokers, dealers and clients amounts receivable and payable		(2,178	)		(786	)
Other		(886	)		2,996
Net cash from (used in) operating activities		(3,307	)		2,231
Cash flows from (used in) financing activities
Redemption or repurchase of subordinated notes and debentures		44			(1,850	)
Common shares issued (Note 13)		24			61
Repurchase of common shares (Note 13)		(313	)		–
Preferred shares issued (Note 13)		346			–
Sale of treasury shares (Note 13)		2,353			2,036
Purchase of treasury shares (Note 13)		(2,376	)		(1,930	)
Dividends paid		(1,188	)		(1,063	)
Redemption of non-controlling interests in subsidiaries (Note 13)		(1,000	)		–
Distributions to non-controlling interests in subsidiaries		(11	)		(18	)
Net cash from (used in) financing activities		(2,121	)		(2,764	)
Cash flows from (used in) investing activities
Interest-bearing deposits with banks		(951	)		6,292
Activities in financial assets at fair value through other comprehensive income (Note 5)
Purchases		(4,359	)		(4,999	)
Proceeds from maturities		7,585			6,438
Proceeds from sales		2,470			440
Activities in debt securities at amortized cost (Note 5)
Purchases		(5,977	)		(10,678	)
Proceeds from maturities		5,903			3,003
Proceeds from sales		1,116			–
Net purchases of land, buildings, equipment, and other depreciable assets		(173	)		74
Net cash acquired from (paid for) divestitures and acquisitions (Note 8)		(536	)		–
Net cash from (used in) investing activities		5,078			570
Effect of exchange rate changes on cash and due from banks		(4	)		(112	)
Net increase (decrease) in cash and due from banks		(354	)		(75	)
Cash and due from banks at beginning of period		4,735			3,971
Cash and due from banks at end of period	$	4,381		$	3,896
Supplementary disclosure of cash flows from operating activities
Amount of income taxes paid (refunded) during the period	$	1,167		$	601
Amount of interest paid during the period		4,705			2,922
Amount of interest received during the period		10,155			8,044
Amount of dividends received during the period		356			263

The accompanying Notes are an integral part of these Interim Consolidated Financial Statements.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 51

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTE 1:  NATURE OF OPERATIONS

CORPORATE INFORMATION

The Toronto-Dominion Bank is a bank chartered under the Bank Act. The shareholders of a bank are not, as shareholders, liable for any liability, act, or default of the bank except as otherwise provided under the Bank Act. The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). The Bank was formed through the amalgamation on February 1, 1955, of The Bank of Toronto (chartered in 1855) and The Dominion Bank (chartered in 1869). The Bank is incorporated and domiciled in Canada with its registered and principal business offices located at 66 Wellington Street West, Toronto, Ontario. TD serves customers in three business segments operating in a number of locations in key financial centres around the globe: Canadian Retail, U.S. Retail, and Wholesale Banking.

BASIS OF PREPARATION

The accompanying Interim Consolidated Financial Statements and accounting principles followed by the Bank have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), including the accounting requirements of the Office of the Superintendent of Financial Institutions Canada (OSFI). The Interim Consolidated Financial Statements are presented in Canadian dollars, unless otherwise indicated.

These Interim Consolidated Financial Statements were prepared on a condensed basis in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34) using the accounting policies as described in Note 2 of the Bank's 2018 Annual Consolidated Financial Statements except for the changes in accounting policies described in Note 2 of this report. Certain comparative amounts have been restated/reclassified to conform with the presentation adopted in the current period.

The preparation of the Interim Consolidated Financial Statements requires that management make estimates, assumptions, and judgments regarding the reported amount of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities, as further described in Note 3 of the Bank's 2018 Annual Consolidated Financial Statements and Note 3 of this report. Accordingly, actual results may differ from estimated amounts as future confirming events occur.

The Bank's Interim Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. All intercompany transactions, balances, and unrealized gains and losses on transactions are eliminated on consolidation.

The Interim Consolidated Financial Statements for the three months ended January 31, 2019, were approved and authorized for issue by the Bank's Board of Directors, in accordance with a recommendation of the Audit Committee, on February 27, 2019.

As the Interim Consolidated Financial Statements do not include all of the disclosures normally provided in the Annual Consolidated Financial Statements, it should be read in conjunction with the Bank's 2018 Annual Consolidated Financial Statements and the accompanying Notes, and the shaded sections of the 2018 Management's Discussion and Analysis (MD&A). Certain disclosures are included in the shaded sections of the "Managing Risk" section of the MD&A in this report, as permitted by IFRS, and form an integral part of the Interim Consolidated Financial Statements. The Interim Consolidated Financial Statements were prepared under a historical cost basis, except for certain items carried at fair value as discussed in Note 2 of the Bank's 2018 Annual Consolidated Financial Statements.

NOTE 2:  CURRENT AND FUTURE CHANGES IN ACCOUNTING POLICIES

CURRENT CHANGES IN ACCOUNTING POLICY

The following new standards have been adopted by the Bank on November 1, 2018.

Revenue from Contracts with Customers

On November 1, 2018, the Bank adopted IFRS 15, Revenue from Contracts with Customers (IFRS 15), which establishes the principles for recognizing revenue and cash flows arising from contracts with customers and prescribes the application of a five-step recognition and measurement model. The standard excludes from its scope, revenue arising from items such as financial instruments, insurance contracts, and leases. The Bank adopted the standard on a modified retrospective basis, recognizing the cumulative effect of initially applying the standard as an adjustment to opening retained earnings without restating comparative period financial information.

The adoption of IFRS 15 resulted in a reduction to Shareholder's Equity of $41 million related to certain expenses not eligible for deferral under IFRS 15. The presentation of certain revenue and expense items is changed due to IFRS 15 and reclassified prospectively. These presentation changes are not significant and do not have an impact on net income.

In addition to the above changes related to the adoption of IFRS 15, the Bank also changed its accounting policy on securities lending and borrowing transactions. Where securities are received or pledged as collateral, securities lending income and securities borrowing fees are recorded in Non-interest income and Non-interest expenses, respectively on the Interim Consolidated Statement of Income. This change has been applied retrospectively.

Revenue Recognition

Revenue is recognized at an amount that reflects the consideration the Bank expects to be entitled to in exchange for transferring services to a customer, excluding amounts collected on behalf of third parties. The Bank recognizes revenue when it transfers control of a good or a service to a customer at a point in time or over time. The determination of when performance obligations are satisfied requires the use of judgment. Refer to Note 3 for further details.

The Bank identifies contracts with customers subject to IFRS 15, which create enforceable rights and obligations. The Bank determines the performance obligations based on distinct services promised to the customers in the contracts. The Bank's contracts generally have a term of one year or less, consist of a single performance obligation, and the performance obligations generally reflect services.

For each contract, the Bank determines the transaction price, which includes estimating variable consideration and assessing whether the price is constrained. Variable consideration is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. As such, the estimate of the variable consideration is constrained until the end of the invoicing period. The uncertainty is generally resolved at the end of the reporting period and as such, no significant judgment is required when recognizing variable consideration in revenues.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 52

The Bank's receipt of payment from customers generally occurs subsequent to the satisfaction of performance obligations or a short time thereafter. As such, the Bank has not recognized any material contract assets (unbilled receivables) or contract liabilities (deferred revenues) and there is no significant financing component associated with the consideration due to the Bank.

When another party is involved in the transfer of services to a customer, an assessment is made to evaluate whether the Bank is the principal such that revenues are reported on a gross basis or the agent such that revenues are reported on a net basis. The Bank is the principal when it controls the services in the contract promised to the customer before they are transferred. Control is demonstrated by the Bank being primarily responsible for fulfilling the transfer of the services to the customer, having discretion in establishing pricing of the services, or both.

Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for additional revenue policy disclosures.

Share-based Payment

In June 2016, the IASB published amendments to IFRS 2, Share-based Payment (IFRS 2), which provide additional guidance on the classification and measurement of share-based payment transactions. The amendments clarify the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features for withholding tax obligations, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled. The amendments to IFRS 2 are effective for annual periods beginning on or after January 1, 2018, which was November 1, 2018 for the Bank. These amendments have been applied prospectively and did not have a significant impact on the Bank.

FUTURE CHANGES IN ACCOUNTING POLICIES

The following standards have been issued, but are not yet effective on the date of issuance of the Bank's Interim Consolidated Financial Statements. The Bank is currently assessing the impact of the application of these standards on the Interim Consolidated Financial Statements and will adopt these standards when they become effective.

Leases

In January 2016, the IASB issued IFRS 16, Leases (IFRS 16), which will replace IAS 17, Leases, introducing a single lessee accounting model for all leases by eliminating the distinction between operating and financing leases. IFRS 16 requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet. Lessees will also recognize depreciation expense on the right-of-use asset, interest expense on the lease liability, and a shift in the timing of expense recognition in the statement of income. Short-term leases, which are defined as those that have a lease term of twelve months or less; and leases of low-value assets are exempt. Lessor accounting remains substantially unchanged. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, which will be November 1, 2019 for the Bank, and is to be applied retrospectively. The Bank is continuing to assess the impact of the new standard on its portfolio of leases and is upgrading its lease administration and accounting systems and developing future processes and internal controls to enable the application of IFRS 16 in 2019.

Insurance Contracts

In May 2017, the IASB issued IFRS 17, Insurance Contracts (IFRS 17), which replaces the guidance in IFRS 4, Insurance Contracts and establishes principles for recognition, measurement, presentation, and disclosure of insurance contracts. IFRS 17 is currently effective for the Bank's annual reporting period beginning November 1, 2021; however, based on recent IASB meetings, an upcoming amendment to IFRS 17 and a deferral of the effective date by one year is anticipated. Any change to the Bank's effective date is subject to updates of OSFI's related Advisory. The Bank is currently assessing the impact of adopting this standard.

Conceptual Framework for Financial Reporting

In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Revised Conceptual Framework is effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted. The Bank is currently assessing the impact of adopting the revised framework.

Business Combinations

In October 2018, the IASB issued a narrow-scope amendment to IFRS 3, Business Combinations (IFRS 3). The amendments provide additional guidance on the definition of a business which determines whether an acquisition is of a business or a group of assets. An acquirer recognizes goodwill only when acquiring a business, not when acquiring a group of assets. The amendments to IFRS 3 are effective for annual reporting periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted and is to be applied prospectively. The Bank will assess the impact of the amendments on future acquisitions.

Presentation of Financial Statements and Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors which clarify the definition of "material". Specifically, the amendments clarify that information is material if omitting, misstating, or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Accompanying explanations to the definition have also been improved. The amendments are effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, and are to be applied prospectively with early application permitted. The Bank is currently assessing the impact of adopting these amendments.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 53

NOTE 3:  SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND ASSUMPTIONS

The estimates used in the Bank's accounting policies are essential to understanding its results of operations and financial condition. Some of the Bank's policies require subjective, complex judgments and estimates as they relate to matters that are inherently uncertain. Changes in these judgments or estimates and changes to accounting standards and policies could have a materially adverse impact on the Bank's Interim Consolidated Financial Statements. The Bank has established procedures to ensure that accounting policies are applied consistently and that the processes for changing methodologies, determining estimates, and adopting new accounting standards are well-controlled and occur in an appropriate and systematic manner. Refer to Note 3 of the Bank's 2018 Annual Consolidated Financial Statements for a description of significant accounting judgments, estimates, and assumptions, in addition to those described below.

Revenue from Contracts with Customers

The Bank applies judgment to determine the timing of satisfaction of performance obligations which affects the timing of revenue recognition, by evaluating the pattern in which the Bank transfers control of services promised to the customer. A performance obligation is satisfied over time when the customer simultaneously receives and consumes the benefits as the Bank performs the service. For performance obligations satisfied over time, revenue is generally recognized using the time-elapsed method which is based on time elapsed in proportion to the period over which the service is provided, for example, personal deposit account bundle fees. The time-elapsed method is a faithful depiction of the transfer of control for these services as control is transferred evenly to the customer when the Bank provides a stand-ready service or effort is expended evenly by the Bank to provide a service over the contract period. In contracts where the Bank has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Bank's performance completed to date, the Bank recognizes revenue in the amount to which it has a right to invoice.

The Bank satisfies a performance obligation at a point in time if the customer obtains control of the promised services at that date. Determining when control is transferred requires the use of judgment. For transaction-based services, the Bank determines that control is transferred to the customer at a point in time when the customer obtains substantially all of the benefits from the service rendered and the Bank has a present right to payment, which generally coincides with the moment the transaction is executed.

The Bank exercises judgment in determining whether costs incurred in connection with acquiring new revenue contracts would meet the requirement to be capitalized as incremental costs to obtain or fulfil a contract with customers.

NOTE 4:  FAIR VALUE MEASUREMENTS

There have been no significant changes to the Bank's approach and methodologies used to determine fair value measurements during the three months ended January 31, 2019. Refer to Note 5 of the Bank's 2018 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of the Bank's financial instruments.

Carrying Value and Fair Value of Financial Instruments not carried at Fair Value

The fair values in the following table exclude assets that are not financial instruments, such as land, buildings and equipment, as well as goodwill and other intangible assets, including customer relationships, which are of significant value to the Bank.

Financial Assets and Liabilities not carried at Fair Value¹

(millions of Canadian dollars)							As at
	January 31, 2019				October 31, 2018
	Carrying value		Fair value		Carrying value		Fair value
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses
Government and government-related securities	$	60,247	$	59,944	$	60,535	$	59,948
Other debt securities		46,915		46,624		46,636		46,316
Total debt securities at amortized cost, net of allowance for credit losses		107,162		106,568		107,171		106,264
Total loans, net of allowance for loan losses		648,468		647,585		646,393		642,542
Total financial assets not carried at fair value	$	755,630	$	754,153	$	753,564	$	748,806
FINANCIAL LIABILITIES
Deposits	$	849,338	$	847,987	$	851,439	$	846,148
Securitization liabilities at amortized cost		13,986		14,082		14,683		14,654
Subordinated notes and debentures		8,893		9,307		8,740		9,027
Total financial liabilities not carried at fair value	$	872,217	$	871,376	$	874,862	$	869,829

¹  This table excludes financial assets and liabilities where the carrying amount is a reasonable approximation of fair value.

Fair Value Hierarchy and Valuation of Assets and Liabilities Classified as Level 3

IFRS requires disclosure of a three-level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. Refer to Note 5 of the Bank's 2018 Annual Consolidated Financial Statements for a description of the three levels.

There have been no significant changes to the valuation techniques, unobservable inputs, and sensitivities during the three months ended January 31, 2019. The significant valuation techniques and significant unobservable inputs used in the fair value measurements of Level 3 financial assets and financial liabilities are described and quantified within the "Valuation of Assets and Liabilities Classified as Level 3" section in Note 5 of the Bank's 2018 Annual Consolidated Financial Statements.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 54

The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at January 31, 2019 and October 31, 2018.

Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis
(millions of Canadian dollars)																	As at
				January 31, 2019											October 31, 2018
		Level 1		Level 2		Level 3		Total	1		Level 1		Level 2		Level 3		Total	1
FINANCIAL ASSETS AND COMMODITIES
Trading loans, securities, and other2
Government and government-related securities
Canadian government debt
Federal	$	–	$	9,332	$	–	$	9,332		$	127	$	14,335	$	–	$	14,462
Provinces		–		6,951		–		6,951			–		7,535		3		7,538
U.S. federal, state, municipal governments, and agencies debt		–		18,486		–		18,486			–		19,732		–		19,732
Other OECD government guaranteed debt		–		3,596		–		3,596			–		3,324		–		3,324
Mortgage-backed securities		–		2,226		–		2,226			–		2,029		–		2,029
Other debt securities
Canadian issuers		–		5,913		1		5,914			–		5,630		1		5,631
Other issuers		–		13,660		9		13,669			–		14,459		16		14,475
Equity securities
Common shares		39,637		20		–		39,657			43,699		53		–		43,752
Preferred shares		43		9		–		52			33		26		–		59
Trading loans		–		11,113		–		11,113			–		10,990		–		10,990
Commodities		10,881		170		–		11,051			5,540		340		–		5,880
Retained interests		–		23		–		23			–		25		–		25
		50,561		71,499		10		122,070			49,399		78,478		20		127,897
Non-trading financial assets at fair value through profit or loss
Securities		177		1,999		495		2,671			176		2,095		408		2,679
Loans		–		1,183		21		1,204			–		1,317		19		1,336
		177		3,182		516		3,875			176		3,412		427		4,015
Derivatives
Interest rate contracts		31		11,737		–		11,768			33		12,365		–		12,398
Foreign exchange contracts		20		30,443		2		30,465			24		39,647		4		39,675
Credit contracts		–		17		–		17			–		9		–		9
Equity contracts		1		1,277		464		1,742			–		3,170		453		3,623
Commodity contracts		126		965		11		1,102			144		1,112		35		1,291
		178		44,439		477		45,094			201		56,303		492		56,996
Financial assets designated at fair value through profit or loss
Securities2		–		3,760		–		3,760			–		3,618		–		3,618
		–		3,760		–		3,760			–		3,618		–		3,618
Financial assets at fair value through other comprehensive income
Government and government-related securities
Canadian government debt
Federal		–		12,220		–		12,220			–		12,731		–		12,731
Provinces		–		10,348		–		10,348			–		9,507		–		9,507
U.S. federal, state, municipal governments, and agencies debt		–		44,410		–		44,410			–		45,766		–		45,766
Other OECD government guaranteed debt		–		18,291		210		18,501			–		19,896		200		20,096
Mortgage-backed securities		–		6,327		–		6,327			–		6,633		–		6,633
Other debt securities
Asset-backed securities		–		20,715		559		21,274			–		21,407		562		21,969
Non-agency collateralized mortgage obligation portfolio		–		430		–		430			–		472		–		472
Corporate and other debt		–		8,762		23		8,785			–		8,483		24		8,507
Equity securities
Common shares		197		2		1,495		1,694			309		3		1,492		1,804
Preferred shares		209		–		57		266			235		–		135		370
Loans		–		1,998		–		1,998			–		2,745		–		2,745
		406		123,503		2,344		126,253			544		127,643		2,413		130,600
Securities purchased under reverse repurchase agreements		–		4,384		–		4,384			–		3,920		–		3,920
FINANCIAL LIABILITIES
Trading deposits		–		79,094		3,465		82,559			–		111,680		3,024		114,704
Derivatives
Interest rate contracts		20		9,382		64		9,466			24		9,646		63		9,733
Foreign exchange contracts		17		28,486		–		28,503			18		34,897		3		34,918
Credit contracts		–		385		–		385			–		386		–		386
Equity contracts		–		2,083		1,163		3,246			–		1,319		1,077		2,396
Commodity contracts		129		917		19		1,065			134		695		8		837
		166		41,253		1,246		42,665			176		46,943		1,151		48,270
Securitization liabilities at fair value		–		12,294		–		12,294			–		12,618		–		12,618
Financial liabilities designated at fair value through profit or loss		–		26,882		3		26,885			–		2		14		16
Obligations related to securities sold short2		1,953		36,937		–		38,890			1,142		38,336		–		39,478
Obligations related to securities sold under repurchase agreements		–		2,712		–		2,712			–		3,797		–		3,797

¹  Fair value is the same as carrying value.

²  Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 55

The Bank's policy is to record transfers of assets and liabilities between the different levels of the fair value hierarchy using the fair values as at the end of each reporting period. Assets are transferred between Level 1 and Level 2 depending on if there is sufficient frequency and volume in an active market.

There were no significant transfers between Level 1 and Level 2 during the three months ended January 31, 2019 and January 31, 2018.

Movements of Level 3 instruments

Significant transfers into and out of Level 3 occur mainly due to the following reasons:

• Transfers from Level 3 to Level 2 occur when techniques used for valuing the instrument incorporate significant observable market inputs or broker-dealer quotes which were previously not observable.

• Transfers from Level 2 to Level 3 occur when an instrument's fair value, which was previously determined using valuation techniques with significant observable market inputs, is now determined using valuation techniques with significant non-observable inputs.

Due to the unobservable nature of the inputs used to value Level 3 financial instruments there may be uncertainty about the valuation of these instruments. The fair value of Level 3 instruments may be drawn from a range of reasonably possible alternatives. In determining the appropriate levels for these unobservable inputs, parameters are chosen so that they are consistent with prevailing market evidence and management judgment.

The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 non-observable inputs for the three months ended January 31.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at November 1 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at January 31 2019			Change in unrealized gains (losses) on instruments still held5
				Included in income1			Included in OCI2, 3			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL ASSETS
Trading loans, securities, and other
Government and government-related securities
Canadian government debt
Provinces	$	3		$	–		$	–		$	–		$	–	$	(3	)	$	–	$	–		$	–		$	–
Other debt securities
Canadian issuers		1			–			–			–			–		–			–		–			1			–
Other issuers		16			1			–			–			–		(8	)		1		(1	)		9			1
		20			1			–			–			–		(11	)		1		(1	)		10			1
Non-trading financial assets at fair value through profit or loss
Securities		408			2			2			71			–		(9	)		21		–			495			(1	)
Loans		19			1			–			1			–		–			–		–			21			1
		427			3			2			72			–		(9	)		21		–			516			–
Financial assets at fair value through other comprehensive income
Government and government-related securities
Other OECD government guaranteed debt		200			1			9			–			–		–			–		–			210			9
Other debt securities
Asset-backed securities		562			–			(3	)		–			–		–			–		–			559			(3	)
Corporate and other debt		24			–			(1	)		–			–		–			–		–			23			(1	)
Equity securities
Common shares		1,492			–			1			5			–		(3	)		–		–			1,495			1
Preferred shares		135			–			(2	)		–			–		(75	)		–		(1	)		57			(8	)
	$	2,413		$	1		$	4		$	5		$	–	$	(78	)	$	–	$	(1	)	$	2,344		$	(2	)
	Fair value as at November 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at January 31 2019			Change in unrealized losses (gains) on instruments still held5
				Included in income1			Included in OCI3			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits6	$	3,024		$	99		$	–		$	(76	)	$	371	$	47		$	–	$	–		$	3,465		$	80
Derivatives7
Interest rate contracts		63			3			–			–			–		(2	)		–		–			64			4
Foreign exchange contracts		(1	)		1			–			–			–		(2	)		–		–			(2	)		–
Equity contracts		624			105			–			(19	)		57		(68	)		–		–			699			103
Commodity contracts		(27	)		38			–			–			–		(3	)		–		–			8			26
		659			147			–			(19	)		57		(75	)		–		–			769			133
Financial liabilities designated at fair value through profit or loss		14			(23	)		–			–			17		(5	)		–		–			3			(17	)
Obligations related to securities sold short		–			–			–			–			–		–			–		–			–			–

¹  Gains (losses) on financial assets and liabilities are recognized in Net securities gains (losses), Trading income (loss), and Other income (loss) on the Interim Consolidated Statement of Income.

²  Other comprehensive income.

³ Includes realized gains (losses) transferred to retained earnings on disposal of equities designated at fair value through other comprehensive income (FVOCI). Refer to Note 5 for further details.

⁴  Consists of sales, settlements, and foreign exchange.

⁵  Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in accumulated other comprehensive income (AOCI).

⁶  Issuances and repurchases of trading deposits are reported on a gross basis.

⁷  As at January 31, 2019, consists of derivative assets of $0.5 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.3 billion (November 1, 2018 – $1.2 billion), which have been netted on this table for presentation purposes only.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 56

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at November 1 2017			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at January 31 2018			Change in unrealized gains (losses) on instruments still held4
				Included in income1			Included in OCI2			Purchases			Issuances		Other3			Into Level 3		Out of Level 3
FINANCIAL ASSETS
Trading loans, securities, and other
Government and government-related securities
Canadian government debt
Provinces	$	–		$	–		$	–		$	–		$	–	$	–		$	–	$	–		$	–		$	–
Other debt securities
Canadian issuers		6			–			–			–			–		(3	)		–		(2	)		1			–
Other issuers		8			–			–			2			–		(1	)		121		(9	)		121			–
		14			–			–			2			–		(4	)		121		(11	)		122			–
Non-trading financial assets at fair value through profit or loss
Securities		305			15			–			12			–		(8	)		–		–			324			13
Loans		15			(3	)		–			2			–		–			4		–			18			(3	)
		320			12			–			14			–		(8	)		4		–			342			10
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		203			(7	)		(3	)		–			–		–			–		–			193			(3	)
Other debt securities
Asset-backed securities		553			–			2			–			–		(26	)		–		–			529			2
Corporate and other debt		95			–			5			–			–		(1	)		–		–			99			5
Equity securities
Common shares		1,469			–			1			6			–		(72	)		–		–			1,404			(2	)
Preferred shares		108			–			8			–			–		–			–		–			116			8
	$	2,428		$	(7	)	$	13		$	6		$	–	$	(99	)	$	–	$	–		$	2,341		$	10
	Fair value as at November 1 2017			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at January 31 2018			Change in unrealized losses (gains) on instruments still held4
				Included in income1			Included in OCI2			Purchases			Issuances		Other3			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits5	$	2,521		$	33		$	–		$	(141	)	$	637	$	(165	)	$	–	$	(10	)	$	2,875		$	(1	)
Derivatives6
Interest rate contracts		70			(18	)		–			–			–		(1	)		–		–			51			(17	)
Foreign exchange contracts		(1	)		(1	)		–			–			–		1			–		–			(1	)		(1	)
Equity contracts		893			(8	)		–			(19	)		39		(65	)		–		2			842			(1	)
Commodity contracts		(2	)		(7	)		–			–			–		1			–		–			(8	)		(6	)
		960			(34	)		–			(19	)		39		(64	)		–		2			884			(25	)
Financial liabilities designated at fair value through profit or loss		7			31			–			–			25		(35	)		–		–			29			25
Obligations related to securities sold short		–			–			–			–			–		–			–		–			–			–

¹  Gains (losses) on financial assets and liabilities are recognized in Net securities gains (losses), Trading income (loss), and Other income (loss) on the Interim Consolidated Statement of Income.

² Includes realized gains (losses) transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 5 for further details.

³  Consists of sales, settlements, and foreign exchange.

⁴  Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI.

⁵  Issuances and repurchases of trading deposits are reported on a gross basis.

⁶ As at January 31, 2018, consists of derivative assets of $0.9 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.8 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 57

NOTE 5: SECURITIES

Unrealized Securities Gains (Losses)

The following table summarizes the unrealized gains and losses as at January 31, 2019 and October 31, 2018.

Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income

(millions of Canadian dollars)															As at
		January 31, 2019													October 31, 2018
		Cost/ amortized cost1		Gross unrealized gains		Gross unrealized (losses	)		Fair value		Cost/ amortized cost1		Gross unrealized gains		Gross unrealized (losses	)		Fair value
Securities at Fair Value Through Other Comprehensive Income
Government and government-related securities
Canadian government debt
Federal	$	12,193	$	44	$	(17	)	$	12,220	$	12,740	$	38	$	(47	)	$	12,731
Provinces		10,297		70		(19	)		10,348		9,443		75		(11	)		9,507
U.S. federal, state, municipal governments, and agencies debt		44,384		186		(160	)		44,410		45,857		265		(356	)		45,766
Other OECD government guaranteed debt		18,451		54		(4	)		18,501		20,034		65		(3	)		20,096
Mortgage-backed securities		6,274		53		–			6,327		6,575		59		(1	)		6,633
		91,599		407		(200	)		91,806		94,649		502		(418	)		94,733
Other debt securities
Asset-backed securities		21,248		58		(32	)		21,274		21,901		87		(19	)		21,969
Non-agency collateralized mortgage obligation portfolio		431		–		(1	)		430		471		1		–			472
Corporate and other debt		8,805		28		(48	)		8,785		8,534		31		(58	)		8,507
		30,484		86		(81	)		30,489		30,906		119		(77	)		30,948
Total debt securities		122,083		493		(281	)		122,295		125,555		621		(495	)		125,681
Equity securities
Common shares		1,657		71		(34	)		1,694		1,725		118		(39	)		1,804
Preferred shares		301		8		(43	)		266		376		20		(26	)		370
		1,958		79		(77	)		1,960		2,101		138		(65	)		2,174
Total securities at fair value through other comprehensive income	$	124,041	$	572	$	(358	)	$	124,255	$	127,656	$	759	$	(560	)	$	127,855

¹ Includes the foreign exchange translation of amortized cost balances at the period-end spot rate.

Equity Securities Designated at Fair Value Through Other Comprehensive Income

The Bank designated certain equity securities shown in the following table as equity securities at FVOCI. The designation was made because the investments are held for purposes other than trading.

Equity Securities Designated at Fair Value Through Other Comprehensive Income

(millions of Canadian dollars)				As at				For the three months ended
		January 31, 2019		January 31, 2018		January 31, 2019		January 31, 2018
		Fair value		Fair value		Dividend income recognized		Dividend income recognized
Common shares	$	1,694	$	1,701	$	20	$	16
Preferred shares		266		362		4		4
Total	$	1,960	$	2,063	$	24	$	20

The Bank disposed of equity securities with a fair value of $179 million during the three months ended January 31, 2019 (three months ended January 31, 2018 – $4 million). The Bank realized a cumulative gain of $24 million during the three months ended January 31, 2019 (three months ended January 31, 2018 – $2 million) on disposal of these equity securities and recognized dividend income of nil and $8 million during the three months ended January 31, 2019 and January 31, 2018, respectively.

Net Securities Gains (Losses)

(millions of Canadian dollars)		For the three months ended
		January 31 2019			January 31 2018
Debt securities at amortized cost
Net realized gains (losses)	$	44		$	–
Debt securities at fair value through other comprehensive income
Net realized gains (losses)		(55	)		3
Total	$	(11	)	$	3

Credit Quality of Debt Securities

The Bank evaluates non-retail credit risk on an individual borrower basis, using both a borrower risk rating (BRR) and facility risk rating (FRR), as detailed in the shaded area of the "Managing Risk" section of the 2018 MD&A. This system is used to assess all non-retail exposures, including debt securities.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 58

The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances.

Debt Securities by Risk Ratings

(millions of Canadian dollars)							As at
					January 31, 2019
		Stage 1		Stage 2		Stage 3		Total
Debt securities
Investment grade	$	226,982	$	–	$	n/a	$	226,982
Non-Investment grade		2,394		76		n/a		2,470
Watch and classified		n/a		6		n/a		6
Default		n/a		n/a		–		–
Total debt securities		229,376		82		–		229,458
Allowance for credit losses on debt securities at amortized cost		1		–		–		1
Debt securities, net of allowance	$	229,375	$	82	$	–	$	229,457

Debt Securities by Risk Ratings

(millions of Canadian dollars)								As at
					October 31, 2018
		Stage 1		Stage 2		Stage 3			Total
Debt securities
Investment grade	$	230,488	$	–	$	n/a	1	$	230,488
Non-Investment grade		2,140		54		n/a			2,194
Watch and classified		n/a		11		n/a			11
Default		n/a		n/a		234			234
Total debt securities		232,628		65		234			232,927
Allowance for credit losses on debt securities at amortized cost		1		4		70			75
Debt securities, net of allowance	$	232,627	$	61	$	164		$	232,852

As at January 31, 2019, the allowance for credit losses on debt securities is $6 million, comprised of $1 million for debt securities at amortized cost and $5 million for debt securities at FVOCI. For the three months ended January 31, 2019 and January 31, 2018, the Bank reported a provision of credit losses of nil on debt securities at amortized cost. For the three months ended January 31, 2019 and January 31, 2018, the Bank reported a provision for credit losses of nil and $4 million, respectively, on debt securities at FVOCI.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 59

NOTE 6:  LOANS, IMPAIRED LOANS, AND ALLOWANCE FOR CREDIT LOSSES

The following table provides the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances.

Loans by Risk Ratings¹

(millions of Canadian dollars)								As at
						January 31, 2019
		Stage 1		Stage 2		Stage 3		Total
Residential mortgages2,3,4
Low Risk	$	174,803	$	49	$	n/a	$	174,852
Normal Risk		41,249		243		n/a		41,492
Medium Risk		5,677		425		n/a		6,102
High Risk		969		1,352		298		2,619
Default		n/a		n/a		416		416
Total		222,698		2,069		714		225,481
Allowance for loan losses		25		30		48		103
Loans, net of allowance		222,673		2,039		666		225,378
Consumer instalment and other personal5
Low Risk		90,685		1,031		n/a		91,716
Normal Risk		45,386		1,071		n/a		46,457
Medium Risk		22,756		1,013		n/a		23,769
High Risk		6,201		2,419		832		9,452
Default		n/a		n/a		506		506
Total		165,028		5,534		1,338		171,900
Allowance for loan losses		573		370		181		1,124
Loans, net of allowance		164,455		5,164		1,157		170,776
Credit card
Low Risk		8,160		17		n/a		8,177
Normal Risk		9,777		77		n/a		9,854
Medium Risk		11,107		269		n/a		11,376
High Risk		4,370		1,457		369		6,196
Default		n/a		n/a		123		123
Total		33,414		1,820		492		35,726
Allowance for loan losses		396		312		389		1,097
Loans, net of allowance		33,018		1,508		103		34,629
Business and government2,3,4
Investment grade or Low/Normal Risk		118,623		41		n/a		118,664
Non-Investment grade or Medium Risk		109,517		4,807		n/a		114,324
Watch and classified or High Risk		671		3,919		379		4,969
Default		n/a		n/a		611		611
Total		228,811		8,767		990		238,568
Allowance for loan losses		646		581		162		1,389
Loans, net of allowance		228,165		8,186		828		237,179
Total loans		649,951		18,190		3,534		671,675
Total Allowance for loan losses		1,640		1,293		780		3,713
Total loans, net of allowance	$	648,311	$	16,897	$	2,754	$	667,962

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 60

Loans by Risk Ratings1 (continued)
(millions of Canadian dollars)							As at
					January 31, 2019
	Stage 1		Stage 2		Stage 3		Total
Off-balance sheet credit instruments
Retail Exposures6
Low Risk	$	250,701	$	828	$	n/a	$	251,529
Normal Risk		50,042		619		n/a		50,661
Medium Risk		12,217		366		n/a		12,583
High Risk		1,516		952		n/a		2,468
Default		n/a		n/a		n/a		n/a
Non-Retail Exposures7
Investment grade		173,837		–		n/a		173,837
Non-Investment grade		59,923		2,303		n/a		62,226
Watch and classified		–		1,636		n/a		1,636
Default		n/a		n/a		n/a		n/a
Total off-balance sheet credit instruments		548,236		6,704		n/a		554,940
Allowance for off-balance sheet credit instruments		573		496		n/a		1,069
Total off-balance sheet credit instruments, net of allowance		547,663		6,208		n/a		553,871
Acquired credit-impaired loans		n/a		n/a		401		401
Allowance for loan losses		n/a		n/a		16		16
Acquired credit-impaired loans, net of allowance for loan losses	$	n/a	$	n/a	$	385	$	385

¹ Includes loans that are measured at FVOCI and customers' liability under acceptances.

² As at January 31, 2019, impaired loans with a balance of $132 million did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount.

³ Excludes trading loans and non-trading loans at FVTPL with a fair value of $11 billion and $1 billion, respectively, as at January 31, 2019.

⁴ Includes insured mortgages of $93 billion as at January 31, 2019.

⁵ Includes Canadian government-insured real estate personal loans of $14 billion as at January 31, 2019.

⁶ As at January 31, 2019, includes $302 billion of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

⁷ As at January 31, 2019, includes $40 billion of the undrawn component of uncommitted credit and liquidity facilities.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 61

Loans by Risk Ratings¹

(millions of Canadian dollars)								As at
						October 31, 2018
		Stage 1		Stage 2		Stage 3		Total
Residential mortgages2,3,4
Low Risk	$	168,690	$	32	$	n/a	$	168,722
Normal Risk		47,821		176		n/a		47,997
Medium Risk		5,106		267		n/a		5,373
High Risk		892		1,264		317		2,473
Default		n/a		n/a		392		392
Total		222,509		1,739		709		224,957
Allowance for loan losses		24		34		47		105
Loans, net of allowance		222,485		1,705		662		224,852
Consumer instalment and other personal5
Low Risk		87,906		983		n/a		88,889
Normal Risk		48,008		1,190		n/a		49,198
Medium Risk		23,008		1,063		n/a		24,071
High Risk		6,158		2,386		817		9,361
Default		n/a		n/a		514		514
Total		165,080		5,622		1,331		172,033
Allowance for loan losses		574		349		178		1,101
Loans, net of allowance		164,506		5,273		1,153		170,932
Credit card
Low Risk		7,234		11		n/a		7,245
Normal Risk		9,780		66		n/a		9,846
Medium Risk		11,347		246		n/a		11,593
High Risk		4,435		1,445		333		6,213
Default		n/a		n/a		121		121
Total		32,796		1,768		454		35,018
Allowance for loan losses		379		283		341		1,003
Loans, net of allowance		32,417		1,485		113		34,015
Business and government2,3,4
Investment grade or Low/Normal Risk		118,414		57		n/a		118,471
Non-Investment grade or Medium Risk		108,678		5,272		n/a		113,950
Watch and classified or High Risk		666		3,746		97		4,509
Default		n/a		n/a		563		563
Total		227,758		9,075		660		237,493
Allowance for loan losses		651		551		120		1,322
Loans, net of allowance		227,107		8,524		540		236,171
Total loans		648,143		18,204		3,154		669,501
Total Allowance for loan losses		1,628		1,217		686		3,531
Total loans, net of allowance	$	646,515	$	16,987	$	2,468	$	665,970
Off-balance sheet credit instruments
Retail Exposures6
Low Risk	$	246,575	$	2,576	$	n/a	$	249,151
Normal Risk		51,961		1,129		n/a		53,090
Medium Risk		12,298		469		n/a		12,767
High Risk		1,765		638		n/a		2,403
Default		n/a		n/a		n/a		n/a
Non-Retail Exposures7
Investment grade		167,993		323		n/a		168,316
Non-Investment grade		60,002		2,309		n/a		62,311
Watch and classified		13		1,949		n/a		1,962
Default		n/a		n/a		n/a		n/a
Total off-balance sheet credit instruments		540,607		9,393		n/a		550,000
Allowance for off-balance sheet credit instruments		550		479		n/a		1,029
Total off-balance sheet credit instruments, net of allowance		540,057		8,914		n/a		548,971
Acquired credit-impaired loans		n/a		n/a		453		453
Allowance for loan losses		n/a		n/a		18		18
Acquired credit-impaired loans, net of allowance for loan losses	$	n/a	$	n/a	$	435	$	435

¹ Includes loans that are measured at FVOCI and customers' liability under acceptances.

² As at October 31, 2018, impaired loans with a balance of $124 million did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount.

³ Excludes trading loans and non-trading loans at FVTPL with a fair value of $11 billion and $1 billion, respectively, as at October 31, 2018.

⁴ Includes insured mortgages of $95 billion as at October 31, 2018.

⁵ Includes Canadian government-insured real estate personal loans of $14 billion as at October 31, 2018.

⁶ As at October 31, 2018, includes $302 billion of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

⁷ As at October 31, 2018, includes $37 billion of the undrawn component of uncommitted credit and liquidity facilities.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 62

The changes to the Bank's allowance for loan losses, as at and for the three months ended January 31, 2019 and January 31, 2018, are shown in the following tables.

Allowance for Loan Losses – Residential Mortgages
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses as at November 1, 2018	$	24		$	34		$	47		$	5		$	110
Provision for credit losses
Transfer to Stage 11		13			(12	)		(1	)		–			–
Transfer to Stage 2		(1	)		3			(2	)		–			–
Transfer to Stage 3		(1	)		(2	)		3			–			–
		11			(11	)		–			–			–
Net remeasurement due to transfers2		(4	)		1			–			–			(3	)
New originations or purchases3		3			n/a			n/a			–			3
Net repayments4		–			(1	)		–			–			(1	)
Derecognition of financial assets (excluding disposals and write-offs)5		(1	)		(1	)		(4	)		–			(6	)
Changes to risk, parameters, and models6		(8	)		8			12			(1	)		11
		1			(4	)		8			(1	)		4
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			–			–			–			–
Write-offs		–			–			(7	)		–			(7	)
Recoveries		–			–			–			–			–
		–			–			(7	)		–			(7	)
Total allowance for loan losses as at January 31, 2019	$	25		$	30		$	48		$	4		$	107
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses as at November 1, 2017	$	24		$	26		$	45		$	12		$	107
Provision for credit losses
Transfer to Stage 11		6			(6	)		–			–			–
Transfer to Stage 2		(1	)		2			(1	)		–			–
Transfer to Stage 3		–			(2	)		2			–			–
		5			(6	)		1			–			–
Net remeasurement due to transfers2		(4	)		2			–			–			(2	)
New originations or purchases3		4			n/a			n/a			–			4
Net repayments4		(1	)		(1	)		–			(3	)		(5	)
Derecognition of financial assets (excluding disposals and write-offs)5		–			(1	)		–			–			(1	)
Changes to risk, parameters, and models6		(5	)		4			1			(2	)		(2	)
		(1	)		(2	)		2			(5	)		(6	)
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(2	)		(2	)		–			(4	)
Write-offs		–			–			(7	)		–			(7	)
Recoveries		–			–			1			–			1
		–			(2	)		(8	)		–			(10	)
Total allowance for loan losses as at January 31, 2018	$	23		$	22		$	39		$	7		$	91

¹  Transfers represent stage transfer movements prior to expected credit loss (ECL) remeasurement.

² Represents the remeasurement between twelve-month and lifetime ECLs due to stage transfers, excluding the change to risk, parameters, and models.

³  Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed.

⁴  Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding.

⁵  Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off.

⁶  Represents the change in the allowance related to changes in risk including changes to macroeconomic factors, level of risk, associated parameters, and models.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 63

Allowance for Loan Losses – Consumer Instalment and Other Personal
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	599		$	392		$	178		$	2		$	1,171
Provision for credit losses
Transfer to Stage 11		83			(78	)		(5	)		–			–
Transfer to Stage 2		(29	)		39			(10	)		–			–
Transfer to Stage 3		(5	)		(52	)		57			–			–
		49			(91	)		42			–			–
Net remeasurement due to transfers1		(34	)		40			3			–			9
New originations or purchases1		66			n/a			n/a			–			66
Net draws (repayments)1		(21	)		(7	)		(3	)		–			(31	)
Derecognition of financial assets (excluding disposals and write-offs)1		(20	)		(26	)		(15	)		–			(61	)
Changes to risk, parameters, and models1		(41	)		106			222			–			287
		(1	)		22			249			–			270
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(1	)		–			–			(1	)
Write-offs		–			–			(306	)		–			(306	)
Recoveries		–			–			60			–			60
		–			(1	)		(246	)		–			(247	)
Balance as at January 31, 2019		598			413			181			2			1,194
Less: Allowance for off-balance sheet instruments2		25			43			–			–			68
Total allowance for loan losses as at January 31, 2019	$	573		$	370		$	181		$	2		$	1,126
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	529		$	355		$	166		$	5		$	1,055
Provision for credit losses
Transfer to Stage 11		69			(65	)		(4	)		–			–
Transfer to Stage 2		(33	)		42			(9	)		–			–
Transfer to Stage 3		(4	)		(45	)		49			–			–
		32			(68	)		36			–			–
Net remeasurement due to transfers1		(28	)		39			3			–			14
New originations or purchases1		70			n/a			n/a			–			70
Net draws (repayments)1		–			(6	)		–			(2	)		(8	)
Derecognition of financial assets (excluding disposals and write-offs)1		(25	)		(27	)		(9	)		–			(61	)
Changes to risk, parameters, and models1		(32	)		96			184			2			250
		17			34			214			–			265
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		(11	)		(8	)		(5	)		–			(24	)
Write-offs		–			–			(265	)		–			(265	)
Recoveries		–			–			69			–			69
		(11	)		(8	)		(201	)		–			(220	)
Balance as at January 31, 2018		535			381			179			5			1,100
Less: Allowance for off-balance sheet instruments2		24			43			–			–			67
Total allowance for loan losses as at January 31, 2018	$	511		$	338		$	179		$	5		$	1,033

¹  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

²  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 64

Allowance for Loan Losses – Credit Card
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3	1		Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	819		$	580		$	341		$	1,740
Provision for credit losses
Transfer to Stage 12		199			(141	)		(58	)		–
Transfer to Stage 2		(56	)		71			(15	)		–
Transfer to Stage 3		(8	)		(167	)		175			–
		135			(237	)		102			–
Net remeasurement due to transfers2		(56	)		79			14			37
New originations or purchases2		30			n/a			n/a			30
Net draws (repayments)2		39			2			(35	)		6
Derecognition of financial assets (excluding disposals and write-offs)2		(20	)		(21	)		(64	)		(105	)
Changes to risk, parameters, and models2		(80	)		233			377			530
		48			56			394			498
Other changes
Disposals		–			–			–			–
Foreign exchange and other adjustments		(2	)		(1	)		1			(2	)
Write-offs		–			–			(418	)		(418	)
Recoveries		–			–			71			71
		(2	)		(1	)		(346	)		(349	)
Balance as at January 31, 2019		865			635			389			1,889
Less: Allowance for off-balance sheet instruments3		469			323			–			792
Total allowance for loan losses as at January 31, 2019	$	396		$	312		$	389		$	1,097
		Stage 1			Stage 2			Stage 3	1		Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	763		$	521		$	321		$	1,605
Provision for credit losses
Transfer to Stage 12		124			(114	)		(10	)		–
Transfer to Stage 2		(54	)		72			(18	)		–
Transfer to Stage 3		(16	)		(109	)		125			–
		54			(151	)		97			–
Net remeasurement due to transfers2		(45	)		59			30			44
New originations or purchases2		67			n/a			n/a			67
Net draws (repayments)2		71			8			(34	)		45
Derecognition of financial assets (excluding disposals and write-offs)2		(26	)		(30	)		(19	)		(75	)
Changes to risk, parameters, and models2		(121	)		193			271			343
		–			79			345			424
Other changes
Disposals		(4	)		(3	)		(1	)		(8	)
Foreign exchange and other adjustments		(22	)		(12	)		(13	)		(47	)
Write-offs		–			–			(372	)		(372	)
Recoveries		–			–			61			61
		(26	)		(15	)		(325	)		(366	)
Balance as at January 31, 2018		737			585			341			1,663
Less: Allowance for off-balance sheet instruments3		371			263			–			634
Total allowance for loan losses as at January 31, 2018	$	366		$	322		$	341		$	1,029

¹  Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for further details.

²  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

³  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 65

Allowance for Loan Losses – Business and Government1
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	736		$	690		$	120		$	11		$	1,557
Provision for credit losses
Transfer to Stage 12		44			(42	)		(2	)		–			–
Transfer to Stage 2		(30	)		32			(2	)		–			–
Transfer to Stage 3		(1	)		(19	)		20			–			–
		13			(29	)		16			–			–
Net remeasurement due to transfers2		(13	)		20			1			–			8
New originations or purchases2		109			n/a			n/a			–			109
Net draws (repayments)2		7			(12	)		(4	)		–			(9	)
Derecognition of financial assets (excluding disposals and write-offs)2		(94	)		(110	)		(12	)		–			(216	)
Changes to risk, parameters, and models2		(33	)		153			70			(4	)		186
		(11	)		22			71			(4	)		78
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(1	)		(2	)		–			(3	)
Write-offs		–			–			(35	)		–			(35	)
Recoveries		–			–			8			3			11
		–			(1	)		(29	)		3			(27	)
Balance as at January 31, 2019		725			711			162			10			1,608
Less: Allowance for off-balance sheet instruments3		79			130			–			–			209
Total allowance for loan losses as at January 31, 2019	$	646		$	581		$	162		$	10		$	1,399
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	706		$	627		$	174		$	18		$	1,525
Provision for credit losses
Transfer to Stage 12		28			(27	)		(1	)		–			–
Transfer to Stage 2		(16	)		17			(1	)		–			–
Transfer to Stage 3		(2	)		(16	)		18			–			–
		10			(26	)		16			–			–
Net remeasurement due to transfers2		(7	)		15			2			–			10
New originations or purchases2		86			n/a			n/a			–			86
Net draws (repayments)2		(1	)		(10	)		(9	)		(2	)		(22	)
Derecognition of financial assets (excluding disposals and write-offs)2		(92	)		(89	)		(7	)		–			(188	)
Changes to risk, parameters, and models2		(12	)		131			3			(2	)		120
		(16	)		21			5			(4	)		6
Other changes
Disposals		–			–			(5	)		–			(5	)
Foreign exchange and other adjustments		(27	)		(20	)		(5	)		(1	)		(53	)
Write-offs		–			–			(32	)		(1	)		(33	)
Recoveries		–			–			16			2			18
		(27	)		(20	)		(26	)		–			(73	)
Balance as at January 31, 2018		663			628			153			14			1,458
Less: Allowance for off-balance sheet instruments3		68			78			–			–			146
Total allowance for loan losses as at January 31, 2018	$	595		$	550		$	153		$	14		$	1,312

¹ Includes the allowance for credit losses related to customers' liability under acceptances.

²  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

³  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

The allowance for credit losses on all remaining financial assets is not significant.

FORECLOSED ASSETS

Foreclosed assets are repossessed non-financial assets where the Bank gains title, ownership, or possession of individual properties, such as real estate properties, which are managed for sale in an orderly manner with the proceeds used to reduce or repay any outstanding debt. The Bank does not generally occupy foreclosed properties for its business use. The Bank predominantly relies on third-party appraisals to determine the carrying value of foreclosed assets. Foreclosed assets held for sale were $91 million as at January 31, 2019 (October 31, 2018 – $81 million), and were recorded in Other assets on the Interim Consolidated Balance Sheet.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 66

LOANS PAST DUE BUT NOT IMPAIRED

A loan is classified as past due when a borrower has failed to make a payment by the contractual due date. The following table summarizes loans that are contractually past due but not impaired as at January 31, 2019 and October 31, 2018.

Loans Past Due but not Impaired1,2
(millions of Canadian dollars)		As at
		January 31, 2019								October 31, 2018
		1-30 days		31-60 days		61-89 days		Total		1-30 days		31-60 days		61-89 days		Total
Residential mortgages	$	1,489	$	332	$	127	$	1,948	$	1,471	$	358	$	101	$	1,930
Consumer instalment and other personal		5,815		812		264		6,891		5,988		811		241		7,040
Credit card		1,348		341		218		1,907		1,403		340		213		1,956
Business and government		1,438		726		65		2,229		1,314		444		28		1,786
Total	$	10,090	$	2,211	$	674	$	12,975	$	10,176	$	1,953	$	583	$	12,712

¹  Includes loans that are measured at FVOCI.

²  Balances as at January 31, 2019 and October 31, 2018 exclude all acquired credit-impaired loans.

NOTE 7:  INVESTMENT IN ASSOCIATES AND JOINT VENTURES

INVESTMENT IN TD AMERITRADE HOLDING CORPORATION

The Bank has significant influence over TD Ameritrade Holding Corporation (TD Ameritrade) and accounts for its investment in TD Ameritrade using the equity method. The Bank's equity share in TD Ameritrade's earnings, excluding dividends, is reported on a one-month lag basis. The Bank takes into account changes in the subsequent period that would significantly affect the results.

As at January 31, 2019, the Bank's reported investment in TD Ameritrade was 41.75% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade with a fair value of $17 billion (US$13 billion) (October 31, 2018 – $16 billion (US$12 billion)) based on the closing price of US$55.95 (October 31, 2018 – US$51.72) on the New York Stock Exchange.

During the three months ended January 31, 2019, TD Ameritrade repurchased 2.6 million shares (for the year ended October 31, 2018 – 5.5 million shares). Pursuant to the Stockholders Agreement in relation to the Bank's equity investment in TD Ameritrade, if stock repurchases by TD Ameritrade cause the Bank's ownership percentage to exceed 45%, the Bank is required to use reasonable efforts to sell or dispose of such excess stock, subject to the Bank's commercial judgment as to the optimal timing, amount, and method of sales with a view to maximizing proceeds from such sales. However, in the event that stock repurchases by TD Ameritrade cause the Bank's ownership percentage to exceed 45%, the Bank has no absolute obligation to reduce its ownership percentage to 45%. In addition, stock repurchases by TD Ameritrade cannot result in the Bank's ownership percentage exceeding 47%.

Pursuant to the Stockholders Agreement in relation to the Bank's equity investment in TD Ameritrade, the Bank has the right to designate five of twelve members of TD Ameritrade's Board of Directors. The Bank's designated directors currently include the Bank's Group President and Chief Executive Officer and four independent directors of TD or TD's U.S. subsidiaries.

TD Ameritrade has no significant contingent liabilities to which the Bank is exposed. During the three months ended January 31, 2019 and January 31, 2018, TD Ameritrade did not experience any significant restrictions to transfer funds in the form of cash dividends, or repayment of loans or advances.

The condensed financial statements of TD Ameritrade, based on its consolidated financial statements, are included in the following tables.

Condensed Consolidated Balance Sheets1
(millions of Canadian dollars)				As at
		December 31 2018		September 30 2018
Assets
Receivables from brokers, dealers, and clearing organizations	$	1,837	$	1,809
Receivables from clients, net		25,542		29,773
Other assets, net		21,488		17,811
Total assets	$	48,867	$	49,393
Liabilities
Payable to brokers, dealers, and clearing organizations	$	3,019	$	3,923
Payable to clients		29,037		30,126
Other liabilities		5,830		4,809
Total liabilities		37,886		38,858
Stockholders' equity2		10,981		10,535
Total liabilities and stockholders' equity	$	48,867	$	49,393

¹ Customers' securities are reported on a settlement date basis whereas the Bank reports customers' securities on a trade date basis.

² The difference between the carrying value of the Bank's investment in TD Ameritrade and the Bank's share of TD Ameritrade's stockholders' equity is comprised of goodwill, other intangibles, and the cumulative translation adjustment.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 67

Condensed Consolidated Statements of Income
(millions of Canadian dollars, except as noted)		For the three months ended
		December 31 2018		December 31 2017
Revenues
Net interest revenue	$	497	$	351
Fee-based and other revenue		1,506		1,247
Total revenues		2,003		1,598
Operating expenses
Employee compensation and benefits		419		528
Other		532		643
Total operating expenses		951		1,171
Other expense (income)		24		42
Pre-tax income		1,028		385
Provision for income taxes		230		8
Net income1,2	$	798	$	377
Earnings per share – basic (Canadian dollars)	$	1.42	$	0.66
Earnings per share – diluted (Canadian dollars)		1.41		0.66

¹ The Bank's equity share of net income of TD Ameritrade is based on the published consolidated financial statements of TD Ameritrade after converting into Canadian dollars and is subject to adjustments relating to the amortization of certain intangibles.

² The Bank's equity share in TD Ameritrade earnings for the three months ended January 31, 2019 includes an adjustment of nil (net favourable adjustment of $41 million (US$32 million) for the three months ended January 31, 2018) primarily representing the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances as a result of the reduction in the U.S. federal corporate income tax rate.

NOTE 8:  SIGNIFICANT ACQUISITIONS AND DISPOSALS

Agreement for Air Canada Credit Card Loyalty Program

On January 10, 2019, the Bank's long-term loyalty program agreement (the "Loyalty Agreement") with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). Under the terms of the Loyalty Agreement, the Bank will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 through to 2030. TD Aeroplan cardholders will become members of Air Canada's new loyalty program and their miles will be transitioned when Air Canada's new loyalty program launches in 2020.

In connection with the Transaction, the Bank paid $622 million plus applicable sales tax to Air Canada, of which $547 million ($446 million after sales and income taxes) was recognized in Non-interest expenses – Other on the Interim Consolidated Statement of Income, and $75 million was recognized as an intangible asset which will be amortized over the Loyalty Agreement term. In addition, the Bank prepaid $308 million plus applicable sales tax for the future purchase of loyalty points over a ten-year period.

Acquisition of Greystone Managed Investments Inc.

On November 1, 2018, the Bank acquired 100% of the outstanding equity of Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. ("Greystone") for consideration of $817 million, of which $475 million was paid in cash and $342 million was paid in the Bank's common shares. The value of 4.7 million common shares issued as consideration was based on the volume weighted-average market price of the Bank's common shares over the 10 trading day period immediately preceding the fifth business day prior to the acquisition date and was recorded based on market price at close. Common shares of $167 million issued to employee shareholders in respect of the purchase price will be held in escrow for two years post-acquisition, subject to their continued employment, and will be recorded as a compensation expense over the two-year escrow period.

The acquisition is accounted for as a business combination under the purchase method. As at November 1, 2018, the acquisition contributed $169 million of assets and $55 million of liabilities. The excess of accounting consideration over the fair value of the identifiable net assets is allocated to customer relationship intangibles of $140 million, deferred tax liability of $37 million, and goodwill of $433 million. Goodwill is not deductible for tax purposes. The results of the acquisition have been consolidated from the acquisition date and reported in the Canadian Retail segment. The purchase price allocation is subject to refinement and may be adjusted to reflect new information about facts and circumstances that existed at the acquisition date during the measurement period.

NOTE 9:  GOODWILL

Goodwill by Segment

(millions of Canadian dollars)	Canadian Retail			U.S. Retail1			Wholesale Banking		Total
Carrying amount of goodwill as at November 1, 2017	$	2,303		$	13,693		$	160	$	16,156
Additions		82			–			–		82
Foreign currency translation adjustments and other		18			280			–		298
Carrying amount of goodwill as at October 31, 20182		2,403			13,973			160		16,536
Additions		433			–			–		433
Foreign currency translation adjustments and other		(2	)		(26	)		–		(28	)
Carrying amount of goodwill as at January 31, 20192	$	2,834		$	13,947		$	160	$	16,941

¹ Goodwill predominantly relates to U.S. personal and commercial banking.

² Impairment losses for the three months ended January 31, 2019 were nil (three months ended January 31, 2018 – nil), and accumulated impairment as at January 31, 2019 was nil (October 31, 2018 – nil).

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 68

NOTE 10:  OTHER ASSETS

Other Assets

(millions of Canadian dollars)			As at
	January 31 2019		October 31 2018
Accounts receivable and other items	$	9,130	$	8,938
Accrued interest		2,398		2,343
Current income tax receivable		2,325		1,614
Defined benefit asset		9		113
Insurance-related assets, excluding investments		1,601		1,638
Prepaid expenses		1,285		950
Total	$	16,748	$	15,596

NOTE 11:  DEPOSITS

Demand deposits are those for which the Bank does not have the right to require notice prior to withdrawal. These deposits are in general chequing accounts.

Notice deposits are those for which the Bank can legally require notice prior to withdrawal. These deposits are in general savings accounts.

Term deposits are those payable on a fixed date of maturity purchased by customers to earn interest over a fixed period. The terms are from one day to ten years. The deposits are generally term deposits, guaranteed investment certificates, senior debt, and similar instruments. The aggregate amount of term deposits in denominations of $100,000 or more as at January 31, 2019, was $283 billion (October 31, 2018 – $293 billion).

Certain deposit liabilities are classified as Trading deposits on the Interim Consolidated Balance Sheet and accounted for at fair value with the change in fair value recognized on the Interim Consolidated Statement of Income.

Certain deposits have been designated at fair value through profit or loss on the Interim Consolidated Balance Sheet to reduce an accounting mismatch from related economic hedges. These deposits are accounted for at fair value with the change in fair value recognized on the Interim Consolidated Statement of Income, except for the amount of change in fair value attributable to changes in the Bank's own credit risk, which is recognized on the Interim Consolidated Statement of Comprehensive Income. Changes in fair value attributable to changes in the Bank's own credit risk are measured as the difference between: (i) the period-over-period change in the present value of the expected cash flows using an all-in discount curve reflecting the interest rate benchmark curve and the Bank's own credit risk; and (ii) the period-over-period change in the present value of the same expected cash flows using a discount curve based on the interest rate benchmark curve.

For deposits designated at fair value through profit or loss, the estimated amount that the Bank would be contractually required to pay at maturity, which is based on notional amounts, was $86 million less than its fair value as at January 31, 2019.

Deposits
(millions of Canadian dollars)	As at
	By Type						By Country						January 31 2019		October 31 2018
	Demand		Notice		Term1		Canada		United States		International		Total		Total
Personal	$	13,627	$	414,413	$	55,092	$	223,077	$	260,021	$	34	$	483,132	$	477,644
Banks2		8,448		52		8,266		10,837		66		5,863		16,766		16,712
Business and government3		75,356		129,068		145,016		254,431		90,278		4,731		349,440		357,083
Trading2		–		–		82,559		38,170		28,270		16,119		82,559		114,704
Designated at fair value through profit or loss2,4		–		–		26,877		12,055		12,103		2,719		26,877		–
Total	$	97,431	$	543,533	$	317,810	$	538,570	$	390,738	$	29,466	$	958,774	$	966,143
Non-interest-bearing deposits included above
In domestic offices													$	41,914	$	42,402
In foreign offices														51,852		54,488
Interest-bearing deposits included above
In domestic offices														496,656		505,295
In foreign offices														367,809		362,890
U.S. federal funds deposited2														543		1,068
Total3,5													$	958,774	$	966,143

¹  Includes $635 million (October 31, 2018 – $53 million) of senior debt which is subject to the bank recapitalization "bail-in" regime. This regime provides certain statutory powers to the Canada Deposit Insurance Corporation (CDIC), including the ability to convert specified eligible shares and liabilities into common shares in the event that the Bank becomes non-viable.

² Includes deposits and advances with the Federal Home Loan Bank.

³ As at January 31, 2019, includes $37 billion relating to covered bondholders (October 31, 2018 – $36 billion) and $2 billion (October 31, 2018 – $2 billion) due to TD Capital Trust lV.

⁴ Financial liabilities designated at fair value through profit or loss on the Interim Consolidated Balance Sheet consist of deposits designated at fair value through profit or loss and $8 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at fair value through profit or loss.

⁵  As at January 31, 2019, includes deposits of $540 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $55 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 69

NOTE 12:  OTHER LIABILITIES

Other Liabilities1
(millions of Canadian dollars)		As at
		January 31 2019		October 31 2018
Accounts payable, accrued expenses, and other items	$	4,717	$	4,958
Accrued interest		1,262		1,283
Accrued salaries and employee benefits		2,163		3,344
Cheques and other items in transit		1,580		454
Current income tax payable		37		84
Deferred tax liabilities		187		175
Defined benefit liability		2,062		1,747
Liabilities related to structured entities		6,368		5,627
Provisions		1,515		1,502
Total	$	19,891	$	19,174

¹  Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

NOTE 13:   EQUITY

The following table summarizes the shares issued and outstanding, and treasury shares held as at January 31, 2019 and October 31, 2018.

Common and Preferred Shares Issued and Outstanding and Treasury Shares Held
(millions of shares and millions of Canadian dollars)	January 31, 2019					October 31, 2018
	Number of shares			Amount		Number of shares			Amount
Common Shares
Balance as at beginning of year	1,830.4		$	21,221		1,842.5		$	20,931
Proceeds from shares issued on exercise of stock options	0.5			28		2.9			152
Shares issued as a result of dividend reinvestment plan	1.4			99		5.0			366
Shares issued in connection with acquisitions1	5.0			366		–			–
Purchase of shares for cancellation	(4.5	)		(53	)	(20.0	)		(228	)
Balance as at end of period – common shares	1,832.8		$	21,661		1,830.4		$	21,221
Preferred Shares – Class A
Balance as at beginning of year	200.0		$	5,000		190.0		$	4,750
Shares issued2	14.0			350		30.0			750
Shares redeemed	–			–		(20.0	)		(500	)
Balance as at end of period – preferred shares	214.0		$	5,350		200.0		$	5,000
Treasury shares – common3
Balance as at beginning of year	2.1		$	(144	)	2.9		$	(176	)
Purchase of shares	33.0			(2,343	)	110.6			(8,295	)
Sale of shares	(33.1	)		2,348		(111.4	)		8,327
Balance as at end of period – treasury shares – common	2.0		$	(139	)	2.1		$	(144	)
Treasury shares – preferred3
Balance as at beginning of year	0.3		$	(7	)	0.3		$	(7	)
Purchase of shares	1.5			(33	)	5.2			(129	)
Sale of shares	(1.7	)		37		(5.2	)		129
Balance as at end of period – treasury shares – preferred	0.1		$	(3	)	0.3		$	(7	)

¹  Includes 4.7 million shares issued for $342 million that form part of the consideration paid for Greystone, as well as 0.3 million shares issued for $24 million as share-based compensation to replace share-based payment awards of Greystone. Refer to Note 8 for a discussion on the acquisition of Greystone.

² Non-Cumulative 5-Year Rate Reset Preferred Shares (non-viability contingent capital (NVCC)), Series 22 (the "Series 22 Shares") issued by the Bank on January 28, 2019, at a price of $25 per share, with quarterly non-cumulative cash dividends on these shares, if declared, payable at a per annum rate of 5.20% for the initial period ending April 30, 2024. Thereafter, the dividend rate will reset every five years equal to the then five-year Government of Canada bond yield plus 3.27%. Holders of these shares will have the right to convert their shares into non-cumulative NVCC Floating Rate Preferred Shares, Series 23, subject to certain conditions, on April 30, 2024, and on April 30 every five years thereafter. Holders of the Series 23 Shares will be entitled to receive quarterly floating rate dividends, if declared, at a rate equal to the three-month Government of Canada Treasury Bill yield plus 3.27%. The Series 22 Shares are redeemable by the Bank, subject to regulatory consent, at $25 per share on April 30, 2024, and on April 30 every five years thereafter.

³ When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity.

Normal Course Issuer Bid

On December 10, 2018, the Bank announced that the Toronto Stock Exchange (TSX) and OSFI approved the Bank's amended normal course issuer bid (NCIB) to repurchase for cancellation up to an additional 20 million of the Bank's common shares. During the three months ended January 31, 2019, the Bank repurchased 4.5 million common shares under its NCIB at an average price of $69.63 per share for a total amount of $313 million.

On April 19, 2018, the Bank announced that the TSX and OSFI approved the Bank's previously announced NCIB to repurchase for cancellation up to 20 million of the Bank's common shares. During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its NCIB at an average price of $75.07 per share for a total amount of $1.5 billion.

Non-Controlling Interests in Subsidiaries

Redemption of TD CaTS III Securities

On December 31, 2018, TD Capital Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD Capital Trust III Securities – Series 2008 (TD CaTS III) at a price of $1 billion plus the unpaid distribution payable on the redemption date. TD CaTS III were included in Non-controlling interests in subsidiaries on the Interim Consolidated Balance Sheet.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 70

NOTE 14:  SHARE-BASED COMPENSATION

For the three months ended January 31, 2019, the Bank recognized compensation expense for stock option awards of $3.3 million (three months ended January 31, 2018 – $3.1 million). For the three months ended January 31, 2019, 2.2 million (three months ended January 31, 2018 – 1.9 million) options were granted by the Bank at a weighted-average fair value of $5.64 per option (January 31, 2018 – $6.28 per option).

The following table summarizes the assumptions used for estimating the fair value of options for the three months ended January 31.

Assumptions Used for Estimating the Fair Value of Options
(in Canadian dollars, except as noted)	For the three months ended
	January 31 2019			January 31 2018
Risk-free interest rate		2.03	%		1.71	%
Expected option life		6.3 years			6.3 years
Expected volatility1		12.64	%		13.91	%
Expected dividend yield		3.48	%		3.50	%
Exercise price/share price	$	69.39		$	72.64

¹  Expected volatility is calculated based on the average daily volatility measured over a historical period corresponding to the expected option life.

NOTE 15:  EMPLOYEE BENEFITS

The following table summarizes expenses for the Bank's principal pension and non-pension post-retirement benefit plans and the Bank's significant other pension and retirement plans, for the three months ended January 31.

Employee Benefit Plans' Expenses
(millions of Canadian dollars)		Principal pension plans					Principal non-pension post-retirement benefit plan				Other pension and retirement plans1
		For the three months ended
		Jan. 31 2019			Jan. 31 2018		Jan. 31 2019		Jan. 31 2018		Jan. 31 2019		Jan. 31 2018
Net employee benefits expense
Service cost – benefits earned	$	81		$	102	$	4	$	4	$	2	$	3
Net interest cost on net defined benefit liability		(3	)		2		5		4		8		7
Past service cost (credit)		–			–		–		–		–		(3	)
Defined benefit administrative expenses		3			2		–		–		2		1
Total expense	$	81		$	106	$	9	$	8	$	12	$	8

¹  Includes Canada Trust (CT) defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012.

CASH FLOWS

The following table summarizes the Bank's contributions to its principal pension and non-pension post-retirement benefit plans and the Bank's significant other pension and retirement plans during the three months ended January 31.

Plan Contributions
(millions of Canadian dollars)	For the three months ended
	January 31 2019		January 31 2018
Principal pension plans	$	83	$	119
Principal non-pension post-retirement benefit plan		4		3
Other pension and retirement plans1		9		9
Total	$	96	$	131

¹ Includes CT defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes.

As at January 31, 2019, the Bank expects to contribute an additional $281 million to its principal pension plans, $13 million to its principal non-pension post-retirement benefit plan, and $33 million to its other pension and retirement plans by the end of the fiscal year. However, future contribution amounts may change upon the Bank's review of current contribution levels during fiscal 2019.

NOTE 16:  INCOME TAXES

The Canada Revenue Agency (CRA) and Alberta are denying certain dividend deductions claimed by the Bank. To date, the Bank has been reassessed for approximately $553 million of income tax and interest for the years 2011 to 2013. The Bank expects the CRA and Alberta to reassess the subsequent years on the same basis and that Québec will also reassess all open years. The Bank is of the view that its tax filing positions were appropriate and intends to challenge all reassessments.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 71

NOTE 17:  EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period.

Diluted earnings per share is calculated using the same method as basic earnings per share except that certain adjustments are made to net income attributable to common shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential common shares that are assumed to be issued by the Bank.

The following table presents the Bank's basic and diluted earnings per share for the three months ended January 31.

Basic and Diluted Earnings Per Share
(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019		January 31 2018
Basic earnings per share
Net income attributable to common shareholders	$	2,332	$	2,283
Weighted-average number of common shares outstanding (millions)		1,833.1		1,841.7
Basic earnings per share (Canadian dollars)	$	1.27	$	1.24
Diluted earnings per share
Net income attributable to common shareholders	$	2,332	$	2,283
Net income available to common shareholders including impact of dilutive securities		2,332		2,283
Weighted-average number of common shares outstanding (millions)		1,833.1		1,841.7
Effect of dilutive securities
Stock options potentially exercisable (millions)1		3.1		4.5
Weighted-average number of common shares outstanding – diluted (millions)		1,836.2		1,846.2
Diluted earnings per share (Canadian dollars)1	$	1.27	$	1.24

¹ For the three months ended January 31, 2019, the computation of diluted earnings per share excluded average options outstanding of 1.8 million with a weighted-average exercise price of $72.64, as the option price was greater than the average market price of the Bank's common shares. For the three months ended January 31, 2018, no outstanding options were excluded from the computation of diluted earnings per share.

NOTE 18:  CONTINGENT LIABILITIES

Other than as described below, there have been no new significant events or transactions as previously identified in Note 27 of the Bank's 2018 Annual Consolidated Financial Statements.

LITIGATION

In the ordinary course of business, the Bank and its subsidiaries are involved in various legal and regulatory actions. The Bank establishes legal provisions when it becomes probable that the Bank will incur a loss and the amount can be reliably estimated. The Bank also estimates the aggregate range of reasonably possible losses (RPL) in its legal and regulatory actions (that is, those which are neither probable nor remote), in excess of provisions. As at January 31, 2019, the Bank's RPL is from zero to approximately $793 million (October 31, 2018 – from zero to approximately $763 million). The Bank's provisions and RPL represent the Bank's best estimates based upon currently available information for actions for which estimates can be made, but there are a number of factors that could cause the Bank's provisions and/or RPL to be significantly different from its actual or reasonably possible losses. For example, the Bank's estimates involve significant judgment due to the varying stages of the proceedings, the existence of multiple defendants in many proceedings whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings, some of which are beyond the Bank's control and/or involve novel legal theories and interpretations, the attendant uncertainty of the various potential outcomes of such proceedings, and the fact that the underlying matters will change from time to time. In addition, some actions seek very large or indeterminable damages.

In management's opinion, based on its current knowledge and after consultation with counsel, the ultimate disposition of these actions, individually or in the aggregate, will not have a material adverse effect on the consolidated financial condition or the consolidated cash flows of the Bank. However, because of the factors listed above, as well as other uncertainties inherent in litigation and regulatory matters, there is a possibility that the ultimate resolution of legal or regulatory actions may be material to the Bank's consolidated results of operations for any particular reporting period.

Stanford Litigation – On November 21, 2017, the class plaintiffs filed a Rule 23(f) petition seeking permission to appeal the District Court's denial of class certification to the United States Court of Appeals for the Fifth Circuit. The Fifth Circuit denied the class plaintiffs' petition on April 20, 2018. Discovery in the Official Stanford Investors Committee’s case against the bank defendants is ongoing.

Overdraft Litigation – On February 1, 2019, the parties filed a Joint Notice of Settlement of all claims consolidated in MDL 2613 on a class-wide basis. Settlement is conditional on the parties reaching agreement on all material terms of a written agreement and court approval. In response to the Notice of Settlement, on February 4, 2019, the Court issued an order suspending all deadlines.

Credit Card Fees – The trial of the British Columbia action is scheduled to proceed in October 2020.

Consumer Class Actions – The Bank, along with several other Canadian financial institutions, is a defendant in a number of matters brought by consumers alleging provincial and/or national class claims in connection with various fees, interest rate calculations, and credit decisions. The cases are in various stages of maturity. In one matter, the Bank is the sole defendant and a trial date has been scheduled for November 2020.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 72

NOTE 19:  SEGMENTED INFORMATION

For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, wealth management services, and the Bank's investment in TD Ameritrade; and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment.

Refer to Note 29 of the Bank's 2018 Annual Consolidated Financial Statements for additional segment disclosures.

The following table summarizes the segment results for the three months ended January 31.

Results by Business Segment1,2
(millions of Canadian dollars)	Canadian Retail				U.S. Retail				Wholesale Banking3						Corporate3						Total
					For the three months ended
	Jan. 31 2019		Jan. 31 2018		Jan. 31 2019		Jan. 31 2018		Jan. 31 2019			Jan. 31 2018			Jan. 31 2019			Jan. 31 2018			Jan. 31 2019		Jan. 31 2018
Net interest income (loss)	$	3,044	$	2,825	$	2,247	$	1,940	$	173		$	329		$	396		$	336		$	5,860	$	5,430
Non-interest income (loss)		2,944		2,725		701		703		409			561			84			(44	)		4,138		3,945
Total revenue4		5,988		5,550		2,948		2,643		582			890			480			292			9,998		9,375
Provision for (recovery of) credit losses		310		270		306		247		7			(7	)		227			183			850		693
Insurance claims and related expenses		702		575		–		–		–			–			–			–			702		575
Non-interest expenses		3,084		2,311		1,611		1,447		602			526			558			577			5,855		4,861
Income (loss) before income taxes		1,892		2,394		1,031		949		(27	)		371			(305	)		(468	)		2,591		3,246
Provision for (recovery of) income taxes		513		637		102		103		(10	)		93			(102	)		207			503		1,040
Equity in net income of an investment in TD Ameritrade		–		–		311		106		–			–			11			41			322		147
Net income (loss)	$	1,379	$	1,757	$	1,240	$	952	$	(17	)	$	278		$	(192	)	$	(634	)	$	2,410	$	2,353
Total assets	$	434,994	$	409,161	$	415,611	$	382,532	$	407,624		$	410,583		$	64,277		$	59,040		$	1,322,506	$	1,261,316

¹ Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

² The retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements.

³ Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.

⁴ The impact from certain treasury and balance sheet management activities relating to the U.S. Retail segment is recorded in the Corporate segment.

NOTE 20:  INTEREST INCOME AND EXPENSE

The following table presents interest income and interest expense by basis of accounting measurement. Please refer to Note 2 of the 2018 Annual Consolidated Financial Statements for the type of instruments measured at amortized cost and FVOCI.

(millions of Canadian dollars)			For the three months ended
	January 31, 2019				January 31, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	7,380	$	2,928	$	6,059	$	1,950
Measured at FVOCI		1,305		–		1,042		–
		8,685		2,928		7,101		1,950
Not measured at amortized cost or FVOCI1		1,859		1,756		1,207		928
Total	$	10,544	$	4,684	$	8,308	$	2,878

¹  Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at fair value through profit or loss and equities designated at FVOCI.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 73

NOTE 21:  REGULATORY CAPITAL

The Bank manages its capital under guidelines established by OSFI. The regulatory capital guidelines measure capital in relation to credit, market, and operational risks. The Bank has various capital policies, procedures, and controls which it utilizes to achieve its goals and objectives.

During the three months ended January 31, 2019, the Bank complied with the OSFI Basel III guidelines related to capital ratios and the leverage ratio. Effective January 1, 2016, OSFI's target Common Equity Tier 1 (CET1), Tier 1, and Total Capital ratios for Canadian banks designated as domestic systemically important banks (D-SIBs) includes a 1% common equity capital surcharge bringing the targets to 8%, 9.5%, and 11.5%, respectively. In addition, on June 25, 2018, OSFI provided greater transparency related to previously undisclosed Pillar 2 CET1 capital buffers through the introduction of the public Domestic Stability Buffer (DSB) which is held by D-SIBs against Pillar 2 risks. The current buffer is set at 1.5% of total risk-weighted assets (RWA) and must be met with CET1 Capital, effectively raising the CET1 target to 9.5%.

The following table summarizes the Bank's regulatory capital positions as at January 31, 2019 and October 31, 2018.

Regulatory Capital Position
(millions of Canadian dollars, except as noted)				As at
	January 31 2019			October 31 2018
Capital
Common Equity Tier 1 Capital	$	52,668		$	52,389
Tier 1 Capital		59,396			59,735
Total Capital		69,968			70,434
Risk-weighted assets used in the calculation of capital ratios1
Common Equity Tier 1 Capital	$	439,324		$	435,632
Tier 1 Capital		439,324			435,780
Total Capital		439,324			435,927
Capital and leverage ratios
Common Equity Tier 1 Capital ratio1		12.0	%		12.0	%
Tier 1 Capital ratio1		13.5			13.7
Total Capital ratio1		15.9			16.2
Leverage ratio		4.1			4.2

¹  In accordance with the final Capital Adequacy Requirements guideline, the Credit Valuation Adjustment (CVA) capital charge is being phased in until the first quarter of 2019. Each capital ratio has its own RWA measure due to the OSFI prescribed scalar for inclusion of the CVA. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively. For fiscal 2019, the corresponding scalars are all 100%.

NOTE 22:  RISK MANAGEMENT

The risk management policies and procedures of the Bank are provided in the MD&A. The shaded sections of the "Managing Risk" section of the MD&A relating to market, liquidity, and insurance risks are an integral part of the Interim Consolidated Financial Statements.

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 74

SHAREHOLDER AND INVESTOR INFORMATION

Shareholder Services

If you:	And your inquiry relates to:	Please contact:
Are a registered shareholder (your name appears on your TD share certificate)	Missing dividends, lost share certificates, estate questions, address changes to the share register, dividend bank account changes, the dividend reinvestment plan, eliminating duplicate mailings of shareholder materials or stopping (and resuming) receiving annual and quarterly reports	Transfer Agent: AST Trust Company (Canada) P.O. Box 700, Station B Montréal, Québec H3B 3K3 1-800-387-0825 (Canada and U.S. only) or 416-682-3860 Facsimile: 1-888-249-6189 inquiries@astfinancial.com or www.astfinancial.com/ca.en
Hold your TD shares through the Direct Registration System in the United States	Missing dividends, lost share certificates, estate questions, address changes to the share register, eliminating duplicate mailings of shareholder materials or stopping (and resuming) receiving annual and quarterly reports	Co-Transfer Agent and Registrar: Computershare P.O. Box 505000 Louisville, KY 40233, or Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202 1-866-233-4836 TDD for hearing impaired: 1-800-231-5469 Shareholders outside of U.S.: 201-680-6578 TDD shareholders outside of U.S.: 201-680-6610 www.computershare.com/investor
Beneficially own TD shares that are held in the name of an intermediary, such as a bank, a trust company, a securities broker or other nominee	Your TD shares, including questions regarding the dividend reinvestment plan and mailings of shareholder materials	Your intermediary

For all other shareholder inquiries, please contact TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com. Please note that by leaving us an e-mail or voicemail message, you are providing your consent for us to forward your inquiry to the appropriate party for response.

Normal Course Issuer Bid

On December 10, 2018, the Bank announced that the TSX and OSFI approved the Bank’s amended Normal Course Issuer Bid (NCIB) to repurchase for cancellation up to an additional 20 million of the Bank’s common shares. Pursuant to the amended Notice of Intention filed with the TSX, the NCIB ends on April 12, 2019, such earlier date as the Bank may determine or such earlier date as the Bank may complete its purchases. A copy of the Notice may be obtained without charge by contacting TD Shareholder Relations by phone at 416-944-6367 or 1-866-756-8936 or by e-mail at tdshinfo@td.com.

General Information

Products and services: Contact TD Canada Trust, 24 hours a day, seven days a week: 1-866-567-8888

French: 1-866-233-2323

Cantonese/Mandarin: 1-800-328-3698

Telephone device for the hearing impaired (TTY): 1-800-361-1180

Website: www.td.com

Email: customer.service@td.com

Quarterly Earnings Conference Call

TD Bank Group will host an earnings conference call in Toronto, Ontario on February 28, 2019. The call will be audio webcast live through TD’s website at 1:30 p.m. ET. The call and audio webcast will feature presentations by TD executives on the Bank’s financial results for the first quarter, discussions of related disclosures, and will be followed by a question-and-answer period with analysts. The presentation material referenced during the call will be available on the TD website at www.td.com/investor/qr_2019.jsp on February 28, 2019, by approximately 12 p.m. ET. A listen-only telephone line is available at 416-641-6150 or 1-866-696-5894 (toll free) and the passcode is 2727354.

The audio webcast and presentations will be archived at www.td.com/investor/qr_2019.jsp. Replay of the teleconference will be available from 3:30 p.m. ET on February 28, 2019, until 4:30 p.m. ET on March 28, 2019, by calling 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 5187605.

Annual Meeting

Thursday, April 4, 2019

Design Exchange

Toronto, Ontario

TD BANK GROUP • FIRST QUARTER 2019 • REPORT TO SHAREHOLDERS Page 75

EX-99.2

Exhibit 99.2

THE TORONTO-DOMINION BANK

EARNINGS COVERAGE ON SUBORDINATED NOTES AND DEBENTURES,

PREFERRED SHARES CLASSIFIED AS EQUITY, AND LIABILITIES FOR

PREFERRED SHARES AND CAPITAL TRUST SECURITIES

FOR THE TWELVE MONTHS ENDED JANUARY 31, 2019

TD Bank Group ("TD" or the "Bank") dividend requirements on all its outstanding preferred shares in respect of the twelve months ended January 31, 2019 and adjusted to a before-tax equivalent using an effective tax rate of 20.1% for the twelve months ended January 31, 2019, amounted to $275 million for the twelve months ended January 31, 2019. The Bank's interest and dividend requirements on all subordinated notes and debentures, preferred shares and liabilities for preferred shares and capital trust securities, after adjustment for new issues and retirement, amounted to $831 million for the twelve months ended January 31, 2019. The Bank's reported net income, before interest on subordinated debt and liabilities for preferred shares and capital trust securities and income taxes was $13,462 million for the twelve months ended January 31, 2019, which was 16.2 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 January 31, 2019, was $14,340 million, which was 17.3 times the Bank's aggregate dividend and interest requirement for this period.

The Bank's financial results are prepared in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP). The Bank refers to results prepared in accordance with IFRS as "reported" results. The Bank also utilizes non-GAAP financial measures referred to as "adjusted" results to assess each of its businesses and to measure overall Bank performance. To arrive at adjusted results, the Bank removes "items of note", from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The Bank believes that adjusted results provide the reader with a better understanding of how management views the Bank's performance. As explained, adjusted results are different from reported results determined in accordance with IFRS. Adjusted results, items of note, and related terms used herein are not defined terms under IFRS, and, therefore, may not be comparable to similar terms used by other issuers. Please refer to the "Financial Results Overview – How the Bank Reports" section of the Bank's 2018 Management's Discussion and Analysis (MD&A) and the "How We Performed – How the Bank Reports" section of the Bank's first quarter 2019 MD&A for a reconciliation between the Bank's reported and adjusted results.

EX-99.3

Exhibit 99.3

RETURN ON ASSETS, DIVIDEND PAYOUTS, AND EQUITY TO ASSETS RATIOS^1,2

	For the three months ended						For the year ended
	January 31, 2019			October 31, 2018			October 31, 2018
Return on Assets – reported3		0.68	%		0.86	%		0.86	%
Return on Assets – adjusted4		0.84			0.89			0.92
Dividend Payout Ratio – reported5		52.7			42.3			43.4
Dividend Payout Ratio – adjusted6		42.7			41.1			40.3
Equity to Asset Ratio7		5.9			5.8			5.9

¹  Calculated pursuant to the U.S. Securities and Exchange Commission Industry Guide 3.

²  TD Bank Group ("TD" or the "Bank") financial results prepared in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), are referred to as "reported" results. The Bank also utilizes non-GAAP financial measures referred to as "adjusted" results (reported results excluding "items of note", net of income taxes) to assess each of its businesses and measure overall Bank performance. Refer to the "How We Performed" section in the Bank's first quarter 2019 Report to Shareholders (www.td.com/investor) for further explanation, reported basis results, a list of the items of note, and a reconciliation of non-GAAP measures.

³  Calculated as reported net income available to common shareholders and non-controlling interests (NCI) in subsidiaries divided by average total assets.

⁴ Calculated as adjusted net income available to common shareholders and NCI in subsidiaries divided by average total assets.

⁵  Calculated as dividends declared per common share divided by reported basic earnings per share.

⁶  Calculated as dividends declared per common share divided by adjusted basic earnings per share.

⁷  Calculated as average total equity (including NCI in subsidiaries) divided by average total assets.

EX-99.4

Exhibit 99.4

    TD Bank Group Reports First Quarter 2019 Results Earnings News Release • Three months ended January 31, 2019

This quarterly Earnings News Release should be read in conjunction with the Bank's unaudited first quarter 2019 Report to Shareholders for the three months ended January 31, 2019, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which is available on our website at http://www.td.com/investor/. This analysis is dated February 27, 2019. Unless otherwise indicated, all amounts are expressed in Canadian dollars, and have been primarily derived from the Bank's Annual or Interim Consolidated Financial Statements prepared in accordance with IFRS. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. Additional information relating to the Bank is available on the Bank's website at http://www.td.com, as well as on SEDAR at http://www.sedar.com and on the U.S. Securities and Exchange Commission's (SEC) website at http://www.sec.gov (EDGAR filers section).

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. Adjusted measures are non-GAAP measures. Refer to the "How the Bank Reports" section of the Management's Discussion and Analysis (MD&A) for an explanation of reported and adjusted results.

FIRST QUARTER FINANCIAL HIGHLIGHTS, compared with the first quarter last year:

• Reported diluted earnings per share were $1.27, compared with $1.24.

• Adjusted diluted earnings per share were $1.57, compared with $1.56.

• Reported net income was $2,410 million, compared with $2,353 million.

• Adjusted net income was $2,953 million, compared with $2,946 million.

FIRST QUARTER ADJUSTMENTS (ITEMS OF NOTE)

The first quarter reported earnings figures included the following items of note:

• Amortization of intangibles of $80 million ($67 million after-tax or 4 cents per share), compared with $85 million ($68 million after-tax or 4 cents per share) in the first quarter last year.

• Charges related to the long-term loyalty agreement with Air Canada of $607 million ($446 million after-tax or 24 cents per share).

• Charges associated with the acquisition of Greystone of $31 million ($30 million after-tax or 2 cents per share).

TORONTO, February 28, 2019 – TD Bank Group ("TD" or the "Bank") today announced its financial results for the first quarter ended January 31, 2019. First quarter reported earnings were $2.4 billion, up 2% on a reported basis and flat on an adjusted basis, compared with the same quarter last year.

"TD's Retail segments in both Canada and the U.S. had a strong start to the year, with continued revenue growth and solid earnings. However, market volatility and lower client activity impacted our Wholesale segment in the quarter," said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. "TD's diversified business and geographic mix continues to serve us well and we are focused on the work ahead to advance our business strategy and innovate to build new capabilities to serve our over 25 million customers."

The Bank also announced a dividend increase of seven cents per common share for the quarter ending in April, an increase of 10%.

Canadian Retail

Reported net income for Canadian Retail was $1,379 million, down 22% from the first quarter last year. Adjusted net income, which excludes the Air Canada and Greystone charges above, was $1,855 million, an increase of 6% over the first quarter of 2018. Revenue growth was 8%, reflecting contributions across all businesses. The real estate secured lending business launched an industry-leading digital mortgage application and gained market share for the third quarter in a row. We solidified our position as Canada's leading credit card issuer with our agreement to become the primary credit card issuer for Air Canada's new loyalty program and became Canada's largest money manager with the acquisition of Greystone.

U.S. Retail

U.S. Retail reported net income was $1,240 million (US$935 million), an increase of 30% (25% in U.S. dollars) and up 21% (16% in U.S. dollars) on an adjusted basis, compared with the same quarter last year. TD Ameritrade contributed $311 million (US$235 million) to the segment this quarter compared to $106 million in the same quarter last year.

The U.S. Retail Bank, which excludes the Bank's investment in TD Ameritrade, reported net income of $929 million (US$700 million), up 10% (5% in U.S. dollars) on a reported basis and 9% (4% in U.S. dollars) on an adjusted basis, from the same period last year. Earnings reflect loan and deposit volume growth, and higher margins. The U.S. Retail Bank remains focused on providing legendary customer service and making it easier for customers to bank with us with the roll-out of new customer capabilities such as Mobile Bill Pay and eSignature.

Wholesale

Wholesale Banking reported a net loss for the quarter of $17 million, compared to net earnings of $278 million in the first quarter last year, reflecting lower trading-related revenue and origination activity, and higher expenses. Revenue was down 35% from the same period last year, impacted by challenging market conditions and reduced client activity. Non-interest expenses were up 14%, from the same quarter last year due to continued investment in the global expansion of our U.S. dollar business and the benefit of a revaluation of certain liabilities for post-retirement benefits in the prior year, which was partially offset by lower variable compensation accrual in the current quarter.

Capital

TD's Common Equity Tier 1 Capital ratio on a Basel lll fully phased-in basis was 12%.

Innovation

"New digital capabilities are deepening our customer relationships, allowing us to offer more personalized and connected experiences to our growing North American customer base," continued Masrani. "We are particularly excited by the launch of TD Clari, an artificial intelligence powered chatbot that allows our customers to engage with us in truly differentiated ways."

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 1

Conclusion

"We're continuing to invest in our business, colleagues, and brand, and the dividend increase announced today further reinforces the confidence we have in our proven business model," concluded Masrani. "We continue to face many of the same challenges and opportunities that we identified at the end of 2018. Subject to these, and assuming the improvements in market conditions we are now seeing are sustained, we expect our full-year performance to be closer to the low end of our 7-10 per cent medium-term target for adjusted EPS growth."

The foregoing contains forward-looking statements. Please refer to the "Caution Regarding Forward-Looking Statements".

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management's Discussion and Analysis ("2018 MD&A") in the Bank's 2018 Annual Report under the heading "Economic Summary and Outlook", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments under headings "Business Outlook and Focus for 2019", and for the Corporate segment, "Focus for 2019", and in other statements regarding the Bank's objectives and priorities for 2019 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank's anticipated financial performance. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "intend", "estimate", "plan", "goal", "target", "may", and "could".

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks. Examples of such risk factors include the general business and economic conditions in the regions in which the Bank operates; the ability of the Bank to execute on key priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans and to attract, develop and retain key executives; disruptions in or attacks (including cyber-attacks) on the Bank's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; exposure related to significant litigation and regulatory matters; increased competition, including through internet and mobile banking and non-traditional competitors; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. For more detailed information, please refer to the "Risk Factors and Management" section of the 2018 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings "Significant Events" and "Significant Events and Pending Acquisitions" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank's forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2018 MD&A under the headings "Economic Summary and Outlook", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, "Business Outlook and Focus for 2019", and for the Corporate segment, "Focus for 2019", each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

This document was reviewed by the Bank's Audit Committee and was approved by the Bank's Board of Directors, on the Audit Committee's recommendation, prior to its release.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 2

TABLE 1:  FINANCIAL HIGHLIGHTS¹

(millions of Canadian dollars, except as noted)		As at or for the three months ended
		January 31 2019			October 31 2018			January 31 2018
Results of operations
Total revenue	$	9,998		$	10,136		$	9,375
Provision for credit losses		850			670			693
Insurance claims and related expenses		702			684			575
Non-interest expenses – reported		5,855			5,366			4,861
Non-interest expenses – adjusted2		5,161			5,313			4,793
Net income – reported		2,410			2,960			2,353
Net income – adjusted2		2,953			3,048			2,946
Financial position (billions of Canadian dollars)
Total loans net of allowance for loan losses	$	648.5		$	646.4		$	607.1
Total assets		1,322.5			1,334.9			1,261.3
Total deposits		849.3			851.4			813.4
Total equity		81.7			80.0			73.2
Total Common Equity Tier 1 Capital risk-weighted assets3		439.3			435.6			441.3
Financial ratios
Return on common equity – reported		12.2	%		15.8	%		13.2	%
Return on common equity – adjusted4		15.0			16.3			16.6
Return on tangible common equity4		17.5			22.7			19.4
Return on tangible common equity – adjusted4		21.0			22.9			23.7
Efficiency ratio – reported		58.6			52.9			51.9
Efficiency ratio – adjusted2		51.6			52.4			50.6
Provision for credit losses as a % of net average loans and acceptances5		0.50			0.41			0.45
Common share information – reported (Canadian dollars)
Per share earnings
Basic	$	1.27		$	1.58		$	1.24
Diluted		1.27			1.58			1.24
Dividends per share		0.67			0.67			0.60
Book value per share		41.69			40.50			36.58
Closing share price6		74.00			73.03			74.82
Shares outstanding (millions)
Average basic		1,833.1			1,826.5			1,841.7
Average diluted		1,836.2			1,830.5			1,846.2
End of period		1,830.8			1,828.3			1,843.7
Market capitalization (billions of Canadian dollars)	$	135.5		$	133.5		$	137.9
Dividend yield7		3.8	%		3.5	%		3.3	%
Dividend payout ratio		52.6			42.3			48.3
Price-earnings ratio		12.3			12.2			13.8
Total shareholder return (1 year)8		2.6			3.1			14.9
Common share information – adjusted (Canadian dollars)2
Per share earnings
Basic	$	1.57		$	1.63		$	1.56
Diluted		1.57			1.63			1.56
Dividend payout ratio		42.7	%		41.1	%		38.3	%
Price-earnings ratio		11.4			11.3			13.0
Capital ratios
Common Equity Tier 1 Capital ratio3		12.0	%		12.0	%		10.6	%
Tier 1 Capital ratio3		13.5			13.7			12.1
Total Capital ratio3		15.9			16.2			14.2
Leverage ratio		4.1			4.2			4.0

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Adjusted measures are non-GAAP measures. Refer to the "How the Bank Reports" section of this document for an explanation of reported and adjusted results.

³  Each capital ratio has its own risk-weighted assets (RWA) measure due to the Office of the Superintendent of Financial Institutions Canada (OSFI) prescribed scalar for inclusion of the Credit Valuation Adjustment (CVA). For fiscal 2019, the scalars for inclusion of CVA for Common Equity Tier 1 (CET1), Tier 1, and Total Capital RWA are all 100%. For fiscal 2018, the scalars for inclusion were 80%, 83%, and 86%, respectively. Prior to the second quarter of 2018, as the Bank was constrained by the Basel I regulatory floor, the RWA as it relates to the regulatory floor was calculated based on the Basel I risk weights which are the same for all capital ratios.

⁴ Metrics are non-GAAP financial measures. Refer to the "Return on Common Equity" and "Return on Tangible Common Equity" sections of this document for an explanation.

⁵ Excludes acquired credit-impaired (ACI) loans.

⁶ Toronto Stock Exchange (TSX) closing market price.

⁷ Dividend yield is calculated as the annualized dividend per common share paid divided by daily average closing stock price in the relevant period. Dividend per common share is derived as follows: a) for the quarter – by annualizing the dividend per common share paid during the quarter; and b) for the year-to-date – by annualizing the year-to-date dividend per common share paid.

⁸ Total shareholder return (TSR) is calculated based on share price movement and dividends reinvested over a trailing one-year period.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 3

HOW WE PERFORMED

How the Bank Reports

The Bank prepares its Interim Consolidated Financial Statements in accordance with IFRS, the current GAAP, and refers to results prepared in accordance with IFRS as "reported" results. The Bank also utilizes non-GAAP financial measures referred to as "adjusted" results to assess each of its businesses and to measure the Bank's overall performance. To arrive at adjusted results, the Bank removes "items of note", from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The Bank believes that adjusted results provide the reader with a better understanding of how management views the Bank's performance. The items of note are disclosed in Table 3. As explained, adjusted results differ from reported results determined in accordance with IFRS. Adjusted results, items of note, and related terms used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

The Bank's U.S. strategic cards portfolio comprises agreements with certain U.S. retailers pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit cards to their U.S. customers. Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after credit losses. Under IFRS, TD is required to present the gross amount of revenue and provisions for credit losses related to these portfolios in the Bank's Interim Consolidated Statement of Income. At the segment level, the retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to TD under the agreements.

TABLE 2:  OPERATING RESULTS – Reported¹

(millions of Canadian dollars)		For the three months ended
		January 31 2019		October 31 2018		January 31 2018
Net interest income	$	5,860	$	5,756	$	5,430
Non-interest income		4,138		4,380		3,945
Total revenue		9,998		10,136		9,375
Provision for credit losses		850		670		693
Insurance claims and related expenses		702		684		575
Non-interest expenses		5,855		5,366		4,861
Income before income taxes and equity in net income of an investment in TD Ameritrade		2,591		3,416		3,246
Provision for income taxes		503		691		1,040
Equity in net income of an investment in TD Ameritrade		322		235		147
Net income – reported		2,410		2,960		2,353
Preferred dividends		60		51		52
Net income available to common shareholders and non-controlling interests in subsidiaries	$	2,350	$	2,909	$	2,301
Attributable to:
Common shareholders	$	2,332	$	2,891	$	2,283
Non-controlling interests		18		18		18

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 4

The following table provides a reconciliation between the Bank's adjusted and reported results.

TABLE 3:  NON-GAAP FINANCIAL MEASURES – Reconciliation of Adjusted to Reported Net Income¹

(millions of Canadian dollars)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Operating results – adjusted
Net interest income	$	5,860		$	5,756		$	5,430
Non-interest income2		4,138			4,380			4,034
Total revenue		9,998			10,136			9,464
Provision for credit losses		850			670			693
Insurance claims and related expenses		702			684			575
Non-interest expenses3		5,161			5,313			4,793
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,285			3,469			3,403
Provision for income taxes		678			704			653
Equity in net income of an investment in TD Ameritrade4		346			283			196
Net income – adjusted		2,953			3,048			2,946
Preferred dividends		60			51			52
Net income available to common shareholders and non-controlling interests in subsidiaries – adjusted		2,893			2,997			2,894
Attributable to:
Non-controlling interests in subsidiaries, net of income taxes		18			18			18
Net income available to common shareholders – adjusted		2,875			2,979			2,876
Pre-tax adjustments of items of note
Amortization of intangibles5		(80	)		(76	)		(85	)
Charges related to the long-term loyalty agreement with Air Canada6		(607	)		–			–
Charges associated with the acquisition of Greystone7		(31	)		–			–
Charges associated with the Scottrade transaction8		–			(25	)		(73	)
Impact from U.S. tax reform9		–			–			(48	)
Provision for (recovery of) income taxes for items of note
Amortization of intangibles10		(13	)		(13	)		(17	)
Charges related to the long-term loyalty agreement with Air Canada		(161	)		–			–
Charges associated with the acquisition of Greystone		(1	)		–			–
Charges associated with the Scottrade transaction		–			–			(1	)
Impact from U.S. tax reform9		–			–			405
Total adjustments for items of note		(543	)		(88	)		(593	)
Net income available to common shareholders – reported	$	2,332		$	2,891		$	2,283

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Adjusted Non-interest income excludes the following item of note: Adjustment to the carrying balances of certain tax credit-related investments, as explained in footnote 9 – first quarter 2018 – $(89) million. This amount was reported in the Corporate segment.

³  Adjusted Non-interest expenses exclude the following items of note: Amortization of intangibles, as explained in footnote 5 – first quarter 2019 – $56 million, fourth quarter 2018 – $53 million, first quarter 2018 – $63 million; these amounts were reported in the Corporate segment. Charges related to the long-term loyalty agreement with Air Canada, as explained in footnote 6 – first quarter 2019 – $607 million; this amount was reported in the Canadian Retail segment. Charges associated with the acquisition of Greystone, as explained in footnote 7 – first quarter 2019 – $31 million; this amount was reported in the Canadian Retail segment. Charges associated with Scottrade transaction, as explained in footnote 8 – first quarter 2018 – $5 million; this amount was reported in the U.S. Retail segment.

⁴  Adjusted Equity in net income of an investment in TD Ameritrade excludes the following items of note: Amortization of intangibles, as explained in footnote 5 – first quarter 2019 – $24 million, fourth quarter 2018 – $23 million, first quarter 2018 – $22 million; and the Bank's share of TD Ameritrade's deferred tax balances adjustment, as explained in footnote 9 – first quarter 2018 – $(41) million. The earnings impact of both of these items was reported in the Corporate segment. The Bank's share of charges associated with TD Ameritrade's acquisition of Scottrade Financial Services Inc. ("Scottrade"), as explained in footnote 8 – fourth quarter 2018 – $25 million, and first quarter 2018 – $68 million. This item was reported in the U.S. Retail segment.

⁵ Amortization of intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of intangibles relating to the Equity in net income of the investment in TD Ameritrade. Although the amortization of software and asset servicing rights are recorded in amortization of intangibles, they are not included for purposes of the items of note.

⁶ On January 10, 2019, the Bank's long-term loyalty program agreement with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). In connection with the Transaction, the Bank recognized an expense of $607 million ($446 million after-tax) in the Canadian Retail segment.

⁷ On November 1, 2018, the Bank acquired Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. ("Greystone"). The Bank incurred acquisition related charges including compensation to employee shareholders issued in common shares in respect of the purchase price, direct transaction costs, and certain other acquisition related costs. These amounts have been recorded as an adjustment to net income and were reported in the Canadian Retail segment.

⁸ On September 18, 2017, the Bank acquired Scottrade Bank and TD Ameritrade acquired Scottrade, together with the Bank's purchase of TD Ameritrade shares issued in connection with TD Ameritrade's acquisition of Scottrade (the "Scottrade transaction"). Scottrade Bank merged with TD Bank, N.A. The Bank and TD Ameritrade incurred acquisition related charges including employee severance, contract termination fees, direct transaction costs, and other one-time charges. These amounts have been recorded as an adjustment to net income and include charges associated with the Bank's acquisition of Scottrade Bank and the after-tax amounts for the Bank's share of charges associated with TD Ameritrade's acquisition of Scottrade. These amounts were reported in the U.S. Retail segment.

⁹ In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the Tax Cuts and Jobs Act (the "U.S. Tax Act") resulted in a net charge to earnings of $453 million, comprising a net $48 million pre-tax charge related to the write-down of certain tax credit-related investments, partially offset by the favourable impact of the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances, and a net $405 million income tax expense resulting from the remeasurement of the Bank's deferred tax assets and liabilities to the lower base rate of 21% and other related tax adjustments. The earnings impact was reported in the Corporate segment.

¹⁰ The amount reported for the three months ended January 31, 2018 excludes $31 million relating to the one-time adjustment of associated deferred tax liability balances as a result of the U.S. Tax Act. The impact of this adjustment is included in the Impact from U.S. tax reform item of note.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 5

TABLE 4:  RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE (EPS)¹

(Canadian dollars)		For the three months ended
		January 31 2019		October 31 2018		January 31 2018
Basic earnings per share – reported	$	1.27	$	1.58	$	1.24
Adjustments for items of note2		0.30		0.05		0.32
Basic earnings per share – adjusted	$	1.57	$	1.63	$	1.56
Diluted earnings per share – reported	$	1.27	$	1.58	$	1.24
Adjustments for items of note2		0.30		0.05		0.32
Diluted earnings per share – adjusted	$	1.57	$	1.63	$	1.56

¹ EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the period.

² For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

Return on Common Equity

The Bank's methodology for allocating capital to its business segments is aligned with the common equity capital requirements under Basel III. For fiscal 2019, the capital allocated to the business segments is based on 10% CET1 Capital. Capital allocated to the business segments was based on 9% for fiscal 2018.

Adjusted ROE is adjusted net income available to common shareholders as a percentage of average common equity.

Adjusted ROE is a non-GAAP financial measure as it is not a defined term under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

TABLE 5:  RETURN ON COMMON EQUITY

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Average common equity	$	75,873		$	72,461		$	68,614
Net income available to common shareholders – reported		2,332			2,891			2,283
Items of note, net of income taxes1		543			88			593
Net income available to common shareholders – adjusted		2,875			2,979			2,876
Return on common equity – reported		12.2	%		15.8	%		13.2	%
Return on common equity – adjusted		15.0			16.3			16.6

¹ For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

Return on Tangible Common Equity

Tangible common equity (TCE) is calculated as common shareholders' equity less goodwill, imputed goodwill and intangibles on an investment in TD Ameritrade and other acquired intangible assets, net of related deferred tax liabilities. Return on tangible common equity (ROTCE) is calculated as reported net income available to common shareholders after adjusting for the after-tax amortization of acquired intangibles, which are treated as an item of note, as a percentage of average TCE. Adjusted ROTCE is calculated using reported net income available to common shareholders, adjusted for items of note, as a percentage of average TCE. Adjusted ROTCE provides a useful measure of the performance of the Bank's income producing assets, independent of whether or not they were acquired or developed internally. TCE, ROTCE, and adjusted ROTCE are each non-GAAP financial measures and are not defined terms under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

TABLE 6:  RETURN ON TANGIBLE COMMON EQUITY

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Average common equity	$	75,873		$	72,461		$	68,614
Average goodwill		17,021			16,390			15,902
Average imputed goodwill and intangibles on an investment in TD Ameritrade		4,170			4,100			4,083
Average other acquired intangibles1		676			597			757
Average related deferred tax liabilities		(238	)		(219	)		(283	)
Average tangible common equity		54,244			51,593			48,155
Net income available to common shareholders – reported		2,332			2,891			2,283
Amortization of acquired intangibles, net of income taxes2		67			63			68
Net income available to common shareholders after adjusting for after-tax amortization of acquired intangibles		2,399			2,954			2,351
Other items of note, net of income taxes2		476			25			525
Net income available to common shareholders – adjusted	$	2,875		$	2,979		$	2,876
Return on tangible common equity		17.5	%		22.7	%		19.4	%
Return on tangible common equity – adjusted		21.0			22.9			23.7

¹ Excludes intangibles relating to software and asset servicing rights.

² For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 6

Impact of Foreign Exchange Rate on U.S. Retail Segment Translated Earnings

U.S. Retail segment earnings, including the contribution from the Bank's investment in TD Ameritrade, reflect fluctuations in the U.S. dollar to Canadian dollar exchange rate compared with the same period last year. Depreciation of the Canadian dollar had a favourable impact on U.S. Retail segment earnings for the three months ended January 31, 2019, compared with the same period last year, as shown in the following table.

TABLE 7:  IMPACT OF FOREIGN EXCHANGE RATE ON U.S. RETAIL SEGMENT TRANSLATED EARNINGS

(millions of Canadian dollars, except as noted)	For the three months ended
			January 31, 2019 vs. January 31, 2018 Increase (Decrease)
U.S. Retail Bank
Total revenue		$	145
Non-interest expenses			79
Net income – after-tax			46
Equity in net income on an investment in TD Ameritrade			11
U.S. Retail segment decreased net income – after-tax			57
Earnings per share (Canadian dollars)
Basic		$	0.03
Diluted			0.03

On a trailing twelve-month basis, a one cent appreciation/depreciation in the U.S. dollar to Canadian dollar average exchange rate would have increased/decreased U.S. Retail segment net income by approximately $60 million.

SIGNIFICANT EVENTS IN 2019

Agreement for Air Canada Credit Card Loyalty Program

On January 10, 2019, the Bank's long-term loyalty program agreement (the "Loyalty Agreement") with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). Under the terms of the Loyalty Agreement, the Bank will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 through to 2030. TD Aeroplan cardholders will become members of Air Canada's new loyalty program and their miles will be transitioned when Air Canada's new loyalty program launches in 2020.

In connection with the Transaction, the Bank paid $622 million plus applicable sales tax to Air Canada, of which $547 million ($446 million after sales and income taxes) was recognized in non-interest expenses – other in the Canadian Retail segment, and $75 million was recognized as an intangible asset which will be amortized over the Loyalty Agreement term. In addition, the Bank prepaid $308 million plus applicable sales tax for the future purchase of loyalty points over a ten-year period. The Bank also expects to incur additional pre-tax costs of approximately $100 million over two years to build the functionality required to facilitate the new program. The Transaction reduced the Bank's CET1 ratio by approximately 13 basis points (bps).

Acquisition of Greystone

On November 1, 2018, the Bank acquired 100% of the outstanding equity of Greystone for consideration of $817 million, of which $475 million was paid in cash and $342 million was paid in the Bank's common shares. The value of 4.7 million common shares issued as consideration was based on the volume weighted-average market price of the Bank's common shares over the 10 trading day period immediately preceding the fifth business day prior to the acquisition date and was recorded based on market price at close. Common shares of $167 million issued to employee shareholders in respect of the purchase price will be held in escrow for two years post-acquisition, subject to their continued employment, and will be recorded as a compensation expense over the two-year escrow period.

The acquisition is accounted for as a business combination under the purchase method. As at November 1, 2018, the acquisition contributed $169 million of assets and $55 million of liabilities. The excess of accounting consideration over the fair value of the identifiable net assets is allocated to customer relationship intangibles of $140 million, deferred tax liability of $37 million, and goodwill of $433 million. Goodwill is not deductible for tax purposes. The results of the acquisition have been consolidated from the acquisition date and reported in the Canadian Retail segment. The purchase price allocation is subject to refinement and may be adjusted to reflect new information about facts and circumstances that existed at the acquisition date during the measurement period.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 7

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, wealth management services, and the Bank's investment in TD Ameritrade; and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. Where applicable, the Bank measures and evaluates the performance of each segment based on adjusted results and ROE, and for those segments the Bank indicates that the measure is adjusted. For further details, refer to the "How the Bank Reports" section of this document, the "Business Focus" section in the Bank's 2018 MD&A, and Note 29 Segmented Information of the Bank's Consolidated Financial Statements for the year ended October 31, 2018. For information concerning the Bank's measure of ROE, which is a non-GAAP financial measure, refer to the "How We Performed" section of this document.

PCL related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees is recorded within the respective segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including certain dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB increase to net interest income and provision for income taxes reflected in Wholesale Banking's results are reversed in the Corporate segment. The TEB adjustment for the quarter was $21 million, compared with $105 million in the first quarter last year and $28 million in the prior quarter.

TABLE 8:  CANADIAN RETAIL

(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019			October 31 2018			January 31 2018
Net interest income	$	3,044		$	3,022		$	2,825
Non-interest income		2,944			2,830			2,725
Total revenue		5,988			5,852			5,550
Provision for credit losses – impaired		264			245			237
Provision for credit losses – performing		46			18			33
Total provision for credit losses		310			263			270
Insurance claims and related expenses		702			684			575
Non-interest expenses – reported		3,084			2,530			2,311
Non-interest expenses – adjusted1		2,446			2,530			2,311
Provision for (recovery of) income taxes – reported		513			634			637
Provision for (recovery of) income taxes – adjusted1		675			634			637
Net income – reported		1,379			1,741			1,757
Net income – adjusted1	$	1,855		$	1,741		$	1,757
Selected volumes and ratios
Return on common equity – reported2		31.6	%		45.1	%		47.2	%
Return on common equity – adjusted1,2		42.5			45.1			47.2
Net interest margin (including on securitized assets)		2.94			2.94			2.88
Efficiency ratio – reported		51.5			43.2			41.6
Efficiency ratio – adjusted		40.8			43.2			41.6
Assets under administration (billions of Canadian dollars)	$	396		$	389		$	397
Assets under management (billions of Canadian dollars)		332			289			289
Number of Canadian retail branches		1,099			1,098			1,129
Average number of full-time equivalent staff		39,997			39,283			38,050

¹  Adjusted non-interest expenses excludes the following items of note: Charges related to the long-term loyalty agreement with Air Canada in the first quarter 2019 – $607 million ($446 million after-tax); and charges associated with the acquisition of Greystone in the first quarter 2019 – $31 million ($30 million after-tax). For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

² Capital allocated to the business segment was based on 10% CET1 Capital in fiscal 2019 and 9% in fiscal 2018.

Quarterly comparison – Q1 2019 vs. Q1 2018

Canadian Retail reported net income for the quarter was $1,379 million, a decrease of $378 million, or 22%, compared with the first quarter last year, reflecting charges related to the agreement with Air Canada and the acquisition of Greystone, higher other non-interest expenses, insurance claims, and PCL, partially offset by revenue growth. On an adjusted basis, net income for the quarter was $1,855 million, an increase of $98 million, or 6%. The reported and adjusted annualized ROE for the quarter was 31.6% and 42.5% respectively, compared with 47.2% in the first quarter last year.

Canadian Retail revenue is derived from Canadian personal and commercial banking, wealth, and insurance businesses. Revenue for the quarter was $5,988 million, an increase of $438 million, or 8%, compared with the first quarter last year.

Net interest income was $3,044 million, an increase of $219 million, or 8%, reflecting volume growth and higher margins. Average loan volumes increased $24 billion, or 6%, reflecting 5% growth in personal loans and 9% growth in business loans. Average deposit volumes increased $8 billion, or 3%, reflecting 3% growth in both personal and business deposits, partially offset by a 1% decrease in wealth deposits. Net interest margin was 2.94%, an increase of 6 bps, reflecting rising interest rates, partially offset by lower margins on loans and a refinement in treasury allocation methodology.

Non-interest income was $2,944 million, an increase of $219 million, or 8%, reflecting higher revenues from the insurance business, higher fee-based revenue in the banking businesses, and the acquisition of Greystone. The increase in non-interest income also includes $60 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

Assets under administration (AUA) were $396 billion as at January 31, 2019, in line with the first quarter last year. Assets under management (AUM) were $332 billion as at January 31, 2019, an increase of $43 billion, or 15%, compared with the first quarter last year, reflecting the acquisition of Greystone, increases in market value, and new asset growth.

PCL was $310 million, an increase of $40 million, or 15%, compared with the first quarter last year. PCL – impaired for the quarter was $264 million, an increase of $27 million, or 11%, primarily in the personal lending portfolios, and a prior year change in methodology regarding the timing of loss recognition in the indirect auto portfolio. PCL – performing was $46 million, an increase of $13 million, reflecting volume growth, and credit migration in the commercial portfolio,

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 8

partially offset by the impact of a change in macroeconomic assumptions in the prior year. Total PCL as an annualized percentage of credit volume was 0.29%, or an increase of 2 bps.

Insurance claims and related expenses for the quarter were $702 million, an increase of $127 million, or 22%, compared with the first quarter last year reflecting changes in the fair value of investments supporting claims liabilities, increases in reinsurance claims assumed, less favourable prior years' claims development and higher current year claims, partially offset by the impact of changes to actuarial assumptions in the life and health business.

Reported non-interest expenses for the quarter were $3,084 million, an increase of $773 million, or 33%, compared with the first quarter last year, reflecting charges related to the agreement with Air Canada and the acquisition of Greystone, higher spend on strategic initiatives, and additional employees supporting business growth. On an adjusted basis, non-interest expenses were $2,446 million, an increase of $135 million, or 6%.

The reported and adjusted efficiency ratio for the quarter was 51.5% and 40.8% respectively, compared with 41.6% in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

Canadian Retail reported net income for the quarter decreased $362 million, or 21%, compared with the prior quarter. The decrease in earnings reflects charges related to the agreement with Air Canada and the acquisition of Greystone, higher insurance claims and PCL, partially offset by revenue growth, and lower other non-interest expenses. On an adjusted basis, net income increased $114 million, or 7%. The reported and adjusted annualized ROE for the quarter was 31.6% and 42.5% respectively, compared with 45.1% in the prior quarter.

Revenue increased $136 million, or 2%, compared with the prior quarter. Net interest income increased $22 million, or 1%, reflecting volume growth. Average loan volumes increased $4 billion, or 1%, reflecting 1% growth in both personal and business loans. Average deposit volumes increased $3 billion, or 1%, reflecting 1% growth in both personal and wealth deposits, while business deposits were relatively consistent with the prior quarter. Net interest margin was 2.94%, consistent with the prior quarter, reflecting rising interest rates offset by lower margins on loans and a refinement in treasury allocation methodology.

Non-interest income increased $114 million, or 4%, reflecting higher revenues from the insurance business, higher fee-based revenue in the banking businesses, and the acquisition of Greystone. The increase in non-interest income also includes $69 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

AUA increased $7 billion, or 2%, compared with the prior quarter, reflecting new asset growth, and increases in market value. AUM increased $43 billion, or 15%, reflecting the acquisition of Greystone, increases in market value, and new asset growth.

PCL increased $47 million, or 18%, compared with the prior quarter. PCL – impaired increased by $19 million, or 8%, primarily in the personal lending portfolios. PCL – performing increased $28 million due to credit migration in the personal lending and commercial portfolios. Total PCL as an annualized percentage of credit volume was 0.29%, or an increase of 4 bps.

Insurance claims and related expenses for the quarter increased $18 million, or 3%, compared with the prior quarter reflecting changes in the fair value of investments supporting claims liabilities and less favourable prior years' claims development, partially offset by lower current year claims, less severe weather-related events, and the impact of changes to actuarial assumptions in the life and health business.

Reported non-interest expenses increased $554 million, or 22%, compared with the prior quarter, reflecting charges related to the agreement with Air Canada and the acquisition of Greystone, and additional employees supporting business growth, partially offset by higher spend related to marketing and promotion in the prior quarter. On an adjusted basis, non-interest expenses decreased $84 million, or 3%.

The reported and adjusted efficiency ratio for the quarter was 51.5% and 40.8% respectively, compared with 43.2% in the prior quarter.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 9

TABLE 9: U.S. RETAIL

(millions of dollars, except as noted)	For the three months ended
Canadian Dollars	January 31 2019			October 31 2018			January 31 2018
Net interest income	$	2,247		$	2,145		$	1,940
Non-interest income1		701			713			703
Total revenue		2,948			2,858			2,643
Provision for credit losses – impaired		285			205			187
Provision for credit losses – performing		21			39			60
Total provision for credit losses		306			244			247
Non-interest expenses – reported		1,611			1,637			1,447
Non-interest expenses – adjusted2		1,611			1,637			1,442
Provision for (recovery of) income taxes – reported1		102			91			103
Provision for (recovery of) income taxes – adjusted1,2		102			91			104
U.S. Retail Bank net income – reported		929			886			846
U.S. Retail Bank net income – adjusted2		929			886			850
Equity in net income of an investment in TD Ameritrade – reported1,3		311			228			106
Equity in net income of an investment in TD Ameritrade – adjusted1,4		311			253			174
Net income – reported		1,240			1,114			952
Net income – adjusted	$	1,240		$	1,139		$	1,024
U.S. Dollars
Net interest income	$	1,688		$	1,646		$	1,533
Non-interest income1		528			547			555
Total revenue – reported		2,216			2,193			2,088
Provision for credit losses – impaired		214			157			148
Provision for credit losses – performing		16			30			47
Total provision for credit losses		230			187			195
Non-interest expenses – reported		1,209			1,256			1,144
Non-interest expenses – adjusted2		1,209			1,256			1,140
Provision for (recovery of) income taxes – reported1		77			70			80
Provision for (recovery of) income taxes – adjusted1,2		77			70			81
U.S. Retail Bank net income – reported		700			680			669
U.S. Retail Bank net income – adjusted2		700			680			672
Equity in net income of an investment in TD Ameritrade – reported1,3		235			175			82
Equity in net income of an investment in TD Ameritrade – adjusted1,4		235			194			137
Net income – reported		935			855			751
Net income – adjusted	$	935		$	874		$	809
Selected volumes and ratios
Return on common equity – reported5		12.6	%		12.8	%		11.2	%
Return on common equity – adjusted2,4,5		12.6			13.0			12.0
Net interest margin6		3.42			3.33			3.19
Efficiency ratio – reported		54.6			57.3			54.8
Efficiency ratio – adjusted		54.6			57.3			54.6
Assets under administration (billions of U.S. dollars)	$	19		$	19		$	19
Assets under management (billions of U.S. dollars)		46			52			65
Number of U.S. retail stores		1,240			1,257			1,244
Average number of full-time equivalent staff		26,864			27,015			26,168

¹ In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in an adjustment to the Bank's U.S. deferred tax assets and liabilities to the lower base rate of 21% as well as an adjustment to the Bank's carrying balances of certain tax credit-related investments and its investment in TD Ameritrade. The earnings impact was reported in the Corporate segment. For additional details, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

² Adjusted U.S. Retail Bank net income excludes the following item of note: Charges associated with the Bank's acquisition of Scottrade Bank in the first quarter 2018 – $5 million ($4 million after-tax) or US$4 million (US$3 million after-tax). For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

³  The after-tax amounts for amortization of intangibles relating to the Equity in net income of the investment in TD Ameritrade is recorded in the Corporate segment with other acquired intangibles.

⁴ Adjusted equity in net income of an investment in TD Ameritrade in the prior year excludes the following items of note: The Bank's share of charges associated with TD Ameritrade's acquisition of Scottrade in the fourth quarter 2018 – $25 million or US$19 million after-tax and first quarter 2018 – $68 million or US$55 million after-tax. For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

⁵  Capital allocated to the business segment was based on 10% CET1 Capital in fiscal 2019 and 9% in fiscal 2018.

⁶  Net interest margin excludes the impact related to the TD Ameritrade insured deposit accounts (IDA) and the impact of intercompany deposits and cash collateral. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value.

Quarterly comparison – Q1 2019 vs. Q1 2018

U.S. Retail reported net income for the quarter was $1,240 million (US$935 million), an increase of $288 million (US$184 million), or 30% (25% in U.S. dollars), compared with the first quarter last year. On an adjusted basis, net income for the quarter was $1,240 million (US$935 million), an increase of $216 million (US$126 million), or 21% (16% in U.S. dollars). The reported and adjusted annualized ROE for the quarter was 12.6%, compared with 11.2% and 12.0%, respectively, in the first quarter last year.

U.S. Retail net income includes contributions from the U.S. Retail Bank and the Bank's investment in TD Ameritrade. Net income for the quarter from the U.S. Retail Bank was $929 million (US$700 million). Reported and adjusted net income for the quarter from the Bank's investment in TD Ameritrade was $311 million (US$235 million).

The reported contribution from TD Ameritrade of US$235 million, an increase of US$153 million, compared with the first quarter last year, primarily due to higher asset-based revenue and increased trading volumes. Adjusted contribution from TD Ameritrade increased US$98 million, or 72%.

U.S. Retail Bank reported net income of US$700 million for the quarter increased US$31 million, or 5%, due to higher revenue, partially offset by higher expenses and PCL. U.S. Retail Bank adjusted net income increased US$28 million, or 4%.

U.S. Retail Bank revenue is derived from personal and business banking, and wealth management. Revenue for the quarter was US$2,216 million, an increase of US$128 million, or 6%, compared with the first quarter last year. Net interest income increased US$155 million, or 10%, reflecting higher

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 10

deposit margins and growth in loan and deposit volumes. Net interest margin was 3.42%, an increase of 23 bps, primarily due to higher deposit margins and balance sheet mix. Non-interest income decreased US$27 million, or 5%, reflecting lower contribution from low income housing investments and wealth management fee income due to lower AUM.

Average loan volumes increased US$5 billion, or 3%, compared with the first quarter last year due to growth in business and personal loans of 4% and 3%, respectively. Average deposit volumes increased US$5 billion, or 2%, reflecting 5% growth in business deposit volumes, 3% growth in personal deposit volumes, and 1% decrease in sweep deposit volume.

AUA were US$19 billion as at January 31, 2019, flat compared with the first quarter last year. AUM were US$46 billion as at January 31, 2019, a decrease of US$19 billion, or 29%, reflecting net fund outflows including the impact of the strategic disposition of U.S. money market funds and negative market impact.

PCL for the quarter was US$230 million, an increase of US$35 million, or 18%, compared with the first quarter last year. PCL – impaired was US$214 million, an increase of US$66 million, or 45%, reflecting higher provisions primarily attributable to the power and utilities sector, coupled with volume growth, seasoning, and mix in the credit card portfolio. PCL – performing was US$16 million, a decrease of US$31 million, or 66%, primarily reflecting migration from performing to impaired in the commercial portfolio. U.S. Retail PCL including only the Bank's contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.59%, or an increase of 7 bps.

Reported non-interest expenses for the quarter were US$1,209 million, an increase of US$65 million, or 6%, compared with the first quarter last year, reflecting higher investments in business initiatives, business volume growth, and higher employee-related costs, partially offset by productivity savings and the elimination of the Federal Deposit Insurance Corporation (FDIC) deposit insurance surcharge. On an adjusted basis, non-interest expenses increased US$69 million, or 6%.

The reported and adjusted efficiency ratio for the quarter was 54.6%, compared with 54.8% and 54.6%, respectively, in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

U.S. Retail reported net income of $1,240 million (US$935 million) increased $126 million (US$80 million), or 11% (9% in U.S. dollars), compared with the prior quarter, while adjusted net income of $1,240 million (US$935 million) increased $101 million (US$61 million), or 9% (7% in U.S. dollars). The reported and adjusted annualized ROE for the quarter was 12.6%, compared with 12.8% and 13.0%, respectively, in the prior quarter.

The reported contribution from TD Ameritrade was US$235 million, an increase of US$60 million, or 34%, compared with the prior quarter, primarily due to higher asset-based revenue and increased trading volumes. Adjusted contribution from TD Ameritrade was US$235 million, an increase of US$41 million, or 21%.

U.S. Retail Bank net income for the quarter was US$700 million, an increase of US$20 million, or 3%, compared with the prior quarter, due to higher revenue and lower expenses, partially offset by higher PCL.

Revenue for the quarter increased US$23 million, or 1%, compared with the prior quarter. Net interest income increased US$42 million, or 3%, due to growth in loan and deposit volumes and higher deposit margins. Net interest margin was 3.42%, an increase of 9 bps, primarily due to higher deposit margins and balance sheet mix. Non-interest income decreased US$19 million, or 3%, reflecting lower personal banking and wealth management fee income.

Average loan volumes increased US$4 billion, or 2%, compared with prior quarter, due to growth in business and personal loans of 3% and 2%, respectively. Average deposit volumes increased US$2 billion, or 1%, due to growth in personal and sweep deposit volumes.

AUA were US$19 billion as at January 31, 2019, flat to prior quarter. AUM were US$46 billion as at January 31, 2019, a decrease of US$6 billion, or 12%, reflecting net fund outflows including the impact of the strategic disposition of U.S. money market funds.

PCL for the quarter increased US$43 million, or 23%, compared with the prior quarter. PCL – impaired was US$214 million, an increase of US$57 million, or 36%, primarily reflecting higher provisions for the commercial portfolio, coupled with seasonal trends in the credit card and auto portfolios. PCL – performing was US$16 million, a decrease of US$14 million, or 47%, primarily reflecting migration from performing to impaired in the commercial portfolio, partially offset by seasonal trends in the credit card and auto portfolios. U.S. Retail PCL including only the Bank's contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.59%, or an increase of 9 bps.

Non-interest expenses for the quarter were US$1,209 million, a decrease of US$47 million, or 4%, compared with the prior quarter, reflecting the elimination of the FDIC deposit insurance surcharge and timing of investment spending.

The efficiency ratio for the quarter was 54.6%, compared with 57.3% in the prior quarter.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 11

TABLE 10: WHOLESALE BANKING¹

(millions of Canadian dollars, except as noted)	For the three months ended
	January 31 2019			October 31 2018			January 31 2018
Net interest income (TEB)	$	173		$	273		$	329
Non-interest income		409			658			561
Total revenue		582			931			890
Provision for (recovery of) credit losses – impaired		–			–			–
Provision for (recovery of) credit losses – performing		7			8			(7	)
Total provision for (recovery of) credit losses		7			8			(7	)
Non-interest expenses		602			551			526
Provision for (recovery of) income taxes (TEB)2		(10	)		86			93
Net income (loss)	$	(17	)	$	286		$	278
Selected volumes and ratios
Trading-related revenue (TEB)	$	251		$	484		$	515
Gross drawn (billions of Canadian dollars)3		23.4			23.9			19.5
Return on common equity4		(0.9	)%		18.4	%		20.1	%
Efficiency ratio		103.4			59.2			59.1
Average number of full-time equivalent staff		4,478			4,426			4,027

¹ Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

² In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in a one-time adjustment to Wholesale Banking's U.S. deferred tax assets and liabilities to the lower base rate of 21%. The earnings impact was reported in the Corporate segment. For additional details, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

³  Includes gross loans and bankers' acceptances, excluding letters of credit, cash collateral, credit default swaps (CDS), and allowance for credit losses relating to the corporate lending business.

⁴  Capital allocated to the business segment was based on 10% CET1 Capital in fiscal 2019 and 9% in fiscal 2018.

Quarterly comparison – Q1 2019 vs. Q1 2018

Wholesale Banking net loss for the quarter was $17 million, a decrease in net income of $295 million, compared with net income of $278 million in the first quarter last year, reflecting lower revenue, higher PCL, and higher non-interest expenses.

Wholesale Banking revenue is derived primarily from capital markets and corporate and investment banking services provided to corporate, government, and institutional clients. Wholesale Banking generates revenue from corporate lending, advisory, underwriting, sales, trading and research, client securitization, trade finance, cash management, prime services, and trade execution services. Revenue for the quarter was $582 million, a decrease of $308 million, compared with the first quarter last year, reflecting challenging market conditions. The volatility in rates, equity and credit markets resulted in a difficult trading environment, reduced client activity and a meaningful slowdown in debt and equity underwriting, particularly in Canada. Trading margins declined reflecting yield compression on high quality assets relative to funding costs.

With market volatility and client activity slowly returning to normal levels, and subject to the same market conditions and other factors discussed in our 2018 MD&A, we are cautiously optimistic that revenue will improve over the remainder of the year; however, we no longer anticipate full year 2019 revenue to exceed 2018 levels.

PCL for the quarter was $7 million, compared to a benefit of $7 million in the first quarter last year. PCL – performing increased by $14 million, reflecting prior year credit risk improvement in the oil and gas sector.

Non-interest expenses were $602 million, an increase of $76 million, or 14%, compared with the first quarter last year. This increase reflects the benefit of revaluation of certain liabilities for post-retirement benefits recognized in the prior year, continued investments in employees supporting the global expansion of Wholesale Banking's U.S. dollar strategy, and the impact of foreign exchange translation, partially offset by lower variable compensation accrual this quarter.

Quarterly comparison – Q1 2019 vs. Q4 2018

Wholesale Banking net loss for the quarter was $17 million, a decrease in net income of $303 million, compared with net income of $286 million in the prior quarter, reflecting lower revenue and higher non-interest expenses.

Revenue for the quarter decreased $349 million, compared with the prior quarter, reflecting challenging market conditions. The volatility in rates, equity and credit markets resulted in a difficult trading environment, reduced client activity and a meaningful slowdown in debt and equity underwriting, particularly in Canada. Trading margins declined reflecting yield compression on high quality assets relative to funding costs.

PCL for the quarter was $7 million, compared with $8 million in the prior quarter.

Non-interest expenses for the quarter increased $51 million, or 9%, compared with the prior quarter, reflecting continued investments in employees supporting the global expansion of Wholesale Banking's U.S. dollar strategy, timing of employee-related costs, and the impact of foreign exchange translation.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 12

TABLE 11: CORPORATE

(millions of Canadian dollars)	For the three months ended
	January 31 2019			October 31 2018			January 31 2018
Net income (loss) – reported1	$	(192	)	$	(181	)	$	(634	)
Pre-tax adjustments for items of note2
Amortization of intangibles		80			76			85
Impact from U.S. tax reform1		–			–			48
Total pre-tax adjustments for items of note		80			76			133
Provision for (recovery of) income taxes for items of note1		13			13			(388	)
Net income (loss) – adjusted	$	(125	)	$	(118	)	$	(113	)
Decomposition of items included in net income (loss) – adjusted
Net corporate expenses	$	(182	)	$	(221	)	$	(198	)
Other		39			85			67
Non-controlling interests		18			18			18
Net income (loss) – adjusted	$	(125	)	$	(118	)	$	(113	)
Selected volumes
Average number of full-time equivalent staff		16,229			15,864			14,336

¹ In the first quarter of 2018, the reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in a net charge to earnings of $453 million, comprising a net $48 million pre-tax charge related to the write-down of certain tax credit-related investments, partially offset by the favourable impact of the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances, and a net $405 million income tax expense resulting from the remeasurement of the Bank's deferred tax assets and liabilities to the lower base rate of 21% and other related tax adjustments.

² For explanations of items of note, refer to the "Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income" table in the "How We Performed" section of this document.

Quarterly comparison – Q1 2019 vs. Q1 2018

Corporate segment's reported net loss for the quarter was $192 million, compared with a reported net loss of $634 million in the first quarter last year. Reported net loss decreased primarily reflecting the impact of U.S. tax reform during the first quarter of 2018, lower net corporate expenses this quarter, partially offset by lower contribution from Other items. Other items decreased primarily reflecting lower revenue from treasury and balance sheet management activities in the first quarter this year. Net corporate expenses were lower largely reflecting lower pension and compensation-related expenses in the first quarter this year. Adjusted net loss was $125 million compared with an adjusted net loss of $113 million in the first quarter last year.

Quarterly comparison – Q1 2019 vs. Q4 2018

Corporate segment's reported net loss for the quarter was $192 million, compared with a reported net loss of $181 million in the prior quarter. Reported net loss increased primarily reflecting lower contribution from Other items, partially offset by lower net corporate expenses in the current quarter. Other items decreased primarily reflecting lower revenue from treasury and balance sheet management activities in the current quarter. Net corporate expenses decreased largely reflecting lower pension expenses in the current quarter. Adjusted net loss was $125 million compared with an adjusted net loss of $118 million in the prior quarter.

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 13

SHAREHOLDER AND INVESTOR INFORMATION

Shareholder Services

If you:	And your inquiry relates to:	Please contact:
Are a registered shareholder (your name appears on your TD share certificate)	Missing dividends, lost share certificates, estate questions, address changes to the share register, dividend bank account changes, the dividend reinvestment plan, eliminating duplicate mailings of shareholder materials or stopping (and resuming) receiving annual and quarterly reports	Transfer Agent: AST Trust Company (Canada) P.O. Box 700, Station B Montréal, Québec H3B 3K3 1-800-387-0825 (Canada and U.S. only) or 416-682-3860 Facsimile: 1-888-249-6189 inquiries@astfinancial.com or www.astfinancial.com/ca.en
Hold your TD shares through the Direct Registration System in the United States	Missing dividends, lost share certificates, estate questions, address changes to the share register, eliminating duplicate mailings of shareholder materials or stopping (and resuming) receiving annual and quarterly reports	Co-Transfer Agent and Registrar: Computershare P.O. Box 505000 Louisville, KY 40233, or Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202 1-866-233-4836 TDD for hearing impaired: 1-800-231-5469 Shareholders outside of U.S.: 201-680-6578 TDD shareholders outside of U.S.: 201-680-6610 www.computershare.com/investor
Beneficially own TD shares that are held in the name of an intermediary, such as a bank, a trust company, a securities broker or other nominee	Your TD shares, including questions regarding the dividend reinvestment plan and mailings of shareholder materials	Your intermediary

For all other shareholder inquiries, please contact TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com. Please note that by leaving us an e-mail or voicemail message, you are providing your consent for us to forward your inquiry to the appropriate party for response.

Normal Course Issuer Bid

On December 10, 2018, the Bank announced that the TSX and OSFI approved the Bank's amended Normal Course Issuer Bid (NCIB) to repurchase for cancellation up to an additional 20 million of the Bank's common shares. Pursuant to the amended Notice of Intention filed with the TSX, the NCIB ends on April 12, 2019, such earlier date as the Bank may determine or such earlier date as the Bank may complete its purchases. A copy of the Notice may be obtained without charge by contacting TD Shareholder Relations by phone at 416-944-6367 or 1-866-756-8936 or by e-mail at tdshinfo@td.com.

Access to Quarterly Results Materials

Interested investors, the media and others may view the first quarter earnings news release, results slides, supplementary financial information, and the Report to Shareholders on the TD Investor Relations website at www.td.com/investor/.

Quarterly Earnings Conference Call

TD Bank Group will host an earnings conference call in Toronto, Ontario on February 28, 2019. The call will be audio webcast live through TD's website at 1:30 p.m. ET. The call and audio webcast will feature presentations by TD executives on the Bank's financial results for the first quarter, discussions of related disclosures, and will be followed by a question-and-answer period with analysts. The presentation material referenced during the call will be available on the TD website at www.td.com/investor/qr_2019.jsp on February 28, 2019, by approximately 12 p.m. ET. A listen-only telephone line is available at 416-641-6150 or 1-866-696-5894 (toll free) and the passcode is 2727354.

The audio webcast and presentations will be archived at www.td.com/investor/qr_2019.jsp. Replay of the teleconference will be available from 3:30 p.m. ET on February 28, 2019, until 4:30 p.m. ET on March 28, 2019, by calling 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 5187605.

Annual Meeting

Thursday, April 4, 2019

Design Exchange

Toronto, Ontario

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank^®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 12 million active online and mobile customers. TD had $1.3 trillion in assets on January 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

For further information contact:

Gillian Manning, Head of Investor Relations, 416-308-6014

Julie Bellissimo, Manager, Media Relations, 416-965-6050

TD BANK GROUP • FIRST QUARTER 2019 • EARNINGS NEWS RELEASE Page 14

EX-99.5

Exhibit 99.5

TD BANK GROUP DECLARES DIVIDENDS

(all amounts in Canadian dollars)

TORONTO – February 28, 2019 - The Toronto-Dominion Bank (the Bank) today announced that a dividend in an amount of seventy-four cents (74 cents) per fully paid common share in the capital stock of the Bank has been declared for the quarter ending April 30, 2019, payable on and after April 30, 2019, to shareholders of record at the close of business on April 10, 2019. This represents an increase in the quarterly dividend of seven cents or 10.4% compared with last quarter.

In lieu of receiving their dividends in cash, holders of the Bank's common shares may choose to have their dividends reinvested in additional common shares of the Bank in accordance with the Dividend Reinvestment Plan (the "Plan").

Under the Plan, the Bank has the discretion to either purchase the additional common shares in the open market or issue them from treasury. If issued from treasury, the Bank may decide to apply a discount of up to 5% to the Average Market Price (as defined in the Plan) of the additional shares. For the April 30, 2019 dividend, the Bank will issue the additional shares from treasury, with no discount.

Registered holders of record of the Bank's common shares wishing to join the Plan can obtain an Enrolment Form from AST Trust Company (Canada) (1-800-387-0825) or on the Bank's website, www.td.com/investor/drip.jsp. In order to participate in the Plan in time for this dividend, Enrolment Forms for registered holders must be received by AST Trust Company (Canada) at P.O. Box 4229, Postal Station A, Toronto, Ontario, M5W 0G1, or by facsimile at 1-888-488-1416, before the close of business on April 9, 2019. Beneficial or non-registered holders of the Bank's common shares wishing to join the Plan must contact their financial institution or broker for instructions on how to enroll in advance of the above date.

The Bank also announced that dividends have been declared on the following Non-Cumulative Redeemable Class A First Preferred Shares of the Bank, payable on and after April 30, 2019, to shareholders of record at the close of business on April 10, 2019:

• Series 1, in an amount per share of $0.24375;

• Series 3, in an amount per share of $0.2375;

• Series 5, in an amount per share of $0.234375;

• Series 7, in an amount per share of $0.225;

• Series 9, in an amount per share of $0.23125;

• Series 11, in an amount per share of $0.30625;

• Series 12, in an amount per share of $0.34375;

• Series 14, in an amount per share of $0.303125;

• Series 16, in an amount per share of $0.28125;

• Series 18, in an amount per share of $0.29375;

• Series 20, in an amount per share of $0.296875; and

• Series 22, in the amount per share of $0.3277.

The Bank for the purposes of the Income Tax Act, Canada and any similar provincial legislation advises that the dividend declared for the quarter ending April 30, 2019 and all future dividends will be eligible dividends unless indicated otherwise.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank^®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on January 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

-30-

For more information contact:	Annette Galler Senior Legal Officer, Corporate Legal Department – Shareholder Relations (416) 944-6367 Toll free 1-866-756-8936
	Julie Bellissimo Media Relations, Corporate & Public Affairs (416) 965-6050

EX-99.6

Exhibit 99.6

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Bharat Masrani, Group President and Chief Executive Officer of The Toronto-Dominion Bank, certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of The Toronto-Dominion Bank (the "issuer") for the interim period ended January 31, 2019.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria) in 2013.

5.2 N/A

5.3 N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on November 1, 2018 and ended on January 31, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: February 28, 2019

/s/ Bharat Masrani

Bharat Masrani

Group President and Chief Executive Officer

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Riaz Ahmed, Group Head and Chief Financial Officer of The Toronto-Dominion Bank, certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of The Toronto-Dominion Bank (the "issuer") for the interim period ended January 31, 2019.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria) in 2013.

5.2 N/A

5.3 N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on November 1, 2018 and ended on January 31, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: February 28, 2019

/s/ Riaz Ahmed

Riaz Ahmed

Group Head and Chief Financial Officer

XML

Document and Entity Information	3 Months Ended
	Jan. 31, 2019
Document - Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	TD
Entity Registrant Name	TORONTO DOMINION BANK
Entity Central Index Key	0000947263
Current Fiscal Year End Date	--10-31

XML

Interim Consolidated Balance Sheet - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
ASSETS
Cash and due from banks	$ 4,381	$ 4,735
Interest-bearing deposits with banks	31,671	30,720
Cash and interest bearing deposits with banks	36,052	35,455
Trading loans, securities, and other (Note 4)	122,070	127,897
Non-trading financial assets at fair value through profit or loss (Note 4)	3,875	4,015
Derivatives (Note 4)	45,094	56,996
Financial assets designated at fair value through profit or loss (Note 4)	3,760	3,618
Financial assets at fair value through other comprehensive income (Notes 4, 5, 6)	126,253	130,600
Total Trading and Non Trading Financial Assets	301,052	323,126
Debt securities at amortized cost, net of allowance for credit losses (Notes 4, 5)	107,162	107,171
Securities purchased under reverse repurchase agreements	132,430	127,379
Loans (Note 6)
Residential mortgages	225,700	225,191
Consumer instalment and other personal	171,942	172,079
Credit card	35,726	35,018
Business and government	218,829	217,654
Gross loans	652,197	649,942
Allowance for loan losses (Note 6)	(3,729)	(3,549)
Loans, net of allowance for loan losses	648,468	646,393
Other
Customers' liability under acceptances	17,881	17,267
Goodwill (Note 9)	16,941	16,536
Other intangibles	2,647	2,459
Land, buildings, equipment, and other depreciable assets	5,353	5,324
Deferred tax assets (Note 16)	2,266	2,812
Amounts receivable from brokers, dealers, and clients	26,827	26,940
Other assets (Note 10)	16,748	15,596
Total other miscellaneous assets	97,342	95,379
Total assets	1,322,506	1,334,903
LIABILITIES
Trading deposits (Notes 4, 11)	82,559	114,704
Derivatives (Note 4)	42,665	48,270
Securitization liabilities at fair value (Note 4)	12,294	12,618
Financial liabilities designated at fair value through profit or loss (Notes 4, 11)	26,885	16
Total financial liabilities other than non-trading deposits and other	164,403	175,608
Deposits (Note 11)
Personal	483,132	477,644
Banks	16,766	16,712
Business and government	349,440	357,083
Total deposits, other than trading	849,338	851,439
Other
Acceptances	17,881	17,269
Obligations related to securities sold short (Note 4)	38,890	39,478
Obligations related to securities sold under repurchase agreements (Note 4)	94,762	93,389
Securitization liabilities at amortized cost	13,986	14,683
Amounts payable to brokers, dealers, and clients(Note 4)	26,094	28,385
Insurance-related liabilities	6,698	6,698
Other liabilities (Note 12)	19,891	19,174
Total other miscellaneous liabilities	218,202	219,076
Subordinated notes and debentures	8,893	8,740
Total liabilities	1,240,836	1,254,863
EQUITY
Contributed surplus	158	193
Retained earnings	46,660	46,145
Accumulated other comprehensive income (loss)	7,983	6,639
Equity attributable to owners of parent	81,670	79,047
Non-controlling interests in subsidiaries (Note 13)		993
Total equity	81,670	80,040
Total liabilities and equity	1,322,506	1,334,903
TD Ameritrade [member]
Other
Investment in TD Ameritrade (Note 7)	8,679	8,445
Common shares [member]
EQUITY
Issued capital (Note 13)	21,661	21,221
Treasury shares - (Note 13)	(139)	(144)
Preferred shares [member]
EQUITY
Issued capital (Note 13)	5,350	5,000
Treasury shares - (Note 13)	$ (3)	$ (7)

XML

Interim Consolidated Statement of Income - CAD ($) $ in Millions		3 Months Ended
		Jan. 31, 2019	Jan. 31, 2018
Interest income
Loans	[1]	$ 7,902	$ 6,469
Securities
Interest	[1]	2,120	1,454
Dividends	[1]	334	246
Deposits with banks	[1]	188	139
Total interest income	[1]	10,544	8,308
Interest expense (Note 20)
Deposits		3,524	2,109
Securitization liabilities		151	139
Subordinated notes and debentures		95	92
Other		914	538
Total interest expense		4,684	2,878
Net interest income		5,860	5,430
Non-interest income
Investment and securities services		1,164	1,171
Credit fees		303	282
Net securities gain (loss) (Note 5)		(11)	3
Trading income (loss)		175	287
Income (loss) from non-trading financial instruments at fair value through profit or loss		11	13
Income (loss) from financial instruments designated at fair value through profit or loss		36	(75)
Service charges		714	671
Card services		643	595
Insurance revenue		1,035	944
Other income (loss)		68	54
Total non-interest income		4,138	3,945
Total revenue		9,998	9,375
Provision for credit losses (Note 6)		850	693
Insurance claims and related expenses		702	575
Non-interest expenses
Salaries and employee benefits (Note 15)		2,852	2,560
Occupancy, including depreciation		460	442
Equipment, including depreciation		279	245
Amortization of other intangibles		195	196
Marketing and business development		160	156
Restructuring charges (recovery)		(1)	45
Brokerage-related and sub-advisory fees		83	94
Professional and advisory services		327	239
Other		1,500	884
Total non-interest expenses		5,855	4,861
Income before income taxes and equity in net income of an investment in TD Ameritrade		2,591	3,246
Provision for (recovery of) income taxes (Note 16)		503	1,040
Net income	[2]	2,410	2,353
Preferred dividends		60	52
Net income available to common shareholders and non-controlling interests in subsidiaries		2,350	2,301
Attributable to:
Common shareholders		2,332	2,283
Non-controlling interests in subsidiaries		$ 18	$ 18
Earnings per share (Canadian dollars) (Note 17)
Basic		$ 1.27	$ 1.24
Diluted		1.27	1.24
Dividends per common share (Canadian dollars)		$ 0.67	$ 0.60
TD Ameritrade [member]
Non-interest expenses
Equity in net income of an investment in TD Ameritrade (Note 7)		$ 322	$ 147

[1] Includes $8,685 million and $7,101 million, for the three months ended January 31, 2019 and January 31, 2018, respectively, which have been calculated based on the effective interest rate method (EIRM). Refer to Note 20.

[2] The amounts are net of income tax provisions (recoveries) presented in the following table.

XML

Interim Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Profit or loss [abstract]
Interest income calculated using effective interest rate method	$ 8,685	$ 7,101

XML

Interim Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions		3 Months Ended
		Jan. 31, 2019	Jan. 31, 2018
Statement [LineItems]
Net income	[1]	$ 2,410	$ 2,353
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income	[1]	33	6
Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income	[1]	40	(2)
Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income	[1]		4
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income	[1]	73	8
Unrealized gains (losses) on investments in foreign operations	[1]	(131)	(3,086)
Net gains (losses) on hedges of investments in foreign operations	[1]	19	841
Net change in unrealized foreign currency translation gains (losses) on Investments in foreign operations, net of hedging activities	[1]	(112)	(2,245)
Net change in gains (losses) on derivatives designated as cash flow hedges
Change in gains (losses) on derivatives designated as cash flow hedges	[1]	836	(2,395)
Reclassification to earnings of losses (gains) on cash flow hedges	[1]	609	1,149
Net change in gains (losses) on derivatives designated as cash flow hedges	[1]	1,445	(1,246)
Items that will not be subsequently reclassified to net income
Actuarial gains (losses) on employee benefit plans	[1]	(302)	20
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income	[1]	(52)	26
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss	[1]	(10)
Other comprehensive income that will not be reclassified to profit or loss net of tax	[1]	(364)	46
Total other comprehensive income (loss), net of income taxes	[1]	1,042	(3,437)
Total comprehensive income (loss)	[1]	3,452	(1,084)
Attributable to:
Non-controlling interests in subsidiaries	[1]	18	18
Income Tax Provisions (Recoveries) in the Consolidated Statement of Comprehensive Income
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income		7	(57)
Less: Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income		(15)	1
Less: Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income		0	0
Unrealized gains (losses) on investments in foreign operations		0	0
Net gains (losses) on hedges of investments in foreign operations		7	304
Change in gains (losses) on derivatives designated as cash flow hedges		275	(1,046)
Less: Reclassification to earnings of losses (gains) on cash flow hedges		(236)	(576)
Actuarial gains (losses) on employee benefit plans		(109)	24
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income		(19)	14
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss		(4)
Total income taxes		408	(186)
Common shares [member]
Attributable to:
Attributable to shareholders	[1]	3,374	(1,154)
Preferred shares [member]
Attributable to:
Attributable to shareholders	[1]	$ 60	$ 52

[1] The amounts are net of income tax provisions (recoveries) presented in the following table.

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Interim Consolidated Statement of Changes in Equity - CAD ($) $ in Millions		Total		Issued capital [member] Common shares [member]	Issued capital [member] Preferred shares [member]	Treasury shares [member] Common shares [member]	Treasury shares [member] Preferred shares [member]	Contributed surplus [member]	Retained earnings [member]		Retained earnings [member] Common shares [member]	Retained earnings [member] Preferred shares [member]	Accumulated other comprehensive income (loss) [member]	Accumulated other comprehensive income (loss) [member] Reserve of change in fair value of financial liability attributable to change in credit risk of liability [member]	Accumulated other comprehensive income (loss) [member] Net unrealized foreign currency translation gain (loss) on investments in foreign operations, net of hedging activities [member]	Accumulated other comprehensive income (loss) [member] Net gain (loss) on derivatives designated as cash flow hedges [member]	Accumulated other comprehensive income (loss) [member] Net unrealized gain (loss) on debt securities at fair value through other comprehensive income [member]	Accumulated other comprehensive income (loss) [member] Net unrealized gain (loss) on equity securities designated at fair value through other comprehensive income [member]	Equity attributable to owners of parent [member]	Non-controlling interests in subsidiaries [member]
Balance at beginning of period at Oct. 31, 2017				$ 20,931	$ 4,750	$ (176)	$ (7)	$ 214	$ 40,489						$ 7,791	$ (408)	$ 510	$ 113		$ 983
Statement [LineItems]
Net premium (discount) on sale of treasury shares								24
Net income attributable to non-controlling interests in subsidiaries		$ 18																		18
Purchase of shares						(1,899)	(31)
Other comprehensive income (loss)		(2,245)	[1]												(2,245)
Other comprehensive income (loss)		(1,246)	[1]													(1,246)
Impact on adoption of IFRS 9									53	[2]							19	(96)
Issuance of stock options, net of options exercised				72				(8)
Sale of shares						1,983	29
Net income attributable to shareholders									2,335
Other comprehensive income (loss)		8	[1]														4
Other comprehensive income (loss)																		27
Shares issued as a result of dividend reinvestment plan				91
Dividends											$ (1,102)	$ (52)
Allowance for credit losses		4	[1]														4
Reclassification of loss (gain) to retained earnings																		(1)
Other								(1)												(15)
Actuarial gains (losses) on employee benefit plans		20	[1]						20
Realized gains (losses) on equity securities designated at fair value through other comprehensive income									1
Balance at end of period at Jan. 31, 2018		73,174		21,094	4,750	(92)	(9)	229	41,744				$ 4,472		5,546	(1,654)	537	43	$ 72,188	986
Balance at beginning of period at Oct. 31, 2017				20,931	4,750	(176)	(7)	214	40,489						7,791	(408)	510	113		983
Statement [LineItems]
Purchase of shares						(8,295)	(129)
Issue of shares					750
Issuance of stock options, net of options exercised				152
Sale of shares						8,327	129
Purchase of shares for cancellation				(228)
Balance at end of period at Oct. 31, 2018		80,040		21,221	5,000	(144)	(7)	193	46,145						8,826	(2,487)	245	55		993
Statement [LineItems]
Impact on adoption of IFRS 15 (Note 2)	[3]								(41)
Net premium (discount) on sale of treasury shares								(32)
Net income attributable to non-controlling interests in subsidiaries		18																		18
Purchase of shares						(2,343)	(33)
Issue of shares					350
Other comprehensive income (loss)		(10)	[1]											$ (10)
Other comprehensive income (loss)		(112)	[1]												(112)
Other comprehensive income (loss)		1,445	[1]													1,445
Issuance of stock options, net of options exercised				28				(1)
Redemption of non-controlling interests in subsidiaries																				(1,000)
Sale of shares						2,348	37
Net income attributable to shareholders									2,392
Other comprehensive income (loss)		73	[1]														73
Other comprehensive income (loss)																		(35)
Shares issued as a result of dividend reinvestment plan				99
Dividends											$ (1,227)	$ (60)
Reclassification of loss (gain) to retained earnings																		(17)
Shares issued in connection with acquisitions(Notes 8, 13)				366
Share issue expenses and others									(4)
Purchase of shares for cancellation				(53)
Other								(2)												$ (11)
Net premium on repurchase of common shares and redemption of preferred shares									(260)
Actuarial gains (losses) on employee benefit plans		(302)	[1]						(302)
Realized gains (losses) on equity securities designated at fair value through other comprehensive income									17
Balance at end of period at Jan. 31, 2019		$ 81,670		$ 21,661	$ 5,350	$ (139)	$ (3)	$ 158	$ 46,660				$ 7,983	$ (10)	$ 8,714	$ (1,042)	$ 318	$ 3	$ 81,670

[1] The amounts are net of income tax provisions (recoveries) presented in the following table.

[2] IFRS 9, Financial Instruments (IFRS 9).

[3] IFRS 15, Revenue from Contracts with Customers (IFRS 15).

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Interim Consolidated Statement of Cash Flows - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Cash flows from (used in) operating activities
Net income before income taxes, including equity in net income of an investment in TD Ameritrade	$ 2,913	$ 3,393
Adjustments to determine net cash flows from (used in) operating activities
Provision for credit losses (Note 6)	850	693
Depreciation	144	137
Amortization of other intangibles	195	196
Net securities losses (gains) (Note 5)	11	(3)
Deferred taxes	141	680
Changes in operating assets and liabilities
Interest receivable and payable (Notes 10, 12)	(76)	(62)
Securities sold under repurchase agreements	1,373	(4,643)
Securities purchased (sold) under reverse repurchase agreements	(5,051)	9,829
Securities sold short	(588)	1,685
Trading loans and securities	5,827	(8,043)
Loans net of securitization and sales	(2,884)	(4,777)
Deposits	(34,246)	(5,493)
Derivatives	6,297	3,002
Non-trading financial assets at fair value through profit or loss	231	4,768
Financial assets and liabilities designated at fair value through profit or loss	26,727	(133)
Securitization liabilities	(1,021)	(1,220)
Current taxes	(764)	159
Brokers, dealers and clients amounts receivable and payable	(2,178)	(786)
Other	(886)	2,996
Net cash from (used in) operating activities	(3,307)	2,231
Cash flows from (used in) financing activities
Redemption or repurchase of subordinated notes and debentures	44	(1,850)
Common shares issued (Note 13)	24	61
Repurchase of common shares (Note 13)	(313)
Preferred shares issued (Note 13)	346
Sale of treasury shares (Note 13)	2,353	2,036
Purchase of treasury shares (Note 13)	(2,376)	(1,930)
Dividends paid	(1,188)	(1,063)
Redemption of non-controlling interests in subsidiaries (Note 13)	(1,000)
Distributions to non-controlling interests in subsidiaries	(11)	(18)
Net cash from (used in) financing activities	(2,121)	(2,764)
Cash flows from (used in) investing activities
Interest-bearing deposits with banks	(951)	6,292
Activities in financial assets at fair value through other comprehensive income (Note 5)
Purchases	(4,359)	(4,999)
Proceeds from maturities	7,585	6,438
Proceeds from sales	2,470	440
Activities in debt securities at amortized cost (Note 5)
Purchases	(5,977)	(10,678)
Proceeds from maturities	5,903	3,003
Proceeds from sales	1,116
Net purchases of land, buildings, equipment, and other depreciable assets	(173)	74
Net cash acquired from (paid for) divestitures and acquisitions (Note 8)	(536)
Net cash from (used in) investing activities	5,078	570
Effect of exchange rate changes on cash and due from banks	(4)	(112)
Net increase (decrease) in cash and due from banks	(354)	(75)
Cash and due from banks at beginning of period	4,735	3,971
Cash and due from banks at end of period	4,381	3,896
Supplementary disclosure of cash flows from operating activities
Amount of income taxes paid (refunded) during the period	1,167	601
Amount of interest paid during the period	4,705	2,922
Amount of interest received during the period	10,155	8,044
Amount of dividends received during the period	356	263
TD Ameritrade [member]
Adjustments to determine net cash flows from (used in) operating activities
Equity in net income of an investment in TD Ameritrade (Note 7)	$ (322)	$ (147)

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IFRS 7 Disclosure

3 Months Ended

Jan. 31, 2019

Text block [abstract]

IFRS 7 Disclosure

MARKET RISK

Market risk capital is calculated using internal models and comprises three components: (1) Value-at-Risk (VaR); (2) Stressed VaR; and (3) Incremental Risk Charge (IRC). In addition, the Bank calculates market risk capital using the Standardized approach for a limited number of portfolios.

Calculating VaR

TD computes total VaR on a daily basis by combining the General Market Risk (GMR) and Idiosyncratic Debt Specific Risk (IDSR) associated with the Bank's trading positions.

GMR is determined by creating a distribution of potential changes in the market value of the current portfolio using historical simulation. The Bank values the current portfolio using the market price and rate changes of the most recent 259 trading days for equity, interest rate, foreign exchange, credit, and commodity products. GMR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. A one-day holding period is used for GMR calculation, which is scaled up to ten days for regulatory capital calculation purposes.

IDSR measures idiosyncratic (single-name) credit spread risk for credit exposures in the trading portfolio using Monte Carlo simulation. The IDSR model is based on the historical behaviour of five-year idiosyncratic credit spreads. Similar to GMR, IDSR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. IDSR is measured for a ten-day holding period.

The following graph discloses daily one-day VaR usage and trading net revenue, reported on a taxable equivalent basis, within Wholesale Banking. Trading net revenue includes trading income and net interest income related to positions within the Bank's market risk capital trading books. For the quarter ended January 31, 2019, there were 14 days of trading losses and trading net revenue was positive for 78% of the trading days. Losses in the quarter did not exceed VaR on any trading day.

VaR is a valuable risk measure but it should be used in the context of its limitations, for example:

• VaR uses historical data to estimate future events, which limits its forecasting abilities;

• it does not provide information on losses beyond the selected confidence level; and

• it assumes that all positions can be liquidated during the holding period used for VaR calculation.

The Bank continuously improves its VaR methodologies and incorporates new risk measures in line with market conventions, industry best practices, and regulatory requirements.

To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk management and capital purposes. These include Stressed VaR, IRC, Stress Testing Framework, as well as limits based on the sensitivity to various market risk factors.

Calculating Stressed VaR

In addition to VaR, the Bank also calculates Stressed VaR, which includes Stressed GMR and Stressed IDSR. Stressed VaR is designed to measure the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of stressed market conditions. Stressed VaR is determined using similar techniques and assumptions in GMR and IDSR VaR. However, instead of using the most recent 259 trading days (one year), the Bank uses a selected year of stressed market conditions. In the first quarter of 2019, Stressed VaR was calculated using the one-year period that began on February 1, 2008. The appropriate historical one-year period to use for Stressed VaR is determined on a quarterly basis. Stressed VaR is a part of regulatory capital requirements.

Calculating the Incremental Risk Charge

The IRC is applied to all instruments in the trading book subject to migration and default risk. Migration risk represents the risk of changes in the credit ratings of the Bank's exposures. TD applies a Monte Carlo simulation with a one-year horizon and a 99.9% confidence level to determine IRC, which is consistent with regulatory requirements. IRC is based on a "constant level of risk" assumption, which requires banks to assign a liquidity horizon to positions that are subject to IRC. IRC is a part of regulatory capital requirements.

The following table presents the end of quarter, average, high, and low usage of TD's portfolio metrics.

TABLE 29:  PORTFOLIO MARKET RISK MEASURES

(millions of Canadian dollars)	For the three months ended
	January 31 2019											October 31 2018			January 31 2018
	As at			Average			High			Low		Average			Average
Interest rate risk	$	12.0		$	12.9		$	17.2		$	8.2	$	12.5		$	9.0
Credit spread risk		15.6			19.7			22.5			15.6		14.6			9.2
Equity risk		9.1			7.1			10.6			5.1		5.7			7.6
Foreign exchange risk		6.8			6.5			10.2			2.8		5.3			3.7
Commodity risk		2.4			2.6			4.8			1.6		3.3			2.7
Idiosyncratic debt specific risk		16.0			20.2			23.5			16.0		16.2			14.2
Diversification effect1		(36.7	)		(41.4	)		n/m	2		n/m		(34.3	)		(27.2	)
Total Value-at-Risk (one-day)		25.2			27.6			31.8			23.9		23.3			19.2
Stressed Value-at-Risk (one-day)		39.6			60.5			84.4			39.6		46.6			39.0
Incremental Risk Capital Charge (one-year)	$	192.8		$	232.6		$	266.9		$	192.8	$	185.8		$	207.3

 ¹  The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification.

 ²  Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

Average VaR increased quarter-over-quarter and year-over-year due to an increase in debt specific risk reflecting a combination of changes in government and financial bonds positions and changes in market rates. Average Stressed VaR increased quarter-over-quarter and year-over-year driven by U.S. interest rate risk positions.

Average IRC increased quarter-over-quarter and year-over-year due to Canadian bank positions.

Validation of VaR Model

The Bank uses a back-testing process to compare the actual and theoretical profit and losses to VaR to ensure that they are consistent with the statistical results of the VaR model. The theoretical profit or loss is generated using the daily price movements on the assumption that there is no change in the composition of the portfolio. Validation of the IRC model must follow a different approach since the one-year horizon and 99.9% confidence level preclude standard back-testing techniques. Instead, key parameters of the IRC model such as transition and correlation matrices are subject to independent validation by benchmarking against external study results or through analysis using internal or external data.

Interest Rate Risk

The following graph shows the Bank's interest rate risk exposure (as measured by Economic Value at Risk (EVaR)) on all non-trading assets, liabilities, and derivative instruments used for structural interest rate management. This reflects the interest rate risk from personal and commercial banking products (loans and deposits) as well as related funding, investments and high-quality liquid assets (HQLA). EVaR is defined as the difference between the change in the present value of the Bank's asset portfolio and the change in the present value of the Bank's liability portfolio, including off-balance sheet instruments and assumed profiles for non-rate sensitive products, resulting from an immediate and sustained 100 bps unfavourable interest rate shock. EVaR measures the relative sensitivity of asset and liability cash flow mismatches to changes in interest rates. Closely matching asset and liability cash flows reduces EVaR and mitigates the risk of volatility in future net interest income.

The Bank uses derivative financial instruments, wholesale investments, funding instruments, other capital market alternatives, and, less frequently, product pricing strategies to manage interest rate risk. As at January 31, 2019 an immediate and sustained 100 bps increase in interest rates would have decreased the economic value of shareholders' equity by $304 million (October 31, 2018 – $238 million decrease) after-tax. An immediate and sustained 100 bps decrease in interest rates would have reduced the economic value of shareholders' equity by $149 million (October 31, 2018 – $2 million increase) after-tax.

The interest risk exposure, or EVaR, in the insurance business is not included in the above graph. Interest rate risk in the insurance business is managed using defined exposure limits and processes, as set and governed by the insurance Board of Directors.

The following table shows the sensitivity of the economic value of shareholders' equity (after-tax) by currency for those currencies where TD has material exposure.

TABLE 30:  SENSITIVITY OF AFTER-TAX ECONOMIC VALUE-AT-RISK BY CURRENCY

(millions of Canadian dollars)													As at
	January 31, 2019						October 31, 2018						January 31, 2018
	100 bps increase			100 bps decrease			100 bps increase			100 bps decrease			100 bps increase			100 bps decrease
Canadian dollar	$	(58	)	$	1		$	(41	)	$	(17	)	$	(28	)	$	(56	)
U.S. dollar		(246	)		(150	)		(197	)		19			(275	)		(36	)
	$	(304	)	$	(149	)	$	(238	)	$	2		$	(303	)	$	(92	)

Liquidity Risk

Liquidity risk is the risk of having insufficient cash or collateral to meet financial obligations and an inability to, in a timely manner, raise funding or monetize assets at a non-distressed price. Financial obligations can arise from deposit withdrawals, debt maturities, commitments to provide credit or liquidity support or the need to pledge additional collateral.

TD'S LIQUIDITY RISK APPETITE

The Bank maintains a prudent and disciplined approach to managing its potential exposure to liquidity risk. The Bank targets a 90-day survival horizon under a combined Bank-specific and market-wide stress scenario, and a minimum buffer over regulatory requirements prescribed by the OSFI Liquidity Adequacy Requirements (LAR) guideline. Under the LAR guideline, Canadian banks are required to maintain a Liquidity Coverage Ratio (LCR) at the minimum of 100%. The Bank operates under a prudent funding paradigm with an emphasis on maximizing deposits as a core source of funding and having a ready access to wholesale funding markets across diversified terms, funding types, and currencies so as to ensure low exposure to a sudden contraction of wholesale funding capacity and to minimize structural liquidity gaps. The Bank also maintains a detailed contingency funding plan to enhance preparedness for recovery from potential liquidity stress events. The resultant management strategies and actions comprise an integrated liquidity risk management program that ensures low exposure to identified sources of liquidity risk and compliance with regulatory requirements.

LIQUIDITY RISK MANAGEMENT RESPONSIBILITY

The Bank's Asset/Liability and Capital Committee (ALCO) oversees the Bank's liquidity risk management program. It is designed to ensure there are effective management structures and policies in place to properly measure and manage liquidity risk. The Global Liquidity Forum (GLF), a subcommittee of the ALCO comprised of senior management from TBSM, Risk Management, Finance, and Wholesale Banking, identifies and monitors the Bank's liquidity risks. The management of liquidity risk is the responsibility of the Head of TBSM, while oversight and challenge are provided by the ALCO and independently by Risk Management. The Risk Committee of the Board regularly reviews the Bank's liquidity position and approves the Bank's Liquidity Risk Management Framework bi-annually and the related policies annually.

Pursuant to the Enhanced Prudential Standards for Bank Holding Companies and Foreign Banking Organizations, the Bank has established TD Group US Holding LLC (TDGUS), as TD's U.S. IHC, and a Combined U.S. Operations (CUSO) reporting unit that consists of the IHC and TD's U.S. branch and agency network. Both TDGUS and CUSO are managed to the U.S. Enhanced Prudential Standards liquidity requirements in addition to the Bank's liquidity management framework.

The Bank's liquidity risk appetite and liquidity risk management approach have not substantially changed from that described in the Bank's 2018 Annual Report. For a complete discussion of liquidity risk, refer to the "Liquidity Risk" section in the Bank's 2018 Annual Report.

LIQUID ASSETS

The unencumbered liquid assets the Bank holds to meet its liquidity requirements must be high-quality securities that the Bank believes can be monetized quickly in stress conditions with minimum loss in market value. Unencumbered liquid assets are represented in a cumulative liquidity gap framework with adjustments made for estimated market or trading depths, settlement timing, and/or other identified impediments to potential sale or pledging. Overall, the Bank expects any reduction in market value of its liquid asset portfolio to be modest given the underlying high credit and liquidity quality.

Assets held by the Bank to meet liquidity requirements are summarized in the following tables. The tables do not include assets held within the Bank's insurance businesses due to investment restrictions.

TABLE 31:  SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY¹

(millions of Canadian dollars, except as noted)													As at
	Bank-owned liquid assets		Securities received as collateral from securities financing and derivative transactions2		Total liquid assets		% of total			Encumbered liquid assets		Unencumbered liquid assets2
				January 31, 2019
Cash and due from banks	$	2,018	$	–	$	2,018		–	%	$	161	$	1,857
Canadian government obligations		14,285		56,195		70,480		13			40,525		29,955
National Housing Act Mortgage-Backed Securities (NHA MBS)		42,208		49		42,257		7			4,310		37,947
Provincial government obligations		14,256		18,908		33,164		6			22,112		11,052
Corporate issuer obligations		4,928		4,214		9,142		2			3,949		5,193
Equities		6,922		2,470		9,392		2			5,624		3,768
Other marketable securities and/or loans		4,154		447		4,601		1			337		4,264
Total Canadian dollar-denominated		88,771		82,283		171,054		31			77,018		94,036
Cash and due from banks		26,327		–		26,327		5			28		26,299
U.S. government obligations		31,779		33,216		64,995		12			29,442		35,553
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		48,472		6,832		55,304		10			16,379		38,925
Other sovereign obligations		52,558		39,670		92,228		16			29,529		62,699
Corporate issuer obligations		76,697		2,722		79,419		14			7,405		72,014
Equities		31,616		33,202		64,818		11			30,671		34,147
Other marketable securities and/or loans		5,620		659		6,279		1			967		5,312
Total non-Canadian dollar-denominated		273,069		116,301		389,370		69			114,421		274,949
Total	$	361,840	$	198,584	$	560,424		100	%	$	191,439	$	368,985
			October 31, 2018
Cash and due from banks	$	3,002	$	–	$	3,002		1	%	$	1,098	$	1,904
Canadian government obligations		18,256		63,463		81,719		14			47,572		34,147
NHA MBS		39,649		42		39,691		6			3,057		36,634
Provincial government obligations		12,720		19,241		31,961		5			23,651		8,310
Corporate issuer obligations		6,622		3,767		10,389		2			3,769		6,620
Equities		10,554		1,637		12,191		2			6,028		6,163
Other marketable securities and/or loans		2,655		349		3,004		1			277		2,727
Total Canadian dollar-denominated		93,458		88,499		181,957		31			85,452		96,505
Cash and due from banks		24,046		–		24,046		4			28		24,018
U.S. government obligations		30,163		37,691		67,854		12			32,918		34,936
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		47,150		927		48,077		8			7,522		40,555
Other sovereign obligations		56,034		45,912		101,946		18			41,993		59,953
Corporate issuer obligations		78,160		1,576		79,736		14			7,234		72,502
Equities		33,514		37,666		71,180		12			32,206		38,974
Other marketable securities and/or loans		4,786		4		4,790		1			191		4,599
Total non-Canadian dollar-denominated		273,853		123,776		397,629		69			122,092		275,537
Total	$	367,311	$	212,275	$	579,586		100	%	$	207,544	$	372,042

     ¹   Positions stated include gross asset values pertaining to secured borrowing/lending and reverse-repurchase/repurchase businesses.

     ²   Liquid assets include collateral received that can be re-hypothecated or otherwise redeployed.

Liquid assets are held in The Toronto-Dominion Bank and multiple domestic and foreign subsidiaries and branches and are summarized in the following table.

TABLE 32:  SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES

(millions of Canadian dollars)			As at
	January 31 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	131,008	$	136,544
Bank subsidiaries		217,237		217,565
Foreign branches		20,740		17,933
Total	$	368,985	$	372,042

FUNDING

The Bank has access to a variety of unsecured and secured funding sources. The Bank's funding activities are conducted in accordance with the liquidity management policy that requires assets be funded to the appropriate term and to a prudent diversification profile.

The Bank's primary approach to managing funding activities is to maximize the use of deposits raised through personal and commercial banking channels. The following table illustrates the Bank's large base of personal and commercial, wealth, and TD Ameritrade sweep deposits (collectively, "P&C deposits") that make up over 70% of total funding.

TABLE 39:    SUMMARY OF DEPOSIT FUNDING

(millions of Canadian dollars)	As at
	January 31 2019		October 31 2018
P&C deposits – Canadian Retail	$	363,193	$	359,473
P&C deposits – U.S. Retail		346,495		346,624
Other deposits		33		36
Total	$	709,721	$	706,133

The Bank actively maintains various registered external wholesale term (greater than 1 year) funding programs to provide access to diversified funding sources, including asset securitization, covered bonds, and unsecured wholesale debt. The Bank also raises term funding through Canadian Senior Notes, Canadian NHA MBS, Canada Mortgage Bonds, debt issued in Australia, and notes backed by credit card receivables (Evergreen Credit Card Trust). The Bank's wholesale funding is diversified by geography, by currency, and by funding types. The Bank raises short-term (1 year and less) funding using certificates of deposit and commercial paper.

The Bank maintains depositor concentration limits against short-term wholesale deposits so that it does not depend on small groups of depositors for funding. The Bank further limits short-term wholesale funding maturity concentration in an effort to mitigate exposures to refinancing risk during a stress event.

MATURITY ANALYSIS OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET COMMITMENTS

The following table summarizes on-balance sheet and off-balance sheet categories by remaining contractual maturity. Off-balance sheet commitments include contractual obligations to make future payments on operating capital lease commitments, certain purchase obligations, and other liabilities. The values of credit instruments reported in the following table represent the maximum amount of additional credit that the Bank could be obligated to extend should such instruments be fully drawn or utilized. Since a significant portion of guarantees and commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of expected future liquidity requirements. These contractual obligations have an impact on the Bank's short-term and long-term liquidity and capital resource needs.

The maturity analysis presented does not depict the degree of the Bank's maturity transformation or the Bank's exposure to interest rate and liquidity risk. The Bank ensures that assets are appropriately funded to protect against borrowing cost volatility and potential reductions to funding market availability. The Bank utilizes stable non-maturity deposits (chequing and savings accounts) and term deposits as the primary source of long-term funding for the Bank's non-trading assets. The Bank also funds the stable balance of revolving lines of credit with long-term funding. The Bank issues long-term funding based primarily on the projected net growth of non-trading assets. The Bank raises short-term funding primarily to finance trading assets. The liquidity of trading assets under stressed market conditions is considered when determining the appropriate term of the related funding.

TABLE 42:  REMAINING CONTRACTUAL MATURITY

(millions of Canadian dollars)	As at
	January 31, 2019
	Less than 1 month		1 to 3 months		3 to 6 months		6 to 9 months		9 months to 1 year		Over 1 to 2 years		Over 2 to 5 years		Over 5 years		No specific maturity			Total
Assets
Cash and due from banks	$	4,378	$	3	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	4,381
Interest-bearing deposits with banks		30,517		316		512		–		–		–		–		–		326			31,671
Trading loans, securities, and other1		2,072		3,042		3,492		1,983		3,107		10,082		24,975		22,649		50,668			122,070
Non-trading financial assets at fair value through profit or loss		–		–		327		658		15		741		631		725		778			3,875
Derivatives		5,102		6,418		3,722		2,289		2,774		5,381		9,725		9,683		–			45,094
Financial assets designated at fair value through profit or loss		228		458		235		41		68		303		1,710		717		–			3,760
Financial assets at fair value through other comprehensive income		2,804		2,312		5,744		4,185		2,938		20,538		55,004		30,767		1,961			126,253
Debt securities at amortized cost, net of allowance for credit losses		681		2,753		3,786		4,174		3,546		6,647		35,441		50,135		(1	)		107,162
Securities purchased under reverse repurchase agreements		87,287		25,552		13,995		3,393		2,175		28		–		–		–			132,430
Loans
Residential mortgages		2,444		2,486		10,917		10,837		8,790		44,206		111,426		34,594		–			225,700
Consumer instalment and other personal		959		1,835		3,158		3,723		3,500		14,675		56,952		25,978		61,162			171,942
Credit card		–		–		–		–		–		–		–		–		35,726			35,726
Business and government		21,700		4,316		6,307		8,464		7,102		20,478		69,773		60,468		20,221			218,829
Total loans		25,103		8,637		20,382		23,024		19,392		79,359		238,151		121,040		117,109			652,197
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,729	)		(3,729	)
Loans, net of allowance for loan losses		25,103		8,637		20,382		23,024		19,392		79,359		238,151		121,040		113,380			648,468
Customers' liability under acceptances		14,727		2,988		149		7		10		–		–		–		–			17,881
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		8,679			8,679
Goodwill2		–		–		–		–		–		–		–		–		16,941			16,941
Other intangibles2		–		–		–		–		–		–		–		–		2,647			2,647
Land, buildings, equipment, and other depreciable assets2		–		–		–		–		–		–		–		–		5,353			5,353
Deferred tax assets		–		–		–		–		–		–		–		–		2,266			2,266
Amounts receivable from brokers, dealers, and clients		26,827		–		–		–		–		–		–		–		–			26,827
Other assets		3,602		3,105		341		140		138		161		231		87		8,943			16,748
Total assets	$	203,328	$	55,584	$	52,685	$	39,894	$	34,163	$	123,240	$	365,868	$	235,803	$	211,941		$	1,322,506
Liabilities
Trading deposits	$	14,030	$	19,676	$	18,214	$	17,021	$	6,702	$	1,899	$	3,930	$	1,087	$	–		$	82,559
Derivatives		5,884		7,400		3,771		2,375		2,373		4,227		7,466		9,169		–			42,665
Securitization liabilities at fair value		–		193		674		273		573		1,737		6,731		2,113		–			12,294
Financial liabilities designated at fair value through profit or loss		3,558		8,346		6,804		3,919		4,253		–		1		4		–			26,885
Deposits3,4
Personal		4,389		7,521		7,545		7,412		7,923		10,282		10,016		36		428,008			483,132
Banks		2,997		1,388		1,105		60		1,355		–		3		7		9,851			16,766
Business and government		20,406		12,714		12,625		11,643		5,794		25,397		48,684		7,753		204,424			349,440
Total deposits		27,792		21,623		21,275		19,115		15,072		35,679		58,703		7,796		642,283			849,338
Acceptances		14,727		2,988		149		7		10		–		–		–		–			17,881
Obligations related to securities sold short1		1,513		1,999		1,261		1,803		931		3,918		13,093		12,632		1,740			38,890
Obligations related to securities sold under repurchase agreements		75,741		16,599		1,690		412		142		38		27		113		–			94,762
Securitization liabilities at amortized cost		35		566		500		576		512		3,022		5,748		3,027		–			13,986
Amounts payable to brokers, dealers, and clients		26,094		–		–		–		–		–		–		–		–			26,094
Insurance-related liabilities		258		320		338		272		269		940		1,627		919		1,755			6,698
Other liabilities5		3,391		979		1,540		1,047		1,124		3,530		2,050		171		6,059			19,891
Subordinated notes and debentures		–		–		–		–		–		–		–		8,893		–			8,893
Equity		–		–		–		–		–		–		–		–		81,670			81,670
Total liabilities and equity	$	173,023	$	80,689	$	56,216	$	46,820	$	31,961	$	54,990	$	99,376	$	45,924	$	733,507		$	1,322,506
Off-balance sheet commitments
Credit and liquidity commitments6,7	$	15,632	$	16,363	$	18,334	$	10,043	$	14,179	$	26,648	$	102,964	$	3,128	$	2,636		$	209,927
Operating lease commitments		81		162		241		240		236		916		2,262		3,286		–			7,424
Other purchase obligations		50		101		146		140		193		435		779		441		–			2,285
Unconsolidated structured entity commitments		–		679		904		501		408		408		–		–		–			2,900
Total off-balance sheet commitments	$	15,763	$	17,305	$	19,625	$	10,924	$	15,016	$	28,407	$	106,005	$	6,855	$	2,636		$	222,536

¹  Amount has been recorded according to the remaining contractual maturity of the underlying security.

²  For the purposes of this table, non-financial assets have been recorded as having 'no specific maturity'.

³  As the timing of demand deposits and notice deposits is non-specific and callable by the depositor, obligations have been included as having 'no specific maturity'.

⁴  Includes $37 billion of covered bonds with remaining contractual maturities of $1 billion in less 1 month, $3 billion in over 3 months to 6 months, $2 billion in over 6 months to 9 months, $1 billion in over 9 months to 1 year, $6 billion in 'over 1 to 2 years', $21 billion in 'over 2 to 5 years', and $3 billion in 'over 5 years'.

⁵  Includes $97 million of capital lease commitments with remaining contractual maturities of $2 million in 'less than 1 month', $4 million in '1 month to 3 months', $6 million in '3 months to 6 months', $6 million in '6 months to 9 months', $5 million in '9 months to 1 year', $20 million in 'over 1 to 2 years', $50 million in 'over 2 to 5 years', and $4 million in 'over 5 years'.

⁶  Includes $200 million in commitments to extend credit to private equity investments.

⁷  Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

TABLE 42:  REMAINING CONTRACTUAL MATURITY (continued)¹

(millions of Canadian dollars)	As at
	October 31, 2018
	Less than 1 month		1 to 3 months		3 to 6 months		6 to 9 months		9 months to 1 year		Over 1 to 2 years		Over 2 to 5 years		Over 5 years		No specific maturity			Total
Assets
Cash and due from banks	$	4,733	$	2	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	4,735
Interest-bearing deposits with banks		28,332		924		154		21		16		–		–		–		1,273			30,720
Trading loans, securities, and other2		1,971		5,244		2,111		3,653		3,998		9,683		25,772		25,895		49,570			127,897
Non-trading financial assets at fair value through profit or loss		–		12		99		460		906		227		841		848		622			4,015
Derivatives		7,343		9,263		5,275		3,276		2,321		7,130		12,436		9,952		–			56,996
Financial assets designated at fair value through profit or loss		30		95		535		243		90		297		1,532		796		–			3,618
Financial assets at fair value through other comprehensive income		1,111		4,214		4,150		5,354		3,962		19,777		57,922		31,936		2,174			130,600
Debt securities at amortized cost, net of allowance for credit losses		881		2,577		3,010		3,594		4,059		8,103		34,032		50,990		(75	)		107,171
Securities purchased under reverse repurchase agreements		77,612		30,047		14,426		3,807		1,458		29		–		–		–			127,379
Loans
Residential mortgages		908		3,234		6,614		11,166		11,061		43,063		113,852		35,293		–			225,191
Consumer instalment and other personal		753		1,332		2,628		3,724		4,131		14,313		56,632		26,321		62,245			172,079
Credit card		–		–		–		–		–		–		–		–		35,018			35,018
Business and government		23,052		4,320		5,539		7,131		9,269		19,637		67,922		59,251		21,533			217,654
Total loans		24,713		8,886		14,781		22,021		24,461		77,013		238,406		120,865		118,796			649,942
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,549	)		(3,549	)
Loans, net of allowance for loan losses		24,713		8,886		14,781		22,021		24,461		77,013		238,406		120,865		115,247			646,393
Customers' liability under acceptances		14,984		2,145		132		6		–		–		–		–		–			17,267
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		8,445			8,445
Goodwill3		–		–		–		–		–		–		–		–		16,536			16,536
Other intangibles3		–		–		–		–		–		–		–		–		2,459			2,459
Land, buildings, equipment, and other depreciable assets3		–		–		–		–		–		–		–		–		5,324			5,324
Deferred tax assets		–		–		–		–		–		–		–		–		2,812			2,812
Amounts receivable from brokers, dealers, and clients		26,940		–		–		–		–		–		–		–		–			26,940
Other assets		3,432		854		1,926		120		142		136		301		90		8,595			15,596
Total assets	$	192,082	$	64,263	$	46,599	$	42,555	$	41,413	$	122,395	$	371,242	$	241,372	$	212,982		$	1,334,903
Liabilities
Trading deposits	$	16,145	$	37,337	$	31,081	$	12,954	$	11,739	$	1,183	$	3,260	$	1,005	$	–		$	114,704
Derivatives		6,195		8,684		4,230		3,103		2,263		5,510		9,282		9,003		–			48,270
Securitization liabilities at fair value		–		981		194		661		272		1,822		6,719		1,969		–			12,618
Financial liabilities designated at fair value through profit or loss		10		5		–		–		–		–		–		1		–			16
Deposits4,5
Personal		4,330		7,094		7,541		6,245		7,718		10,222		9,876		38		424,580			477,644
Banks		6,499		1,941		255		24		54		–		3		8		7,928			16,712
Business and government		18,840		19,337		7,033		9,984		11,299		21,345		54,780		8,000		206,465			357,083
Total deposits		29,669		28,372		14,829		16,253		19,071		31,567		64,659		8,046		638,973			851,439
Acceptances		14,986		2,145		132		6		–		–		–		–		–			17,269
Obligations related to securities sold short2		2,621		3,679		1,500		387		904		4,330		13,771		11,474		812			39,478
Obligations related to securities sold under repurchase agreements		73,759		15,508		3,516		428		108		43		27		–		–			93,389
Securitization liabilities at amortized cost		22		1,240		625		503		575		2,496		6,232		2,990		–			14,683
Amounts payable to brokers, dealers, and clients		28,385		–		–		–		–		–		–		–		–			28,385
Insurance-related liabilities		213		294		353		309		310		937		1,624		903		1,755			6,698
Other liabilities6		2,916		2,631		538		1,326		1,394		2,205		2,308		152		5,704			19,174
Subordinated notes and debentures		–		–		–		–		–		–		–		8,740		–			8,740
Equity		–		–		–		–		–		–		–		–		80,040			80,040
Total liabilities and equity	$	174,921	$	100,876	$	56,998	$	35,930	$	36,636	$	50,093	$	107,882	$	44,283	$	727,284		$	1,334,903
Off-balance sheet commitments
Credit and liquidity commitments7,8	$	18,339	$	16,728	$	17,217	$	13,098	$	9,152	$	25,691	$	101,120	$	4,034	$	2,663		$	208,042
Operating lease commitments		79		159		240		237		233		902		2,188		3,229		–			7,267
Other purchase obligations		46		161		125		122		121		437		831		520		–			2,363
Unconsolidated structured entity commitments		–		1,079		940		329		–		7		408		–		–			2,763
Total off-balance sheet commitments	$	18,464	$	18,127	$	18,522	$	13,786	$	9,506	$	27,037	$	104,547	$	7,783	$	2,663		$	220,435

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Amount has been recorded according to the remaining contractual maturity of the underlying security.

³  For the purposes of this table, non-financial assets have been recorded as having 'no specific maturity'.

⁴  As the timing of demand deposits and notice deposits is non-specific and callable by the depositor, obligations have been included as having 'no specific maturity'.

⁵  Includes $36 billion of covered bonds with remaining contractual maturities of $1 billion in '3 months to 6 months', $3 billion in '6 months to 9 months', $2 billion in '9 months to 1 year', $5 billion in 'over 1 to 2 years', $22 billion in 'over 2 to 5 years', and $3 billion in 'over 5 years'.

⁶  Includes $60 million of capital lease commitments with remaining contractual maturities of $2 million in 'less than 1 month', $5 million in '1 month to 3 months', $7 million in '3 months to 6 months', $6 million in '6 months to 9 months', $6 million in '9 months to 1 year', $12 million in 'over 1 to 2 years', $17 million in 'over 2 to 5 years', and $5 million in 'over 5 years'.

⁷  Includes $205 million in commitments to extend credit to private equity investments.

⁸  Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

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Nature of Operations

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Nature of Operations

NOTE 1:  NATURE OF OPERATIONS

CORPORATE INFORMATION

The Toronto-Dominion Bank is a bank chartered under the Bank Act. The shareholders of a bank are not, as shareholders, liable for any liability, act, or default of the bank except as otherwise provided under the Bank Act. The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). The Bank was formed through the amalgamation on February 1, 1955, of The Bank of Toronto (chartered in 1855) and The Dominion Bank (chartered in 1869). The Bank is incorporated and domiciled in Canada with its registered and principal business offices located at 66 Wellington Street West, Toronto, Ontario. TD serves customers in three business segments operating in a number of locations in key financial centres around the globe: Canadian Retail, U.S. Retail, and Wholesale Banking.

BASIS OF PREPARATION

The accompanying Interim Consolidated Financial Statements and accounting principles followed by the Bank have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), including the accounting requirements of the Office of the Superintendent of Financial Institutions Canada (OSFI). The Interim Consolidated Financial Statements are presented in Canadian dollars, unless otherwise indicated.

These Interim Consolidated Financial Statements were prepared on a condensed basis in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34) using the accounting policies as described in Note 2 of the Bank's 2018 Annual Consolidated Financial Statements except for the changes in accounting policies described in Note 2 of this report. Certain comparative amounts have been restated/reclassified to conform with the presentation adopted in the current period.

The preparation of the Interim Consolidated Financial Statements requires that management make estimates, assumptions, and judgments regarding the reported amount of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities, as further described in Note 3 of the Bank's 2018 Annual Consolidated Financial Statements and Note 3 of this report. Accordingly, actual results may differ from estimated amounts as future confirming events occur.

The Bank's Interim Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. All intercompany transactions, balances, and unrealized gains and losses on transactions are eliminated on consolidation.

The Interim Consolidated Financial Statements for the three months ended January 31, 2019, were approved and authorized for issue by the Bank's Board of Directors, in accordance with a recommendation of the Audit Committee, on February 27, 2019.

As the Interim Consolidated Financial Statements do not include all of the disclosures normally provided in the Annual Consolidated Financial Statements, it should be read in conjunction with the Bank's 2018 Annual Consolidated Financial Statements and the accompanying Notes, and the shaded sections of the 2018 Management's Discussion and Analysis (MD&A). Certain disclosures are included in the shaded sections of the "Managing Risk" section of the MD&A in this report, as permitted by IFRS, and form an integral part of the Interim Consolidated Financial Statements. The Interim Consolidated Financial Statements were prepared under a historical cost basis, except for certain items carried at fair value as discussed in Note 2 of the Bank's 2018 Annual Consolidated Financial Statements.

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Current and Future Changes in Accounting Policies

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Current and Future Changes in Accounting Policies

NOTE 2:  CURRENT AND FUTURE CHANGES IN ACCOUNTING POLICIES

CURRENT CHANGES IN ACCOUNTING POLICY

The following new standards have been adopted by the Bank on November 1, 2018.

Revenue from Contracts with Customers

On November 1, 2018, the Bank adopted IFRS 15, Revenue from Contracts with Customers (IFRS 15), which establishes the principles for recognizing revenue and cash flows arising from contracts with customers and prescribes the application of a five-step recognition and measurement model. The standard excludes from its scope, revenue arising from items such as financial instruments, insurance contracts, and leases. The Bank adopted the standard on a modified retrospective basis, recognizing the cumulative effect of initially applying the standard as an adjustment to opening retained earnings without restating comparative period financial information.

The adoption of IFRS 15 resulted in a reduction to Shareholder's Equity of $41 million related to certain expenses not eligible for deferral under IFRS 15. The presentation of certain revenue and expense items is changed due to IFRS 15 and reclassified prospectively. These presentation changes are not significant and do not have an impact on net income.

In addition to the above changes related to the adoption of IFRS 15, the Bank also changed its accounting policy on securities lending and borrowing transactions. Where securities are received or pledged as collateral, securities lending income and securities borrowing fees are recorded in Non-interest income and Non-interest expenses, respectively on the Interim Consolidated Statement of Income. This change has been applied retrospectively.

Revenue Recognition

Revenue is recognized at an amount that reflects the consideration the Bank expects to be entitled to in exchange for transferring services to a customer, excluding amounts collected on behalf of third parties. The Bank recognizes revenue when it transfers control of a good or a service to a customer at a point in time or over time. The determination of when performance obligations are satisfied requires the use of judgment. Refer to Note 3 for further details.

The Bank identifies contracts with customers subject to IFRS 15, which create enforceable rights and obligations. The Bank determines the performance obligations based on distinct services promised to the customers in the contracts. The Bank's contracts generally have a term of one year or less, consist of a single performance obligation, and the performance obligations generally reflect services.

For each contract, the Bank determines the transaction price, which includes estimating variable consideration and assessing whether the price is constrained. Variable consideration is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. As such, the estimate of the variable consideration is constrained until the end of the invoicing period. The uncertainty is generally resolved at the end of the reporting period and as such, no significant judgment is required when recognizing variable consideration in revenues.

The Bank's receipt of payment from customers generally occurs subsequent to the satisfaction of performance obligations or a short time thereafter. As such, the Bank has not recognized any material contract assets (unbilled receivables) or contract liabilities (deferred revenues) and there is no significant financing component associated with the consideration due to the Bank.

When another party is involved in the transfer of services to a customer, an assessment is made to evaluate whether the Bank is the principal such that revenues are reported on a gross basis or the agent such that revenues are reported on a net basis. The Bank is the principal when it controls the services in the contract promised to the customer before they are transferred. Control is demonstrated by the Bank being primarily responsible for fulfilling the transfer of the services to the customer, having discretion in establishing pricing of the services, or both.

Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for additional revenue policy disclosures.

Share-based Payment

In June 2016, the IASB published amendments to IFRS 2, Share-based Payment (IFRS 2), which provide additional guidance on the classification and measurement of share-based payment transactions. The amendments clarify the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features for withholding tax obligations, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled. The amendments to IFRS 2 are effective for annual periods beginning on or after January 1, 2018, which was November 1, 2018 for the Bank. These amendments have been applied prospectively and did not have a significant impact on the Bank.

FUTURE CHANGES IN ACCOUNTING POLICIES

The following standards have been issued, but are not yet effective on the date of issuance of the Bank's Interim Consolidated Financial Statements. The Bank is currently assessing the impact of the application of these standards on the Interim Consolidated Financial Statements and will adopt these standards when they become effective.

Leases

In January 2016, the IASB issued IFRS 16, Leases (IFRS 16), which will replace IAS 17, Leases, introducing a single lessee accounting model for all leases by eliminating the distinction between operating and financing leases. IFRS 16 requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet. Lessees will also recognize depreciation expense on the right-of-use asset, interest expense on the lease liability, and a shift in the timing of expense recognition in the statement of income. Short-term leases, which are defined as those that have a lease term of twelve months or less; and leases of low-value assets are exempt. Lessor accounting remains substantially unchanged. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, which will be November 1, 2019 for the Bank, and is to be applied retrospectively. The Bank is continuing to assess the impact of the new standard on its portfolio of leases and is upgrading its lease administration and accounting systems and developing future processes and internal controls to enable the application of IFRS 16 in 2019.

Insurance Contracts

In May 2017, the IASB issued IFRS 17, Insurance Contracts (IFRS 17), which replaces the guidance in IFRS 4, Insurance Contracts and establishes principles for recognition, measurement, presentation, and disclosure of insurance contracts. IFRS 17 is currently effective for the Bank's annual reporting period beginning November 1, 2021; however, based on recent IASB meetings, an upcoming amendment to IFRS 17 and a deferral of the effective date by one year is anticipated. Any change to the Bank's effective date is subject to updates of OSFI's related Advisory. The Bank is currently assessing the impact of adopting this standard.

Conceptual Framework for Financial Reporting

In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Revised Conceptual Framework is effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted. The Bank is currently assessing the impact of adopting the revised framework.

Business Combinations

In October 2018, the IASB issued a narrow-scope amendment to IFRS 3, Business Combinations (IFRS 3). The amendments provide additional guidance on the definition of a business which determines whether an acquisition is of a business or a group of assets. An acquirer recognizes goodwill only when acquiring a business, not when acquiring a group of assets. The amendments to IFRS 3 are effective for annual reporting periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted and is to be applied prospectively. The Bank will assess the impact of the amendments on future acquisitions.

Presentation of Financial Statements and Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors which clarify the definition of "material". Specifically, the amendments clarify that information is material if omitting, misstating, or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Accompanying explanations to the definition have also been improved. The amendments are effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, and are to be applied prospectively with early application permitted. The Bank is currently assessing the impact of adopting these amendments.

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Significant Accounting Judgments, Estimates, and Assumptions

3 Months Ended

Jan. 31, 2019

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Significant Accounting Judgments, Estimates, and Assumptions

NOTE 3:  SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND ASSUMPTIONS

The estimates used in the Bank's accounting policies are essential to understanding its results of operations and financial condition. Some of the Bank's policies require subjective, complex judgments and estimates as they relate to matters that are inherently uncertain. Changes in these judgments or estimates and changes to accounting standards and policies could have a materially adverse impact on the Bank's Interim Consolidated Financial Statements. The Bank has established procedures to ensure that accounting policies are applied consistently and that the processes for changing methodologies, determining estimates, and adopting new accounting standards are well-controlled and occur in an appropriate and systematic manner. Refer to Note 3 of the Bank's 2018 Annual Consolidated Financial Statements for a description of significant accounting judgments, estimates, and assumptions, in addition to those described below.

Revenue from Contracts with Customers

The Bank applies judgment to determine the timing of satisfaction of performance obligations which affects the timing of revenue recognition, by evaluating the pattern in which the Bank transfers control of services promised to the customer. A performance obligation is satisfied over time when the customer simultaneously receives and consumes the benefits as the Bank performs the service. For performance obligations satisfied over time, revenue is generally recognized using the time-elapsed method which is based on time elapsed in proportion to the period over which the service is provided, for example, personal deposit account bundle fees. The time-elapsed method is a faithful depiction of the transfer of control for these services as control is transferred evenly to the customer when the Bank provides a stand-ready service or effort is expended evenly by the Bank to provide a service over the contract period. In contracts where the Bank has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Bank's performance completed to date, the Bank recognizes revenue in the amount to which it has a right to invoice.

The Bank satisfies a performance obligation at a point in time if the customer obtains control of the promised services at that date. Determining when control is transferred requires the use of judgment. For transaction-based services, the Bank determines that control is transferred to the customer at a point in time when the customer obtains substantially all of the benefits from the service rendered and the Bank has a present right to payment, which generally coincides with the moment the transaction is executed.

The Bank exercises judgment in determining whether costs incurred in connection with acquiring new revenue contracts would meet the requirement to be capitalized as incremental costs to obtain or fulfil a contract with customers.

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Fair Value Measurements

3 Months Ended

Jan. 31, 2019

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Fair Value Measurements

NOTE 4:  FAIR VALUE MEASUREMENTS

There have been no significant changes to the Bank's approach and methodologies used to determine fair value measurements during the three months ended January 31, 2019. Refer to Note 5 of the Bank's 2018 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of the Bank's financial instruments.

Carrying Value and Fair Value of Financial Instruments not carried at Fair Value

The fair values in the following table exclude assets that are not financial instruments, such as land, buildings and equipment, as well as goodwill and other intangible assets, including customer relationships, which are of significant value to the Bank.

Financial Assets and Liabilities not carried at Fair Value¹

(millions of Canadian dollars)							As at
	January 31, 2019				October 31, 2018
	Carrying value		Fair value		Carrying value		Fair value
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses
Government and government-related securities	$	60,247	$	59,944	$	60,535	$	59,948
Other debt securities		46,915		46,624		46,636		46,316
Total debt securities at amortized cost, net of allowance for credit losses		107,162		106,568		107,171		106,264
Total loans, net of allowance for loan losses		648,468		647,585		646,393		642,542
Total financial assets not carried at fair value	$	755,630	$	754,153	$	753,564	$	748,806
FINANCIAL LIABILITIES
Deposits	$	849,338	$	847,987	$	851,439	$	846,148
Securitization liabilities at amortized cost		13,986		14,082		14,683		14,654
Subordinated notes and debentures		8,893		9,307		8,740		9,027
Total financial liabilities not carried at fair value	$	872,217	$	871,376	$	874,862	$	869,829

¹  This table excludes financial assets and liabilities where the carrying amount is a reasonable approximation of fair value.

Fair Value Hierarchy and Valuation of Assets and Liabilities Classified as Level 3

IFRS requires disclosure of a three-level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. Refer to Note 5 of the Bank's 2018 Annual Consolidated Financial Statements for a description of the three levels.

There have been no significant changes to the valuation techniques, unobservable inputs, and sensitivities during the three months ended January 31, 2019. The significant valuation techniques and significant unobservable inputs used in the fair value measurements of Level 3 financial assets and financial liabilities are described and quantified within the "Valuation of Assets and Liabilities Classified as Level 3" section in Note 5 of the Bank's 2018 Annual Consolidated Financial Statements.

The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at January 31, 2019 and October 31, 2018.

Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis
(millions of Canadian dollars)																	As at
				January 31, 2019											October 31, 2018
		Level 1		Level 2		Level 3		Total	1		Level 1		Level 2		Level 3		Total	1
FINANCIAL ASSETS AND COMMODITIES
Trading loans, securities, and other2
Government and government-related securities
Canadian government debt
Federal	$	–	$	9,332	$	–	$	9,332		$	127	$	14,335	$	–	$	14,462
Provinces		–		6,951		–		6,951			–		7,535		3		7,538
U.S. federal, state, municipal governments, and agencies debt		–		18,486		–		18,486			–		19,732		–		19,732
Other OECD government guaranteed debt		–		3,596		–		3,596			–		3,324		–		3,324
Mortgage-backed securities		–		2,226		–		2,226			–		2,029		–		2,029
Other debt securities
Canadian issuers		–		5,913		1		5,914			–		5,630		1		5,631
Other issuers		–		13,660		9		13,669			–		14,459		16		14,475
Equity securities
Common shares		39,637		20		–		39,657			43,699		53		–		43,752
Preferred shares		43		9		–		52			33		26		–		59
Trading loans		–		11,113		–		11,113			–		10,990		–		10,990
Commodities		10,881		170		–		11,051			5,540		340		–		5,880
Retained interests		–		23		–		23			–		25		–		25
		50,561		71,499		10		122,070			49,399		78,478		20		127,897
Non-trading financial assets at fair value through profit or loss
Securities		177		1,999		495		2,671			176		2,095		408		2,679
Loans		–		1,183		21		1,204			–		1,317		19		1,336
		177		3,182		516		3,875			176		3,412		427		4,015
Derivatives
Interest rate contracts		31		11,737		–		11,768			33		12,365		–		12,398
Foreign exchange contracts		20		30,443		2		30,465			24		39,647		4		39,675
Credit contracts		–		17		–		17			–		9		–		9
Equity contracts		1		1,277		464		1,742			–		3,170		453		3,623
Commodity contracts		126		965		11		1,102			144		1,112		35		1,291
		178		44,439		477		45,094			201		56,303		492		56,996
Financial assets designated at fair value through profit or loss
Securities2		–		3,760		–		3,760			–		3,618		–		3,618
		–		3,760		–		3,760			–		3,618		–		3,618
Financial assets at fair value through other comprehensive income
Government and government-related securities
Canadian government debt
Federal		–		12,220		–		12,220			–		12,731		–		12,731
Provinces		–		10,348		–		10,348			–		9,507		–		9,507
U.S. federal, state, municipal governments, and agencies debt		–		44,410		–		44,410			–		45,766		–		45,766
Other OECD government guaranteed debt		–		18,291		210		18,501			–		19,896		200		20,096
Mortgage-backed securities		–		6,327		–		6,327			–		6,633		–		6,633
Other debt securities
Asset-backed securities		–		20,715		559		21,274			–		21,407		562		21,969
Non-agency collateralized mortgage obligation portfolio		–		430		–		430			–		472		–		472
Corporate and other debt		–		8,762		23		8,785			–		8,483		24		8,507
Equity securities
Common shares		197		2		1,495		1,694			309		3		1,492		1,804
Preferred shares		209		–		57		266			235		–		135		370
Loans		–		1,998		–		1,998			–		2,745		–		2,745
		406		123,503		2,344		126,253			544		127,643		2,413		130,600
Securities purchased under reverse repurchase agreements		–		4,384		–		4,384			–		3,920		–		3,920
FINANCIAL LIABILITIES
Trading deposits		–		79,094		3,465		82,559			–		111,680		3,024		114,704
Derivatives
Interest rate contracts		20		9,382		64		9,466			24		9,646		63		9,733
Foreign exchange contracts		17		28,486		–		28,503			18		34,897		3		34,918
Credit contracts		–		385		–		385			–		386		–		386
Equity contracts		–		2,083		1,163		3,246			–		1,319		1,077		2,396
Commodity contracts		129		917		19		1,065			134		695		8		837
		166		41,253		1,246		42,665			176		46,943		1,151		48,270
Securitization liabilities at fair value		–		12,294		–		12,294			–		12,618		–		12,618
Financial liabilities designated at fair value through profit or loss		–		26,882		3		26,885			–		2		14		16
Obligations related to securities sold short2		1,953		36,937		–		38,890			1,142		38,336		–		39,478
Obligations related to securities sold under repurchase agreements		–		2,712		–		2,712			–		3,797		–		3,797

¹  Fair value is the same as carrying value.

²  Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

The Bank's policy is to record transfers of assets and liabilities between the different levels of the fair value hierarchy using the fair values as at the end of each reporting period. Assets are transferred between Level 1 and Level 2 depending on if there is sufficient frequency and volume in an active market.

There were no significant transfers between Level 1 and Level 2 during the three months ended January 31, 2019 and January 31, 2018.

Movements of Level 3 instruments

Significant transfers into and out of Level 3 occur mainly due to the following reasons:

• Transfers from Level 3 to Level 2 occur when techniques used for valuing the instrument incorporate significant observable market inputs or broker-dealer quotes which were previously not observable.

• Transfers from Level 2 to Level 3 occur when an instrument's fair value, which was previously determined using valuation techniques with significant observable market inputs, is now determined using valuation techniques with significant non-observable inputs.

Due to the unobservable nature of the inputs used to value Level 3 financial instruments there may be uncertainty about the valuation of these instruments. The fair value of Level 3 instruments may be drawn from a range of reasonably possible alternatives. In determining the appropriate levels for these unobservable inputs, parameters are chosen so that they are consistent with prevailing market evidence and management judgment.

The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 non-observable inputs for the three months ended January 31.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at November 1 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at January 31 2019			Change in unrealized gains (losses) on instruments still held5
				Included in income1			Included in OCI2, 3			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL ASSETS
Trading loans, securities, and other
Government and government-related securities
Canadian government debt
Provinces	$	3		$	–		$	–		$	–		$	–	$	(3	)	$	–	$	–		$	–		$	–
Other debt securities
Canadian issuers		1			–			–			–			–		–			–		–			1			–
Other issuers		16			1			–			–			–		(8	)		1		(1	)		9			1
		20			1			–			–			–		(11	)		1		(1	)		10			1
Non-trading financial assets at fair value through profit or loss
Securities		408			2			2			71			–		(9	)		21		–			495			(1	)
Loans		19			1			–			1			–		–			–		–			21			1
		427			3			2			72			–		(9	)		21		–			516			–
Financial assets at fair value through other comprehensive income
Government and government-related securities
Other OECD government guaranteed debt		200			1			9			–			–		–			–		–			210			9
Other debt securities
Asset-backed securities		562			–			(3	)		–			–		–			–		–			559			(3	)
Corporate and other debt		24			–			(1	)		–			–		–			–		–			23			(1	)
Equity securities
Common shares		1,492			–			1			5			–		(3	)		–		–			1,495			1
Preferred shares		135			–			(2	)		–			–		(75	)		–		(1	)		57			(8	)
	$	2,413		$	1		$	4		$	5		$	–	$	(78	)	$	–	$	(1	)	$	2,344		$	(2	)
	Fair value as at November 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at January 31 2019			Change in unrealized losses (gains) on instruments still held5
				Included in income1			Included in OCI3			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits6	$	3,024		$	99		$	–		$	(76	)	$	371	$	47		$	–	$	–		$	3,465		$	80
Derivatives7
Interest rate contracts		63			3			–			–			–		(2	)		–		–			64			4
Foreign exchange contracts		(1	)		1			–			–			–		(2	)		–		–			(2	)		–
Equity contracts		624			105			–			(19	)		57		(68	)		–		–			699			103
Commodity contracts		(27	)		38			–			–			–		(3	)		–		–			8			26
		659			147			–			(19	)		57		(75	)		–		–			769			133
Financial liabilities designated at fair value through profit or loss		14			(23	)		–			–			17		(5	)		–		–			3			(17	)
Obligations related to securities sold short		–			–			–			–			–		–			–		–			–			–

¹  Gains (losses) on financial assets and liabilities are recognized in Net securities gains (losses), Trading income (loss), and Other income (loss) on the Interim Consolidated Statement of Income.

²  Other comprehensive income.

³ Includes realized gains (losses) transferred to retained earnings on disposal of equities designated at fair value through other comprehensive income (FVOCI). Refer to Note 5 for further details.

⁴  Consists of sales, settlements, and foreign exchange.

⁵  Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in accumulated other comprehensive income (AOCI).

⁶  Issuances and repurchases of trading deposits are reported on a gross basis.

⁷  As at January 31, 2019, consists of derivative assets of $0.5 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.3 billion (November 1, 2018 – $1.2 billion), which have been netted on this table for presentation purposes only.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at November 1 2017			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at January 31 2018			Change in unrealized gains (losses) on instruments still held4
				Included in income1			Included in OCI2			Purchases			Issuances		Other3			Into Level 3		Out of Level 3
FINANCIAL ASSETS
Trading loans, securities, and other
Government and government-related securities
Canadian government debt
Provinces	$	–		$	–		$	–		$	–		$	–	$	–		$	–	$	–		$	–		$	–
Other debt securities
Canadian issuers		6			–			–			–			–		(3	)		–		(2	)		1			–
Other issuers		8			–			–			2			–		(1	)		121		(9	)		121			–
		14			–			–			2			–		(4	)		121		(11	)		122			–
Non-trading financial assets at fair value through profit or loss
Securities		305			15			–			12			–		(8	)		–		–			324			13
Loans		15			(3	)		–			2			–		–			4		–			18			(3	)
		320			12			–			14			–		(8	)		4		–			342			10
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		203			(7	)		(3	)		–			–		–			–		–			193			(3	)
Other debt securities
Asset-backed securities		553			–			2			–			–		(26	)		–		–			529			2
Corporate and other debt		95			–			5			–			–		(1	)		–		–			99			5
Equity securities
Common shares		1,469			–			1			6			–		(72	)		–		–			1,404			(2	)
Preferred shares		108			–			8			–			–		–			–		–			116			8
	$	2,428		$	(7	)	$	13		$	6		$	–	$	(99	)	$	–	$	–		$	2,341		$	10
	Fair value as at November 1 2017			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at January 31 2018			Change in unrealized losses (gains) on instruments still held4
				Included in income1			Included in OCI2			Purchases			Issuances		Other3			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits5	$	2,521		$	33		$	–		$	(141	)	$	637	$	(165	)	$	–	$	(10	)	$	2,875		$	(1	)
Derivatives6
Interest rate contracts		70			(18	)		–			–			–		(1	)		–		–			51			(17	)
Foreign exchange contracts		(1	)		(1	)		–			–			–		1			–		–			(1	)		(1	)
Equity contracts		893			(8	)		–			(19	)		39		(65	)		–		2			842			(1	)
Commodity contracts		(2	)		(7	)		–			–			–		1			–		–			(8	)		(6	)
		960			(34	)		–			(19	)		39		(64	)		–		2			884			(25	)
Financial liabilities designated at fair value through profit or loss		7			31			–			–			25		(35	)		–		–			29			25
Obligations related to securities sold short		–			–			–			–			–		–			–		–			–			–

¹  Gains (losses) on financial assets and liabilities are recognized in Net securities gains (losses), Trading income (loss), and Other income (loss) on the Interim Consolidated Statement of Income.

² Includes realized gains (losses) transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 5 for further details.

³  Consists of sales, settlements, and foreign exchange.

⁴  Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI.

⁵  Issuances and repurchases of trading deposits are reported on a gross basis.

⁶ As at January 31, 2018, consists of derivative assets of $0.9 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.8 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only.

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Securities

3 Months Ended

Jan. 31, 2019

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Securities

NOTE 5: SECURITIES

Unrealized Securities Gains (Losses)

The following table summarizes the unrealized gains and losses as at January 31, 2019 and October 31, 2018.

Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income

(millions of Canadian dollars)															As at
		January 31, 2019													October 31, 2018
		Cost/ amortized cost1		Gross unrealized gains		Gross unrealized (losses	)		Fair value		Cost/ amortized cost1		Gross unrealized gains		Gross unrealized (losses	)		Fair value
Securities at Fair Value Through Other Comprehensive Income
Government and government-related securities
Canadian government debt
Federal	$	12,193	$	44	$	(17	)	$	12,220	$	12,740	$	38	$	(47	)	$	12,731
Provinces		10,297		70		(19	)		10,348		9,443		75		(11	)		9,507
U.S. federal, state, municipal governments, and agencies debt		44,384		186		(160	)		44,410		45,857		265		(356	)		45,766
Other OECD government guaranteed debt		18,451		54		(4	)		18,501		20,034		65		(3	)		20,096
Mortgage-backed securities		6,274		53		–			6,327		6,575		59		(1	)		6,633
		91,599		407		(200	)		91,806		94,649		502		(418	)		94,733
Other debt securities
Asset-backed securities		21,248		58		(32	)		21,274		21,901		87		(19	)		21,969
Non-agency collateralized mortgage obligation portfolio		431		–		(1	)		430		471		1		–			472
Corporate and other debt		8,805		28		(48	)		8,785		8,534		31		(58	)		8,507
		30,484		86		(81	)		30,489		30,906		119		(77	)		30,948
Total debt securities		122,083		493		(281	)		122,295		125,555		621		(495	)		125,681
Equity securities
Common shares		1,657		71		(34	)		1,694		1,725		118		(39	)		1,804
Preferred shares		301		8		(43	)		266		376		20		(26	)		370
		1,958		79		(77	)		1,960		2,101		138		(65	)		2,174
Total securities at fair value through other comprehensive income	$	124,041	$	572	$	(358	)	$	124,255	$	127,656	$	759	$	(560	)	$	127,855

¹ Includes the foreign exchange translation of amortized cost balances at the period-end spot rate.

Equity Securities Designated at Fair Value Through Other Comprehensive Income

The Bank designated certain equity securities shown in the following table as equity securities at FVOCI. The designation was made because the investments are held for purposes other than trading.

Equity Securities Designated at Fair Value Through Other Comprehensive Income

(millions of Canadian dollars)				As at				For the three months ended
		January 31, 2019		January 31, 2018		January 31, 2019		January 31, 2018
		Fair value		Fair value		Dividend income recognized		Dividend income recognized
Common shares	$	1,694	$	1,701	$	20	$	16
Preferred shares		266		362		4		4
Total	$	1,960	$	2,063	$	24	$	20

The Bank disposed of equity securities with a fair value of $179 million during the three months ended January 31, 2019 (three months ended January 31, 2018 – $4 million). The Bank realized a cumulative gain of $24 million during the three months ended January 31, 2019 (three months ended January 31, 2018 – $2 million) on disposal of these equity securities and recognized dividend income of nil and $8 million during the three months ended January 31, 2019 and January 31, 2018, respectively.

Net Securities Gains (Losses)

(millions of Canadian dollars)		For the three months ended
		January 31 2019			January 31 2018
Debt securities at amortized cost
Net realized gains (losses)	$	44		$	–
Debt securities at fair value through other comprehensive income
Net realized gains (losses)		(55	)		3
Total	$	(11	)	$	3

Credit Quality of Debt Securities

The Bank evaluates non-retail credit risk on an individual borrower basis, using both a borrower risk rating (BRR) and facility risk rating (FRR), as detailed in the shaded area of the "Managing Risk" section of the 2018 MD&A. This system is used to assess all non-retail exposures, including debt securities.

The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances.

Debt Securities by Risk Ratings

(millions of Canadian dollars)							As at
					January 31, 2019
		Stage 1		Stage 2		Stage 3		Total
Debt securities
Investment grade	$	226,982	$	–	$	n/a	$	226,982
Non-Investment grade		2,394		76		n/a		2,470
Watch and classified		n/a		6		n/a		6
Default		n/a		n/a		–		–
Total debt securities		229,376		82		–		229,458
Allowance for credit losses on debt securities at amortized cost		1		–		–		1
Debt securities, net of allowance	$	229,375	$	82	$	–	$	229,457

Debt Securities by Risk Ratings

(millions of Canadian dollars)								As at
					October 31, 2018
		Stage 1		Stage 2		Stage 3			Total
Debt securities
Investment grade	$	230,488	$	–	$	n/a	1	$	230,488
Non-Investment grade		2,140		54		n/a			2,194
Watch and classified		n/a		11		n/a			11
Default		n/a		n/a		234			234
Total debt securities		232,628		65		234			232,927
Allowance for credit losses on debt securities at amortized cost		1		4		70			75
Debt securities, net of allowance	$	232,627	$	61	$	164		$	232,852

As at January 31, 2019, the allowance for credit losses on debt securities is $6 million, comprised of $1 million for debt securities at amortized cost and $5 million for debt securities at FVOCI. For the three months ended January 31, 2019 and January 31, 2018, the Bank reported a provision of credit losses of nil on debt securities at amortized cost. For the three months ended January 31, 2019 and January 31, 2018, the Bank reported a provision for credit losses of nil and $4 million, respectively, on debt securities at FVOCI.

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Loans, Impaired Loans, and Allowance for Credit Losses

3 Months Ended

Jan. 31, 2019

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Loans, Impaired Loans, and Allowance for Credit Losses

NOTE 6:  LOANS, IMPAIRED LOANS, AND ALLOWANCE FOR CREDIT LOSSES

The following table provides the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances.

Loans by Risk Ratings¹

(millions of Canadian dollars)								As at
						January 31, 2019
		Stage 1		Stage 2		Stage 3		Total
Residential mortgages2,3,4
Low Risk	$	174,803	$	49	$	n/a	$	174,852
Normal Risk		41,249		243		n/a		41,492
Medium Risk		5,677		425		n/a		6,102
High Risk		969		1,352		298		2,619
Default		n/a		n/a		416		416
Total		222,698		2,069		714		225,481
Allowance for loan losses		25		30		48		103
Loans, net of allowance		222,673		2,039		666		225,378
Consumer instalment and other personal5
Low Risk		90,685		1,031		n/a		91,716
Normal Risk		45,386		1,071		n/a		46,457
Medium Risk		22,756		1,013		n/a		23,769
High Risk		6,201		2,419		832		9,452
Default		n/a		n/a		506		506
Total		165,028		5,534		1,338		171,900
Allowance for loan losses		573		370		181		1,124
Loans, net of allowance		164,455		5,164		1,157		170,776
Credit card
Low Risk		8,160		17		n/a		8,177
Normal Risk		9,777		77		n/a		9,854
Medium Risk		11,107		269		n/a		11,376
High Risk		4,370		1,457		369		6,196
Default		n/a		n/a		123		123
Total		33,414		1,820		492		35,726
Allowance for loan losses		396		312		389		1,097
Loans, net of allowance		33,018		1,508		103		34,629
Business and government2,3,4
Investment grade or Low/Normal Risk		118,623		41		n/a		118,664
Non-Investment grade or Medium Risk		109,517		4,807		n/a		114,324
Watch and classified or High Risk		671		3,919		379		4,969
Default		n/a		n/a		611		611
Total		228,811		8,767		990		238,568
Allowance for loan losses		646		581		162		1,389
Loans, net of allowance		228,165		8,186		828		237,179
Total loans		649,951		18,190		3,534		671,675
Total Allowance for loan losses		1,640		1,293		780		3,713
Total loans, net of allowance	$	648,311	$	16,897	$	2,754	$	667,962

Loans by Risk Ratings1 (continued)
(millions of Canadian dollars)							As at
					January 31, 2019
	Stage 1		Stage 2		Stage 3		Total
Off-balance sheet credit instruments
Retail Exposures6
Low Risk	$	250,701	$	828	$	n/a	$	251,529
Normal Risk		50,042		619		n/a		50,661
Medium Risk		12,217		366		n/a		12,583
High Risk		1,516		952		n/a		2,468
Default		n/a		n/a		n/a		n/a
Non-Retail Exposures7
Investment grade		173,837		–		n/a		173,837
Non-Investment grade		59,923		2,303		n/a		62,226
Watch and classified		–		1,636		n/a		1,636
Default		n/a		n/a		n/a		n/a
Total off-balance sheet credit instruments		548,236		6,704		n/a		554,940
Allowance for off-balance sheet credit instruments		573		496		n/a		1,069
Total off-balance sheet credit instruments, net of allowance		547,663		6,208		n/a		553,871
Acquired credit-impaired loans		n/a		n/a		401		401
Allowance for loan losses		n/a		n/a		16		16
Acquired credit-impaired loans, net of allowance for loan losses	$	n/a	$	n/a	$	385	$	385

¹ Includes loans that are measured at FVOCI and customers' liability under acceptances.

² As at January 31, 2019, impaired loans with a balance of $132 million did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount.

³ Excludes trading loans and non-trading loans at FVTPL with a fair value of $11 billion and $1 billion, respectively, as at January 31, 2019.

⁴ Includes insured mortgages of $93 billion as at January 31, 2019.

⁵ Includes Canadian government-insured real estate personal loans of $14 billion as at January 31, 2019.

⁶ As at January 31, 2019, includes $302 billion of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

⁷ As at January 31, 2019, includes $40 billion of the undrawn component of uncommitted credit and liquidity facilities.

Loans by Risk Ratings¹

(millions of Canadian dollars)								As at
						October 31, 2018
		Stage 1		Stage 2		Stage 3		Total
Residential mortgages2,3,4
Low Risk	$	168,690	$	32	$	n/a	$	168,722
Normal Risk		47,821		176		n/a		47,997
Medium Risk		5,106		267		n/a		5,373
High Risk		892		1,264		317		2,473
Default		n/a		n/a		392		392
Total		222,509		1,739		709		224,957
Allowance for loan losses		24		34		47		105
Loans, net of allowance		222,485		1,705		662		224,852
Consumer instalment and other personal5
Low Risk		87,906		983		n/a		88,889
Normal Risk		48,008		1,190		n/a		49,198
Medium Risk		23,008		1,063		n/a		24,071
High Risk		6,158		2,386		817		9,361
Default		n/a		n/a		514		514
Total		165,080		5,622		1,331		172,033
Allowance for loan losses		574		349		178		1,101
Loans, net of allowance		164,506		5,273		1,153		170,932
Credit card
Low Risk		7,234		11		n/a		7,245
Normal Risk		9,780		66		n/a		9,846
Medium Risk		11,347		246		n/a		11,593
High Risk		4,435		1,445		333		6,213
Default		n/a		n/a		121		121
Total		32,796		1,768		454		35,018
Allowance for loan losses		379		283		341		1,003
Loans, net of allowance		32,417		1,485		113		34,015
Business and government2,3,4
Investment grade or Low/Normal Risk		118,414		57		n/a		118,471
Non-Investment grade or Medium Risk		108,678		5,272		n/a		113,950
Watch and classified or High Risk		666		3,746		97		4,509
Default		n/a		n/a		563		563
Total		227,758		9,075		660		237,493
Allowance for loan losses		651		551		120		1,322
Loans, net of allowance		227,107		8,524		540		236,171
Total loans		648,143		18,204		3,154		669,501
Total Allowance for loan losses		1,628		1,217		686		3,531
Total loans, net of allowance	$	646,515	$	16,987	$	2,468	$	665,970
Off-balance sheet credit instruments
Retail Exposures6
Low Risk	$	246,575	$	2,576	$	n/a	$	249,151
Normal Risk		51,961		1,129		n/a		53,090
Medium Risk		12,298		469		n/a		12,767
High Risk		1,765		638		n/a		2,403
Default		n/a		n/a		n/a		n/a
Non-Retail Exposures7
Investment grade		167,993		323		n/a		168,316
Non-Investment grade		60,002		2,309		n/a		62,311
Watch and classified		13		1,949		n/a		1,962
Default		n/a		n/a		n/a		n/a
Total off-balance sheet credit instruments		540,607		9,393		n/a		550,000
Allowance for off-balance sheet credit instruments		550		479		n/a		1,029
Total off-balance sheet credit instruments, net of allowance		540,057		8,914		n/a		548,971
Acquired credit-impaired loans		n/a		n/a		453		453
Allowance for loan losses		n/a		n/a		18		18
Acquired credit-impaired loans, net of allowance for loan losses	$	n/a	$	n/a	$	435	$	435

¹ Includes loans that are measured at FVOCI and customers' liability under acceptances.

² As at October 31, 2018, impaired loans with a balance of $124 million did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount.

³ Excludes trading loans and non-trading loans at FVTPL with a fair value of $11 billion and $1 billion, respectively, as at October 31, 2018.

⁴ Includes insured mortgages of $95 billion as at October 31, 2018.

⁵ Includes Canadian government-insured real estate personal loans of $14 billion as at October 31, 2018.

⁶ As at October 31, 2018, includes $302 billion of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

⁷ As at October 31, 2018, includes $37 billion of the undrawn component of uncommitted credit and liquidity facilities.

The changes to the Bank's allowance for loan losses, as at and for the three months ended January 31, 2019 and January 31, 2018, are shown in the following tables.

Allowance for Loan Losses – Residential Mortgages
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses as at November 1, 2018	$	24		$	34		$	47		$	5		$	110
Provision for credit losses
Transfer to Stage 11		13			(12	)		(1	)		–			–
Transfer to Stage 2		(1	)		3			(2	)		–			–
Transfer to Stage 3		(1	)		(2	)		3			–			–
		11			(11	)		–			–			–
Net remeasurement due to transfers2		(4	)		1			–			–			(3	)
New originations or purchases3		3			n/a			n/a			–			3
Net repayments4		–			(1	)		–			–			(1	)
Derecognition of financial assets (excluding disposals and write-offs)5		(1	)		(1	)		(4	)		–			(6	)
Changes to risk, parameters, and models6		(8	)		8			12			(1	)		11
		1			(4	)		8			(1	)		4
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			–			–			–			–
Write-offs		–			–			(7	)		–			(7	)
Recoveries		–			–			–			–			–
		–			–			(7	)		–			(7	)
Total allowance for loan losses as at January 31, 2019	$	25		$	30		$	48		$	4		$	107
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses as at November 1, 2017	$	24		$	26		$	45		$	12		$	107
Provision for credit losses
Transfer to Stage 11		6			(6	)		–			–			–
Transfer to Stage 2		(1	)		2			(1	)		–			–
Transfer to Stage 3		–			(2	)		2			–			–
		5			(6	)		1			–			–
Net remeasurement due to transfers2		(4	)		2			–			–			(2	)
New originations or purchases3		4			n/a			n/a			–			4
Net repayments4		(1	)		(1	)		–			(3	)		(5	)
Derecognition of financial assets (excluding disposals and write-offs)5		–			(1	)		–			–			(1	)
Changes to risk, parameters, and models6		(5	)		4			1			(2	)		(2	)
		(1	)		(2	)		2			(5	)		(6	)
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(2	)		(2	)		–			(4	)
Write-offs		–			–			(7	)		–			(7	)
Recoveries		–			–			1			–			1
		–			(2	)		(8	)		–			(10	)
Total allowance for loan losses as at January 31, 2018	$	23		$	22		$	39		$	7		$	91

¹  Transfers represent stage transfer movements prior to expected credit loss (ECL) remeasurement.

² Represents the remeasurement between twelve-month and lifetime ECLs due to stage transfers, excluding the change to risk, parameters, and models.

³  Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed.

⁴  Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding.

⁵  Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off.

⁶  Represents the change in the allowance related to changes in risk including changes to macroeconomic factors, level of risk, associated parameters, and models.

Allowance for Loan Losses – Consumer Instalment and Other Personal
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	599		$	392		$	178		$	2		$	1,171
Provision for credit losses
Transfer to Stage 11		83			(78	)		(5	)		–			–
Transfer to Stage 2		(29	)		39			(10	)		–			–
Transfer to Stage 3		(5	)		(52	)		57			–			–
		49			(91	)		42			–			–
Net remeasurement due to transfers1		(34	)		40			3			–			9
New originations or purchases1		66			n/a			n/a			–			66
Net draws (repayments)1		(21	)		(7	)		(3	)		–			(31	)
Derecognition of financial assets (excluding disposals and write-offs)1		(20	)		(26	)		(15	)		–			(61	)
Changes to risk, parameters, and models1		(41	)		106			222			–			287
		(1	)		22			249			–			270
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(1	)		–			–			(1	)
Write-offs		–			–			(306	)		–			(306	)
Recoveries		–			–			60			–			60
		–			(1	)		(246	)		–			(247	)
Balance as at January 31, 2019		598			413			181			2			1,194
Less: Allowance for off-balance sheet instruments2		25			43			–			–			68
Total allowance for loan losses as at January 31, 2019	$	573		$	370		$	181		$	2		$	1,126
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	529		$	355		$	166		$	5		$	1,055
Provision for credit losses
Transfer to Stage 11		69			(65	)		(4	)		–			–
Transfer to Stage 2		(33	)		42			(9	)		–			–
Transfer to Stage 3		(4	)		(45	)		49			–			–
		32			(68	)		36			–			–
Net remeasurement due to transfers1		(28	)		39			3			–			14
New originations or purchases1		70			n/a			n/a			–			70
Net draws (repayments)1		–			(6	)		–			(2	)		(8	)
Derecognition of financial assets (excluding disposals and write-offs)1		(25	)		(27	)		(9	)		–			(61	)
Changes to risk, parameters, and models1		(32	)		96			184			2			250
		17			34			214			–			265
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		(11	)		(8	)		(5	)		–			(24	)
Write-offs		–			–			(265	)		–			(265	)
Recoveries		–			–			69			–			69
		(11	)		(8	)		(201	)		–			(220	)
Balance as at January 31, 2018		535			381			179			5			1,100
Less: Allowance for off-balance sheet instruments2		24			43			–			–			67
Total allowance for loan losses as at January 31, 2018	$	511		$	338		$	179		$	5		$	1,033

¹  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

²  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

Allowance for Loan Losses – Credit Card
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3	1		Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	819		$	580		$	341		$	1,740
Provision for credit losses
Transfer to Stage 12		199			(141	)		(58	)		–
Transfer to Stage 2		(56	)		71			(15	)		–
Transfer to Stage 3		(8	)		(167	)		175			–
		135			(237	)		102			–
Net remeasurement due to transfers2		(56	)		79			14			37
New originations or purchases2		30			n/a			n/a			30
Net draws (repayments)2		39			2			(35	)		6
Derecognition of financial assets (excluding disposals and write-offs)2		(20	)		(21	)		(64	)		(105	)
Changes to risk, parameters, and models2		(80	)		233			377			530
		48			56			394			498
Other changes
Disposals		–			–			–			–
Foreign exchange and other adjustments		(2	)		(1	)		1			(2	)
Write-offs		–			–			(418	)		(418	)
Recoveries		–			–			71			71
		(2	)		(1	)		(346	)		(349	)
Balance as at January 31, 2019		865			635			389			1,889
Less: Allowance for off-balance sheet instruments3		469			323			–			792
Total allowance for loan losses as at January 31, 2019	$	396		$	312		$	389		$	1,097
		Stage 1			Stage 2			Stage 3	1		Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	763		$	521		$	321		$	1,605
Provision for credit losses
Transfer to Stage 12		124			(114	)		(10	)		–
Transfer to Stage 2		(54	)		72			(18	)		–
Transfer to Stage 3		(16	)		(109	)		125			–
		54			(151	)		97			–
Net remeasurement due to transfers2		(45	)		59			30			44
New originations or purchases2		67			n/a			n/a			67
Net draws (repayments)2		71			8			(34	)		45
Derecognition of financial assets (excluding disposals and write-offs)2		(26	)		(30	)		(19	)		(75	)
Changes to risk, parameters, and models2		(121	)		193			271			343
		–			79			345			424
Other changes
Disposals		(4	)		(3	)		(1	)		(8	)
Foreign exchange and other adjustments		(22	)		(12	)		(13	)		(47	)
Write-offs		–			–			(372	)		(372	)
Recoveries		–			–			61			61
		(26	)		(15	)		(325	)		(366	)
Balance as at January 31, 2018		737			585			341			1,663
Less: Allowance for off-balance sheet instruments3		371			263			–			634
Total allowance for loan losses as at January 31, 2018	$	366		$	322		$	341		$	1,029

¹  Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for further details.

²  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

³  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

Allowance for Loan Losses – Business and Government1
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	736		$	690		$	120		$	11		$	1,557
Provision for credit losses
Transfer to Stage 12		44			(42	)		(2	)		–			–
Transfer to Stage 2		(30	)		32			(2	)		–			–
Transfer to Stage 3		(1	)		(19	)		20			–			–
		13			(29	)		16			–			–
Net remeasurement due to transfers2		(13	)		20			1			–			8
New originations or purchases2		109			n/a			n/a			–			109
Net draws (repayments)2		7			(12	)		(4	)		–			(9	)
Derecognition of financial assets (excluding disposals and write-offs)2		(94	)		(110	)		(12	)		–			(216	)
Changes to risk, parameters, and models2		(33	)		153			70			(4	)		186
		(11	)		22			71			(4	)		78
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(1	)		(2	)		–			(3	)
Write-offs		–			–			(35	)		–			(35	)
Recoveries		–			–			8			3			11
		–			(1	)		(29	)		3			(27	)
Balance as at January 31, 2019		725			711			162			10			1,608
Less: Allowance for off-balance sheet instruments3		79			130			–			–			209
Total allowance for loan losses as at January 31, 2019	$	646		$	581		$	162		$	10		$	1,399
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	706		$	627		$	174		$	18		$	1,525
Provision for credit losses
Transfer to Stage 12		28			(27	)		(1	)		–			–
Transfer to Stage 2		(16	)		17			(1	)		–			–
Transfer to Stage 3		(2	)		(16	)		18			–			–
		10			(26	)		16			–			–
Net remeasurement due to transfers2		(7	)		15			2			–			10
New originations or purchases2		86			n/a			n/a			–			86
Net draws (repayments)2		(1	)		(10	)		(9	)		(2	)		(22	)
Derecognition of financial assets (excluding disposals and write-offs)2		(92	)		(89	)		(7	)		–			(188	)
Changes to risk, parameters, and models2		(12	)		131			3			(2	)		120
		(16	)		21			5			(4	)		6
Other changes
Disposals		–			–			(5	)		–			(5	)
Foreign exchange and other adjustments		(27	)		(20	)		(5	)		(1	)		(53	)
Write-offs		–			–			(32	)		(1	)		(33	)
Recoveries		–			–			16			2			18
		(27	)		(20	)		(26	)		–			(73	)
Balance as at January 31, 2018		663			628			153			14			1,458
Less: Allowance for off-balance sheet instruments3		68			78			–			–			146
Total allowance for loan losses as at January 31, 2018	$	595		$	550		$	153		$	14		$	1,312

¹ Includes the allowance for credit losses related to customers' liability under acceptances.

²  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

³  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

The allowance for credit losses on all remaining financial assets is not significant.

FORECLOSED ASSETS

Foreclosed assets are repossessed non-financial assets where the Bank gains title, ownership, or possession of individual properties, such as real estate properties, which are managed for sale in an orderly manner with the proceeds used to reduce or repay any outstanding debt. The Bank does not generally occupy foreclosed properties for its business use. The Bank predominantly relies on third-party appraisals to determine the carrying value of foreclosed assets. Foreclosed assets held for sale were $91 million as at January 31, 2019 (October 31, 2018 – $81 million), and were recorded in Other assets on the Interim Consolidated Balance Sheet.

LOANS PAST DUE BUT NOT IMPAIRED

A loan is classified as past due when a borrower has failed to make a payment by the contractual due date. The following table summarizes loans that are contractually past due but not impaired as at January 31, 2019 and October 31, 2018.

Loans Past Due but not Impaired1,2
(millions of Canadian dollars)		As at
		January 31, 2019								October 31, 2018
		1-30 days		31-60 days		61-89 days		Total		1-30 days		31-60 days		61-89 days		Total
Residential mortgages	$	1,489	$	332	$	127	$	1,948	$	1,471	$	358	$	101	$	1,930
Consumer instalment and other personal		5,815		812		264		6,891		5,988		811		241		7,040
Credit card		1,348		341		218		1,907		1,403		340		213		1,956
Business and government		1,438		726		65		2,229		1,314		444		28		1,786
Total	$	10,090	$	2,211	$	674	$	12,975	$	10,176	$	1,953	$	583	$	12,712

¹  Includes loans that are measured at FVOCI.

²  Balances as at January 31, 2019 and October 31, 2018 exclude all acquired credit-impaired loans.

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Investment in Associates and Joint Ventures

3 Months Ended

Jan. 31, 2019

Investments accounted for using equity method [abstract]

Investment in Associates and Joint Ventures

NOTE 7:  INVESTMENT IN ASSOCIATES AND JOINT VENTURES

INVESTMENT IN TD AMERITRADE HOLDING CORPORATION

The Bank has significant influence over TD Ameritrade Holding Corporation (TD Ameritrade) and accounts for its investment in TD Ameritrade using the equity method. The Bank's equity share in TD Ameritrade's earnings, excluding dividends, is reported on a one-month lag basis. The Bank takes into account changes in the subsequent period that would significantly affect the results.

As at January 31, 2019, the Bank's reported investment in TD Ameritrade was 41.75% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade with a fair value of $17 billion (US$13 billion) (October 31, 2018 – $16 billion (US$12 billion)) based on the closing price of US$55.95 (October 31, 2018 – US$51.72) on the New York Stock Exchange.

During the three months ended January 31, 2019, TD Ameritrade repurchased 2.6 million shares (for the year ended October 31, 2018 – 5.5 million shares). Pursuant to the Stockholders Agreement in relation to the Bank's equity investment in TD Ameritrade, if stock repurchases by TD Ameritrade cause the Bank's ownership percentage to exceed 45%, the Bank is required to use reasonable efforts to sell or dispose of such excess stock, subject to the Bank's commercial judgment as to the optimal timing, amount, and method of sales with a view to maximizing proceeds from such sales. However, in the event that stock repurchases by TD Ameritrade cause the Bank's ownership percentage to exceed 45%, the Bank has no absolute obligation to reduce its ownership percentage to 45%. In addition, stock repurchases by TD Ameritrade cannot result in the Bank's ownership percentage exceeding 47%.

Pursuant to the Stockholders Agreement in relation to the Bank's equity investment in TD Ameritrade, the Bank has the right to designate five of twelve members of TD Ameritrade's Board of Directors. The Bank's designated directors currently include the Bank's Group President and Chief Executive Officer and four independent directors of TD or TD's U.S. subsidiaries.

TD Ameritrade has no significant contingent liabilities to which the Bank is exposed. During the three months ended January 31, 2019 and January 31, 2018, TD Ameritrade did not experience any significant restrictions to transfer funds in the form of cash dividends, or repayment of loans or advances.

The condensed financial statements of TD Ameritrade, based on its consolidated financial statements, are included in the following tables.

Condensed Consolidated Balance Sheets1
(millions of Canadian dollars)				As at
		December 31 2018		September 30 2018
Assets
Receivables from brokers, dealers, and clearing organizations	$	1,837	$	1,809
Receivables from clients, net		25,542		29,773
Other assets, net		21,488		17,811
Total assets	$	48,867	$	49,393
Liabilities
Payable to brokers, dealers, and clearing organizations	$	3,019	$	3,923
Payable to clients		29,037		30,126
Other liabilities		5,830		4,809
Total liabilities		37,886		38,858
Stockholders' equity2		10,981		10,535
Total liabilities and stockholders' equity	$	48,867	$	49,393

¹ Customers' securities are reported on a settlement date basis whereas the Bank reports customers' securities on a trade date basis.

² The difference between the carrying value of the Bank's investment in TD Ameritrade and the Bank's share of TD Ameritrade's stockholders' equity is comprised of goodwill, other intangibles, and the cumulative translation adjustment.

Condensed Consolidated Statements of Income
(millions of Canadian dollars, except as noted)		For the three months ended
		December 31 2018		December 31 2017
Revenues
Net interest revenue	$	497	$	351
Fee-based and other revenue		1,506		1,247
Total revenues		2,003		1,598
Operating expenses
Employee compensation and benefits		419		528
Other		532		643
Total operating expenses		951		1,171
Other expense (income)		24		42
Pre-tax income		1,028		385
Provision for income taxes		230		8
Net income1,2	$	798	$	377
Earnings per share – basic (Canadian dollars)	$	1.42	$	0.66
Earnings per share – diluted (Canadian dollars)		1.41		0.66

¹ The Bank's equity share of net income of TD Ameritrade is based on the published consolidated financial statements of TD Ameritrade after converting into Canadian dollars and is subject to adjustments relating to the amortization of certain intangibles.

² The Bank's equity share in TD Ameritrade earnings for the three months ended January 31, 2019 includes an adjustment of nil (net favourable adjustment of $41 million (US$32 million) for the three months ended January 31, 2018) primarily representing the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances as a result of the reduction in the U.S. federal corporate income tax rate.

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Significant Acquisitions and Disposals

3 Months Ended

Jan. 31, 2019

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Significant Acquisitions and Disposals

NOTE 8:  SIGNIFICANT ACQUISITIONS AND DISPOSALS

Agreement for Air Canada Credit Card Loyalty Program

On January 10, 2019, the Bank's long-term loyalty program agreement (the "Loyalty Agreement") with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). Under the terms of the Loyalty Agreement, the Bank will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 through to 2030. TD Aeroplan cardholders will become members of Air Canada's new loyalty program and their miles will be transitioned when Air Canada's new loyalty program launches in 2020.

In connection with the Transaction, the Bank paid $622 million plus applicable sales tax to Air Canada, of which $547 million ($446 million after sales and income taxes) was recognized in Non-interest expenses – Other on the Interim Consolidated Statement of Income, and $75 million was recognized as an intangible asset which will be amortized over the Loyalty Agreement term. In addition, the Bank prepaid $308 million plus applicable sales tax for the future purchase of loyalty points over a ten-year period.

Acquisition of Greystone Managed Investments Inc.

On November 1, 2018, the Bank acquired 100% of the outstanding equity of Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. ("Greystone") for consideration of $817 million, of which $475 million was paid in cash and $342 million was paid in the Bank's common shares. The value of 4.7 million common shares issued as consideration was based on the volume weighted-average market price of the Bank's common shares over the 10 trading day period immediately preceding the fifth business day prior to the acquisition date and was recorded based on market price at close. Common shares of $167 million issued to employee shareholders in respect of the purchase price will be held in escrow for two years post-acquisition, subject to their continued employment, and will be recorded as a compensation expense over the two-year escrow period.

The acquisition is accounted for as a business combination under the purchase method. As at November 1, 2018, the acquisition contributed $169 million of assets and $55 million of liabilities. The excess of accounting consideration over the fair value of the identifiable net assets is allocated to customer relationship intangibles of $140 million, deferred tax liability of $37 million, and goodwill of $433 million. Goodwill is not deductible for tax purposes. The results of the acquisition have been consolidated from the acquisition date and reported in the Canadian Retail segment. The purchase price allocation is subject to refinement and may be adjusted to reflect new information about facts and circumstances that existed at the acquisition date during the measurement period.

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Goodwill

3 Months Ended

Jan. 31, 2019

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Goodwill

NOTE 9:  GOODWILL

Goodwill by Segment

(millions of Canadian dollars)	Canadian Retail			U.S. Retail1			Wholesale Banking		Total
Carrying amount of goodwill as at November 1, 2017	$	2,303		$	13,693		$	160	$	16,156
Additions		82			–			–		82
Foreign currency translation adjustments and other		18			280			–		298
Carrying amount of goodwill as at October 31, 20182		2,403			13,973			160		16,536
Additions		433			–			–		433
Foreign currency translation adjustments and other		(2	)		(26	)		–		(28	)
Carrying amount of goodwill as at January 31, 20192	$	2,834		$	13,947		$	160	$	16,941

¹ Goodwill predominantly relates to U.S. personal and commercial banking.

² Impairment losses for the three months ended January 31, 2019 were nil (three months ended January 31, 2018 – nil), and accumulated impairment as at January 31, 2019 was nil (October 31, 2018 – nil).

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Other Assets

3 Months Ended

Jan. 31, 2019

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Other Assets

NOTE 10:  OTHER ASSETS

Other Assets

(millions of Canadian dollars)			As at
	January 31 2019		October 31 2018
Accounts receivable and other items	$	9,130	$	8,938
Accrued interest		2,398		2,343
Current income tax receivable		2,325		1,614
Defined benefit asset		9		113
Insurance-related assets, excluding investments		1,601		1,638
Prepaid expenses		1,285		950
Total	$	16,748	$	15,596

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Deposits

3 Months Ended

Jan. 31, 2019

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Deposits

NOTE 11:  DEPOSITS

Demand deposits are those for which the Bank does not have the right to require notice prior to withdrawal. These deposits are in general chequing accounts.

Notice deposits are those for which the Bank can legally require notice prior to withdrawal. These deposits are in general savings accounts.

Term deposits are those payable on a fixed date of maturity purchased by customers to earn interest over a fixed period. The terms are from one day to ten years. The deposits are generally term deposits, guaranteed investment certificates, senior debt, and similar instruments. The aggregate amount of term deposits in denominations of $100,000 or more as at January 31, 2019, was $283 billion (October 31, 2018 – $293 billion).

Certain deposit liabilities are classified as Trading deposits on the Interim Consolidated Balance Sheet and accounted for at fair value with the change in fair value recognized on the Interim Consolidated Statement of Income.

Certain deposits have been designated at fair value through profit or loss on the Interim Consolidated Balance Sheet to reduce an accounting mismatch from related economic hedges. These deposits are accounted for at fair value with the change in fair value recognized on the Interim Consolidated Statement of Income, except for the amount of change in fair value attributable to changes in the Bank's own credit risk, which is recognized on the Interim Consolidated Statement of Comprehensive Income. Changes in fair value attributable to changes in the Bank's own credit risk are measured as the difference between: (i) the period-over-period change in the present value of the expected cash flows using an all-in discount curve reflecting the interest rate benchmark curve and the Bank's own credit risk; and (ii) the period-over-period change in the present value of the same expected cash flows using a discount curve based on the interest rate benchmark curve.

For deposits designated at fair value through profit or loss, the estimated amount that the Bank would be contractually required to pay at maturity, which is based on notional amounts, was $86 million less than its fair value as at January 31, 2019.

Deposits
(millions of Canadian dollars)	As at
	By Type						By Country						January 31 2019		October 31 2018
	Demand		Notice		Term1		Canada		United States		International		Total		Total
Personal	$	13,627	$	414,413	$	55,092	$	223,077	$	260,021	$	34	$	483,132	$	477,644
Banks2		8,448		52		8,266		10,837		66		5,863		16,766		16,712
Business and government3		75,356		129,068		145,016		254,431		90,278		4,731		349,440		357,083
Trading2		–		–		82,559		38,170		28,270		16,119		82,559		114,704
Designated at fair value through profit or loss2,4		–		–		26,877		12,055		12,103		2,719		26,877		–
Total	$	97,431	$	543,533	$	317,810	$	538,570	$	390,738	$	29,466	$	958,774	$	966,143
Non-interest-bearing deposits included above
In domestic offices													$	41,914	$	42,402
In foreign offices														51,852		54,488
Interest-bearing deposits included above
In domestic offices														496,656		505,295
In foreign offices														367,809		362,890
U.S. federal funds deposited2														543		1,068
Total3,5													$	958,774	$	966,143

¹  Includes $635 million (October 31, 2018 – $53 million) of senior debt which is subject to the bank recapitalization "bail-in" regime. This regime provides certain statutory powers to the Canada Deposit Insurance Corporation (CDIC), including the ability to convert specified eligible shares and liabilities into common shares in the event that the Bank becomes non-viable.

² Includes deposits and advances with the Federal Home Loan Bank.

³ As at January 31, 2019, includes $37 billion relating to covered bondholders (October 31, 2018 – $36 billion) and $2 billion (October 31, 2018 – $2 billion) due to TD Capital Trust lV.

⁴ Financial liabilities designated at fair value through profit or loss on the Interim Consolidated Balance Sheet consist of deposits designated at fair value through profit or loss and $8 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at fair value through profit or loss.

⁵  As at January 31, 2019, includes deposits of $540 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $55 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies.

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Other Liabilities

3 Months Ended

Jan. 31, 2019

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Other Liabilities

NOTE 12:  OTHER LIABILITIES

Other Liabilities1
(millions of Canadian dollars)		As at
		January 31 2019		October 31 2018
Accounts payable, accrued expenses, and other items	$	4,717	$	4,958
Accrued interest		1,262		1,283
Accrued salaries and employee benefits		2,163		3,344
Cheques and other items in transit		1,580		454
Current income tax payable		37		84
Deferred tax liabilities		187		175
Defined benefit liability		2,062		1,747
Liabilities related to structured entities		6,368		5,627
Provisions		1,515		1,502
Total	$	19,891	$	19,174

¹  Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

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Equity

3 Months Ended

Jan. 31, 2019

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Equity

NOTE 13:   EQUITY

The following table summarizes the shares issued and outstanding, and treasury shares held as at January 31, 2019 and October 31, 2018.

Common and Preferred Shares Issued and Outstanding and Treasury Shares Held
(millions of shares and millions of Canadian dollars)	January 31, 2019					October 31, 2018
	Number of shares			Amount		Number of shares			Amount
Common Shares
Balance as at beginning of year	1,830.4		$	21,221		1,842.5		$	20,931
Proceeds from shares issued on exercise of stock options	0.5			28		2.9			152
Shares issued as a result of dividend reinvestment plan	1.4			99		5.0			366
Shares issued in connection with acquisitions1	5.0			366		–			–
Purchase of shares for cancellation	(4.5	)		(53	)	(20.0	)		(228	)
Balance as at end of period – common shares	1,832.8		$	21,661		1,830.4		$	21,221
Preferred Shares – Class A
Balance as at beginning of year	200.0		$	5,000		190.0		$	4,750
Shares issued2	14.0			350		30.0			750
Shares redeemed	–			–		(20.0	)		(500	)
Balance as at end of period – preferred shares	214.0		$	5,350		200.0		$	5,000
Treasury shares – common3
Balance as at beginning of year	2.1		$	(144	)	2.9		$	(176	)
Purchase of shares	33.0			(2,343	)	110.6			(8,295	)
Sale of shares	(33.1	)		2,348		(111.4	)		8,327
Balance as at end of period – treasury shares – common	2.0		$	(139	)	2.1		$	(144	)
Treasury shares – preferred3
Balance as at beginning of year	0.3		$	(7	)	0.3		$	(7	)
Purchase of shares	1.5			(33	)	5.2			(129	)
Sale of shares	(1.7	)		37		(5.2	)		129
Balance as at end of period – treasury shares – preferred	0.1		$	(3	)	0.3		$	(7	)

¹  Includes 4.7 million shares issued for $342 million that form part of the consideration paid for Greystone, as well as 0.3 million shares issued for $24 million as share-based compensation to replace share-based payment awards of Greystone. Refer to Note 8 for a discussion on the acquisition of Greystone.

² Non-Cumulative 5-Year Rate Reset Preferred Shares (non-viability contingent capital (NVCC)), Series 22 (the "Series 22 Shares") issued by the Bank on January 28, 2019, at a price of $25 per share, with quarterly non-cumulative cash dividends on these shares, if declared, payable at a per annum rate of 5.20% for the initial period ending April 30, 2024. Thereafter, the dividend rate will reset every five years equal to the then five-year Government of Canada bond yield plus 3.27%. Holders of these shares will have the right to convert their shares into non-cumulative NVCC Floating Rate Preferred Shares, Series 23, subject to certain conditions, on April 30, 2024, and on April 30 every five years thereafter. Holders of the Series 23 Shares will be entitled to receive quarterly floating rate dividends, if declared, at a rate equal to the three-month Government of Canada Treasury Bill yield plus 3.27%. The Series 22 Shares are redeemable by the Bank, subject to regulatory consent, at $25 per share on April 30, 2024, and on April 30 every five years thereafter.

³ When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity.

Normal Course Issuer Bid

On December 10, 2018, the Bank announced that the Toronto Stock Exchange (TSX) and OSFI approved the Bank's amended normal course issuer bid (NCIB) to repurchase for cancellation up to an additional 20 million of the Bank's common shares. During the three months ended January 31, 2019, the Bank repurchased 4.5 million common shares under its NCIB at an average price of $69.63 per share for a total amount of $313 million.

On April 19, 2018, the Bank announced that the TSX and OSFI approved the Bank's previously announced NCIB to repurchase for cancellation up to 20 million of the Bank's common shares. During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its NCIB at an average price of $75.07 per share for a total amount of $1.5 billion.

Non-Controlling Interests in Subsidiaries

Redemption of TD CaTS III Securities

On December 31, 2018, TD Capital Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD Capital Trust III Securities – Series 2008 (TD CaTS III) at a price of $1 billion plus the unpaid distribution payable on the redemption date. TD CaTS III were included in Non-controlling interests in subsidiaries on the Interim Consolidated Balance Sheet.

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Share-Based Compensation

3 Months Ended

Jan. 31, 2019

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Share-Based Compensation

NOTE 14:  SHARE-BASED COMPENSATION

For the three months ended January 31, 2019, the Bank recognized compensation expense for stock option awards of $3.3 million (three months ended January 31, 2018 – $3.1 million). For the three months ended January 31, 2019, 2.2 million (three months ended January 31, 2018 – 1.9 million) options were granted by the Bank at a weighted-average fair value of $5.64 per option (January 31, 2018 – $6.28 per option).

The following table summarizes the assumptions used for estimating the fair value of options for the three months ended January 31.

Assumptions Used for Estimating the Fair Value of Options
(in Canadian dollars, except as noted)	For the three months ended
	January 31 2019			January 31 2018
Risk-free interest rate		2.03	%		1.71	%
Expected option life		6.3 years			6.3 years
Expected volatility1		12.64	%		13.91	%
Expected dividend yield		3.48	%		3.50	%
Exercise price/share price	$	69.39		$	72.64

¹  Expected volatility is calculated based on the average daily volatility measured over a historical period corresponding to the expected option life.

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Employee Benefits

3 Months Ended

Jan. 31, 2019

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Employee Benefits

NOTE 15:  EMPLOYEE BENEFITS

The following table summarizes expenses for the Bank's principal pension and non-pension post-retirement benefit plans and the Bank's significant other pension and retirement plans, for the three months ended January 31.

Employee Benefit Plans' Expenses
(millions of Canadian dollars)		Principal pension plans					Principal non-pension post-retirement benefit plan				Other pension and retirement plans1
		For the three months ended
		Jan. 31 2019			Jan. 31 2018		Jan. 31 2019		Jan. 31 2018		Jan. 31 2019		Jan. 31 2018
Net employee benefits expense
Service cost – benefits earned	$	81		$	102	$	4	$	4	$	2	$	3
Net interest cost on net defined benefit liability		(3	)		2		5		4		8		7
Past service cost (credit)		–			–		–		–		–		(3	)
Defined benefit administrative expenses		3			2		–		–		2		1
Total expense	$	81		$	106	$	9	$	8	$	12	$	8

¹  Includes Canada Trust (CT) defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012.

CASH FLOWS

The following table summarizes the Bank's contributions to its principal pension and non-pension post-retirement benefit plans and the Bank's significant other pension and retirement plans during the three months ended January 31.

Plan Contributions
(millions of Canadian dollars)	For the three months ended
	January 31 2019		January 31 2018
Principal pension plans	$	83	$	119
Principal non-pension post-retirement benefit plan		4		3
Other pension and retirement plans1		9		9
Total	$	96	$	131

¹ Includes CT defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes.

As at January 31, 2019, the Bank expects to contribute an additional $281 million to its principal pension plans, $13 million to its principal non-pension post-retirement benefit plan, and $33 million to its other pension and retirement plans by the end of the fiscal year. However, future contribution amounts may change upon the Bank's review of current contribution levels during fiscal 2019.

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Income Taxes

3 Months Ended

Jan. 31, 2019

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Income Taxes

NOTE 16:  INCOME TAXES

The Canada Revenue Agency (CRA) and Alberta are denying certain dividend deductions claimed by the Bank. To date, the Bank has been reassessed for approximately $553 million of income tax and interest for the years 2011 to 2013. The Bank expects the CRA and Alberta to reassess the subsequent years on the same basis and that Québec will also reassess all open years. The Bank is of the view that its tax filing positions were appropriate and intends to challenge all reassessments.

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Earnings Per Share

3 Months Ended

Jan. 31, 2019

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Earnings Per Share

NOTE 17:  EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period.

Diluted earnings per share is calculated using the same method as basic earnings per share except that certain adjustments are made to net income attributable to common shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential common shares that are assumed to be issued by the Bank.

The following table presents the Bank's basic and diluted earnings per share for the three months ended January 31.

Basic and Diluted Earnings Per Share
(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019		January 31 2018
Basic earnings per share
Net income attributable to common shareholders	$	2,332	$	2,283
Weighted-average number of common shares outstanding (millions)		1,833.1		1,841.7
Basic earnings per share (Canadian dollars)	$	1.27	$	1.24
Diluted earnings per share
Net income attributable to common shareholders	$	2,332	$	2,283
Net income available to common shareholders including impact of dilutive securities		2,332		2,283
Weighted-average number of common shares outstanding (millions)		1,833.1		1,841.7
Effect of dilutive securities
Stock options potentially exercisable (millions)1		3.1		4.5
Weighted-average number of common shares outstanding – diluted (millions)		1,836.2		1,846.2
Diluted earnings per share (Canadian dollars)1	$	1.27	$	1.24

¹ For the three months ended January 31, 2019, the computation of diluted earnings per share excluded average options outstanding of 1.8 million with a weighted-average exercise price of $72.64, as the option price was greater than the average market price of the Bank's common shares. For the three months ended January 31, 2018, no outstanding options were excluded from the computation of diluted earnings per share.

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Contingent Liabilities

3 Months Ended

Jan. 31, 2019

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Contingent Liabilities

NOTE 18:  CONTINGENT LIABILITIES

Other than as described below, there have been no new significant events or transactions as previously identified in Note 27 of the Bank's 2018 Annual Consolidated Financial Statements.

LITIGATION

In the ordinary course of business, the Bank and its subsidiaries are involved in various legal and regulatory actions. The Bank establishes legal provisions when it becomes probable that the Bank will incur a loss and the amount can be reliably estimated. The Bank also estimates the aggregate range of reasonably possible losses (RPL) in its legal and regulatory actions (that is, those which are neither probable nor remote), in excess of provisions. As at January 31, 2019, the Bank's RPL is from zero to approximately $793 million (October 31, 2018 – from zero to approximately $763 million). The Bank's provisions and RPL represent the Bank's best estimates based upon currently available information for actions for which estimates can be made, but there are a number of factors that could cause the Bank's provisions and/or RPL to be significantly different from its actual or reasonably possible losses. For example, the Bank's estimates involve significant judgment due to the varying stages of the proceedings, the existence of multiple defendants in many proceedings whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings, some of which are beyond the Bank's control and/or involve novel legal theories and interpretations, the attendant uncertainty of the various potential outcomes of such proceedings, and the fact that the underlying matters will change from time to time. In addition, some actions seek very large or indeterminable damages.

In management's opinion, based on its current knowledge and after consultation with counsel, the ultimate disposition of these actions, individually or in the aggregate, will not have a material adverse effect on the consolidated financial condition or the consolidated cash flows of the Bank. However, because of the factors listed above, as well as other uncertainties inherent in litigation and regulatory matters, there is a possibility that the ultimate resolution of legal or regulatory actions may be material to the Bank's consolidated results of operations for any particular reporting period.

Stanford Litigation – On November 21, 2017, the class plaintiffs filed a Rule 23(f) petition seeking permission to appeal the District Court's denial of class certification to the United States Court of Appeals for the Fifth Circuit. The Fifth Circuit denied the class plaintiffs' petition on April 20, 2018. Discovery in the Official Stanford Investors Committee’s case against the bank defendants is ongoing.

Overdraft Litigation – On February 1, 2019, the parties filed a Joint Notice of Settlement of all claims consolidated in MDL 2613 on a class-wide basis. Settlement is conditional on the parties reaching agreement on all material terms of a written agreement and court approval. In response to the Notice of Settlement, on February 4, 2019, the Court issued an order suspending all deadlines.

Credit Card Fees – The trial of the British Columbia action is scheduled to proceed in October 2020.

Consumer Class Actions – The Bank, along with several other Canadian financial institutions, is a defendant in a number of matters brought by consumers alleging provincial and/or national class claims in connection with various fees, interest rate calculations, and credit decisions. The cases are in various stages of maturity. In one matter, the Bank is the sole defendant and a trial date has been scheduled for November 2020.

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Segmented Information

3 Months Ended

Jan. 31, 2019

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Segmented Information

NOTE 19:  SEGMENTED INFORMATION

For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, wealth management services, and the Bank's investment in TD Ameritrade; and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment.

Refer to Note 29 of the Bank's 2018 Annual Consolidated Financial Statements for additional segment disclosures.

The following table summarizes the segment results for the three months ended January 31.

Results by Business Segment1,2
(millions of Canadian dollars)	Canadian Retail				U.S. Retail				Wholesale Banking3						Corporate3						Total
					For the three months ended
	Jan. 31 2019		Jan. 31 2018		Jan. 31 2019		Jan. 31 2018		Jan. 31 2019			Jan. 31 2018			Jan. 31 2019			Jan. 31 2018			Jan. 31 2019		Jan. 31 2018
Net interest income (loss)	$	3,044	$	2,825	$	2,247	$	1,940	$	173		$	329		$	396		$	336		$	5,860	$	5,430
Non-interest income (loss)		2,944		2,725		701		703		409			561			84			(44	)		4,138		3,945
Total revenue4		5,988		5,550		2,948		2,643		582			890			480			292			9,998		9,375
Provision for (recovery of) credit losses		310		270		306		247		7			(7	)		227			183			850		693
Insurance claims and related expenses		702		575		–		–		–			–			–			–			702		575
Non-interest expenses		3,084		2,311		1,611		1,447		602			526			558			577			5,855		4,861
Income (loss) before income taxes		1,892		2,394		1,031		949		(27	)		371			(305	)		(468	)		2,591		3,246
Provision for (recovery of) income taxes		513		637		102		103		(10	)		93			(102	)		207			503		1,040
Equity in net income of an investment in TD Ameritrade		–		–		311		106		–			–			11			41			322		147
Net income (loss)	$	1,379	$	1,757	$	1,240	$	952	$	(17	)	$	278		$	(192	)	$	(634	)	$	2,410	$	2,353
Total assets	$	434,994	$	409,161	$	415,611	$	382,532	$	407,624		$	410,583		$	64,277		$	59,040		$	1,322,506	$	1,261,316

¹ Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

² The retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements.

³ Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.

⁴ The impact from certain treasury and balance sheet management activities relating to the U.S. Retail segment is recorded in the Corporate segment.

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Interest Income and Expense

3 Months Ended

Jan. 31, 2019

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Interest Income and Expense

NOTE 20:  INTEREST INCOME AND EXPENSE

The following table presents interest income and interest expense by basis of accounting measurement. Please refer to Note 2 of the 2018 Annual Consolidated Financial Statements for the type of instruments measured at amortized cost and FVOCI.

(millions of Canadian dollars)			For the three months ended
	January 31, 2019				January 31, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	7,380	$	2,928	$	6,059	$	1,950
Measured at FVOCI		1,305		–		1,042		–
		8,685		2,928		7,101		1,950
Not measured at amortized cost or FVOCI1		1,859		1,756		1,207		928
Total	$	10,544	$	4,684	$	8,308	$	2,878

¹  Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at fair value through profit or loss and equities designated at FVOCI.

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Regulatory Capital

3 Months Ended

Jan. 31, 2019

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Regulatory Capital

NOTE 21:  REGULATORY CAPITAL

The Bank manages its capital under guidelines established by OSFI. The regulatory capital guidelines measure capital in relation to credit, market, and operational risks. The Bank has various capital policies, procedures, and controls which it utilizes to achieve its goals and objectives.

During the three months ended January 31, 2019, the Bank complied with the OSFI Basel III guidelines related to capital ratios and the leverage ratio. Effective January 1, 2016, OSFI's target Common Equity Tier 1 (CET1), Tier 1, and Total Capital ratios for Canadian banks designated as domestic systemically important banks (D-SIBs) includes a 1% common equity capital surcharge bringing the targets to 8%, 9.5%, and 11.5%, respectively. In addition, on June 25, 2018, OSFI provided greater transparency related to previously undisclosed Pillar 2 CET1 capital buffers through the introduction of the public Domestic Stability Buffer (DSB) which is held by D-SIBs against Pillar 2 risks. The current buffer is set at 1.5% of total risk-weighted assets (RWA) and must be met with CET1 Capital, effectively raising the CET1 target to 9.5%.

The following table summarizes the Bank's regulatory capital positions as at January 31, 2019 and October 31, 2018.

Regulatory Capital Position
(millions of Canadian dollars, except as noted)				As at
	January 31 2019			October 31 2018
Capital
Common Equity Tier 1 Capital	$	52,668		$	52,389
Tier 1 Capital		59,396			59,735
Total Capital		69,968			70,434
Risk-weighted assets used in the calculation of capital ratios1
Common Equity Tier 1 Capital	$	439,324		$	435,632
Tier 1 Capital		439,324			435,780
Total Capital		439,324			435,927
Capital and leverage ratios
Common Equity Tier 1 Capital ratio1		12.0	%		12.0	%
Tier 1 Capital ratio1		13.5			13.7
Total Capital ratio1		15.9			16.2
Leverage ratio		4.1			4.2

¹  In accordance with the final Capital Adequacy Requirements guideline, the Credit Valuation Adjustment (CVA) capital charge is being phased in until the first quarter of 2019. Each capital ratio has its own RWA measure due to the OSFI prescribed scalar for inclusion of the CVA. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively. For fiscal 2019, the corresponding scalars are all 100%.

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Risk Management

3 Months Ended

Jan. 31, 2019

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Risk Management

NOTE 22:  RISK MANAGEMENT

The risk management policies and procedures of the Bank are provided in the MD&A. The shaded sections of the "Managing Risk" section of the MD&A relating to market, liquidity, and insurance risks are an integral part of the Interim Consolidated Financial Statements.

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Current and Future Changes in Accounting Policies (Policies)

3 Months Ended

Jan. 31, 2019

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Revenue from Contracts with Customers

Revenue from Contracts with Customers

On November 1, 2018, the Bank adopted IFRS 15, Revenue from Contracts with Customers (IFRS 15), which establishes the principles for recognizing revenue and cash flows arising from contracts with customers and prescribes the application of a five-step recognition and measurement model. The standard excludes from its scope, revenue arising from items such as financial instruments, insurance contracts, and leases. The Bank adopted the standard on a modified retrospective basis, recognizing the cumulative effect of initially applying the standard as an adjustment to opening retained earnings without restating comparative period financial information.

The adoption of IFRS 15 resulted in a reduction to Shareholder's Equity of $41 million related to certain expenses not eligible for deferral under IFRS 15. The presentation of certain revenue and expense items is changed due to IFRS 15 and reclassified prospectively. These presentation changes are not significant and do not have an impact on net income.

In addition to the above changes related to the adoption of IFRS 15, the Bank also changed its accounting policy on securities lending and borrowing transactions. Where securities are received or pledged as collateral, securities lending income and securities borrowing fees are recorded in Non-interest income and Non-interest expenses, respectively on the Interim Consolidated Statement of Income. This change has been applied retrospectively.

Revenue Recognition

Revenue is recognized at an amount that reflects the consideration the Bank expects to be entitled to in exchange for transferring services to a customer, excluding amounts collected on behalf of third parties. The Bank recognizes revenue when it transfers control of a good or a service to a customer at a point in time or over time. The determination of when performance obligations are satisfied requires the use of judgment. Refer to Note 3 for further details.

The Bank identifies contracts with customers subject to IFRS 15, which create enforceable rights and obligations. The Bank determines the performance obligations based on distinct services promised to the customers in the contracts. The Bank's contracts generally have a term of one year or less, consist of a single performance obligation, and the performance obligations generally reflect services.

For each contract, the Bank determines the transaction price, which includes estimating variable consideration and assessing whether the price is constrained. Variable consideration is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. As such, the estimate of the variable consideration is constrained until the end of the invoicing period. The uncertainty is generally resolved at the end of the reporting period and as such, no significant judgment is required when recognizing variable consideration in revenues.

The Bank's receipt of payment from customers generally occurs subsequent to the satisfaction of performance obligations or a short time thereafter. As such, the Bank has not recognized any material contract assets (unbilled receivables) or contract liabilities (deferred revenues) and there is no significant financing component associated with the consideration due to the Bank.

When another party is involved in the transfer of services to a customer, an assessment is made to evaluate whether the Bank is the principal such that revenues are reported on a gross basis or the agent such that revenues are reported on a net basis. The Bank is the principal when it controls the services in the contract promised to the customer before they are transferred. Control is demonstrated by the Bank being primarily responsible for fulfilling the transfer of the services to the customer, having discretion in establishing pricing of the services, or both.

Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for additional revenue policy disclosures.

Share-based Payment

Share-based Payment

In June 2016, the IASB published amendments to IFRS 2, Share-based Payment (IFRS 2), which provide additional guidance on the classification and measurement of share-based payment transactions. The amendments clarify the accounting for cash-settled share-based payment transactions that include a performance condition, the classification of share-based payment transactions with net settlement features for withholding tax obligations, and the accounting for modifications of share-based payment transactions from cash-settled to equity-settled. The amendments to IFRS 2 are effective for annual periods beginning on or after January 1, 2018, which was November 1, 2018 for the Bank. These amendments have been applied prospectively and did not have a significant impact on the Bank.

Leases

Leases

In January 2016, the IASB issued IFRS 16, Leases (IFRS 16), which will replace IAS 17, Leases, introducing a single lessee accounting model for all leases by eliminating the distinction between operating and financing leases. IFRS 16 requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet. Lessees will also recognize depreciation expense on the right-of-use asset, interest expense on the lease liability, and a shift in the timing of expense recognition in the statement of income. Short-term leases, which are defined as those that have a lease term of twelve months or less; and leases of low-value assets are exempt. Lessor accounting remains substantially unchanged. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, which will be November 1, 2019 for the Bank, and is to be applied retrospectively. The Bank is continuing to assess the impact of the new standard on its portfolio of leases and is upgrading its lease administration and accounting systems and developing future processes and internal controls to enable the application of IFRS 16 in 2019.

Insurance Contracts

Insurance Contracts

In May 2017, the IASB issued IFRS 17, Insurance Contracts (IFRS 17), which replaces the guidance in IFRS 4, Insurance Contracts and establishes principles for recognition, measurement, presentation, and disclosure of insurance contracts. IFRS 17 is currently effective for the Bank's annual reporting period beginning November 1, 2021; however, based on recent IASB meetings, an upcoming amendment to IFRS 17 and a deferral of the effective date by one year is anticipated. Any change to the Bank's effective date is subject to updates of OSFI's related Advisory. The Bank is currently assessing the impact of adopting this standard.

Conceptual Framework for Financial Reporting

Conceptual Framework for Financial Reporting

In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Revised Conceptual Framework is effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted. The Bank is currently assessing the impact of adopting the revised framework.

Business Combinations

Business Combinations

In October 2018, the IASB issued a narrow-scope amendment to IFRS 3, Business Combinations (IFRS 3). The amendments provide additional guidance on the definition of a business which determines whether an acquisition is of a business or a group of assets. An acquirer recognizes goodwill only when acquiring a business, not when acquiring a group of assets. The amendments to IFRS 3 are effective for annual reporting periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted and is to be applied prospectively. The Bank will assess the impact of the amendments on future acquisitions.

Presentation of Financial Statements and Accounting Policies, Changes in Accounting Estimates and Errors

Presentation of Financial Statements and Accounting Policies, Changes in Accounting Estimates and Errors

In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors which clarify the definition of "material". Specifically, the amendments clarify that information is material if omitting, misstating, or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Accompanying explanations to the definition have also been improved. The amendments are effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, and are to be applied prospectively with early application permitted. The Bank is currently assessing the impact of adopting these amendments.

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IFRS 7 Disclosure (Tables)

3 Months Ended

Jan. 31, 2019

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Portfolio Market Risk Measures

(millions of Canadian dollars)	For the three months ended
	January 31 2019											October 31 2018			January 31 2018
	As at			Average			High			Low		Average			Average
Interest rate risk	$	12.0		$	12.9		$	17.2		$	8.2	$	12.5		$	9.0
Credit spread risk		15.6			19.7			22.5			15.6		14.6			9.2
Equity risk		9.1			7.1			10.6			5.1		5.7			7.6
Foreign exchange risk		6.8			6.5			10.2			2.8		5.3			3.7
Commodity risk		2.4			2.6			4.8			1.6		3.3			2.7
Idiosyncratic debt specific risk		16.0			20.2			23.5			16.0		16.2			14.2
Diversification effect1		(36.7	)		(41.4	)		n/m	2		n/m		(34.3	)		(27.2	)
Total Value-at-Risk (one-day)		25.2			27.6			31.8			23.9		23.3			19.2
Stressed Value-at-Risk (one-day)		39.6			60.5			84.4			39.6		46.6			39.0
Incremental Risk Capital Charge (one-year)	$	192.8		$	232.6		$	266.9		$	192.8	$	185.8		$	207.3

 ¹  The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification.

 ²  Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

Sensitivity of After-tax Economic Value at Risk by Currency

(millions of Canadian dollars)													As at
	January 31, 2019						October 31, 2018						January 31, 2018
	100 bps increase			100 bps decrease			100 bps increase			100 bps decrease			100 bps increase			100 bps decrease
Canadian dollar	$	(58	)	$	1		$	(41	)	$	(17	)	$	(28	)	$	(56	)
U.S. dollar		(246	)		(150	)		(197	)		19			(275	)		(36	)
	$	(304	)	$	(149	)	$	(238	)	$	2		$	(303	)	$	(92	)

Summary of Liquid Assets by Type and Currency

(millions of Canadian dollars, except as noted)													As at
	Bank-owned liquid assets		Securities received as collateral from securities financing and derivative transactions2		Total liquid assets		% of total			Encumbered liquid assets		Unencumbered liquid assets2
				January 31, 2019
Cash and due from banks	$	2,018	$	–	$	2,018		–	%	$	161	$	1,857
Canadian government obligations		14,285		56,195		70,480		13			40,525		29,955
National Housing Act Mortgage-Backed Securities (NHA MBS)		42,208		49		42,257		7			4,310		37,947
Provincial government obligations		14,256		18,908		33,164		6			22,112		11,052
Corporate issuer obligations		4,928		4,214		9,142		2			3,949		5,193
Equities		6,922		2,470		9,392		2			5,624		3,768
Other marketable securities and/or loans		4,154		447		4,601		1			337		4,264
Total Canadian dollar-denominated		88,771		82,283		171,054		31			77,018		94,036
Cash and due from banks		26,327		–		26,327		5			28		26,299
U.S. government obligations		31,779		33,216		64,995		12			29,442		35,553
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		48,472		6,832		55,304		10			16,379		38,925
Other sovereign obligations		52,558		39,670		92,228		16			29,529		62,699
Corporate issuer obligations		76,697		2,722		79,419		14			7,405		72,014
Equities		31,616		33,202		64,818		11			30,671		34,147
Other marketable securities and/or loans		5,620		659		6,279		1			967		5,312
Total non-Canadian dollar-denominated		273,069		116,301		389,370		69			114,421		274,949
Total	$	361,840	$	198,584	$	560,424		100	%	$	191,439	$	368,985
			October 31, 2018
Cash and due from banks	$	3,002	$	–	$	3,002		1	%	$	1,098	$	1,904
Canadian government obligations		18,256		63,463		81,719		14			47,572		34,147
NHA MBS		39,649		42		39,691		6			3,057		36,634
Provincial government obligations		12,720		19,241		31,961		5			23,651		8,310
Corporate issuer obligations		6,622		3,767		10,389		2			3,769		6,620
Equities		10,554		1,637		12,191		2			6,028		6,163
Other marketable securities and/or loans		2,655		349		3,004		1			277		2,727
Total Canadian dollar-denominated		93,458		88,499		181,957		31			85,452		96,505
Cash and due from banks		24,046		–		24,046		4			28		24,018
U.S. government obligations		30,163		37,691		67,854		12			32,918		34,936
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		47,150		927		48,077		8			7,522		40,555
Other sovereign obligations		56,034		45,912		101,946		18			41,993		59,953
Corporate issuer obligations		78,160		1,576		79,736		14			7,234		72,502
Equities		33,514		37,666		71,180		12			32,206		38,974
Other marketable securities and/or loans		4,786		4		4,790		1			191		4,599
Total non-Canadian dollar-denominated		273,853		123,776		397,629		69			122,092		275,537
Total	$	367,311	$	212,275	$	579,586		100	%	$	207,544	$	372,042

    ¹   Positions stated include gross asset values pertaining to secured borrowing/lending and reverse-repurchase/repurchase businesses.

    ²   Liquid assets include collateral received that can be re-hypothecated or otherwise redeployed.

Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches

(millions of Canadian dollars)			As at
	January 31 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	131,008	$	136,544
Bank subsidiaries		217,237		217,565
Foreign branches		20,740		17,933
Total	$	368,985	$	372,042

Summary of Deposit Funding

(millions of Canadian dollars)	As at
	January 31 2019		October 31 2018
P&C deposits – Canadian Retail	$	363,193	$	359,473
P&C deposits – U.S. Retail		346,495		346,624
Other deposits		33		36
Total	$	709,721	$	706,133

Summary of Remaining Contractual Maturity

(millions of Canadian dollars)	As at
	January 31, 2019
	Less than 1 month		1 to 3 months		3 to 6 months		6 to 9 months		9 months to 1 year		Over 1 to 2 years		Over 2 to 5 years		Over 5 years		No specific maturity			Total
Assets
Cash and due from banks	$	4,378	$	3	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	4,381
Interest-bearing deposits with banks		30,517		316		512		–		–		–		–		–		326			31,671
Trading loans, securities, and other1		2,072		3,042		3,492		1,983		3,107		10,082		24,975		22,649		50,668			122,070
Non-trading financial assets at fair value through profit or loss		–		–		327		658		15		741		631		725		778			3,875
Derivatives		5,102		6,418		3,722		2,289		2,774		5,381		9,725		9,683		–			45,094
Financial assets designated at fair value through profit or loss		228		458		235		41		68		303		1,710		717		–			3,760
Financial assets at fair value through other comprehensive income		2,804		2,312		5,744		4,185		2,938		20,538		55,004		30,767		1,961			126,253
Debt securities at amortized cost, net of allowance for credit losses		681		2,753		3,786		4,174		3,546		6,647		35,441		50,135		(1	)		107,162
Securities purchased under reverse repurchase agreements		87,287		25,552		13,995		3,393		2,175		28		–		–		–			132,430
Loans
Residential mortgages		2,444		2,486		10,917		10,837		8,790		44,206		111,426		34,594		–			225,700
Consumer instalment and other personal		959		1,835		3,158		3,723		3,500		14,675		56,952		25,978		61,162			171,942
Credit card		–		–		–		–		–		–		–		–		35,726			35,726
Business and government		21,700		4,316		6,307		8,464		7,102		20,478		69,773		60,468		20,221			218,829
Total loans		25,103		8,637		20,382		23,024		19,392		79,359		238,151		121,040		117,109			652,197
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,729	)		(3,729	)
Loans, net of allowance for loan losses		25,103		8,637		20,382		23,024		19,392		79,359		238,151		121,040		113,380			648,468
Customers' liability under acceptances		14,727		2,988		149		7		10		–		–		–		–			17,881
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		8,679			8,679
Goodwill2		–		–		–		–		–		–		–		–		16,941			16,941
Other intangibles2		–		–		–		–		–		–		–		–		2,647			2,647
Land, buildings, equipment, and other depreciable assets2		–		–		–		–		–		–		–		–		5,353			5,353
Deferred tax assets		–		–		–		–		–		–		–		–		2,266			2,266
Amounts receivable from brokers, dealers, and clients		26,827		–		–		–		–		–		–		–		–			26,827
Other assets		3,602		3,105		341		140		138		161		231		87		8,943			16,748
Total assets	$	203,328	$	55,584	$	52,685	$	39,894	$	34,163	$	123,240	$	365,868	$	235,803	$	211,941		$	1,322,506
Liabilities
Trading deposits	$	14,030	$	19,676	$	18,214	$	17,021	$	6,702	$	1,899	$	3,930	$	1,087	$	–		$	82,559
Derivatives		5,884		7,400		3,771		2,375		2,373		4,227		7,466		9,169		–			42,665
Securitization liabilities at fair value		–		193		674		273		573		1,737		6,731		2,113		–			12,294
Financial liabilities designated at fair value through profit or loss		3,558		8,346		6,804		3,919		4,253		–		1		4		–			26,885
Deposits3,4
Personal		4,389		7,521		7,545		7,412		7,923		10,282		10,016		36		428,008			483,132
Banks		2,997		1,388		1,105		60		1,355		–		3		7		9,851			16,766
Business and government		20,406		12,714		12,625		11,643		5,794		25,397		48,684		7,753		204,424			349,440
Total deposits		27,792		21,623		21,275		19,115		15,072		35,679		58,703		7,796		642,283			849,338
Acceptances		14,727		2,988		149		7		10		–		–		–		–			17,881
Obligations related to securities sold short1		1,513		1,999		1,261		1,803		931		3,918		13,093		12,632		1,740			38,890
Obligations related to securities sold under repurchase agreements		75,741		16,599		1,690		412		142		38		27		113		–			94,762
Securitization liabilities at amortized cost		35		566		500		576		512		3,022		5,748		3,027		–			13,986
Amounts payable to brokers, dealers, and clients		26,094		–		–		–		–		–		–		–		–			26,094
Insurance-related liabilities		258		320		338		272		269		940		1,627		919		1,755			6,698
Other liabilities5		3,391		979		1,540		1,047		1,124		3,530		2,050		171		6,059			19,891
Subordinated notes and debentures		–		–		–		–		–		–		–		8,893		–			8,893
Equity		–		–		–		–		–		–		–		–		81,670			81,670
Total liabilities and equity	$	173,023	$	80,689	$	56,216	$	46,820	$	31,961	$	54,990	$	99,376	$	45,924	$	733,507		$	1,322,506
Off-balance sheet commitments
Credit and liquidity commitments6,7	$	15,632	$	16,363	$	18,334	$	10,043	$	14,179	$	26,648	$	102,964	$	3,128	$	2,636		$	209,927
Operating lease commitments		81		162		241		240		236		916		2,262		3,286		–			7,424
Other purchase obligations		50		101		146		140		193		435		779		441		–			2,285
Unconsolidated structured entity commitments		–		679		904		501		408		408		–		–		–			2,900
Total off-balance sheet commitments	$	15,763	$	17,305	$	19,625	$	10,924	$	15,016	$	28,407	$	106,005	$	6,855	$	2,636		$	222,536

¹  Amount has been recorded according to the remaining contractual maturity of the underlying security.

²  For the purposes of this table, non-financial assets have been recorded as having 'no specific maturity'.

³  As the timing of demand deposits and notice deposits is non-specific and callable by the depositor, obligations have been included as having 'no specific maturity'.

⁴  Includes $37 billion of covered bonds with remaining contractual maturities of $1 billion in less 1 month, $3 billion in over 3 months to 6 months, $2 billion in over 6 months to 9 months, $1 billion in over 9 months to 1 year, $6 billion in 'over 1 to 2 years', $21 billion in 'over 2 to 5 years', and $3 billion in 'over 5 years'.

⁵  Includes $97 million of capital lease commitments with remaining contractual maturities of $2 million in 'less than 1 month', $4 million in '1 month to 3 months', $6 million in '3 months to 6 months', $6 million in '6 months to 9 months', $5 million in '9 months to 1 year', $20 million in 'over 1 to 2 years', $50 million in 'over 2 to 5 years', and $4 million in 'over 5 years'.

⁶  Includes $200 million in commitments to extend credit to private equity investments.

⁷  Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

(millions of Canadian dollars)	As at
	October 31, 2018
	Less than 1 month		1 to 3 months		3 to 6 months		6 to 9 months		9 months to 1 year		Over 1 to 2 years		Over 2 to 5 years		Over 5 years		No specific maturity			Total
Assets
Cash and due from banks	$	4,733	$	2	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	4,735
Interest-bearing deposits with banks		28,332		924		154		21		16		–		–		–		1,273			30,720
Trading loans, securities, and other2		1,971		5,244		2,111		3,653		3,998		9,683		25,772		25,895		49,570			127,897
Non-trading financial assets at fair value through profit or loss		–		12		99		460		906		227		841		848		622			4,015
Derivatives		7,343		9,263		5,275		3,276		2,321		7,130		12,436		9,952		–			56,996
Financial assets designated at fair value through profit or loss		30		95		535		243		90		297		1,532		796		–			3,618
Financial assets at fair value through other comprehensive income		1,111		4,214		4,150		5,354		3,962		19,777		57,922		31,936		2,174			130,600
Debt securities at amortized cost, net of allowance for credit losses		881		2,577		3,010		3,594		4,059		8,103		34,032		50,990		(75	)		107,171
Securities purchased under reverse repurchase agreements		77,612		30,047		14,426		3,807		1,458		29		–		–		–			127,379
Loans
Residential mortgages		908		3,234		6,614		11,166		11,061		43,063		113,852		35,293		–			225,191
Consumer instalment and other personal		753		1,332		2,628		3,724		4,131		14,313		56,632		26,321		62,245			172,079
Credit card		–		–		–		–		–		–		–		–		35,018			35,018
Business and government		23,052		4,320		5,539		7,131		9,269		19,637		67,922		59,251		21,533			217,654
Total loans		24,713		8,886		14,781		22,021		24,461		77,013		238,406		120,865		118,796			649,942
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,549	)		(3,549	)
Loans, net of allowance for loan losses		24,713		8,886		14,781		22,021		24,461		77,013		238,406		120,865		115,247			646,393
Customers' liability under acceptances		14,984		2,145		132		6		–		–		–		–		–			17,267
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		8,445			8,445
Goodwill3		–		–		–		–		–		–		–		–		16,536			16,536
Other intangibles3		–		–		–		–		–		–		–		–		2,459			2,459
Land, buildings, equipment, and other depreciable assets3		–		–		–		–		–		–		–		–		5,324			5,324
Deferred tax assets		–		–		–		–		–		–		–		–		2,812			2,812
Amounts receivable from brokers, dealers, and clients		26,940		–		–		–		–		–		–		–		–			26,940
Other assets		3,432		854		1,926		120		142		136		301		90		8,595			15,596
Total assets	$	192,082	$	64,263	$	46,599	$	42,555	$	41,413	$	122,395	$	371,242	$	241,372	$	212,982		$	1,334,903
Liabilities
Trading deposits	$	16,145	$	37,337	$	31,081	$	12,954	$	11,739	$	1,183	$	3,260	$	1,005	$	–		$	114,704
Derivatives		6,195		8,684		4,230		3,103		2,263		5,510		9,282		9,003		–			48,270
Securitization liabilities at fair value		–		981		194		661		272		1,822		6,719		1,969		–			12,618
Financial liabilities designated at fair value through profit or loss		10		5		–		–		–		–		–		1		–			16
Deposits4,5
Personal		4,330		7,094		7,541		6,245		7,718		10,222		9,876		38		424,580			477,644
Banks		6,499		1,941		255		24		54		–		3		8		7,928			16,712
Business and government		18,840		19,337		7,033		9,984		11,299		21,345		54,780		8,000		206,465			357,083
Total deposits		29,669		28,372		14,829		16,253		19,071		31,567		64,659		8,046		638,973			851,439
Acceptances		14,986		2,145		132		6		–		–		–		–		–			17,269
Obligations related to securities sold short2		2,621		3,679		1,500		387		904		4,330		13,771		11,474		812			39,478
Obligations related to securities sold under repurchase agreements		73,759		15,508		3,516		428		108		43		27		–		–			93,389
Securitization liabilities at amortized cost		22		1,240		625		503		575		2,496		6,232		2,990		–			14,683
Amounts payable to brokers, dealers, and clients		28,385		–		–		–		–		–		–		–		–			28,385
Insurance-related liabilities		213		294		353		309		310		937		1,624		903		1,755			6,698
Other liabilities6		2,916		2,631		538		1,326		1,394		2,205		2,308		152		5,704			19,174
Subordinated notes and debentures		–		–		–		–		–		–		–		8,740		–			8,740
Equity		–		–		–		–		–		–		–		–		80,040			80,040
Total liabilities and equity	$	174,921	$	100,876	$	56,998	$	35,930	$	36,636	$	50,093	$	107,882	$	44,283	$	727,284		$	1,334,903
Off-balance sheet commitments
Credit and liquidity commitments7,8	$	18,339	$	16,728	$	17,217	$	13,098	$	9,152	$	25,691	$	101,120	$	4,034	$	2,663		$	208,042
Operating lease commitments		79		159		240		237		233		902		2,188		3,229		–			7,267
Other purchase obligations		46		161		125		122		121		437		831		520		–			2,363
Unconsolidated structured entity commitments		–		1,079		940		329		–		7		408		–		–			2,763
Total off-balance sheet commitments	$	18,464	$	18,127	$	18,522	$	13,786	$	9,506	$	27,037	$	104,547	$	7,783	$	2,663		$	220,435

¹  Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

²  Amount has been recorded according to the remaining contractual maturity of the underlying security.

³  For the purposes of this table, non-financial assets have been recorded as having 'no specific maturity'.

⁴  As the timing of demand deposits and notice deposits is non-specific and callable by the depositor, obligations have been included as having 'no specific maturity'.

⁵  Includes $36 billion of covered bonds with remaining contractual maturities of $1 billion in '3 months to 6 months', $3 billion in '6 months to 9 months', $2 billion in '9 months to 1 year', $5 billion in 'over 1 to 2 years', $22 billion in 'over 2 to 5 years', and $3 billion in 'over 5 years'.

⁶  Includes $60 million of capital lease commitments with remaining contractual maturities of $2 million in 'less than 1 month', $5 million in '1 month to 3 months', $7 million in '3 months to 6 months', $6 million in '6 months to 9 months', $6 million in '9 months to 1 year', $12 million in 'over 1 to 2 years', $17 million in 'over 2 to 5 years', and $5 million in 'over 5 years'.

⁷  Includes $205 million in commitments to extend credit to private equity investments.

⁸  Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

XML

Fair Value Measurements (Tables)

3 Months Ended

Jan. 31, 2019

Statement [LineItems]

Schedule of Financial Assets and Liabilities not Carried at Fair Value

Financial Assets and Liabilities not carried at Fair Value¹

(millions of Canadian dollars)							As at
	January 31, 2019				October 31, 2018
	Carrying value		Fair value		Carrying value		Fair value
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses
Government and government-related securities	$	60,247	$	59,944	$	60,535	$	59,948
Other debt securities		46,915		46,624		46,636		46,316
Total debt securities at amortized cost, net of allowance for credit losses		107,162		106,568		107,171		106,264
Total loans, net of allowance for loan losses		648,468		647,585		646,393		642,542
Total financial assets not carried at fair value	$	755,630	$	754,153	$	753,564	$	748,806
FINANCIAL LIABILITIES
Deposits	$	849,338	$	847,987	$	851,439	$	846,148
Securitization liabilities at amortized cost		13,986		14,082		14,683		14,654
Subordinated notes and debentures		8,893		9,307		8,740		9,027
Total financial liabilities not carried at fair value	$	872,217	$	871,376	$	874,862	$	869,829

¹  This table excludes financial assets and liabilities where the carrying amount is a reasonable approximation of fair value.

Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at November 1 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at January 31 2019			Change in unrealized gains (losses) on instruments still held5
				Included in income1			Included in OCI2, 3			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL ASSETS
Trading loans, securities, and other
Government and government-related securities
Canadian government debt
Provinces	$	3		$	–		$	–		$	–		$	–	$	(3	)	$	–	$	–		$	–		$	–
Other debt securities
Canadian issuers		1			–			–			–			–		–			–		–			1			–
Other issuers		16			1			–			–			–		(8	)		1		(1	)		9			1
		20			1			–			–			–		(11	)		1		(1	)		10			1
Non-trading financial assets at fair value through profit or loss
Securities		408			2			2			71			–		(9	)		21		–			495			(1	)
Loans		19			1			–			1			–		–			–		–			21			1
		427			3			2			72			–		(9	)		21		–			516			–
Financial assets at fair value through other comprehensive income
Government and government-related securities
Other OECD government guaranteed debt		200			1			9			–			–		–			–		–			210			9
Other debt securities
Asset-backed securities		562			–			(3	)		–			–		–			–		–			559			(3	)
Corporate and other debt		24			–			(1	)		–			–		–			–		–			23			(1	)
Equity securities
Common shares		1,492			–			1			5			–		(3	)		–		–			1,495			1
Preferred shares		135			–			(2	)		–			–		(75	)		–		(1	)		57			(8	)
	$	2,413		$	1		$	4		$	5		$	–	$	(78	)	$	–	$	(1	)	$	2,344		$	(2	)
	Fair value as at November 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at January 31 2019			Change in unrealized losses (gains) on instruments still held5
				Included in income1			Included in OCI3			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits6	$	3,024		$	99		$	–		$	(76	)	$	371	$	47		$	–	$	–		$	3,465		$	80
Derivatives7
Interest rate contracts		63			3			–			–			–		(2	)		–		–			64			4
Foreign exchange contracts		(1	)		1			–			–			–		(2	)		–		–			(2	)		–
Equity contracts		624			105			–			(19	)		57		(68	)		–		–			699			103
Commodity contracts		(27	)		38			–			–			–		(3	)		–		–			8			26
		659			147			–			(19	)		57		(75	)		–		–			769			133
Financial liabilities designated at fair value through profit or loss		14			(23	)		–			–			17		(5	)		–		–			3			(17	)
Obligations related to securities sold short		–			–			–			–			–		–			–		–			–			–

¹  Gains (losses) on financial assets and liabilities are recognized in Net securities gains (losses), Trading income (loss), and Other income (loss) on the Interim Consolidated Statement of Income.

²  Other comprehensive income.

³ Includes realized gains (losses) transferred to retained earnings on disposal of equities designated at fair value through other comprehensive income (FVOCI). Refer to Note 5 for further details.

⁴  Consists of sales, settlements, and foreign exchange.

⁵  Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in accumulated other comprehensive income (AOCI).

⁶  Issuances and repurchases of trading deposits are reported on a gross basis.

⁷  As at January 31, 2019, consists of derivative assets of $0.5 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.3 billion (November 1, 2018 – $1.2 billion), which have been netted on this table for presentation purposes only.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at November 1 2017			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at January 31 2018			Change in unrealized gains (losses) on instruments still held4
				Included in income1			Included in OCI2			Purchases			Issuances		Other3			Into Level 3		Out of Level 3
FINANCIAL ASSETS
Trading loans, securities, and other
Government and government-related securities
Canadian government debt
Provinces	$	–		$	–		$	–		$	–		$	–	$	–		$	–	$	–		$	–		$	–
Other debt securities
Canadian issuers		6			–			–			–			–		(3	)		–		(2	)		1			–
Other issuers		8			–			–			2			–		(1	)		121		(9	)		121			–
		14			–			–			2			–		(4	)		121		(11	)		122			–
Non-trading financial assets at fair value through profit or loss
Securities		305			15			–			12			–		(8	)		–		–			324			13
Loans		15			(3	)		–			2			–		–			4		–			18			(3	)
		320			12			–			14			–		(8	)		4		–			342			10
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		203			(7	)		(3	)		–			–		–			–		–			193			(3	)
Other debt securities
Asset-backed securities		553			–			2			–			–		(26	)		–		–			529			2
Corporate and other debt		95			–			5			–			–		(1	)		–		–			99			5
Equity securities
Common shares		1,469			–			1			6			–		(72	)		–		–			1,404			(2	)
Preferred shares		108			–			8			–			–		–			–		–			116			8
	$	2,428		$	(7	)	$	13		$	6		$	–	$	(99	)	$	–	$	–		$	2,341		$	10
	Fair value as at November 1 2017			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at January 31 2018			Change in unrealized losses (gains) on instruments still held4
				Included in income1			Included in OCI2			Purchases			Issuances		Other3			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits5	$	2,521		$	33		$	–		$	(141	)	$	637	$	(165	)	$	–	$	(10	)	$	2,875		$	(1	)
Derivatives6
Interest rate contracts		70			(18	)		–			–			–		(1	)		–		–			51			(17	)
Foreign exchange contracts		(1	)		(1	)		–			–			–		1			–		–			(1	)		(1	)
Equity contracts		893			(8	)		–			(19	)		39		(65	)		–		2			842			(1	)
Commodity contracts		(2	)		(7	)		–			–			–		1			–		–			(8	)		(6	)
		960			(34	)		–			(19	)		39		(64	)		–		2			884			(25	)
Financial liabilities designated at fair value through profit or loss		7			31			–			–			25		(35	)		–		–			29			25
Obligations related to securities sold short		–			–			–			–			–		–			–		–			–			–

¹  Gains (losses) on financial assets and liabilities are recognized in Net securities gains (losses), Trading income (loss), and Other income (loss) on the Interim Consolidated Statement of Income.

² Includes realized gains (losses) transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 5 for further details.

³  Consists of sales, settlements, and foreign exchange.

⁴  Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI.

⁵  Issuances and repurchases of trading deposits are reported on a gross basis.

⁶ As at January 31, 2018, consists of derivative assets of $0.9 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.8 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only.

At fair value [member]

Statement [LineItems]

Schedule of Fair Value Hierarchy for Assets and Liabilities

Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis
(millions of Canadian dollars)																	As at
				January 31, 2019											October 31, 2018
		Level 1		Level 2		Level 3		Total	1		Level 1		Level 2		Level 3		Total	1
FINANCIAL ASSETS AND COMMODITIES
Trading loans, securities, and other2
Government and government-related securities
Canadian government debt
Federal	$	–	$	9,332	$	–	$	9,332		$	127	$	14,335	$	–	$	14,462
Provinces		–		6,951		–		6,951			–		7,535		3		7,538
U.S. federal, state, municipal governments, and agencies debt		–		18,486		–		18,486			–		19,732		–		19,732
Other OECD government guaranteed debt		–		3,596		–		3,596			–		3,324		–		3,324
Mortgage-backed securities		–		2,226		–		2,226			–		2,029		–		2,029
Other debt securities
Canadian issuers		–		5,913		1		5,914			–		5,630		1		5,631
Other issuers		–		13,660		9		13,669			–		14,459		16		14,475
Equity securities
Common shares		39,637		20		–		39,657			43,699		53		–		43,752
Preferred shares		43		9		–		52			33		26		–		59
Trading loans		–		11,113		–		11,113			–		10,990		–		10,990
Commodities		10,881		170		–		11,051			5,540		340		–		5,880
Retained interests		–		23		–		23			–		25		–		25
		50,561		71,499		10		122,070			49,399		78,478		20		127,897
Non-trading financial assets at fair value through profit or loss
Securities		177		1,999		495		2,671			176		2,095		408		2,679
Loans		–		1,183		21		1,204			–		1,317		19		1,336
		177		3,182		516		3,875			176		3,412		427		4,015
Derivatives
Interest rate contracts		31		11,737		–		11,768			33		12,365		–		12,398
Foreign exchange contracts		20		30,443		2		30,465			24		39,647		4		39,675
Credit contracts		–		17		–		17			–		9		–		9
Equity contracts		1		1,277		464		1,742			–		3,170		453		3,623
Commodity contracts		126		965		11		1,102			144		1,112		35		1,291
		178		44,439		477		45,094			201		56,303		492		56,996
Financial assets designated at fair value through profit or loss
Securities2		–		3,760		–		3,760			–		3,618		–		3,618
		–		3,760		–		3,760			–		3,618		–		3,618
Financial assets at fair value through other comprehensive income
Government and government-related securities
Canadian government debt
Federal		–		12,220		–		12,220			–		12,731		–		12,731
Provinces		–		10,348		–		10,348			–		9,507		–		9,507
U.S. federal, state, municipal governments, and agencies debt		–		44,410		–		44,410			–		45,766		–		45,766
Other OECD government guaranteed debt		–		18,291		210		18,501			–		19,896		200		20,096
Mortgage-backed securities		–		6,327		–		6,327			–		6,633		–		6,633
Other debt securities
Asset-backed securities		–		20,715		559		21,274			–		21,407		562		21,969
Non-agency collateralized mortgage obligation portfolio		–		430		–		430			–		472		–		472
Corporate and other debt		–		8,762		23		8,785			–		8,483		24		8,507
Equity securities
Common shares		197		2		1,495		1,694			309		3		1,492		1,804
Preferred shares		209		–		57		266			235		–		135		370
Loans		–		1,998		–		1,998			–		2,745		–		2,745
		406		123,503		2,344		126,253			544		127,643		2,413		130,600
Securities purchased under reverse repurchase agreements		–		4,384		–		4,384			–		3,920		–		3,920
FINANCIAL LIABILITIES
Trading deposits		–		79,094		3,465		82,559			–		111,680		3,024		114,704
Derivatives
Interest rate contracts		20		9,382		64		9,466			24		9,646		63		9,733
Foreign exchange contracts		17		28,486		–		28,503			18		34,897		3		34,918
Credit contracts		–		385		–		385			–		386		–		386
Equity contracts		–		2,083		1,163		3,246			–		1,319		1,077		2,396
Commodity contracts		129		917		19		1,065			134		695		8		837
		166		41,253		1,246		42,665			176		46,943		1,151		48,270
Securitization liabilities at fair value		–		12,294		–		12,294			–		12,618		–		12,618
Financial liabilities designated at fair value through profit or loss		–		26,882		3		26,885			–		2		14		16
Obligations related to securities sold short2		1,953		36,937		–		38,890			1,142		38,336		–		39,478
Obligations related to securities sold under repurchase agreements		–		2,712		–		2,712			–		3,797		–		3,797

¹  Fair value is the same as carrying value.

²  Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

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Securities (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Unrealized Gains and Losses

Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income

(millions of Canadian dollars)															As at
		January 31, 2019													October 31, 2018
		Cost/ amortized cost1		Gross unrealized gains		Gross unrealized (losses	)		Fair value		Cost/ amortized cost1		Gross unrealized gains		Gross unrealized (losses	)		Fair value
Securities at Fair Value Through Other Comprehensive Income
Government and government-related securities
Canadian government debt
Federal	$	12,193	$	44	$	(17	)	$	12,220	$	12,740	$	38	$	(47	)	$	12,731
Provinces		10,297		70		(19	)		10,348		9,443		75		(11	)		9,507
U.S. federal, state, municipal governments, and agencies debt		44,384		186		(160	)		44,410		45,857		265		(356	)		45,766
Other OECD government guaranteed debt		18,451		54		(4	)		18,501		20,034		65		(3	)		20,096
Mortgage-backed securities		6,274		53		–			6,327		6,575		59		(1	)		6,633
		91,599		407		(200	)		91,806		94,649		502		(418	)		94,733
Other debt securities
Asset-backed securities		21,248		58		(32	)		21,274		21,901		87		(19	)		21,969
Non-agency collateralized mortgage obligation portfolio		431		–		(1	)		430		471		1		–			472
Corporate and other debt		8,805		28		(48	)		8,785		8,534		31		(58	)		8,507
		30,484		86		(81	)		30,489		30,906		119		(77	)		30,948
Total debt securities		122,083		493		(281	)		122,295		125,555		621		(495	)		125,681
Equity securities
Common shares		1,657		71		(34	)		1,694		1,725		118		(39	)		1,804
Preferred shares		301		8		(43	)		266		376		20		(26	)		370
		1,958		79		(77	)		1,960		2,101		138		(65	)		2,174
Total securities at fair value through other comprehensive income	$	124,041	$	572	$	(358	)	$	124,255	$	127,656	$	759	$	(560	)	$	127,855

¹ Includes the foreign exchange translation of amortized cost balances at the period-end spot rate.

Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income

Equity Securities Designated at Fair Value Through Other Comprehensive Income

(millions of Canadian dollars)				As at				For the three months ended
		January 31, 2019		January 31, 2018		January 31, 2019		January 31, 2018
		Fair value		Fair value		Dividend income recognized		Dividend income recognized
Common shares	$	1,694	$	1,701	$	20	$	16
Preferred shares		266		362		4		4
Total	$	1,960	$	2,063	$	24	$	20

Summary of Net Securities Gains (Losses)

Net Securities Gains (Losses)

(millions of Canadian dollars)		For the three months ended
		January 31 2019			January 31 2018
Debt securities at amortized cost
Net realized gains (losses)	$	44		$	–
Debt securities at fair value through other comprehensive income
Net realized gains (losses)		(55	)		3
Total	$	(11	)	$	3

Summary of Debt Securities by Risk Rating

Debt Securities by Risk Ratings

(millions of Canadian dollars)							As at
					January 31, 2019
		Stage 1		Stage 2		Stage 3		Total
Debt securities
Investment grade	$	226,982	$	–	$	n/a	$	226,982
Non-Investment grade		2,394		76		n/a		2,470
Watch and classified		n/a		6		n/a		6
Default		n/a		n/a		–		–
Total debt securities		229,376		82		–		229,458
Allowance for credit losses on debt securities at amortized cost		1		–		–		1
Debt securities, net of allowance	$	229,375	$	82	$	–	$	229,457

Debt Securities by Risk Ratings

(millions of Canadian dollars)								As at
					October 31, 2018
		Stage 1		Stage 2		Stage 3			Total
Debt securities
Investment grade	$	230,488	$	–	$	n/a	1	$	230,488
Non-Investment grade		2,140		54		n/a			2,194
Watch and classified		n/a		11		n/a			11
Default		n/a		n/a		234			234
Total debt securities		232,628		65		234			232,927
Allowance for credit losses on debt securities at amortized cost		1		4		70			75
Debt securities, net of allowance	$	232,627	$	61	$	164		$	232,852

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Loans, Impaired Loans, and Allowance for Credit Losses (Tables)

3 Months Ended

Jan. 31, 2019

Statement [LineItems]

Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings

The following table provides the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances.

Loans by Risk Ratings¹

(millions of Canadian dollars)								As at
						January 31, 2019
		Stage 1		Stage 2		Stage 3		Total
Residential mortgages2,3,4
Low Risk	$	174,803	$	49	$	n/a	$	174,852
Normal Risk		41,249		243		n/a		41,492
Medium Risk		5,677		425		n/a		6,102
High Risk		969		1,352		298		2,619
Default		n/a		n/a		416		416
Total		222,698		2,069		714		225,481
Allowance for loan losses		25		30		48		103
Loans, net of allowance		222,673		2,039		666		225,378
Consumer instalment and other personal5
Low Risk		90,685		1,031		n/a		91,716
Normal Risk		45,386		1,071		n/a		46,457
Medium Risk		22,756		1,013		n/a		23,769
High Risk		6,201		2,419		832		9,452
Default		n/a		n/a		506		506
Total		165,028		5,534		1,338		171,900
Allowance for loan losses		573		370		181		1,124
Loans, net of allowance		164,455		5,164		1,157		170,776
Credit card
Low Risk		8,160		17		n/a		8,177
Normal Risk		9,777		77		n/a		9,854
Medium Risk		11,107		269		n/a		11,376
High Risk		4,370		1,457		369		6,196
Default		n/a		n/a		123		123
Total		33,414		1,820		492		35,726
Allowance for loan losses		396		312		389		1,097
Loans, net of allowance		33,018		1,508		103		34,629
Business and government2,3,4
Investment grade or Low/Normal Risk		118,623		41		n/a		118,664
Non-Investment grade or Medium Risk		109,517		4,807		n/a		114,324
Watch and classified or High Risk		671		3,919		379		4,969
Default		n/a		n/a		611		611
Total		228,811		8,767		990		238,568
Allowance for loan losses		646		581		162		1,389
Loans, net of allowance		228,165		8,186		828		237,179
Total loans		649,951		18,190		3,534		671,675
Total Allowance for loan losses		1,640		1,293		780		3,713
Total loans, net of allowance	$	648,311	$	16,897	$	2,754	$	667,962

Loans by Risk Ratings1 (continued)
(millions of Canadian dollars)							As at
					January 31, 2019
	Stage 1		Stage 2		Stage 3		Total
Off-balance sheet credit instruments
Retail Exposures6
Low Risk	$	250,701	$	828	$	n/a	$	251,529
Normal Risk		50,042		619		n/a		50,661
Medium Risk		12,217		366		n/a		12,583
High Risk		1,516		952		n/a		2,468
Default		n/a		n/a		n/a		n/a
Non-Retail Exposures7
Investment grade		173,837		–		n/a		173,837
Non-Investment grade		59,923		2,303		n/a		62,226
Watch and classified		–		1,636		n/a		1,636
Default		n/a		n/a		n/a		n/a
Total off-balance sheet credit instruments		548,236		6,704		n/a		554,940
Allowance for off-balance sheet credit instruments		573		496		n/a		1,069
Total off-balance sheet credit instruments, net of allowance		547,663		6,208		n/a		553,871
Acquired credit-impaired loans		n/a		n/a		401		401
Allowance for loan losses		n/a		n/a		16		16
Acquired credit-impaired loans, net of allowance for loan losses	$	n/a	$	n/a	$	385	$	385

¹ Includes loans that are measured at FVOCI and customers' liability under acceptances.

² As at January 31, 2019, impaired loans with a balance of $132 million did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount.

³ Excludes trading loans and non-trading loans at FVTPL with a fair value of $11 billion and $1 billion, respectively, as at January 31, 2019.

⁴ Includes insured mortgages of $93 billion as at January 31, 2019.

⁵ Includes Canadian government-insured real estate personal loans of $14 billion as at January 31, 2019.

⁶ As at January 31, 2019, includes $302 billion of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

⁷ As at January 31, 2019, includes $40 billion of the undrawn component of uncommitted credit and liquidity facilities.

Loans by Risk Ratings¹

(millions of Canadian dollars)								As at
						October 31, 2018
		Stage 1		Stage 2		Stage 3		Total
Residential mortgages2,3,4
Low Risk	$	168,690	$	32	$	n/a	$	168,722
Normal Risk		47,821		176		n/a		47,997
Medium Risk		5,106		267		n/a		5,373
High Risk		892		1,264		317		2,473
Default		n/a		n/a		392		392
Total		222,509		1,739		709		224,957
Allowance for loan losses		24		34		47		105
Loans, net of allowance		222,485		1,705		662		224,852
Consumer instalment and other personal5
Low Risk		87,906		983		n/a		88,889
Normal Risk		48,008		1,190		n/a		49,198
Medium Risk		23,008		1,063		n/a		24,071
High Risk		6,158		2,386		817		9,361
Default		n/a		n/a		514		514
Total		165,080		5,622		1,331		172,033
Allowance for loan losses		574		349		178		1,101
Loans, net of allowance		164,506		5,273		1,153		170,932
Credit card
Low Risk		7,234		11		n/a		7,245
Normal Risk		9,780		66		n/a		9,846
Medium Risk		11,347		246		n/a		11,593
High Risk		4,435		1,445		333		6,213
Default		n/a		n/a		121		121
Total		32,796		1,768		454		35,018
Allowance for loan losses		379		283		341		1,003
Loans, net of allowance		32,417		1,485		113		34,015
Business and government2,3,4
Investment grade or Low/Normal Risk		118,414		57		n/a		118,471
Non-Investment grade or Medium Risk		108,678		5,272		n/a		113,950
Watch and classified or High Risk		666		3,746		97		4,509
Default		n/a		n/a		563		563
Total		227,758		9,075		660		237,493
Allowance for loan losses		651		551		120		1,322
Loans, net of allowance		227,107		8,524		540		236,171
Total loans		648,143		18,204		3,154		669,501
Total Allowance for loan losses		1,628		1,217		686		3,531
Total loans, net of allowance	$	646,515	$	16,987	$	2,468	$	665,970
Off-balance sheet credit instruments
Retail Exposures6
Low Risk	$	246,575	$	2,576	$	n/a	$	249,151
Normal Risk		51,961		1,129		n/a		53,090
Medium Risk		12,298		469		n/a		12,767
High Risk		1,765		638		n/a		2,403
Default		n/a		n/a		n/a		n/a
Non-Retail Exposures7
Investment grade		167,993		323		n/a		168,316
Non-Investment grade		60,002		2,309		n/a		62,311
Watch and classified		13		1,949		n/a		1,962
Default		n/a		n/a		n/a		n/a
Total off-balance sheet credit instruments		540,607		9,393		n/a		550,000
Allowance for off-balance sheet credit instruments		550		479		n/a		1,029
Total off-balance sheet credit instruments, net of allowance		540,057		8,914		n/a		548,971
Acquired credit-impaired loans		n/a		n/a		453		453
Allowance for loan losses		n/a		n/a		18		18
Acquired credit-impaired loans, net of allowance for loan losses	$	n/a	$	n/a	$	435	$	435

¹ Includes loans that are measured at FVOCI and customers' liability under acceptances.

² As at October 31, 2018, impaired loans with a balance of $124 million did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount.

³ Excludes trading loans and non-trading loans at FVTPL with a fair value of $11 billion and $1 billion, respectively, as at October 31, 2018.

⁴ Includes insured mortgages of $95 billion as at October 31, 2018.

⁵ Includes Canadian government-insured real estate personal loans of $14 billion as at October 31, 2018.

⁶ As at October 31, 2018, includes $302 billion of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

⁷ As at October 31, 2018, includes $37 billion of the undrawn component of uncommitted credit and liquidity facilities.

Summary of Loans Past Due but Not Impaired

Loans Past Due but not Impaired1,2
(millions of Canadian dollars)		As at
		January 31, 2019								October 31, 2018
		1-30 days		31-60 days		61-89 days		Total		1-30 days		31-60 days		61-89 days		Total
Residential mortgages	$	1,489	$	332	$	127	$	1,948	$	1,471	$	358	$	101	$	1,930
Consumer instalment and other personal		5,815		812		264		6,891		5,988		811		241		7,040
Credit card		1,348		341		218		1,907		1,403		340		213		1,956
Business and government		1,438		726		65		2,229		1,314		444		28		1,786
Total	$	10,090	$	2,211	$	674	$	12,975	$	10,176	$	1,953	$	583	$	12,712

¹  Includes loans that are measured at FVOCI.

²  Balances as at January 31, 2019 and October 31, 2018 exclude all acquired credit-impaired loans.

Residential mortgages [member]

Statement [LineItems]

Summary of Allowance for Credit Losses

Allowance for Loan Losses – Residential Mortgages
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses as at November 1, 2018	$	24		$	34		$	47		$	5		$	110
Provision for credit losses
Transfer to Stage 11		13			(12	)		(1	)		–			–
Transfer to Stage 2		(1	)		3			(2	)		–			–
Transfer to Stage 3		(1	)		(2	)		3			–			–
		11			(11	)		–			–			–
Net remeasurement due to transfers2		(4	)		1			–			–			(3	)
New originations or purchases3		3			n/a			n/a			–			3
Net repayments4		–			(1	)		–			–			(1	)
Derecognition of financial assets (excluding disposals and write-offs)5		(1	)		(1	)		(4	)		–			(6	)
Changes to risk, parameters, and models6		(8	)		8			12			(1	)		11
		1			(4	)		8			(1	)		4
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			–			–			–			–
Write-offs		–			–			(7	)		–			(7	)
Recoveries		–			–			–			–			–
		–			–			(7	)		–			(7	)
Total allowance for loan losses as at January 31, 2019	$	25		$	30		$	48		$	4		$	107
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses as at November 1, 2017	$	24		$	26		$	45		$	12		$	107
Provision for credit losses
Transfer to Stage 11		6			(6	)		–			–			–
Transfer to Stage 2		(1	)		2			(1	)		–			–
Transfer to Stage 3		–			(2	)		2			–			–
		5			(6	)		1			–			–
Net remeasurement due to transfers2		(4	)		2			–			–			(2	)
New originations or purchases3		4			n/a			n/a			–			4
Net repayments4		(1	)		(1	)		–			(3	)		(5	)
Derecognition of financial assets (excluding disposals and write-offs)5		–			(1	)		–			–			(1	)
Changes to risk, parameters, and models6		(5	)		4			1			(2	)		(2	)
		(1	)		(2	)		2			(5	)		(6	)
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(2	)		(2	)		–			(4	)
Write-offs		–			–			(7	)		–			(7	)
Recoveries		–			–			1			–			1
		–			(2	)		(8	)		–			(10	)
Total allowance for loan losses as at January 31, 2018	$	23		$	22		$	39		$	7		$	91

¹  Transfers represent stage transfer movements prior to expected credit loss (ECL) remeasurement.

² Represents the remeasurement between twelve-month and lifetime ECLs due to stage transfers, excluding the change to risk, parameters, and models.

³  Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed.

⁴  Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding.

⁵  Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off.

⁶  Represents the change in the allowance related to changes in risk including changes to macroeconomic factors, level of risk, associated parameters, and models.

Consumer instalment and other personal [member]

Statement [LineItems]

Summary of Allowance for Credit Losses

Allowance for Loan Losses – Consumer Instalment and Other Personal
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	599		$	392		$	178		$	2		$	1,171
Provision for credit losses
Transfer to Stage 11		83			(78	)		(5	)		–			–
Transfer to Stage 2		(29	)		39			(10	)		–			–
Transfer to Stage 3		(5	)		(52	)		57			–			–
		49			(91	)		42			–			–
Net remeasurement due to transfers1		(34	)		40			3			–			9
New originations or purchases1		66			n/a			n/a			–			66
Net draws (repayments)1		(21	)		(7	)		(3	)		–			(31	)
Derecognition of financial assets (excluding disposals and write-offs)1		(20	)		(26	)		(15	)		–			(61	)
Changes to risk, parameters, and models1		(41	)		106			222			–			287
		(1	)		22			249			–			270
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(1	)		–			–			(1	)
Write-offs		–			–			(306	)		–			(306	)
Recoveries		–			–			60			–			60
		–			(1	)		(246	)		–			(247	)
Balance as at January 31, 2019		598			413			181			2			1,194
Less: Allowance for off-balance sheet instruments2		25			43			–			–			68
Total allowance for loan losses as at January 31, 2019	$	573		$	370		$	181		$	2		$	1,126
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	529		$	355		$	166		$	5		$	1,055
Provision for credit losses
Transfer to Stage 11		69			(65	)		(4	)		–			–
Transfer to Stage 2		(33	)		42			(9	)		–			–
Transfer to Stage 3		(4	)		(45	)		49			–			–
		32			(68	)		36			–			–
Net remeasurement due to transfers1		(28	)		39			3			–			14
New originations or purchases1		70			n/a			n/a			–			70
Net draws (repayments)1		–			(6	)		–			(2	)		(8	)
Derecognition of financial assets (excluding disposals and write-offs)1		(25	)		(27	)		(9	)		–			(61	)
Changes to risk, parameters, and models1		(32	)		96			184			2			250
		17			34			214			–			265
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		(11	)		(8	)		(5	)		–			(24	)
Write-offs		–			–			(265	)		–			(265	)
Recoveries		–			–			69			–			69
		(11	)		(8	)		(201	)		–			(220	)
Balance as at January 31, 2018		535			381			179			5			1,100
Less: Allowance for off-balance sheet instruments2		24			43			–			–			67
Total allowance for loan losses as at January 31, 2018	$	511		$	338		$	179		$	5		$	1,033

¹  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

²  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet

Credit card [member]

Statement [LineItems]

Summary of Allowance for Credit Losses

Allowance for Loan Losses – Credit Card
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3	1		Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	819		$	580		$	341		$	1,740
Provision for credit losses
Transfer to Stage 12		199			(141	)		(58	)		–
Transfer to Stage 2		(56	)		71			(15	)		–
Transfer to Stage 3		(8	)		(167	)		175			–
		135			(237	)		102			–
Net remeasurement due to transfers2		(56	)		79			14			37
New originations or purchases2		30			n/a			n/a			30
Net draws (repayments)2		39			2			(35	)		6
Derecognition of financial assets (excluding disposals and write-offs)2		(20	)		(21	)		(64	)		(105	)
Changes to risk, parameters, and models2		(80	)		233			377			530
		48			56			394			498
Other changes
Disposals		–			–			–			–
Foreign exchange and other adjustments		(2	)		(1	)		1			(2	)
Write-offs		–			–			(418	)		(418	)
Recoveries		–			–			71			71
		(2	)		(1	)		(346	)		(349	)
Balance as at January 31, 2019		865			635			389			1,889
Less: Allowance for off-balance sheet instruments3		469			323			–			792
Total allowance for loan losses as at January 31, 2019	$	396		$	312		$	389		$	1,097
		Stage 1			Stage 2			Stage 3	1		Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	763		$	521		$	321		$	1,605
Provision for credit losses
Transfer to Stage 12		124			(114	)		(10	)		–
Transfer to Stage 2		(54	)		72			(18	)		–
Transfer to Stage 3		(16	)		(109	)		125			–
		54			(151	)		97			–
Net remeasurement due to transfers2		(45	)		59			30			44
New originations or purchases2		67			n/a			n/a			67
Net draws (repayments)2		71			8			(34	)		45
Derecognition of financial assets (excluding disposals and write-offs)2		(26	)		(30	)		(19	)		(75	)
Changes to risk, parameters, and models2		(121	)		193			271			343
		–			79			345			424
Other changes
Disposals		(4	)		(3	)		(1	)		(8	)
Foreign exchange and other adjustments		(22	)		(12	)		(13	)		(47	)
Write-offs		–			–			(372	)		(372	)
Recoveries		–			–			61			61
		(26	)		(15	)		(325	)		(366	)
Balance as at January 31, 2018		737			585			341			1,663
Less: Allowance for off-balance sheet instruments3		371			263			–			634
Total allowance for loan losses as at January 31, 2018	$	366		$	322		$	341		$	1,029

¹  Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank's 2018 Annual Consolidated Financial Statements for further details.

²  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

³  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

Businesses and government [member]

Statement [LineItems]

Summary of Allowance for Credit Losses

Allowance for Loan Losses – Business and Government1
(millions of Canadian dollars)		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2018	$	736		$	690		$	120		$	11		$	1,557
Provision for credit losses
Transfer to Stage 12		44			(42	)		(2	)		–			–
Transfer to Stage 2		(30	)		32			(2	)		–			–
Transfer to Stage 3		(1	)		(19	)		20			–			–
		13			(29	)		16			–			–
Net remeasurement due to transfers2		(13	)		20			1			–			8
New originations or purchases2		109			n/a			n/a			–			109
Net draws (repayments)2		7			(12	)		(4	)		–			(9	)
Derecognition of financial assets (excluding disposals and write-offs)2		(94	)		(110	)		(12	)		–			(216	)
Changes to risk, parameters, and models2		(33	)		153			70			(4	)		186
		(11	)		22			71			(4	)		78
Other changes
Disposals		–			–			–			–			–
Foreign exchange and other adjustments		–			(1	)		(2	)		–			(3	)
Write-offs		–			–			(35	)		–			(35	)
Recoveries		–			–			8			3			11
		–			(1	)		(29	)		3			(27	)
Balance as at January 31, 2019		725			711			162			10			1,608
Less: Allowance for off-balance sheet instruments3		79			130			–			–			209
Total allowance for loan losses as at January 31, 2019	$	646		$	581		$	162		$	10		$	1,399
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total
Allowance for loan losses, including off-balance sheet instruments, as at November 1, 2017	$	706		$	627		$	174		$	18		$	1,525
Provision for credit losses
Transfer to Stage 12		28			(27	)		(1	)		–			–
Transfer to Stage 2		(16	)		17			(1	)		–			–
Transfer to Stage 3		(2	)		(16	)		18			–			–
		10			(26	)		16			–			–
Net remeasurement due to transfers2		(7	)		15			2			–			10
New originations or purchases2		86			n/a			n/a			–			86
Net draws (repayments)2		(1	)		(10	)		(9	)		(2	)		(22	)
Derecognition of financial assets (excluding disposals and write-offs)2		(92	)		(89	)		(7	)		–			(188	)
Changes to risk, parameters, and models2		(12	)		131			3			(2	)		120
		(16	)		21			5			(4	)		6
Other changes
Disposals		–			–			(5	)		–			(5	)
Foreign exchange and other adjustments		(27	)		(20	)		(5	)		(1	)		(53	)
Write-offs		–			–			(32	)		(1	)		(33	)
Recoveries		–			–			16			2			18
		(27	)		(20	)		(26	)		–			(73	)
Balance as at January 31, 2018		663			628			153			14			1,458
Less: Allowance for off-balance sheet instruments3		68			78			–			–			146
Total allowance for loan losses as at January 31, 2018	$	595		$	550		$	153		$	14		$	1,312

¹ Includes the allowance for credit losses related to customers' liability under acceptances.

²  For explanations regarding this line item, refer to the "Allowance for Loan Losses – Residential Mortgages" table in this Note.

³  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

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Investment in Associates and Joint Ventures (Tables)

3 Months Ended

Jan. 31, 2019

TD Ameritrade Holding Corporation [member]

Statement [LineItems]

Summary of Condensed Financial Statements

The condensed financial statements of TD Ameritrade, based on its consolidated financial statements, are included in the following tables.

Condensed Consolidated Balance Sheets1
(millions of Canadian dollars)				As at
		December 31 2018		September 30 2018
Assets
Receivables from brokers, dealers, and clearing organizations	$	1,837	$	1,809
Receivables from clients, net		25,542		29,773
Other assets, net		21,488		17,811
Total assets	$	48,867	$	49,393
Liabilities
Payable to brokers, dealers, and clearing organizations	$	3,019	$	3,923
Payable to clients		29,037		30,126
Other liabilities		5,830		4,809
Total liabilities		37,886		38,858
Stockholders' equity2		10,981		10,535
Total liabilities and stockholders' equity	$	48,867	$	49,393

¹ Customers' securities are reported on a settlement date basis whereas the Bank reports customers' securities on a trade date basis.

² The difference between the carrying value of the Bank's investment in TD Ameritrade and the Bank's share of TD Ameritrade's stockholders' equity is comprised of goodwill, other intangibles, and the cumulative translation adjustment.

Condensed Consolidated Statements of Income
(millions of Canadian dollars, except as noted)		For the three months ended
		December 31 2018		December 31 2017
Revenues
Net interest revenue	$	497	$	351
Fee-based and other revenue		1,506		1,247
Total revenues		2,003		1,598
Operating expenses
Employee compensation and benefits		419		528
Other		532		643
Total operating expenses		951		1,171
Other expense (income)		24		42
Pre-tax income		1,028		385
Provision for income taxes		230		8
Net income1,2	$	798	$	377
Earnings per share – basic (Canadian dollars)	$	1.42	$	0.66
Earnings per share – diluted (Canadian dollars)		1.41		0.66

¹ The Bank's equity share of net income of TD Ameritrade is based on the published consolidated financial statements of TD Ameritrade after converting into Canadian dollars and is subject to adjustments relating to the amortization of certain intangibles.

² The Bank's equity share in TD Ameritrade earnings for the three months ended January 31, 2019 includes an adjustment of nil (net favourable adjustment of $41 million (US$32 million) for the three months ended January 31, 2018) primarily representing the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances as a result of the reduction in the U.S. federal corporate income tax rate.

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Goodwill (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Goodwill by Segment

Goodwill by Segment

(millions of Canadian dollars)	Canadian Retail			U.S. Retail1			Wholesale Banking		Total
Carrying amount of goodwill as at November 1, 2017	$	2,303		$	13,693		$	160	$	16,156
Additions		82			–			–		82
Foreign currency translation adjustments and other		18			280			–		298
Carrying amount of goodwill as at October 31, 20182		2,403			13,973			160		16,536
Additions		433			–			–		433
Foreign currency translation adjustments and other		(2	)		(26	)		–		(28	)
Carrying amount of goodwill as at January 31, 20192	$	2,834		$	13,947		$	160	$	16,941

¹ Goodwill predominantly relates to U.S. personal and commercial banking.

² Impairment losses for the three months ended January 31, 2019 were nil (three months ended January 31, 2018 – nil), and accumulated impairment as at January 31, 2019 was nil (October 31, 2018 – nil).

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Other Assets (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Schedule of Other Assets

Other Assets

(millions of Canadian dollars)			As at
	January 31 2019		October 31 2018
Accounts receivable and other items	$	9,130	$	8,938
Accrued interest		2,398		2,343
Current income tax receivable		2,325		1,614
Defined benefit asset		9		113
Insurance-related assets, excluding investments		1,601		1,638
Prepaid expenses		1,285		950
Total	$	16,748	$	15,596

XML

Deposits (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Deposit Liabilities

Deposits
(millions of Canadian dollars)	As at
	By Type						By Country						January 31 2019		October 31 2018
	Demand		Notice		Term1		Canada		United States		International		Total		Total
Personal	$	13,627	$	414,413	$	55,092	$	223,077	$	260,021	$	34	$	483,132	$	477,644
Banks2		8,448		52		8,266		10,837		66		5,863		16,766		16,712
Business and government3		75,356		129,068		145,016		254,431		90,278		4,731		349,440		357,083
Trading2		–		–		82,559		38,170		28,270		16,119		82,559		114,704
Designated at fair value through profit or loss2,4		–		–		26,877		12,055		12,103		2,719		26,877		–
Total	$	97,431	$	543,533	$	317,810	$	538,570	$	390,738	$	29,466	$	958,774	$	966,143
Non-interest-bearing deposits included above
In domestic offices													$	41,914	$	42,402
In foreign offices														51,852		54,488
Interest-bearing deposits included above
In domestic offices														496,656		505,295
In foreign offices														367,809		362,890
U.S. federal funds deposited2														543		1,068
Total3,5													$	958,774	$	966,143

¹  Includes $635 million (October 31, 2018 – $53 million) of senior debt which is subject to the bank recapitalization "bail-in" regime. This regime provides certain statutory powers to the Canada Deposit Insurance Corporation (CDIC), including the ability to convert specified eligible shares and liabilities into common shares in the event that the Bank becomes non-viable.

² Includes deposits and advances with the Federal Home Loan Bank.

³ As at January 31, 2019, includes $37 billion relating to covered bondholders (October 31, 2018 – $36 billion) and $2 billion (October 31, 2018 – $2 billion) due to TD Capital Trust lV.

⁴ Financial liabilities designated at fair value through profit or loss on the Interim Consolidated Balance Sheet consist of deposits designated at fair value through profit or loss and $8 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at fair value through profit or loss.

⁵  As at January 31, 2019, includes deposits of $540 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $55 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies.

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Other Liabilities (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Other Liabilities

Other Liabilities1
(millions of Canadian dollars)		As at
		January 31 2019		October 31 2018
Accounts payable, accrued expenses, and other items	$	4,717	$	4,958
Accrued interest		1,262		1,283
Accrued salaries and employee benefits		2,163		3,344
Cheques and other items in transit		1,580		454
Current income tax payable		37		84
Deferred tax liabilities		187		175
Defined benefit liability		2,062		1,747
Liabilities related to structured entities		6,368		5,627
Provisions		1,515		1,502
Total	$	19,891	$	19,174

¹  Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

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Equity (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Classes of Share Capital

The following table summarizes the shares issued and outstanding, and treasury shares held as at January 31, 2019 and October 31, 2018.

Common and Preferred Shares Issued and Outstanding and Treasury Shares Held
(millions of shares and millions of Canadian dollars)	January 31, 2019					October 31, 2018
	Number of shares			Amount		Number of shares			Amount
Common Shares
Balance as at beginning of year	1,830.4		$	21,221		1,842.5		$	20,931
Proceeds from shares issued on exercise of stock options	0.5			28		2.9			152
Shares issued as a result of dividend reinvestment plan	1.4			99		5.0			366
Shares issued in connection with acquisitions1	5.0			366		–			–
Purchase of shares for cancellation	(4.5	)		(53	)	(20.0	)		(228	)
Balance as at end of period – common shares	1,832.8		$	21,661		1,830.4		$	21,221
Preferred Shares – Class A
Balance as at beginning of year	200.0		$	5,000		190.0		$	4,750
Shares issued2	14.0			350		30.0			750
Shares redeemed	–			–		(20.0	)		(500	)
Balance as at end of period – preferred shares	214.0		$	5,350		200.0		$	5,000
Treasury shares – common3
Balance as at beginning of year	2.1		$	(144	)	2.9		$	(176	)
Purchase of shares	33.0			(2,343	)	110.6			(8,295	)
Sale of shares	(33.1	)		2,348		(111.4	)		8,327
Balance as at end of period – treasury shares – common	2.0		$	(139	)	2.1		$	(144	)
Treasury shares – preferred3
Balance as at beginning of year	0.3		$	(7	)	0.3		$	(7	)
Purchase of shares	1.5			(33	)	5.2			(129	)
Sale of shares	(1.7	)		37		(5.2	)		129
Balance as at end of period – treasury shares – preferred	0.1		$	(3	)	0.3		$	(7	)

¹  Includes 4.7 million shares issued for $342 million that form part of the consideration paid for Greystone, as well as 0.3 million shares issued for $24 million as share-based compensation to replace share-based payment awards of Greystone. Refer to Note 8 for a discussion on the acquisition of Greystone.

² Non-Cumulative 5-Year Rate Reset Preferred Shares (non-viability contingent capital (NVCC)), Series 22 (the "Series 22 Shares") issued by the Bank on January 28, 2019, at a price of $25 per share, with quarterly non-cumulative cash dividends on these shares, if declared, payable at a per annum rate of 5.20% for the initial period ending April 30, 2024. Thereafter, the dividend rate will reset every five years equal to the then five-year Government of Canada bond yield plus 3.27%. Holders of these shares will have the right to convert their shares into non-cumulative NVCC Floating Rate Preferred Shares, Series 23, subject to certain conditions, on April 30, 2024, and on April 30 every five years thereafter. Holders of the Series 23 Shares will be entitled to receive quarterly floating rate dividends, if declared, at a rate equal to the three-month Government of Canada Treasury Bill yield plus 3.27%. The Series 22 Shares are redeemable by the Bank, subject to regulatory consent, at $25 per share on April 30, 2024, and on April 30 every five years thereafter.

³ When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity.

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Share-Based Compensation (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Schedule of Assumptions Used for Estimating the Fair Value of Options

Assumptions Used for Estimating the Fair Value of Options
(in Canadian dollars, except as noted)	For the three months ended
	January 31 2019			January 31 2018
Risk-free interest rate		2.03	%		1.71	%
Expected option life		6.3 years			6.3 years
Expected volatility1		12.64	%		13.91	%
Expected dividend yield		3.48	%		3.50	%
Exercise price/share price	$	69.39		$	72.64

¹  Expected volatility is calculated based on the average daily volatility measured over a historical period corresponding to the expected option life.

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Employee Benefits (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Employee Benefit Plans Expenses

Employee Benefit Plans' Expenses
(millions of Canadian dollars)		Principal pension plans					Principal non-pension post-retirement benefit plan				Other pension and retirement plans1
		For the three months ended
		Jan. 31 2019			Jan. 31 2018		Jan. 31 2019		Jan. 31 2018		Jan. 31 2019		Jan. 31 2018
Net employee benefits expense
Service cost – benefits earned	$	81		$	102	$	4	$	4	$	2	$	3
Net interest cost on net defined benefit liability		(3	)		2		5		4		8		7
Past service cost (credit)		–			–		–		–		–		(3	)
Defined benefit administrative expenses		3			2		–		–		2		1
Total expense	$	81		$	106	$	9	$	8	$	12	$	8

¹  Includes Canada Trust (CT) defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012.

Summary of Bank Contribution to Principal Pension and Non Pension Post Retirement Benefit Plans and Significant Other Pension and Retirement Plans

The following table summarizes the Bank's contributions to its principal pension and non-pension post-retirement benefit plans and the Bank's significant other pension and retirement plans during the three months ended January 31.

Plan Contributions
(millions of Canadian dollars)	For the three months ended
	January 31 2019		January 31 2018
Principal pension plans	$	83	$	119
Principal non-pension post-retirement benefit plan		4		3
Other pension and retirement plans1		9		9
Total	$	96	$	131

¹ Includes CT defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes.

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Earnings Per Share (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Earnings Per Share

The following table presents the Bank's basic and diluted earnings per share for the three months ended January 31.

Basic and Diluted Earnings Per Share
(millions of Canadian dollars, except as noted)		For the three months ended
		January 31 2019		January 31 2018
Basic earnings per share
Net income attributable to common shareholders	$	2,332	$	2,283
Weighted-average number of common shares outstanding (millions)		1,833.1		1,841.7
Basic earnings per share (Canadian dollars)	$	1.27	$	1.24
Diluted earnings per share
Net income attributable to common shareholders	$	2,332	$	2,283
Net income available to common shareholders including impact of dilutive securities		2,332		2,283
Weighted-average number of common shares outstanding (millions)		1,833.1		1,841.7
Effect of dilutive securities
Stock options potentially exercisable (millions)1		3.1		4.5
Weighted-average number of common shares outstanding – diluted (millions)		1,836.2		1,846.2
Diluted earnings per share (Canadian dollars)1	$	1.27	$	1.24

¹ For the three months ended January 31, 2019, the computation of diluted earnings per share excluded average options outstanding of 1.8 million with a weighted-average exercise price of $72.64, as the option price was greater than the average market price of the Bank's common shares. For the three months ended January 31, 2018, no outstanding options were excluded from the computation of diluted earnings per share.

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Segmented Information (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Results by Business Segment

The following table summarizes the segment results for the three months ended January 31.

Results by Business Segment1,2
(millions of Canadian dollars)	Canadian Retail				U.S. Retail				Wholesale Banking3						Corporate3						Total
					For the three months ended
	Jan. 31 2019		Jan. 31 2018		Jan. 31 2019		Jan. 31 2018		Jan. 31 2019			Jan. 31 2018			Jan. 31 2019			Jan. 31 2018			Jan. 31 2019		Jan. 31 2018
Net interest income (loss)	$	3,044	$	2,825	$	2,247	$	1,940	$	173		$	329		$	396		$	336		$	5,860	$	5,430
Non-interest income (loss)		2,944		2,725		701		703		409			561			84			(44	)		4,138		3,945
Total revenue4		5,988		5,550		2,948		2,643		582			890			480			292			9,998		9,375
Provision for (recovery of) credit losses		310		270		306		247		7			(7	)		227			183			850		693
Insurance claims and related expenses		702		575		–		–		–			–			–			–			702		575
Non-interest expenses		3,084		2,311		1,611		1,447		602			526			558			577			5,855		4,861
Income (loss) before income taxes		1,892		2,394		1,031		949		(27	)		371			(305	)		(468	)		2,591		3,246
Provision for (recovery of) income taxes		513		637		102		103		(10	)		93			(102	)		207			503		1,040
Equity in net income of an investment in TD Ameritrade		–		–		311		106		–			–			11			41			322		147
Net income (loss)	$	1,379	$	1,757	$	1,240	$	952	$	(17	)	$	278		$	(192	)	$	(634	)	$	2,410	$	2,353
Total assets	$	434,994	$	409,161	$	415,611	$	382,532	$	407,624		$	410,583		$	64,277		$	59,040		$	1,322,506	$	1,261,316

¹ Certain comparative amounts have been recast to conform with the presentation adopted in the current period.

² The retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements.

³ Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.

⁴ The impact from certain treasury and balance sheet management activities relating to the U.S. Retail segment is recorded in the Corporate segment.

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Interest Income and Expense (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Interest Income and Expense by Basis of Accounting Classification

The following table presents interest income and interest expense by basis of accounting measurement. Please refer to Note 2 of the 2018 Annual Consolidated Financial Statements for the type of instruments measured at amortized cost and FVOCI.

(millions of Canadian dollars)			For the three months ended
	January 31, 2019				January 31, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	7,380	$	2,928	$	6,059	$	1,950
Measured at FVOCI		1,305		–		1,042		–
		8,685		2,928		7,101		1,950
Not measured at amortized cost or FVOCI1		1,859		1,756		1,207		928
Total	$	10,544	$	4,684	$	8,308	$	2,878

¹  Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at fair value through profit or loss and equities designated at FVOCI.

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Regulatory Capital (Tables)

3 Months Ended

Jan. 31, 2019

Text block [abstract]

Summary of Regulatory Capital Position

The following table summarizes the Bank's regulatory capital positions as at January 31, 2019 and October 31, 2018.

Regulatory Capital Position
(millions of Canadian dollars, except as noted)				As at
	January 31 2019			October 31 2018
Capital
Common Equity Tier 1 Capital	$	52,668		$	52,389
Tier 1 Capital		59,396			59,735
Total Capital		69,968			70,434
Risk-weighted assets used in the calculation of capital ratios1
Common Equity Tier 1 Capital	$	439,324		$	435,632
Tier 1 Capital		439,324			435,780
Total Capital		439,324			435,927
Capital and leverage ratios
Common Equity Tier 1 Capital ratio1		12.0	%		12.0	%
Tier 1 Capital ratio1		13.5			13.7
Total Capital ratio1		15.9			16.2
Leverage ratio		4.1			4.2

¹  In accordance with the final Capital Adequacy Requirements guideline, the Credit Valuation Adjustment (CVA) capital charge is being phased in until the first quarter of 2019. Each capital ratio has its own RWA measure due to the OSFI prescribed scalar for inclusion of the CVA. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively. For fiscal 2019, the corresponding scalars are all 100%.

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IFRS 7 - Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
Market Risk [line items]
Number of trading days used to value current portfolio using market price and rate changes	259 days
Loss trading days	14 days
Positive trading days	78.00%
100 bps increase [member]
Market Risk [line items]
Increase (decrease) in economic value of shareholder's equity	$ (304)	$ (238)
100 bps decrease [member]
Market Risk [line items]
Increase (decrease) in economic value of shareholder's equity	$ (149)	$ 2

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IFRS 7 - Disclosure - Market Risk - Portfolio Market Risk Measures (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018	Jan. 31, 2018
Market Risk [line items]
Total VaR (one-day measure)	$ 25.2
Stressed Value-at-Risk (one-day)	39.6
Incremental Risk Capital Charge (one-year)	192.8
Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	12.0
Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	15.6
Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	9.1
Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	6.8
Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	2.4
Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	16.0
Risk diversification effect [member]
Market Risk [line items]
Total VaR (one-day measure)	(36.7)
Average risk [member]
Market Risk [line items]
Total VaR (one-day measure)	27.6	$ 23.3	$ 19.2
Stressed Value-at-Risk (one-day)	60.5	46.6	39.0
Incremental Risk Capital Charge (one-year)	232.6	185.8	207.3
Average risk [member] | Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	12.9	12.5	9.0
Average risk [member] | Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	19.7	14.6	9.2
Average risk [member] | Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	7.1	5.7	7.6
Average risk [member] | Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	6.5	5.3	3.7
Average risk [member] | Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	2.6	3.3	2.7
Average risk [member] | Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	20.2	16.2	14.2
Average risk [member] | Risk diversification effect [member]
Market Risk [line items]
Total VaR (one-day measure)	(41.4)	$ (34.3)	$ (27.2)
High risk [member]
Market Risk [line items]
Total VaR (one-day measure)	31.8
Stressed Value-at-Risk (one-day)	84.4
Incremental Risk Capital Charge (one-year)	266.9
High risk [member] | Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	17.2
High risk [member] | Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	22.5
High risk [member] | Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	10.6
High risk [member] | Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	10.2
High risk [member] | Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	4.8
High risk [member] | Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	23.5
Low risk [member]
Market Risk [line items]
Total VaR (one-day measure)	23.9
Stressed Value-at-Risk (one-day)	39.6
Incremental Risk Capital Charge (one-year)	192.8
Low risk [member] | Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	8.2
Low risk [member] | Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	15.6
Low risk [member] | Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	5.1
Low risk [member] | Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	2.8
Low risk [member] | Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	1.6
Low risk [member] | Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	$ 16.0

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IFRS 7 - Disclosure - Market Risk - Sensitivity of After-tax Economic Value at Risk by Currency (Detail) - CAD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018
100 bps increase [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	$ (304)	$ (303)	$ (238)
100 bps increase [member] | Canadian Dollar [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	(58)	(28)	(41)
100 bps increase [member] | U.S. Dollar [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	(246)	(275)	(197)
100 bps decrease [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	(149)	(92)	2
100 bps decrease [member] | Canadian Dollar [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	1	(56)	(17)
100 bps decrease [member] | U.S. Dollar [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	$ (150)	$ (36)	$ 19

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Liquidity Risk - Summary of Liquid Assets by Type and Currency (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	$ 361,840	$ 367,311
Securities received as collateral from securities financing and derivative transactions	198,584	212,275
Total liquid assets	$ 560,424	$ 579,586
% of total	100.00%	100.00%
Encumbered liquid assets	$ 191,439	$ 207,544
Unencumbered liquid assets	368,985	372,042
Canadian Dollar [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	88,771	93,458
Securities received as collateral from securities financing and derivative transactions	82,283	88,499
Total liquid assets	$ 171,054	$ 181,957
% of total	31.00%	31.00%
Encumbered liquid assets	$ 77,018	$ 85,452
Unencumbered liquid assets	94,036	96,505
Canadian Dollar [member] | Cash and due from banks [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	2,018	3,002
Total liquid assets	2,018	$ 3,002
% of total		1.00%
Encumbered liquid assets	161	$ 1,098
Unencumbered liquid assets	1,857	1,904
Canadian Dollar [member] | Canadian government obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	14,285	18,256
Securities received as collateral from securities financing and derivative transactions	56,195	63,463
Total liquid assets	$ 70,480	$ 81,719
% of total	13.00%	14.00%
Encumbered liquid assets	$ 40,525	$ 47,572
Unencumbered liquid assets	29,955	34,147
Canadian Dollar [member] | National Housing Act mortgage backed securities [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	42,208	39,649
Securities received as collateral from securities financing and derivative transactions	49	42
Total liquid assets	$ 42,257	$ 39,691
% of total	7.00%	6.00%
Encumbered liquid assets	$ 4,310	$ 3,057
Unencumbered liquid assets	37,947	36,634
Canadian Dollar [member] | Provincial government obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	14,256	12,720
Securities received as collateral from securities financing and derivative transactions	18,908	19,241
Total liquid assets	$ 33,164	$ 31,961
% of total	6.00%	5.00%
Encumbered liquid assets	$ 22,112	$ 23,651
Unencumbered liquid assets	11,052	8,310
Canadian Dollar [member] | Corporate issuer obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	4,928	6,622
Securities received as collateral from securities financing and derivative transactions	4,214	3,767
Total liquid assets	$ 9,142	$ 10,389
% of total	2.00%	2.00%
Encumbered liquid assets	$ 3,949	$ 3,769
Unencumbered liquid assets	5,193	6,620
Canadian Dollar [member] | Equities [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	6,922	10,554
Securities received as collateral from securities financing and derivative transactions	2,470	1,637
Total liquid assets	$ 9,392	$ 12,191
% of total	2.00%	2.00%
Encumbered liquid assets	$ 5,624	$ 6,028
Unencumbered liquid assets	3,768	6,163
Canadian Dollar [member] | Other marketable securities and/or loans [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	4,154	2,655
Securities received as collateral from securities financing and derivative transactions	447	349
Total liquid assets	$ 4,601	$ 3,004
% of total	1.00%	1.00%
Encumbered liquid assets	$ 337	$ 277
Unencumbered liquid assets	4,264	2,727
Other than Canadian dollar [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	273,069	273,853
Securities received as collateral from securities financing and derivative transactions	116,301	123,776
Total liquid assets	$ 389,370	$ 397,629
% of total	69.00%	69.00%
Encumbered liquid assets	$ 114,421	$ 122,092
Unencumbered liquid assets	274,949	275,537
Other than Canadian dollar [member] | Cash and due from banks [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	26,327	24,046
Total liquid assets	$ 26,327	$ 24,046
% of total	5.00%	4.00%
Encumbered liquid assets	$ 28	$ 28
Unencumbered liquid assets	26,299	24,018
Other than Canadian dollar [member] | Corporate issuer obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	76,697	78,160
Securities received as collateral from securities financing and derivative transactions	2,722	1,576
Total liquid assets	$ 79,419	$ 79,736
% of total	14.00%	14.00%
Encumbered liquid assets	$ 7,405	$ 7,234
Unencumbered liquid assets	72,014	72,502
Other than Canadian dollar [member] | Equities [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	31,616	33,514
Securities received as collateral from securities financing and derivative transactions	33,202	37,666
Total liquid assets	$ 64,818	$ 71,180
% of total	11.00%	12.00%
Encumbered liquid assets	$ 30,671	$ 32,206
Unencumbered liquid assets	34,147	38,974
Other than Canadian dollar [member] | Other marketable securities and/or loans [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	5,620	4,786
Securities received as collateral from securities financing and derivative transactions	659	4
Total liquid assets	$ 6,279	$ 4,790
% of total	1.00%	1.00%
Encumbered liquid assets	$ 967	$ 191
Unencumbered liquid assets	5,312	4,599
Other than Canadian dollar [member] | U.S. government obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	31,779	30,163
Securities received as collateral from securities financing and derivative transactions	33,216	37,691
Total liquid assets	$ 64,995	$ 67,854
% of total	12.00%	12.00%
Encumbered liquid assets	$ 29,442	$ 32,918
Unencumbered liquid assets	35,553	34,936
Other than Canadian dollar [member] | U.S. federal agency obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	48,472	47,150
Securities received as collateral from securities financing and derivative transactions	6,832	927
Total liquid assets	$ 55,304	$ 48,077
% of total	10.00%	8.00%
Encumbered liquid assets	$ 16,379	$ 7,522
Unencumbered liquid assets	38,925	40,555
Other than Canadian dollar [member] | Other sovereign obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	52,558	56,034
Securities received as collateral from securities financing and derivative transactions	39,670	45,912
Total liquid assets	$ 92,228	$ 101,946
% of total	16.00%	18.00%
Encumbered liquid assets	$ 29,529	$ 41,993
Unencumbered liquid assets	$ 62,699	$ 59,953

XML

IFRS 7 - Disclosure - Liquidity Risk - Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	$ 368,985	$ 372,042
Toronto-Dominion Bank [member]
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	131,008	136,544
Bank subsidiaries [member]
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	217,237	217,565
Foreign branches [member]
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	$ 20,740	$ 17,933

XML

IFRS 7 - Disclosure - Liquidity Risk - Additional Information (Detail)	12 Months Ended
	Oct. 31, 2017
Liquidity risk [abstract]
Percentage of P&C deposits in total funding	70.00%

XML

IFRS 7 - Disclosure - Liquidity Risk - Summary of Deposit Funding (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure Of Deposits [line items]
Funds from Deposits	$ 709,721	$ 706,133
Other Deposits [member]
Disclosure Of Deposits [line items]
Funds from Deposits	33	36
Canadian Retail [member] | P&C Deposits [member]
Disclosure Of Deposits [line items]
Funds from Deposits	363,193	359,473
U.S. Retail [member] | P&C Deposits [member]
Disclosure Of Deposits [line items]
Funds from Deposits	$ 346,495	$ 346,624

XML

IFRS 7 - Disclosure - Liquidity Risk - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Dec. 31, 2018	Oct. 31, 2018	Sep. 30, 2018	Jan. 31, 2018	Oct. 31, 2017
ASSETS
Cash and due from banks	$ 4,381		$ 4,735		$ 3,896	$ 3,971
Interest-bearing deposits with banks	31,671		30,720
Trading loans, securities, and other	122,070		127,897
Non-trading financial assets at fair value through profit or loss	3,875		4,015
Derivatives	45,094		56,996
Financial assets designated at fair value through profit or loss	3,760		3,618
Financial assets at fair value through other comprehensive income	126,253		130,600
Debt securities at amortized cost, net of allowance for credit losses	107,162		107,171
Securities purchased under reverse repurchase agreements	132,430		127,379
Loans
Residential mortgages	225,700		225,191
Consumer instalment and other personal	171,942		172,079
Credit card	35,726		35,018
Business and government	218,829		217,654
Total loans	652,197		649,942
Allowance for loan losses	(3,729)		(3,549)
Loans, net of allowance for loan losses	648,468		646,393
Customers' liability under acceptances	17,881		17,267
Goodwill	16,941		16,536			$ 16,156
Other intangibles	2,647		2,459
Land, buildings, equipment, and other depreciable assets	5,353		5,324
Deferred tax assets	2,266		2,812
Amounts receivable from brokers, dealers, and clients	26,827		26,940
Other assets	16,748		15,596
Total assets	1,322,506		1,334,903		1,261,316
LIABILITIES
Trading deposits	82,559		114,704
Derivatives	42,665		48,270
Securitization liabilities at fair value	12,294		12,618
Financial liabilities designated at fair value through profit or loss	26,885		16
Deposits
Personal	483,132		477,644
Banks	16,766		16,712
Business and government	349,440		357,083
Total deposits, other than trading	849,338		851,439
Acceptances	17,881		17,269
Obligations related to securities sold short	38,890		39,478
Obligations related to securities sold under repurchase agreements	94,762		93,389
Securitization liabilities at amortized cost	13,986		14,683
Amounts payable to brokers, dealers, and clients	26,094		28,385
Insurance-related liabilities	6,698		6,698
Other liabilities	19,891		19,174
Subordinated notes and debentures	8,893		8,740
Equity	81,670		80,040		$ 73,174
Total liabilities and equity	1,322,506		1,334,903
Off-balance sheet commitments
Total off-balance sheet commitments	222,536		220,435
TD Ameritrade [member]
Loans
Investment in TD Ameritrade	8,679		8,445
Other assets		$ 21,488		$ 17,811
Total assets		48,867		49,393
Deposits
Other liabilities		5,830		4,809
Equity		10,981		10,535
Total liabilities and equity		$ 48,867		$ 49,393
Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	209,927		208,042
Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	7,424		7,267
Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	2,285		2,363
Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	2,900		2,763
Not later than one month [member]
ASSETS
Cash and due from banks	4,378		4,733
Interest-bearing deposits with banks	30,517		28,332
Trading loans, securities, and other	2,072		1,971
Derivatives	5,102		7,343
Financial assets designated at fair value through profit or loss	228		30
Financial assets at fair value through other comprehensive income	2,804		1,111
Debt securities at amortized cost, net of allowance for credit losses	681		881
Securities purchased under reverse repurchase agreements	87,287		77,612
Loans
Residential mortgages	2,444		908
Consumer instalment and other personal	959		753
Business and government	21,700		23,052
Total loans	25,103		24,713
Loans, net of allowance for loan losses	25,103		24,713
Customers' liability under acceptances	14,727		14,984
Amounts receivable from brokers, dealers, and clients	26,827		26,940
Other assets	3,602		3,432
Total assets	203,328		192,082
LIABILITIES
Trading deposits	14,030		16,145
Derivatives	5,884		6,195
Financial liabilities designated at fair value through profit or loss	3,558		10
Deposits
Personal	4,389		4,330
Banks	2,997		6,499
Business and government	20,406		18,840
Total deposits, other than trading	27,792		29,669
Acceptances	14,727		14,986
Obligations related to securities sold short	1,513		2,621
Obligations related to securities sold under repurchase agreements	75,741		73,759
Securitization liabilities at amortized cost	35		22
Amounts payable to brokers, dealers, and clients	26,094		28,385
Insurance-related liabilities	258		213
Other liabilities	3,391		2,916
Total liabilities and equity	173,023		174,921
Off-balance sheet commitments
Total off-balance sheet commitments	15,763		18,464
Not later than one month [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	15,632		18,339
Not later than one month [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	81		79
Not later than one month [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	50		46
Later than one month and not later than three months [member]
ASSETS
Cash and due from banks	3		2
Interest-bearing deposits with banks	316		924
Trading loans, securities, and other	3,042		5,244
Non-trading financial assets at fair value through profit or loss			12
Derivatives	6,418		9,263
Financial assets designated at fair value through profit or loss	458		95
Financial assets at fair value through other comprehensive income	2,312		4,214
Debt securities at amortized cost, net of allowance for credit losses	2,753		2,577
Securities purchased under reverse repurchase agreements	25,552		30,047
Loans
Residential mortgages	2,486		3,234
Consumer instalment and other personal	1,835		1,332
Business and government	4,316		4,320
Total loans	8,637		8,886
Loans, net of allowance for loan losses	8,637		8,886
Customers' liability under acceptances	2,988		2,145
Other assets	3,105		854
Total assets	55,584		64,263
LIABILITIES
Trading deposits	19,676		37,337
Derivatives	7,400		8,684
Securitization liabilities at fair value	193		981
Financial liabilities designated at fair value through profit or loss	8,346		5
Deposits
Personal	7,521		7,094
Banks	1,388		1,941
Business and government	12,714		19,337
Total deposits, other than trading	21,623		28,372
Acceptances	2,988		2,145
Obligations related to securities sold short	1,999		3,679
Obligations related to securities sold under repurchase agreements	16,599		15,508
Securitization liabilities at amortized cost	566		1,240
Insurance-related liabilities	320		294
Other liabilities	979		2,631
Total liabilities and equity	80,689		100,876
Off-balance sheet commitments
Total off-balance sheet commitments	17,305		18,127
Later than one month and not later than three months [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	16,363		16,728
Later than one month and not later than three months [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	162		159
Later than one month and not later than three months [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	101		161
Later than one month and not later than three months [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	679		1,079
Over 3 months to 6 months [member]
ASSETS
Interest-bearing deposits with banks	512		154
Trading loans, securities, and other	3,492		2,111
Non-trading financial assets at fair value through profit or loss	327		99
Derivatives	3,722		5,275
Financial assets designated at fair value through profit or loss	235		535
Financial assets at fair value through other comprehensive income	5,744		4,150
Debt securities at amortized cost, net of allowance for credit losses	3,786		3,010
Securities purchased under reverse repurchase agreements	13,995		14,426
Loans
Residential mortgages	10,917		6,614
Consumer instalment and other personal	3,158		2,628
Business and government	6,307		5,539
Total loans	20,382		14,781
Loans, net of allowance for loan losses	20,382		14,781
Customers' liability under acceptances	149		132
Other assets	341		1,926
Total assets	52,685		46,599
LIABILITIES
Trading deposits	18,214		31,081
Derivatives	3,771		4,230
Securitization liabilities at fair value	674		194
Financial liabilities designated at fair value through profit or loss	6,804
Deposits
Personal	7,545		7,541
Banks	1,105		255
Business and government	12,625		7,033
Total deposits, other than trading	21,275		14,829
Acceptances	149		132
Obligations related to securities sold short	1,261		1,500
Obligations related to securities sold under repurchase agreements	1,690		3,516
Securitization liabilities at amortized cost	500		625
Insurance-related liabilities	338		353
Other liabilities	1,540		538
Total liabilities and equity	56,216		56,998
Off-balance sheet commitments
Total off-balance sheet commitments	19,625		18,522
Over 3 months to 6 months [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	18,334		17,217
Over 3 months to 6 months [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	241		240
Over 3 months to 6 months [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	146		125
Over 3 months to 6 months [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	904		940
Later than six months and not later than nine months [member]
ASSETS
Interest-bearing deposits with banks			21
Trading loans, securities, and other	1,983		3,653
Non-trading financial assets at fair value through profit or loss	658		460
Derivatives	2,289		3,276
Financial assets designated at fair value through profit or loss	41		243
Financial assets at fair value through other comprehensive income	4,185		5,354
Debt securities at amortized cost, net of allowance for credit losses	4,174		3,594
Securities purchased under reverse repurchase agreements	3,393		3,807
Loans
Residential mortgages	10,837		11,166
Consumer instalment and other personal	3,723		3,724
Business and government	8,464		7,131
Total loans	23,024		22,021
Loans, net of allowance for loan losses	23,024		22,021
Customers' liability under acceptances	7		6
Other assets	140		120
Total assets	39,894		42,555
LIABILITIES
Trading deposits	17,021		12,954
Derivatives	2,375		3,103
Securitization liabilities at fair value	273		661
Financial liabilities designated at fair value through profit or loss	3,919
Deposits
Personal	7,412		6,245
Banks	60		24
Business and government	11,643		9,984
Total deposits, other than trading	19,115		16,253
Acceptances	7		6
Obligations related to securities sold short	1,803		387
Obligations related to securities sold under repurchase agreements	412		428
Securitization liabilities at amortized cost	576		503
Insurance-related liabilities	272		309
Other liabilities	1,047		1,326
Total liabilities and equity	46,820		35,930
Off-balance sheet commitments
Total off-balance sheet commitments	10,924		13,786
Later than six months and not later than nine months [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	10,043		13,098
Later than six months and not later than nine months [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	240		237
Later than six months and not later than nine months [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	140		122
Later than six months and not later than nine months [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	501		329
Later than nine months and not later than one year [member]
ASSETS
Interest-bearing deposits with banks			16
Trading loans, securities, and other	3,107		3,998
Non-trading financial assets at fair value through profit or loss	15		906
Derivatives	2,774		2,321
Financial assets designated at fair value through profit or loss	68		90
Financial assets at fair value through other comprehensive income	2,938		3,962
Debt securities at amortized cost, net of allowance for credit losses	3,546		4,059
Securities purchased under reverse repurchase agreements	2,175		1,458
Loans
Residential mortgages	8,790		11,061
Consumer instalment and other personal	3,500		4,131
Business and government	7,102		9,269
Total loans	19,392		24,461
Loans, net of allowance for loan losses	19,392		24,461
Customers' liability under acceptances	10
Other assets	138		142
Total assets	34,163		41,413
LIABILITIES
Trading deposits	6,702		11,739
Derivatives	2,373		2,263
Securitization liabilities at fair value	573		272
Financial liabilities designated at fair value through profit or loss	4,253
Deposits
Personal	7,923		7,718
Banks	1,355		54
Business and government	5,794		11,299
Total deposits, other than trading	15,072		19,071
Acceptances	10
Obligations related to securities sold short	931		904
Obligations related to securities sold under repurchase agreements	142		108
Securitization liabilities at amortized cost	512		575
Insurance-related liabilities	269		310
Other liabilities	1,124		1,394
Total liabilities and equity	31,961		36,636
Off-balance sheet commitments
Total off-balance sheet commitments	15,016		9,506
Later than nine months and not later than one year [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	14,179		9,152
Later than nine months and not later than one year [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	236		233
Later than nine months and not later than one year [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	193		121
Later than nine months and not later than one year [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	408
Over 1 year to 2 years [member]
ASSETS
Trading loans, securities, and other	10,082		9,683
Non-trading financial assets at fair value through profit or loss	741		227
Derivatives	5,381		7,130
Financial assets designated at fair value through profit or loss	303		297
Financial assets at fair value through other comprehensive income	20,538		19,777
Debt securities at amortized cost, net of allowance for credit losses	6,647		8,103
Securities purchased under reverse repurchase agreements	28		29
Loans
Residential mortgages	44,206		43,063
Consumer instalment and other personal	14,675		14,313
Business and government	20,478		19,637
Total loans	79,359		77,013
Loans, net of allowance for loan losses	79,359		77,013
Other assets	161		136
Total assets	123,240		122,395
LIABILITIES
Trading deposits	1,899		1,183
Derivatives	4,227		5,510
Securitization liabilities at fair value	1,737		1,822
Deposits
Personal	10,282		10,222
Business and government	25,397		21,345
Total deposits, other than trading	35,679		31,567
Obligations related to securities sold short	3,918		4,330
Obligations related to securities sold under repurchase agreements	38		43
Securitization liabilities at amortized cost	3,022		2,496
Insurance-related liabilities	940		937
Other liabilities	3,530		2,205
Total liabilities and equity	54,990		50,093
Off-balance sheet commitments
Total off-balance sheet commitments	28,407		27,037
Over 1 year to 2 years [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	26,648		25,691
Over 1 year to 2 years [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	916		902
Over 1 year to 2 years [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	435		437
Over 1 year to 2 years [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	408		7
Later than two years and not later than five years [member]
ASSETS
Trading loans, securities, and other	24,975		25,772
Non-trading financial assets at fair value through profit or loss	631		841
Derivatives	9,725		12,436
Financial assets designated at fair value through profit or loss	1,710		1,532
Financial assets at fair value through other comprehensive income	55,004		57,922
Debt securities at amortized cost, net of allowance for credit losses	35,441		34,032
Loans
Residential mortgages	111,426		113,852
Consumer instalment and other personal	56,952		56,632
Business and government	69,773		67,922
Total loans	238,151		238,406
Loans, net of allowance for loan losses	238,151		238,406
Other assets	231		301
Total assets	365,868		371,242
LIABILITIES
Trading deposits	3,930		3,260
Derivatives	7,466		9,282
Securitization liabilities at fair value	6,731		6,719
Financial liabilities designated at fair value through profit or loss	1
Deposits
Personal	10,016		9,876
Banks	3		3
Business and government	48,684		54,780
Total deposits, other than trading	58,703		64,659
Obligations related to securities sold short	13,093		13,771
Obligations related to securities sold under repurchase agreements	27		27
Securitization liabilities at amortized cost	5,748		6,232
Insurance-related liabilities	1,627		1,624
Other liabilities	2,050		2,308
Total liabilities and equity	99,376		107,882
Off-balance sheet commitments
Total off-balance sheet commitments	106,005		104,547
Later than two years and not later than five years [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	102,964		101,120
Later than two years and not later than five years [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	2,262		2,188
Later than two years and not later than five years [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	779		831
Later than two years and not later than five years [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments			408
Over 5 years [member]
ASSETS
Trading loans, securities, and other	22,649		25,895
Non-trading financial assets at fair value through profit or loss	725		848
Derivatives	9,683		9,952
Financial assets designated at fair value through profit or loss	717		796
Financial assets at fair value through other comprehensive income	30,767		31,936
Debt securities at amortized cost, net of allowance for credit losses	50,135		50,990
Loans
Residential mortgages	34,594		35,293
Consumer instalment and other personal	25,978		26,321
Business and government	60,468		59,251
Total loans	121,040		120,865
Loans, net of allowance for loan losses	121,040		120,865
Other assets	87		90
Total assets	235,803		241,372
LIABILITIES
Trading deposits	1,087		1,005
Derivatives	9,169		9,003
Securitization liabilities at fair value	2,113		1,969
Financial liabilities designated at fair value through profit or loss	4		1
Deposits
Personal	36		38
Banks	7		8
Business and government	7,753		8,000
Total deposits, other than trading	7,796		8,046
Obligations related to securities sold short	12,632		11,474
Obligations related to securities sold under repurchase agreements	113
Securitization liabilities at amortized cost	3,027		2,990
Insurance-related liabilities	919		903
Other liabilities	171		152
Subordinated notes and debentures	8,893		8,740
Total liabilities and equity	45,924		44,283
Off-balance sheet commitments
Total off-balance sheet commitments	6,855		7,783
Over 5 years [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	3,128		4,034
Over 5 years [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	3,286		3,229
Over 5 years [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	441		520
No specific maturity [member]
ASSETS
Interest-bearing deposits with banks	326		1,273
Trading loans, securities, and other	50,668		49,570
Non-trading financial assets at fair value through profit or loss	778		622
Financial assets at fair value through other comprehensive income	1,961		2,174
Debt securities at amortized cost, net of allowance for credit losses	(1)		(75)
Loans
Consumer instalment and other personal	61,162		62,245
Credit card	35,726		35,018
Business and government	20,221		21,533
Total loans	117,109		118,796
Allowance for loan losses	(3,729)		(3,549)
Loans, net of allowance for loan losses	113,380		115,247
Goodwill	16,941		16,536
Other intangibles	2,647		2,459
Land, buildings, equipment, and other depreciable assets	5,353		5,324
Deferred tax assets	2,266		2,812
Other assets	8,943		8,595
Total assets	211,941		212,982
Deposits
Personal	428,008		424,580
Banks	9,851		7,928
Business and government	204,424		206,465
Total deposits, other than trading	642,283		638,973
Obligations related to securities sold short	1,740		812
Insurance-related liabilities	1,755		1,755
Other liabilities	6,059		5,704
Equity	81,670		80,040
Total liabilities and equity	733,507		727,284
Off-balance sheet commitments
Total off-balance sheet commitments	2,636		2,663
No specific maturity [member] | TD Ameritrade [member]
Loans
Investment in TD Ameritrade	8,679		8,445
No specific maturity [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	$ 2,636		$ 2,663

XML

IFRS 7 - Disclosure - Liquidity Risk - Summary of Remaining Contractual Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	$ 37,000	$ 36,000
Capital lease commitments	97	60
Commitments to extend credit to private equity investments	200	205
Not later than one month [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Capital lease commitments	2	2
Later than one month and not later than three months [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Capital lease commitments	4	5
Over 3 months to 6 months [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	3,000	1,000
Capital lease commitments	6	7
Later than six months and not later than nine months [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	2,000	3,000
Capital lease commitments	6	6
Later than nine months and not later than one year [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	1,000	2,000
Capital lease commitments	5	6
Over 1 year to 2 years [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	6,000	5,000
Capital lease commitments	20	12
Later than two years and not later than five years [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	21,000	22,000
Capital lease commitments	50	17
Over 5 years [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	3,000	3,000
Capital lease commitments	4	$ 5
Less than one month [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	$ 1,000

XML

Current and Future Changes in Accounting Policies - Additional Information (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018	Jan. 31, 2018
Disclosure of changes in accounting policies [line items]
Equity	$ 81,670	$ 80,040	$ 73,174
Increase (decrease) due to application of IFRS 15 [member]
Disclosure of changes in accounting policies [line items]
Equity	$ (41)

XML

Fair Value Measurements - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	$ 107,162	$ 107,171
Total loans, net of allowance for loan losses	648,468	646,393
FINANCIAL LIABILITIES
Securitization liabilities at amortized cost	13,986	14,683
Subordinated notes and debentures	8,893	8,740
Carrying value [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	107,162	107,171
Total loans, net of allowance for loan losses	648,468	646,393
Total financial assets not carried at fair value	755,630	753,564
FINANCIAL LIABILITIES
Total deposits, other than trading	849,338	851,439
Securitization liabilities at amortized cost	13,986	14,683
Subordinated notes and debentures	8,893	8,740
Total financial liabilities not carried at fair value	872,217	874,862
Carrying value [member] | Government and government-related securities [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	60,247	60,535
Carrying value [member] | Other debt securities [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	46,915	46,636
Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	106,568	106,264
Total loans, net of allowance for loan losses	647,585	642,542
Total financial assets not carried at fair value	754,153	748,806
FINANCIAL LIABILITIES
Total deposits, other than trading	847,987	846,148
Securitization liabilities at amortized cost	14,082	14,654
Subordinated notes and debentures	9,307	9,027
Total financial liabilities not carried at fair value	871,376	869,829
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Government and government-related securities [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	59,944	59,948
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Other debt securities [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	$ 46,624	$ 46,316

XML

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018	Jan. 31, 2018	Oct. 31, 2017
Trading loans, securities, and other
Trading loans, securities, and other	$ 122,070	$ 127,897
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	3,875	4,015
Derivatives
Derivative financial assets	45,094	56,996
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,760	3,618
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	126,253	130,600
Securities purchased under reverse repurchase agreements	132,430	127,379
FINANCIAL LIABILITIES
Trading deposits	82,559	114,704
Derivatives
Derivative financial liabilities	42,665	48,270
Securitization liabilities at fair value	12,294	12,618
Financial liabilities designated at fair value through profit or loss	26,885	16
Obligations related to securities sold short	38,890	39,478
Obligations related to securities sold under repurchase agreements	94,762	93,389
Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	500	500	$ 900	$ 900
Derivatives
Derivative financial liabilities	1,300	1,200	$ 1,800	$ 1,900
Recurring fair value measurement [member]
Trading loans, securities, and other
Trading loans, securities, and other	122,070	127,897
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	3,875	4,015
Derivatives
Derivative financial assets	45,094	56,996
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,760	3,618
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	126,253	130,600
Securities purchased under reverse repurchase agreements	4,384	3,920
FINANCIAL LIABILITIES
Trading deposits	82,559	114,704
Derivatives
Derivative financial liabilities	42,665	48,270
Securitization liabilities at fair value	12,294	12,618
Financial liabilities designated at fair value through profit or loss	26,885	16
Obligations related to securities sold short	38,890	39,478
Obligations related to securities sold under repurchase agreements	2,712	3,797
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	50,561	49,399
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	177	176
Derivatives
Derivative financial assets	178	201
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	406	544
Derivatives
Derivative financial liabilities	166	176
Obligations related to securities sold short	1,953	1,142
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	71,499	78,478
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	3,182	3,412
Derivatives
Derivative financial assets	44,439	56,303
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,760	3,618
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	123,503	127,643
Securities purchased under reverse repurchase agreements	4,384	3,920
FINANCIAL LIABILITIES
Trading deposits	79,094	111,680
Derivatives
Derivative financial liabilities	41,253	46,943
Securitization liabilities at fair value	12,294	12,618
Financial liabilities designated at fair value through profit or loss	26,882	2
Obligations related to securities sold short	36,937	38,336
Obligations related to securities sold under repurchase agreements	2,712	3,797
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	10	20
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	516	427
Derivatives
Derivative financial assets	477	492
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	2,344	2,413
FINANCIAL LIABILITIES
Trading deposits	3,465	3,024
Derivatives
Derivative financial liabilities	1,246	1,151
Financial liabilities designated at fair value through profit or loss	3	14
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	9,332	14,462
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	12,220	12,731
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian government provincial debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	6,951	7,538
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	10,348	9,507
Recurring fair value measurement [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	18,486	19,732
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	44,410	45,766
Recurring fair value measurement [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	3,596	3,324
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	18,501	20,096
Recurring fair value measurement [member] | Government and government-related securities [member] | Mortgage-backed securities [member]
Trading loans, securities, and other
Trading loans, securities, and other	2,226	2,029
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	6,327	6,633
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 1 of fair value hierarchy [member] | Canadian Government Federal Debt [member]
Trading loans, securities, and other
Trading loans, securities, and other		127
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Canadian Government Federal Debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	9,332	14,335
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	12,220	12,731
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Canadian government provincial debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	6,951	7,535
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	10,348	9,507
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | U.S. federal, state, municipal governments, and agencies debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	18,486	19,732
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	44,410	45,766
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Other OECD government-guaranteed debt [member]
Trading loans, securities, and other
Trading loans, securities, and other	3,596	3,324
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	18,291	19,896
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Mortgage-backed securities [member]
Trading loans, securities, and other
Trading loans, securities, and other	2,226	2,029
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	6,327	6,633
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 3 of fair value hierarchy [member] | Canadian government provincial debt [member]
Trading loans, securities, and other
Trading loans, securities, and other		3
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 3 of fair value hierarchy [member] | Other OECD government-guaranteed debt [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	210	200
Recurring fair value measurement [member] | Other debt securities [member] | Canadian issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	5,914	5,631
Recurring fair value measurement [member] | Other debt securities [member] | Other issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	13,669	14,475
Recurring fair value measurement [member] | Other debt securities [member] | Assets backed security [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	21,274	21,969
Recurring fair value measurement [member] | Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	430	472
Recurring fair value measurement [member] | Other debt securities [member] | Corporate and other debt [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	8,785	8,507
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Canadian issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	5,913	5,630
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Other issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	13,660	14,459
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Assets backed security [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	20,715	21,407
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	430	472
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Corporate and other debt [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	8,762	8,483
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Canadian issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	1	1
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Other issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	9	16
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Assets backed security [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	559	562
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Corporate and other debt [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	23	24
Recurring fair value measurement [member] | Equity securities [member] | Common shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	39,657	43,752
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	1,694	1,804
Recurring fair value measurement [member] | Equity securities [member] | Preferred shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	52	59
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	266	370
Recurring fair value measurement [member] | Equity securities [member] | Level 1 of fair value hierarchy [member] | Common shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	39,637	43,699
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	197	309
Recurring fair value measurement [member] | Equity securities [member] | Level 1 of fair value hierarchy [member] | Preferred shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	43	33
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	209	235
Recurring fair value measurement [member] | Equity securities [member] | Level 2 of fair value hierarchy [member] | Common shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	20	53
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	2	3
Recurring fair value measurement [member] | Equity securities [member] | Level 2 of fair value hierarchy [member] | Preferred shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	9	26
Recurring fair value measurement [member] | Equity securities [member] | Level 3 of fair value hierarchy [member] | Common shares [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	1,495	1,492
Recurring fair value measurement [member] | Equity securities [member] | Level 3 of fair value hierarchy [member] | Preferred shares [member]
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	57	135
Recurring fair value measurement [member] | Trading loans [member]
Trading loans, securities, and other
Trading loans, securities, and other	11,113	10,990
Recurring fair value measurement [member] | Trading loans [member] | Level 2 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	11,113	10,990
Recurring fair value measurement [member] | Commodities [member]
Trading loans, securities, and other
Trading loans, securities, and other	11,051	5,880
Recurring fair value measurement [member] | Commodities [member] | Level 1 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	10,881	5,540
Recurring fair value measurement [member] | Commodities [member] | Level 2 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	170	340
Recurring fair value measurement [member] | Retained interests [member]
Trading loans, securities, and other
Trading loans, securities, and other	23	25
Recurring fair value measurement [member] | Retained interests [member] | Level 2 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	23	25
Recurring fair value measurement [member] | Securities [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	2,671	2,679
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,760	3,618
Recurring fair value measurement [member] | Securities [member] | Level 1 of fair value hierarchy [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	177	176
Recurring fair value measurement [member] | Securities [member] | Level 2 of fair value hierarchy [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	1,999	2,095
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,760	3,618
Recurring fair value measurement [member] | Securities [member] | Level 3 of fair value hierarchy [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	495	408
Recurring fair value measurement [member] | Loans [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	1,204	1,336
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	1,998	2,745
Recurring fair value measurement [member] | Loans [member] | Level 2 of fair value hierarchy [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	1,183	1,317
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	1,998	2,745
Recurring fair value measurement [member] | Loans [member] | Level 3 of fair value hierarchy [member]
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	21	19
Recurring fair value measurement [member] | Interest rate contracts [member]
Derivatives
Derivative financial assets	11,768	12,398
Derivatives
Derivative financial liabilities	9,466	9,733
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 1 of fair value hierarchy [member]
Derivatives
Derivative financial assets	31	33
Derivatives
Derivative financial liabilities	20	24
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	11,737	12,365
Derivatives
Derivative financial liabilities	9,382	9,646
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial liabilities	64	63
Recurring fair value measurement [member] | Foreign exchange contracts [member]
Derivatives
Derivative financial assets	30,465	39,675
Derivatives
Derivative financial liabilities	28,503	34,918
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 1 of fair value hierarchy [member]
Derivatives
Derivative financial assets	20	24
Derivatives
Derivative financial liabilities	17	18
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	30,443	39,647
Derivatives
Derivative financial liabilities	28,486	34,897
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	2	4
Derivatives
Derivative financial liabilities		3
Recurring fair value measurement [member] | Credit Derivative Contracts [member]
Derivatives
Derivative financial assets	17	9
Derivatives
Derivative financial liabilities	385	386
Recurring fair value measurement [member] | Credit Derivative Contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	17	9
Derivatives
Derivative financial liabilities	385	386
Recurring fair value measurement [member] | Equity contracts [member]
Derivatives
Derivative financial assets	1,742	3,623
Derivatives
Derivative financial liabilities	3,246	2,396
Recurring fair value measurement [member] | Equity contracts [member] | Level 1 of fair value hierarchy [member]
Derivatives
Derivative financial assets	1
Recurring fair value measurement [member] | Equity contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	1,277	3,170
Derivatives
Derivative financial liabilities	2,083	1,319
Recurring fair value measurement [member] | Equity contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	464	453
Derivatives
Derivative financial liabilities	1,163	1,077
Recurring fair value measurement [member] | Commodity contracts [member]
Derivatives
Derivative financial assets	1,102	1,291
Derivatives
Derivative financial liabilities	1,065	837
Recurring fair value measurement [member] | Commodity contracts [member] | Level 1 of fair value hierarchy [member]
Derivatives
Derivative financial assets	126	144
Derivatives
Derivative financial liabilities	129	134
Recurring fair value measurement [member] | Commodity contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	965	1,112
Derivatives
Derivative financial liabilities	917	695
Recurring fair value measurement [member] | Commodity contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	11	35
Derivatives
Derivative financial liabilities	$ 19	$ 8

XML

Fair Value Measurements - Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Detail) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Trading deposits [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	$ 3,024	$ 2,521
Total realized and unrealized (gains) losses included in income	99	33
Total realized and unrealized (gains) losses included in OCI	0	0
Movements purchases	(76)	(141)
Movements issuances	371	637
Movements others	47	(165)
Transfer Into Level 3	0	0
Transfers Out of Level 3		(10)
Fair value ending balance	3,465	2,875
Change in Unrealized gain (losses) on instruments still held	80	(1)
Derivative financial liabilities [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	659	960
Total realized and unrealized (gains) losses included in income	147	(34)
Total realized and unrealized (gains) losses included in OCI	0	0
Movements purchases	(19)	(19)
Movements issuances	57	39
Movements others	(75)	(64)
Transfer Into Level 3	0	0
Transfers Out of Level 3		2
Fair value ending balance	769	884
Change in Unrealized gain (losses) on instruments still held	133	(25)
Derivative financial liabilities [member] | Interest rate contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	63	70
Total realized and unrealized (gains) losses included in income	3	(18)
Total realized and unrealized (gains) losses included in OCI	0	0
Movements others	(2)	(1)
Transfer Into Level 3	0	0
Fair value ending balance	64	51
Change in Unrealized gain (losses) on instruments still held	4	(17)
Derivative financial liabilities [member] | Foreign exchange contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	(1)	(1)
Total realized and unrealized (gains) losses included in income	1	(1)
Total realized and unrealized (gains) losses included in OCI	0	0
Movements others	(2)	1
Transfer Into Level 3	0	0
Fair value ending balance	(2)	(1)
Change in Unrealized gain (losses) on instruments still held		(1)
Derivative financial liabilities [member] | Equity contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	624	893
Total realized and unrealized (gains) losses included in income	105	(8)
Total realized and unrealized (gains) losses included in OCI	0	0
Movements purchases	(19)	(19)
Movements issuances	57	39
Movements others	(68)	(65)
Transfer Into Level 3	0	0
Transfers Out of Level 3		2
Fair value ending balance	699	842
Change in Unrealized gain (losses) on instruments still held	103	(1)
Derivative financial liabilities [member] | Commodity contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	(27)	(2)
Total realized and unrealized (gains) losses included in income	38	(7)
Total realized and unrealized (gains) losses included in OCI	0	0
Movements others	(3)	1
Transfer Into Level 3	0	0
Fair value ending balance	8	(8)
Change in Unrealized gain (losses) on instruments still held	26	(6)
Financial liabilities designated at fair value through profit or loss [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	14	7
Total realized and unrealized (gains) losses included in income	(23)	31
Total realized and unrealized (gains) losses included in OCI	0	0
Movements issuances	17	25
Movements others	(5)	(35)
Transfer Into Level 3	0	0
Fair value ending balance	3	29
Change in Unrealized gain (losses) on instruments still held	(17)	25
Obligations Related to Securities Sold Short [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Total realized and unrealized (gains) losses included in OCI	0	0
Transfer Into Level 3	0	0
Trading loans, securities, and other [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	20	14
Total realized and unrealized gains (losses) included in income	1
Movements purchases		2
Movements issuances	0	0
Movements others	(11)	(4)
Transfer Into Level 3	1	121
Transfers Out of Level 3	(1)	(11)
Fair value ending balance	10	122
Change in Unrealized gain (losses) on instruments still held	1
Trading loans, securities, and other [member] | Government and government-related securities [member] | Canadian government provincial debt [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	3
Movements issuances	0	0
Movements others	(3)
Trading loans, securities, and other [member] | Other debt securities [member] | Canadian issuers [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	1	6
Movements issuances	0	0
Movements others		(3)
Transfers Out of Level 3		(2)
Fair value ending balance	1	1
Trading loans, securities, and other [member] | Other debt securities [member] | Other issuers [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	16	8
Total realized and unrealized gains (losses) included in income	1
Movements purchases		2
Movements issuances	0	0
Movements others	(8)	(1)
Transfer Into Level 3	1	121
Transfers Out of Level 3	(1)	(9)
Fair value ending balance	9	121
Change in Unrealized gain (losses) on instruments still held	1
Non trading financial assets at fair value through profit or loss [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	427	320
Total realized and unrealized gains (losses) included in income	3	12
Total realized and unrealized gains (losses) included in OCI	2
Movements purchases	72	14
Movements issuances	0	0
Movements others	(9)	(8)
Transfer Into Level 3	21	4
Fair value ending balance	516	342
Change in Unrealized gain (losses) on instruments still held		10
Non trading financial assets at fair value through profit or loss [member] | Securities [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	408	305
Total realized and unrealized gains (losses) included in income	2	15
Total realized and unrealized gains (losses) included in OCI	2
Movements purchases	71	12
Movements issuances	0	0
Movements others	(9)	(8)
Transfer Into Level 3	21
Fair value ending balance	495	324
Change in Unrealized gain (losses) on instruments still held	(1)	13
Non trading financial assets at fair value through profit or loss [member] | Loans [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	19	15
Total realized and unrealized gains (losses) included in income	1	(3)
Movements purchases	1	2
Movements issuances	0	0
Transfer Into Level 3		4
Fair value ending balance	21	18
Change in Unrealized gain (losses) on instruments still held	1	(3)
Financial assets at fair value through other comprehensive income [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	2,413	2,428
Total realized and unrealized gains (losses) included in income	1	(7)
Total realized and unrealized gains (losses) included in OCI	4	13
Movements purchases	5	6
Movements issuances	0	0
Movements others	(78)	(99)
Transfers Out of Level 3	(1)
Fair value ending balance	2,344	2,341
Change in Unrealized gain (losses) on instruments still held	(2)	10
Financial assets at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	200	203
Total realized and unrealized gains (losses) included in income	1	(7)
Total realized and unrealized gains (losses) included in OCI	9	(3)
Movements issuances	0	0
Fair value ending balance	210	193
Change in Unrealized gain (losses) on instruments still held	9	(3)
Financial assets at fair value through other comprehensive income [member] | Other debt securities [member] | Asset-backed securities [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	562	553
Total realized and unrealized gains (losses) included in OCI	(3)	2
Movements issuances	0	0
Movements others		(26)
Fair value ending balance	559	529
Change in Unrealized gain (losses) on instruments still held	(3)	2
Financial assets at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	24	95
Total realized and unrealized gains (losses) included in OCI	(1)	5
Movements issuances	0	0
Movements others		(1)
Fair value ending balance	23	99
Change in Unrealized gain (losses) on instruments still held	(1)	5
Financial assets at fair value through other comprehensive income [member] | Equity securities [member] | Common shares [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	1,492	1,469
Total realized and unrealized gains (losses) included in OCI	1	1
Movements purchases	5	6
Movements issuances	0	0
Movements others	(3)	(72)
Fair value ending balance	1,495	1,404
Change in Unrealized gain (losses) on instruments still held	1	(2)
Financial assets at fair value through other comprehensive income [member] | Equity securities [member] | Preferred shares [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	135	108
Total realized and unrealized gains (losses) included in OCI	(2)	8
Movements issuances	0	0
Movements others	(75)
Transfers Out of Level 3	(1)
Fair value ending balance	57	116
Change in Unrealized gain (losses) on instruments still held	$ (8)	$ 8

XML

Fair Value Measurements - Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018	Jan. 31, 2018	Oct. 31, 2017
Disclosure of fair value measurement of assets and liabilities [Line Items]
Derivative assets	$ 45,094	$ 56,996
Derivative liabilities	42,665	48,270
Level 3 of fair value hierarchy [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Derivative assets	500	500	$ 900	$ 900
Derivative liabilities	$ 1,300	$ 1,200	$ 1,800	$ 1,900

XML

Securities - Summary of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Financial assets at fair value through other comprehensive income	$ 126,253	$ 130,600
Government and government-related securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	91,599	94,649
Gross unrealized gains	407	502
Gross unrealized (losses)	(200)	(418)
Financial assets at fair value through other comprehensive income	91,806	94,733
Government and government-related securities [member] | Canadian Government Federal Debt [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	12,193	12,740
Gross unrealized gains	44	38
Gross unrealized (losses)	(17)	(47)
Financial assets at fair value through other comprehensive income	12,220	12,731
Government and government-related securities [member] | Canadian government provincial debt [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	10,297	9,443
Gross unrealized gains	70	75
Gross unrealized (losses)	(19)	(11)
Financial assets at fair value through other comprehensive income	10,348	9,507
Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	44,384	45,857
Gross unrealized gains	186	265
Gross unrealized (losses)	(160)	(356)
Financial assets at fair value through other comprehensive income	44,410	45,766
Government and government-related securities [member] | Other OECD government-guaranteed debt [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	18,451	20,034
Gross unrealized gains	54	65
Gross unrealized (losses)	(4)	(3)
Financial assets at fair value through other comprehensive income	18,501	20,096
Government and government-related securities [member] | Mortgage- backed securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	6,274	6,575
Gross unrealized gains	53	59
Gross unrealized (losses)		(1)
Financial assets at fair value through other comprehensive income	6,327	6,633
Other debt securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	30,484	30,906
Gross unrealized gains	86	119
Gross unrealized (losses)	(81)	(77)
Financial assets at fair value through other comprehensive income	30,489	30,948
Other debt securities [member] | Asset-backed financings [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	21,248	21,901
Gross unrealized gains	58	87
Gross unrealized (losses)	(32)	(19)
Financial assets at fair value through other comprehensive income	21,274	21,969
Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	431	471
Gross unrealized gains		1
Gross unrealized (losses)	(1)
Financial assets at fair value through other comprehensive income	430	472
Other debt securities [member] | Corporate and other debt [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	8,805	8,534
Gross unrealized gains	28	31
Gross unrealized (losses)	(48)	(58)
Financial assets at fair value through other comprehensive income	8,785	8,507
Debt securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	122,083	125,555
Gross unrealized gains	493	621
Gross unrealized (losses)	(281)	(495)
Financial assets at fair value through other comprehensive income	122,295	125,681
Equity securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	1,958	2,101
Gross unrealized gains	79	138
Gross unrealized (losses)	(77)	(65)
Financial assets at fair value through other comprehensive income	1,960	2,174
Equity securities [member] | Common shares [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	1,657	1,725
Gross unrealized gains	71	118
Gross unrealized (losses)	(34)	(39)
Financial assets at fair value through other comprehensive income	1,694	1,804
Equity securities [member] | Preferred shares [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	301	376
Gross unrealized gains	8	20
Gross unrealized (losses)	(43)	(26)
Financial assets at fair value through other comprehensive income	266	370
Securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	124,041	127,656
Gross unrealized gains	572	759
Gross unrealized (losses)	(358)	(560)
Financial assets at fair value through other comprehensive income	$ 124,255	$ 127,855

XML

Securities - Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Fair value	$ 1,960	$ 2,063
Dividend Income recognized	24	20
Common shares [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Fair value	1,694	1,701
Dividend Income recognized	20	16
Preferred shares [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Fair value	266	362
Dividend Income recognized	$ 4	$ 4

XML

Securities - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Disposal of equity securities	$ 1,960	$ 2,063
Dividend Income recognized	24	20
Provision for credit losses	(850)	(693)
Debt securities FVOCI [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for credit losses on debt securities	5
Provision for credit losses	0	4
Debt securities at amortized cost [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for credit losses on debt securities	1
Provision for credit losses	0	0
Securities disposed [member] | Securities [member]
Disclosure of detailed information about financial instruments [line items]
Disposal of equity securities	179	4
Gain loss on sale of equity securities measured at fair value	24	2
Dividend Income recognized	0	$ 8
Debt securities [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for credit losses on debt securities	$ 6

XML

Securities - Summary of Net Securities Gains (Losses) (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of financial assets [line items]
Net realized gains (losses)	$ (11)	$ 3
Debt securities [member] | Financial assets amortized cost [member]
Disclosure of financial assets [line items]
Net realized gains (losses)	44
Debt securities [member] | Financial assets at fair value through other comprehensive income, category [member]
Disclosure of financial assets [line items]
Net realized gains (losses)	$ (55)	$ 3

XML

Securities - Summary of Debt Securities by Risk Rating (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
Disclosure of financial assets [line items]
Debt securities	$ 229,458	$ 232,927
Allowance for credit losses on debt securities at amortized cost	1	75
Debt securities, net of allowance	229,457	232,852
Investment grade [member]
Disclosure of financial assets [line items]
Debt securities	226,982	230,488
Non investment grade [member]
Disclosure of financial assets [line items]
Debt securities	2,470	2,194
Watch and classified [member]
Disclosure of financial assets [line items]
Debt securities	6	11
Default [member]
Disclosure of financial assets [line items]
Debt securities		234
Stage 1 [member]
Disclosure of financial assets [line items]
Debt securities	229,376	232,628
Allowance for credit losses on debt securities at amortized cost	1	1
Debt securities, net of allowance	229,375	232,627
Stage 1 [member] | Investment grade [member]
Disclosure of financial assets [line items]
Debt securities	226,982	230,488
Stage 1 [member] | Non investment grade [member]
Disclosure of financial assets [line items]
Debt securities	2,394	2,140
Stage 2 [member]
Disclosure of financial assets [line items]
Debt securities	82	65
Allowance for credit losses on debt securities at amortized cost		4
Debt securities, net of allowance	82	61
Stage 2 [member] | Non investment grade [member]
Disclosure of financial assets [line items]
Debt securities	76	54
Stage 2 [member] | Watch and classified [member]
Disclosure of financial assets [line items]
Debt securities	$ 6	11
Stage 3 [member]
Disclosure of financial assets [line items]
Debt securities		234
Allowance for credit losses on debt securities at amortized cost		70
Debt securities, net of allowance		164
Stage 3 [member] | Default [member]
Disclosure of financial assets [line items]
Debt securities		$ 234

XML

Loans, Impaired Loans, And Allowance For Credit Losses - Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Total loans	$ 671,675	$ 669,501
Allowance for loan losses	3,713	3,531
Loans, net of allowance	667,962	665,970
Acquired credit-impaired loans	401	453
Allowance for loan losses	16	18
Acquired credit-impaired loans, net of allowance for loan losses	385	435
Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	225,481	224,957
Allowance for loan losses	103	105
Loans, net of allowance	225,378	224,852
Residential mortgages [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	174,852	168,722
Residential mortgages [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	41,492	47,997
Residential mortgages [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	6,102	5,373
Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	2,619	2,473
Residential mortgages [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	416	392
Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	171,900	172,033
Allowance for loan losses	1,124	1,101
Loans, net of allowance	170,776	170,932
Consumer instalment and other personal [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	91,716	88,889
Consumer instalment and other personal [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	46,457	49,198
Consumer instalment and other personal [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	23,769	24,071
Consumer instalment and other personal [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	9,452	9,361
Consumer instalment and other personal [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	506	514
Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	35,726	35,018
Allowance for loan losses	1,097	1,003
Loans, net of allowance	34,629	34,015
Credit card [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	8,177	7,245
Credit card [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	9,854	9,846
Credit card [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	11,376	11,593
Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	6,196	6,213
Credit card [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	123	121
Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	238,568	237,493
Allowance for loan losses	1,389	1,322
Loans, net of allowance	237,179	236,171
Business and government [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	611	563
Business and government [member] | Investment grade or low/normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	118,664	118,471
Business and government [member] | Non investment grade or medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	114,324	113,950
Business and government [member] | Watch and classified or high risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	4,969	4,509
Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	554,940	550,000
Allowance for off balance sheet credit instruments	1,069	1,029
Total off balance sheet credit instruments, net of allowance	553,871	548,971
Off-balance sheet credit risks [member] | Retail exposures [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	251,529	249,151
Off-balance sheet credit risks [member] | Retail exposures [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	50,661	53,090
Off-balance sheet credit risks [member] | Retail exposures [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	12,583	12,767
Off-balance sheet credit risks [member] | Retail exposures [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	2,468	2,403
Off-balance sheet credit risks [member] | Non retail exposures [member] | Investment grade [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	173,837	168,316
Off-balance sheet credit risks [member] | Non retail exposures [member] | Non investment grade [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	62,226	62,311
Off-balance sheet credit risks [member] | Non retail exposures [member] | Watch and classified [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	1,636	1,962
Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	649,951	648,143
Allowance for loan losses	1,640	1,628
Loans, net of allowance	648,311	646,515
Stage 1 [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	222,698	222,509
Allowance for loan losses	25	24
Loans, net of allowance	222,673	222,485
Stage 1 [member] | Residential mortgages [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	174,803	168,690
Stage 1 [member] | Residential mortgages [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	41,249	47,821
Stage 1 [member] | Residential mortgages [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	5,677	5,106
Stage 1 [member] | Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	969	892
Stage 1 [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	165,028	165,080
Allowance for loan losses	573	574
Loans, net of allowance	164,455	164,506
Stage 1 [member] | Consumer instalment and other personal [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	90,685	87,906
Stage 1 [member] | Consumer instalment and other personal [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	45,386	48,008
Stage 1 [member] | Consumer instalment and other personal [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	22,756	23,008
Stage 1 [member] | Consumer instalment and other personal [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	6,201	6,158
Stage 1 [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	33,414	32,796
Allowance for loan losses	396	379
Loans, net of allowance	33,018	32,417
Stage 1 [member] | Credit card [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	8,160	7,234
Stage 1 [member] | Credit card [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	9,777	9,780
Stage 1 [member] | Credit card [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	11,107	11,347
Stage 1 [member] | Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	4,370	4,435
Stage 1 [member] | Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	228,811	227,758
Allowance for loan losses	646	651
Loans, net of allowance	228,165	227,107
Stage 1 [member] | Business and government [member] | Investment grade or low/normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	118,623	118,414
Stage 1 [member] | Business and government [member] | Non investment grade or medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	109,517	108,678
Stage 1 [member] | Business and government [member] | Watch and classified or high risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	671	666
Stage 1 [member] | Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	548,236	540,607
Allowance for off balance sheet credit instruments	573	550
Total off balance sheet credit instruments, net of allowance	547,663	540,057
Stage 1 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	250,701	246,575
Stage 1 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	50,042	51,961
Stage 1 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	12,217	12,298
Stage 1 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	1,516	1,765
Stage 1 [member] | Off-balance sheet credit risks [member] | Non retail exposures [member] | Investment grade [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	173,837	167,993
Stage 1 [member] | Off-balance sheet credit risks [member] | Non retail exposures [member] | Non investment grade [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	59,923	60,002
Stage 1 [member] | Off-balance sheet credit risks [member] | Non retail exposures [member] | Watch and classified [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments		13
Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	18,190	18,204
Allowance for loan losses	1,293	1,217
Loans, net of allowance	16,897	16,987
Stage 2 [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	2,069	1,739
Allowance for loan losses	30	34
Loans, net of allowance	2,039	1,705
Stage 2 [member] | Residential mortgages [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	49	32
Stage 2 [member] | Residential mortgages [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	243	176
Stage 2 [member] | Residential mortgages [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	425	267
Stage 2 [member] | Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,352	1,264
Stage 2 [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	5,534	5,622
Allowance for loan losses	370	349
Loans, net of allowance	5,164	5,273
Stage 2 [member] | Consumer instalment and other personal [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,031	983
Stage 2 [member] | Consumer instalment and other personal [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,071	1,190
Stage 2 [member] | Consumer instalment and other personal [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,013	1,063
Stage 2 [member] | Consumer instalment and other personal [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	2,419	2,386
Stage 2 [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,820	1,768
Allowance for loan losses	312	283
Loans, net of allowance	1,508	1,485
Stage 2 [member] | Credit card [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	17	11
Stage 2 [member] | Credit card [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	77	66
Stage 2 [member] | Credit card [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	269	246
Stage 2 [member] | Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,457	1,445
Stage 2 [member] | Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	8,767	9,075
Allowance for loan losses	581	551
Loans, net of allowance	8,186	8,524
Stage 2 [member] | Business and government [member] | Investment grade or low/normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	41	57
Stage 2 [member] | Business and government [member] | Non investment grade or medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	4,807	5,272
Stage 2 [member] | Business and government [member] | Watch and classified or high risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	3,919	3,746
Stage 2 [member] | Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	6,704	9,393
Allowance for off balance sheet credit instruments	496	479
Total off balance sheet credit instruments, net of allowance	6,208	8,914
Stage 2 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	828	2,576
Stage 2 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	619	1,129
Stage 2 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	366	469
Stage 2 [member] | Off-balance sheet credit risks [member] | Retail exposures [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	952	638
Stage 2 [member] | Off-balance sheet credit risks [member] | Non retail exposures [member] | Investment grade [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments		323
Stage 2 [member] | Off-balance sheet credit risks [member] | Non retail exposures [member] | Non investment grade [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	2,303	2,309
Stage 2 [member] | Off-balance sheet credit risks [member] | Non retail exposures [member] | Watch and classified [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	1,636	1,949
Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	3,534	3,154
Allowance for loan losses	780	686
Loans, net of allowance	2,754	2,468
Acquired credit-impaired loans	401	453
Allowance for loan losses	16	18
Acquired credit-impaired loans, net of allowance for loan losses	385	435
Stage 3 [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	714	709
Allowance for loan losses	48	47
Loans, net of allowance	666	662
Stage 3 [member] | Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	298	317
Stage 3 [member] | Residential mortgages [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	416	392
Stage 3 [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,338	1,331
Allowance for loan losses	181	178
Loans, net of allowance	1,157	1,153
Stage 3 [member] | Consumer instalment and other personal [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	832	817
Stage 3 [member] | Consumer instalment and other personal [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	506	514
Stage 3 [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	492	454
Allowance for loan losses	389	341
Loans, net of allowance	103	113
Stage 3 [member] | Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	369	333
Stage 3 [member] | Credit card [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	123	121
Stage 3 [member] | Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	990	660
Allowance for loan losses	162	120
Loans, net of allowance	828	540
Stage 3 [member] | Business and government [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	611	563
Stage 3 [member] | Business and government [member] | Watch and classified or high risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	$ 379	$ 97

XML

Loans, Impaired Loans, And Allowance For Credit Losses - Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings (Parenthetical) (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Total loans	$ 671,675	$ 669,501
Business and government and Residential Mortgage [member] | Insured [member] | Mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	93,000	95,000
Business and government and Residential Mortgage [member] | Impaired loans [member] | With no allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	132	124
Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	171,900	172,033
Consumer instalment and other personal [member] | Canadian Government Insured [member] | Real estate secured personal lending [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	14,000	14,000
Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	554,940	550,000
Retail exposures [member] | Off-balance sheet credit risks [member] | Personal lines of credit and credit card lines cancellable and bank's discretion [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	302,000	302,000
Non retail exposures [member] | Off-balance sheet credit risks [member] | Undrawn component of uncommitted credit and liquidity commitments [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	40,000	37,000
Business and government and Residential Mortgage [member]
Disclosure of detailed information about financial instruments [line items]
Trading loans at fair value	11,000	11,000
Non-trading loans at fair value	$ 1,000	$ 1,000

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Allowances for Loan Losses - Residential Mortgages (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	$ 3,549
Allowance for loan losses, Ending Balance	3,729
Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	110	$ 107
Net remeasurement due to transfers	(3)	(2)
New originations or purchases	3	4
Net repayments	(1)	(5)
Derecognition of financial assets (excluding disposals and write-offs)	(6)	(1)
Changes to risk, parameters, and models	11	(2)
Allowance for loan losses subtotal1	4	(6)
Disposals	0	0
Foreign exchange and other adjustments		(4)
Write-offs	(7)	(7)
Recoveries		1
Allowance for loan losses subtotal2	(7)	(10)
Allowance for loan losses, Ending Balance	107	91
Residential mortgages [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	24	24
Transfer to Stage	11	5
Net remeasurement due to transfers	(4)	(4)
New originations or purchases	3	4
Net repayments		(1)
Derecognition of financial assets (excluding disposals and write-offs)	(1)
Changes to risk, parameters, and models	(8)	(5)
Allowance for loan losses subtotal1	1	(1)
Disposals	0	0
Allowance for loan losses, Ending Balance	25	23
Residential mortgages [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	13	6
Residential mortgages [member] | Stage 1 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(1)	(1)
Residential mortgages [member] | Stage 1 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(1)
Residential mortgages [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	34	26
Transfer to Stage	(11)	(6)
Net remeasurement due to transfers	1	2
Net repayments	(1)	(1)
Derecognition of financial assets (excluding disposals and write-offs)	(1)	(1)
Changes to risk, parameters, and models	8	4
Allowance for loan losses subtotal1	(4)	(2)
Disposals	0	0
Foreign exchange and other adjustments		(2)
Allowance for loan losses subtotal2		(2)
Allowance for loan losses, Ending Balance	30	22
Residential mortgages [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(12)	(6)
Residential mortgages [member] | Stage 2 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	3	2
Residential mortgages [member] | Stage 2 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(2)	(2)
Residential mortgages [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	47	45
Transfer to Stage		1
Derecognition of financial assets (excluding disposals and write-offs)	(4)
Changes to risk, parameters, and models	12	1
Allowance for loan losses subtotal1	8	2
Disposals	0	0
Foreign exchange and other adjustments		(2)
Write-offs	(7)	(7)
Recoveries		1
Allowance for loan losses subtotal2	(7)	(8)
Allowance for loan losses, Ending Balance	48	39
Residential mortgages [member] | Stage 3 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(1)
Residential mortgages [member] | Stage 3 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(2)	(1)
Residential mortgages [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	3	2
Residential mortgages [member] | Purchased or Originated Credit Impaired [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	5	12
Net repayments		(3)
Changes to risk, parameters, and models	(1)	(2)
Allowance for loan losses subtotal1	(1)	(5)
Disposals	0	0
Allowance for loan losses, Ending Balance	$ 4	$ 7

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Allowances for Loan Losses - Consumer Instalment and Other Personal (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	$ 3,549
Allowance for loan losses, Ending Balance	3,729
Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	1,171	$ 1,055
Net remeasurement due to transfers	9	14
New originations or purchases	66	70
Net draws (repayments)	(31)	(8)
Derecognition of financial assets (excluding disposals and write-offs)	(61)	(61)
Changes to risk, parameters, and models	287	250
Allowance for loan losses subtotal1	270	265
Disposals	0	0
Foreign exchange and other adjustments	(1)	(24)
Write-offs	(306)	(265)
Recoveries	60	69
Allowance for loan losses subtotal2	(247)	(220)
Allowance for loan losses, Ending Balance	1,194	1,100
Consumer instalment and other personal [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	68	67
Consumer instalment and other personal [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	1,126	1,033
Consumer instalment and other personal [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	599	529
Transfer to Stage	49	32
Net remeasurement due to transfers	(34)	(28)
New originations or purchases	66	70
Net draws (repayments)	(21)
Derecognition of financial assets (excluding disposals and write-offs)	(20)	(25)
Changes to risk, parameters, and models	(41)	(32)
Allowance for loan losses subtotal1	(1)	17
Disposals	0	0
Foreign exchange and other adjustments		(11)
Allowance for loan losses subtotal2		(11)
Allowance for loan losses, Ending Balance	598	535
Consumer instalment and other personal [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	83	69
Consumer instalment and other personal [member] | Stage 1 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(29)	(33)
Consumer instalment and other personal [member] | Stage 1 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(5)	(4)
Consumer instalment and other personal [member] | Stage 1 [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	25	24
Consumer instalment and other personal [member] | Stage 1 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	573	511
Consumer instalment and other personal [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	392	355
Transfer to Stage	(91)	(68)
Net remeasurement due to transfers	40	39
Net draws (repayments)	(7)	(6)
Derecognition of financial assets (excluding disposals and write-offs)	(26)	(27)
Changes to risk, parameters, and models	106	96
Allowance for loan losses subtotal1	22	34
Disposals	0	0
Foreign exchange and other adjustments	(1)	(8)
Allowance for loan losses subtotal2	(1)	(8)
Allowance for loan losses, Ending Balance	413	381
Consumer instalment and other personal [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(78)	(65)
Consumer instalment and other personal [member] | Stage 2 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	39	42
Consumer instalment and other personal [member] | Stage 2 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(52)	(45)
Consumer instalment and other personal [member] | Stage 2 [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	43	43
Consumer instalment and other personal [member] | Stage 2 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	370	338
Consumer instalment and other personal [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	178	166
Transfer to Stage	42	36
Net remeasurement due to transfers	3	3
Net draws (repayments)	(3)
Derecognition of financial assets (excluding disposals and write-offs)	(15)	(9)
Changes to risk, parameters, and models	222	184
Allowance for loan losses subtotal1	249	214
Disposals	0	0
Foreign exchange and other adjustments		(5)
Write-offs	(306)	(265)
Recoveries	60	69
Allowance for loan losses subtotal2	(246)	(201)
Allowance for loan losses, Ending Balance	181	179
Consumer instalment and other personal [member] | Stage 3 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(5)	(4)
Consumer instalment and other personal [member] | Stage 3 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(10)	(9)
Consumer instalment and other personal [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	57	49
Consumer instalment and other personal [member] | Stage 3 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	181	179
Consumer instalment and other personal [member] | Purchased or Originated Credit Impaired [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	2	5
Net draws (repayments)		(2)
Changes to risk, parameters, and models		2
Disposals	0	0
Allowance for loan losses, Ending Balance	2	5
Consumer instalment and other personal [member] | Purchased or Originated Credit Impaired [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	$ 2	$ 5

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Allowances for Loan Losses - Credit Card (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	$ 3,549
Allowance for loan losses, Ending Balance	3,729
Credit card [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	819	$ 763
Transfer to Stage	135	54
Net remeasurement due to transfers	(56)	(45)
New originations or purchases	30	67
Net draws (repayments)	39	71
Derecognition of financial assets (excluding disposals and write-offs)	(20)	(26)
Changes to risk, parameters, and models	(80)	(121)
Allowance for loan losses subtotal1	48
Disposals		(4)
Foreign exchange and other adjustments	(2)	(22)
Allowance for loan losses subtotal2	(2)	(26)
Allowance for loan losses, Ending Balance	865	737
Credit card [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	199	124
Credit card [member] | Stage 1 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(56)	(54)
Credit card [member] | Stage 1 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(8)	(16)
Credit card [member] | Stage 1 [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	469	371
Credit card [member] | Stage 1 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	396	366
Credit card [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	580	521
Transfer to Stage	(237)	(151)
Net remeasurement due to transfers	79	59
Net draws (repayments)	2	8
Derecognition of financial assets (excluding disposals and write-offs)	(21)	(30)
Changes to risk, parameters, and models	233	193
Allowance for loan losses subtotal1	56	79
Disposals		(3)
Foreign exchange and other adjustments	(1)	(12)
Allowance for loan losses subtotal2	(1)	(15)
Allowance for loan losses, Ending Balance	635	585
Credit card [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(141)	(114)
Credit card [member] | Stage 2 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	71	72
Credit card [member] | Stage 2 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(167)	(109)
Credit card [member] | Stage 2 [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	323	263
Credit card [member] | Stage 2 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	312	322
Credit card [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	341	321
Transfer to Stage	102	97
Net remeasurement due to transfers	14	30
Net draws (repayments)	(35)	(34)
Derecognition of financial assets (excluding disposals and write-offs)	(64)	(19)
Changes to risk, parameters, and models	377	271
Allowance for loan losses subtotal1	394	345
Disposals		(1)
Foreign exchange and other adjustments	1	(13)
Write-offs	(418)	(372)
Recoveries	71	61
Allowance for loan losses subtotal2	(346)	(325)
Allowance for loan losses, Ending Balance	389	341
Credit card [member] | Stage 3 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(58)	(10)
Credit card [member] | Stage 3 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(15)	(18)
Credit card [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	175	125
Credit card [member] | Stage 3 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	389	341
Credit card [member] | Purchased or Originated Credit Impaired [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	1,740	1,605
Net remeasurement due to transfers	37	44
New originations or purchases	30	67
Net draws (repayments)	6	45
Derecognition of financial assets (excluding disposals and write-offs)	(105)	(75)
Changes to risk, parameters, and models	530	343
Allowance for loan losses subtotal1	498	424
Disposals		(8)
Foreign exchange and other adjustments	(2)	(47)
Write-offs	(418)	(372)
Recoveries	71	61
Allowance for loan losses subtotal2	(349)	(366)
Allowance for loan losses, Ending Balance	1,889	1,663
Credit card [member] | Purchased or Originated Credit Impaired [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	792	634
Credit card [member] | Purchased or Originated Credit Impaired [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	$ 1,097	$ 1,029

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Allowances for Loan Losses - Business and Government (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	$ 3,549
Allowance for loan losses, Ending Balance	3,729
Businesses and government [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	1,557	$ 1,525
Net remeasurement due to transfers	8	10
New originations or purchases	109	86
Net draws (repayments)	(9)	(22)
Derecognition of financial assets (excluding disposals and write-offs)	(216)	(188)
Changes to risk, parameters, and models	186	120
Allowance for loan losses subtotal	78	6
Disposals		(5)
Foreign exchange and other adjustments	(3)	(53)
Write-offs	(35)	(33)
Recoveries	11	18
Allowance for loan losses subtotal2	(27)	(73)
Allowance for loan losses, Ending Balance	1,608	1,458
Businesses and government [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	209	146
Businesses and government [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	1,399	1,312
Businesses and government [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	736	706
Transfer to Stage	13	10
Net remeasurement due to transfers	(13)	(7)
New originations or purchases	109	86
Net draws (repayments)	7	(1)
Derecognition of financial assets (excluding disposals and write-offs)	(94)	(92)
Changes to risk, parameters, and models	(33)	(12)
Allowance for loan losses subtotal	(11)	(16)
Foreign exchange and other adjustments		(27)
Allowance for loan losses subtotal2		(27)
Allowance for loan losses, Ending Balance	725	663
Businesses and government [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	44	28
Businesses and government [member] | Stage 1 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(30)	(16)
Businesses and government [member] | Stage 1 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(1)	(2)
Businesses and government [member] | Stage 1 [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	79	68
Businesses and government [member] | Stage 1 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	646	595
Businesses and government [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	690	627
Transfer to Stage	(29)	(26)
Net remeasurement due to transfers	20	15
Net draws (repayments)	(12)	(10)
Derecognition of financial assets (excluding disposals and write-offs)	(110)	(89)
Changes to risk, parameters, and models	153	131
Allowance for loan losses subtotal	22	21
Foreign exchange and other adjustments	(1)	(20)
Allowance for loan losses subtotal2	(1)	(20)
Allowance for loan losses, Ending Balance	711	628
Businesses and government [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(42)	(27)
Businesses and government [member] | Stage 2 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	32	17
Businesses and government [member] | Stage 2 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(19)	(16)
Businesses and government [member] | Stage 2 [member] | Allowance for off balance sheet positions [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	130	78
Businesses and government [member] | Stage 2 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	581	550
Businesses and government [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	120	174
Transfer to Stage	16	16
Net remeasurement due to transfers	1	2
Net draws (repayments)	(4)	(9)
Derecognition of financial assets (excluding disposals and write-offs)	(12)	(7)
Changes to risk, parameters, and models	70	3
Allowance for loan losses subtotal	71	5
Disposals		(5)
Foreign exchange and other adjustments	(2)	(5)
Write-offs	(35)	(32)
Recoveries	8	16
Allowance for loan losses subtotal2	(29)	(26)
Allowance for loan losses, Ending Balance	162	153
Businesses and government [member] | Stage 3 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(2)	(1)
Businesses and government [member] | Stage 3 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(2)	(1)
Businesses and government [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	20	18
Businesses and government [member] | Stage 3 [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	162	153
Businesses and government [member] | Purchased or Originated Credit Impaired [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Beginning Balance	11	18
Net draws (repayments)		(2)
Changes to risk, parameters, and models	(4)	(2)
Allowance for loan losses subtotal	(4)	(4)
Foreign exchange and other adjustments		(1)
Write-offs		(1)
Recoveries	3	2
Allowance for loan losses subtotal2	3
Allowance for loan losses, Ending Balance	10	14
Businesses and government [member] | Purchased or Originated Credit Impaired [member] | Allowance for loan losses [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for loan losses, Ending Balance	$ 10	$ 14

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Foreclosed assets held for sale	$ 91	$ 81

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Loans Past Due but Not Impaired (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Gross Loans	$ 652,197	$ 649,942
Financial assets past due but not impaired [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	12,975	12,712
Financial assets past due but not impaired [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	1,948	1,930
Financial assets past due but not impaired [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	6,891	7,040
Financial assets past due but not impaired [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	1,907	1,956
Financial assets past due but not impaired [member] | Businesses and government [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	2,229	1,786
1-30 days [member] | Financial assets past due but not impaired [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	10,090	10,176
1-30 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	1,489	1,471
1-30 days [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	5,815	5,988
1-30 days [member] | Financial assets past due but not impaired [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	1,348	1,403
1-30 days [member] | Financial assets past due but not impaired [member] | Businesses and government [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	1,438	1,314
31-60 days [member] | Financial assets past due but not impaired [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	2,211	1,953
31-60 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	332	358
31-60 days [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	812	811
31-60 days [member] | Financial assets past due but not impaired [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	341	340
31-60 days [member] | Financial assets past due but not impaired [member] | Businesses and government [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	726	444
61 - 89 days [member] | Financial assets past due but not impaired [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	674	583
61 - 89 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	127	101
61 - 89 days [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	264	241
61 - 89 days [member] | Financial assets past due but not impaired [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	218	213
61 - 89 days [member] | Financial assets past due but not impaired [member] | Businesses and government [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	$ 65	$ 28

XML

Investment in Associates and Joint Ventures - Additional Information (Detail) - TD Ameritrade [member] $ / shares in Units, shares in Millions, $ in Billions, $ in Billions	3 Months Ended	12 Months Ended
	Jan. 31, 2019 CAD ($) shares	Oct. 31, 2018 CAD ($) shares	Jan. 31, 2019 USD ($) $ / shares	Oct. 31, 2018 USD ($) $ / shares
Disclosure of investments in associates and joint ventures [line items]
Equity investment percentage	41.75%	41.61%
Fair value of outstanding shares	$ 17	$ 16	$ 13	$ 12
Closing price of shares | $ / shares			$ 55.95	$ 51.72
Stock repurchased | shares	2.6	5.5
Ownership percentage threshold after stock repurchases that requires the bank to use reasonable effort to sell or dispose excess stock	45.00%
Maximum ownership percentage of the bank that is allowed to result after stock repurchases	47.00%

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Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Balance Sheets (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Dec. 31, 2018	Oct. 31, 2018	Sep. 30, 2018	Jan. 31, 2018
ASSETS
Other assets, net	$ 16,748		$ 15,596
Total assets	1,322,506		1,334,903		$ 1,261,316
LIABILITIES
Other liabilities	19,891		19,174
Total liabilities	1,240,836		1,254,863
Stockholders' equity	81,670		80,040		$ 73,174
Total liabilities and stockholders' equity	$ 1,322,506		$ 1,334,903
TD Ameritrade [member]
ASSETS
Receivables from brokers, dealers, and clearing organizations		$ 1,837		$ 1,809
Receivables from clients, net		25,542		29,773
Other assets, net		21,488		17,811
Total assets		48,867		49,393
LIABILITIES
Payable to brokers, dealers, and clearing organizations		3,019		3,923
Payable to clients		29,037		30,126
Other liabilities		5,830		4,809
Total liabilities		37,886		38,858
Stockholders' equity		10,981		10,535
Total liabilities and stockholders' equity		$ 48,867		$ 49,393

XML

Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Statements of Income (Detail) - CAD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Jan. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Revenues
Net interest revenue	[1]	$ 10,544		$ 8,308
Fee-based and other revenue		68		54
Total revenue		9,998		9,375
Operating expenses
Employee compensation and benefits		2,852		2,560
Provision for income taxes		503		1,040
Net income	[2]	$ 2,410		$ 2,353
Earnings per share - basic (Canadian dollars)		$ 1.27		$ 1.24
Earnings per share - diluted (Canadian dollars)		$ 1.27		$ 1.24
TD Ameritrade [member]
Revenues
Net interest revenue			$ 497		$ 351
Fee-based and other revenue			1,506		1,247
Total revenue			2,003		1,598
Operating expenses
Employee compensation and benefits			419		528
Other			532		643
Total operating expenses			951		1,171
Other expense (income)			24		42
Pre-tax income			1,028		385
Provision for income taxes			230		8
Net income			$ 798		$ 377
Earnings per share - basic (Canadian dollars)			$ 1.42		$ 0.66
Earnings per share - diluted (Canadian dollars)			$ 1.41		$ 0.66

[1] Includes $8,685 million and $7,101 million, for the three months ended January 31, 2019 and January 31, 2018, respectively, which have been calculated based on the effective interest rate method (EIRM). Refer to Note 20.

[2] The amounts are net of income tax provisions (recoveries) presented in the following table.

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Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Statements of Income (Parenthetical) (Detail) $ in Millions, $ in Millions	3 Months Ended
	Jan. 31, 2019 CAD ($)	Jan. 31, 2019 USD ($)	Jan. 31, 2018 CAD ($)	Jan. 31, 2018 USD ($)
TD Ameritrade [member] | U.S. Tax Act [member]
Disclosure of general information about financial statements [line items]
Deferred income tax benefit	$ 0	$ 0	$ 41	$ 32

XML

Significant Acquisitions and Disposals - Agreement for Air Canada Credit Card Loyalty Program - Additional Information (Detail) - Agreement for Air Canada Credit Card Loyalty Program [member] $ in Millions	Jan. 10, 2019 CAD ($)
Disclosure of agreement for credit card loyalty program [line items]
Cash transferred, pending completion of transaction	$ 622
Expense recognized, pending completion of transaction	547
Expense recognized, pending completion of transaction	446
Intangible assets amortized, pending completion of transaction	75
Prepayment plus applicable sales tax future purchase of loyalty points over tens year period, pending completion of transaction	$ 308

XML

Significant Acquisitions and Disposals - Additional Information (Detail) - CAD ($) shares in Millions, $ in Millions	Jan. 31, 2019	Nov. 01, 2018	Oct. 31, 2018	Oct. 31, 2017
Disclosure of detailed information about business combination [line items]
Goodwill	$ 16,941		$ 16,536	$ 16,156
Greystone Capital Management Inc. [member]
Disclosure of detailed information about business combination [line items]
Acquisition of outstanding equity percentage		100.00%
Acquisition, net purchase consideration		$ 817
Purchase consideration paid in cash		475
Deferred purchase consideration in common shares held in escrow		167
Purchase consideration paid in cash		169
Liabilities acquired		55
Purchase consideration allocated to customer relationship		140
Goodwill		433
Deferred tax liability		37
Greystone Capital Management Inc. [member] | Common shares [member]
Disclosure of detailed information about business combination [line items]
Purchase consideration paid in shares, value	$ 342	$ 342
Common shares issued	4.7	4.7

XML

Goodwill - Summary of Goodwill by Segment (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance	$ 16,536	$ 16,156
Additions	433	82
Foreign currency translation adjustments and other	(28)	298
Ending balance	16,941	16,536
Canadian Retail [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance	2,403	2,303
Additions	433	82
Foreign currency translation adjustments and other	(2)	18
Ending balance	2,834	2,403
U.S. Retail [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance	13,973	13,693
Foreign currency translation adjustments and other	(26)	280
Ending balance	13,947	13,973
Wholesale Banking [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance	160	160
Ending balance	$ 160	$ 160

XML

Goodwill - Summary of Goodwill by Segment (Parenthetical) (Detail) - CAD ($)	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018
Disclosure of reconciliation of changes in goodwill [abstract]
Accumulated impairment	$ 0		$ 0
Impairment losses	$ 0	$ 0

XML

Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of other assets [abstract]
Accounts receivable and other items	$ 9,130	$ 8,938
Accrued interest	2,398	2,343
Current income tax receivable	2,325	1,614
Defined benefit asset	9	113
Insurance-related assets, excluding investments	1,601	1,638
Prepaid expenses	1,285	950
Total	$ 16,748	$ 15,596

XML

Deposits - Additional Information (Detail) - CAD ($)	Jan. 31, 2019	Oct. 31, 2018
Disclosure Of Deposits [line items]
Aggregate amount of term deposits in denominations of $100,000 or more	$ 283,000,000,000	$ 293,000,000,000
Deposits designated at fair value through profit or loss [member]
Disclosure Of Deposits [line items]
Notional amounts	$ 86,000,000

XML

Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of deposits from customers [line items]
Demand	$ 97,431
Notice	543,533
Term	317,810
Total	958,774	$ 966,143
Personal [member]
Disclosure of deposits from customers [line items]
Demand	13,627
Notice	414,413
Term	55,092
Total	483,132	477,644
Bank Deposits [member]
Disclosure of deposits from customers [line items]
Demand	8,448
Notice	52
Term	8,266
Total	16,766	16,712
Business and government [member]
Disclosure of deposits from customers [line items]
Demand	75,356
Notice	129,068
Term	145,016
Total	349,440	357,083
Trading deposits [member]
Disclosure of deposits from customers [line items]
Term	82,559
Total	82,559	114,704
Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Term	26,877
Total	26,877
Canada [member]
Disclosure of deposits from customers [line items]
Total	538,570
Canada [member] | Personal [member]
Disclosure of deposits from customers [line items]
Total	223,077
Canada [member] | Bank Deposits [member]
Disclosure of deposits from customers [line items]
Total	10,837
Canada [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Total	254,431
Canada [member] | Trading deposits [member]
Disclosure of deposits from customers [line items]
Total	38,170
Canada [member] | Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Total	12,055
United States [member]
Disclosure of deposits from customers [line items]
Total	390,738
United States [member] | Personal [member]
Disclosure of deposits from customers [line items]
Total	260,021
United States [member] | Bank Deposits [member]
Disclosure of deposits from customers [line items]
Total	66
United States [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Total	90,278
United States [member] | Trading deposits [member]
Disclosure of deposits from customers [line items]
Total	28,270
United States [member] | Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Total	12,103
International [member]
Disclosure of deposits from customers [line items]
Total	29,466
International [member] | Personal [member]
Disclosure of deposits from customers [line items]
Total	34
International [member] | Bank Deposits [member]
Disclosure of deposits from customers [line items]
Total	5,863
International [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Total	4,731
International [member] | Trading deposits [member]
Disclosure of deposits from customers [line items]
Total	16,119
International [member] | Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Total	2,719
Domestic Offices [member] | Non interest bearing deposits [member]
Disclosure of deposits from customers [line items]
Total	41,914	42,402
Domestic Offices [member] | Interest bearing deposits 1 [member]
Disclosure of deposits from customers [line items]
Total	496,656	505,295
Foreign Offices [member] | Non interest bearing deposits [member]
Disclosure of deposits from customers [line items]
Total	51,852	54,488
Foreign Offices [member] | Interest bearing deposits 1 [member]
Disclosure of deposits from customers [line items]
Total	367,809	362,890
US federal funds deposited [member] | Interest bearing deposits 1 [member]
Disclosure of deposits from customers [line items]
Total	$ 543	$ 1,068

XML

Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of deposits from customers [line items]
Deposits subject to bank recapitalization Bail-in	$ 635	$ 53
Deposits	349,440	357,083
Financial liabilities designated at fair value through profit or loss	26,885	16
Total deposits	958,774	966,143
Business and government [member]
Disclosure of deposits from customers [line items]
Total deposits	349,440	357,083
Loan commitments and financial guarantees [member]
Disclosure of deposits from customers [line items]
Financial liabilities designated at fair value through profit or loss	8	16
U.S. Dollar [member]
Disclosure of deposits from customers [line items]
Total deposits	540,000	548,000
Other Currency [member]
Disclosure of deposits from customers [line items]
Total deposits	55,000	55,000
Covered Bondholders [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Deposits	37,000	36,000
TD Capital Trust IV [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Deposits	$ 2,000	$ 2,000

XML

Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Disclosure of financial liabilities [abstract]
Accounts payable, accrued expenses, and other items	$ 4,717	$ 4,958
Accrued interest	1,262	1,283
Accrued salaries and employee benefits	2,163	3,344
Cheques and other items in transit	1,580	454
Current income tax payable	37	84
Deferred tax liabilities	187	175
Defined benefit liability	2,062	1,747
Liabilities related to structured entities	6,368	5,627
Provisions	1,515	1,502
Total	$ 19,891	$ 19,174

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Equity - Summary of Classes of Share Capital - Common Shares (Detail) - CAD ($) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018
Disclosure of classes of share capital [line items]
Balance at beginning of period	$ 80,040
Balance at end of period	$ 81,670	$ 73,174	$ 80,040
Issued capital [member] | Common shares [member]
Disclosure of classes of share capital [line items]
Beginning balance, Number of shares	1,830.4	1,842.5	1,842.5
Proceeds from shares issued on exercise of stock options, Number of shares	0.5		2.9
Shares issued as a result of dividend reinvestment plan, Number of shares	1.4		5.0
Shares issued in connection with acquisitions	5.0
Purchase of shares for cancellation, Number of shares	(4.5)		(20.0)
Ending balance, Number of shares	1,832.8		1,830.4
Balance at beginning of period	$ 21,221	$ 20,931	$ 20,931
Proceeds from shares issued on exercise of stock options, Amount	28	72	152
Shares issued as a result of dividend reinvestment plan	99		366
Shares issued in connection with acquisitions	366
Purchase of shares for cancellation, Amount	(53)		(228)
Balance at end of period	$ 21,661	$ 21,094	$ 21,221

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Equity - Summary of Classes of Share Capital - Preferred Shares (Detail) - CAD ($) shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
Disclosure of classes of share capital [line items]
Balance at beginning of period	$ 80,040
Balance at end of period	$ 81,670	$ 80,040
Preferred shares [member] | Issued capital [member]
Disclosure of classes of share capital [line items]
Beginning balance, Number of shares	200.0	190.0
Shares issued, Number of shares	14.0	30.0
Shares redeemed, Number of shares		(20.0)
Ending balance, Number of shares	214.0	200.0
Balance at beginning of period	$ 5,000	$ 4,750
Shares issued, Amount	350	750
Shares redeemed, Amount		(500)
Balance at end of period	$ 5,350	$ 5,000

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Equity - Summary of Classes of Share Capital - Treasury Shares (Detail) - CAD ($) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2018
Disclosure of classes of share capital [line items]
Balance at beginning of period	$ 80,040
Balance at end of period	$ 81,670	$ 73,174	$ 80,040
Treasury shares [member] | Common shares [member]
Disclosure of classes of share capital [line items]
Beginning balance, Number of shares	2.1	2.9	2.9
Purchase of shares, Number of shares	33.0		110.6
Sale of shares, Number of shares	(33.1)		(111.4)
Ending balance, Number of shares	2.0		2.1
Balance at beginning of period	$ (144)	$ (176)	$ (176)
Purchase of shares, Amount	(2,343)	(1,899)	(8,295)
Sale of shares, Amount	2,348	1,983	8,327
Balance at end of period	$ (139)	$ (92)	$ (144)
Treasury shares [member] | Preferred shares [member]
Disclosure of classes of share capital [line items]
Beginning balance, Number of shares	0.3	0.3	0.3
Purchase of shares, Number of shares	1.5		5.2
Sale of shares, Number of shares	(1.7)		(5.2)
Ending balance, Number of shares	0.1		0.3
Balance at beginning of period	$ (7)	$ (7)	$ (7)
Purchase of shares, Amount	(33)	(31)	(129)
Sale of shares, Amount	37	29	129
Balance at end of period	$ (3)	$ (9)	$ (7)

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Equity - Summary of Classes of Share Capital - Common Shares (Parenthetical) (Detail) - Greystone Capital Management Inc. [member] - Common shares [member] - CAD ($) shares in Millions, $ in Millions	Jan. 31, 2019	Nov. 01, 2018
Disclosure of classes of share capital [line items]
Common shares issued	4.7	4.7
Purchase consideration paid in shares, value	$ 342	$ 342
Stock based compensation [member]
Disclosure of classes of share capital [line items]
Common shares issued	0.3
Share-based compensation replacement number of shares value	$ 24

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Equity - Summary of Classes of Share Capital - Preferred Shares (Parenthetical) (Detail) - Preferred shares [member] - Non-viability Contingent Capital Series 22 [member]	3 Months Ended
	Jan. 31, 2019 $ / shares
Disclosure of classes of share capital [line items]
Share price per share	$ 25
Annual yield	5.20%
Reset spread	3.27%
Next redemption/conversion date	Apr. 30, 2024
Description of redeemable/convertible shares	Holders of these shares will have the right to convert their shares into non-cumulative NVCC Floating Rate Preferred Shares, Series 23, subject to certain conditions, on April 30, 2024, and on April 30 every five years thereafter. Holders of the Series 23 Shares will be entitled to receive quarterly floating rate dividends, if declared, at a rate equal to the three-month Government of Canada Treasury Bill yield plus 3.27%. The Series 22 Shares are redeemable by the Bank, subject to regulatory consent, at $25 per share on April 30, 2024, and on April 30 every five years thereafter.
Redemption price per share	$ 25

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Equity - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 10, 2018	Apr. 19, 2018	Dec. 31, 2018	Jan. 31, 2019	Oct. 31, 2018
Normal Course Issuer Bid [member] | Share repurchase program April 2018 to April 2019 [member]
Disclosure of classes of share capital [line items]
Common shares repurchase programs				4,500,000	20,000,000
Maximum number of shares approved for repurchase	20,000,000	20,000,000
Repurchased average price per share				$ 69.63	$ 75.07
Repurchases amount				$ 313	$ 1,500
TD Capital Trust III Securities - Series 2008 [member]
Disclosure of classes of share capital [line items]
Redemption of non-controlling interests in subsidiaries			$ 1,000

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Share-Based Compensation - Additional Information (Detail) - Stock Option Awards [member] pure in Millions	3 Months Ended
	Jan. 31, 2019 CAD ($)	Jan. 31, 2018 CAD ($)
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Compensation expense	$ 3,300,000	$ 3,100,000
Granted	2.2	1.9
Weighted average fair value of options granted	$ 5.64	$ 6.28

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Share-based Compensation - Schedule of Assumptions Used for Estimating the Fair Value of Options (Detail) - Options [member]	3 Months Ended
	Jan. 31, 2019 CAD ($) yr	Jan. 31, 2018 CAD ($) yr
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate	2.03%	1.71%
Expected option life, years | yr	6.3	6.3
Expected volatility	12.64%	13.91%
Expected dividend yield	3.48%	3.50%
Exercise price/share price | $	$ 69.39	$ 72.64

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Employee Benefits - Summary of Employee Benefit Plans' Expenses (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Service cost - benefits earned	$ 81	$ 102
Net interest cost on net defined benefit liability	(3)	2
Defined benefit administrative expenses	3	2
Total expense	81	106
Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Service cost - benefits earned	4	4
Net interest cost on net defined benefit liability	5	4
Total expense	9	8
Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Service cost - benefits earned	2	3
Net interest cost on net defined benefit liability	8	7
Past service cost (credit)		(3)
Defined benefit administrative expenses	2	1
Total expense	$ 12	$ 8

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Employee Benefits - Summary of Bank Contribution to Principal Pension and Non Pension Post Retirement Benefit Plans and Significant Other Pension and Retirement Plans (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 96	$ 131
Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	83	119
Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	4	3
Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 9	$ 9

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Employee Benefits - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2019
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 96	$ 131
Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	83	119
Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	4	3
Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 9	$ 9
Expected additional contribution for remainder of year [member] | Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan			$ 281
Expected additional contribution for remainder of year [member] | Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Contributions to plan			13
Expected additional contribution for remainder of year [member] | Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan			$ 33

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Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended
	Jan. 31, 2019 CAD ($)
Canada Revenue Agency Reassessment [member] | Two thousand eleven to two thousand thirteen taxation years [member]
Disclosure of Income Tax [Line items]
Additional Income Tax and Interest reassessed by CRA	$ 553

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Earnings Per Share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Basic earnings per share
Net income attributable to common shareholders	$ 2,332	$ 2,283
Weighted-average number of common shares outstanding (millions)	1,833.1	1,841.7
Basic earnings per share (Canadian dollars)	$ 1.27	$ 1.24
Diluted earnings per share
Net income attributable to common shareholders	$ 2,332	$ 2,283
Net income available to common shareholders including impact of dilutive securities	$ 2,332	$ 2,283
Weighted-average number of common shares outstanding (millions)	1,833.1	1,841.7
Stock options potentially exercisable (millions)1	3.1	4.5
Weighted-average number of common shares outstanding - diluted (millions)	1,836.2	1,846.2
Diluted earnings per share (Canadian dollars)1	$ 1.27	$ 1.24

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Earnings Per Share - Summary of Earnings Per Share (Parenthetical) (Detail) - CAD ($) shares in Millions	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Earnings per share [abstract]
Average outstanding options excluded from calculation of diluted earnings per share	1.8	0.0
Weighted-average exercise price of average outstanding options excluded from the calculation of diluted earnings per share	$ 72.64

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Contingent Liabilities - Additional Information (Detail) - Litigation [member] - CAD ($)	Jan. 31, 2019	Oct. 31, 2018
Bottom of range [member]
Disclosure of contingent liabilities [line items]
Bank's reasonable possible losses	$ 0	$ 0
Top of range [member]
Disclosure of contingent liabilities [line items]
Bank's reasonable possible losses	$ 793,000,000	$ 763,000,000

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Segmented Information - Summary of Results by Business Segment (Detail) - CAD ($) $ in Millions		3 Months Ended
		Jan. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Oct. 31, 2018	Sep. 30, 2018
Disclosure of operating segments [line items]
Net interest income (loss)		$ 5,860		$ 5,430
Non-interest income (loss)		4,138		3,945
Total revenue		9,998		9,375
Provision for (recovery of) credit losses		850		693
Insurance claims and related expenses		702		575
Total non-interest expenses		5,855		4,861
Income before income taxes and equity in net income of an investment in TD Ameritrade		2,591		3,246
Provision for (recovery of) income taxes		503		1,040
Net income (loss)	[1]	2,410		2,353
Total assets		1,322,506		1,261,316		$ 1,334,903
TD Ameritrade [member]
Disclosure of operating segments [line items]
Total revenue			$ 2,003		$ 1,598
Provision for (recovery of) income taxes			230		8
Equity in net income of an investment in TD Ameritrade		322		147
Net income (loss)			798		$ 377
Total assets			$ 48,867				$ 49,393
Canadian Retail [member]
Disclosure of operating segments [line items]
Net interest income (loss)		3,044		2,825
Non-interest income (loss)		2,944		2,725
Total revenue		5,988		5,550
Provision for (recovery of) credit losses		310		270
Insurance claims and related expenses		702		575
Total non-interest expenses		3,084		2,311
Income before income taxes and equity in net income of an investment in TD Ameritrade		1,892		2,394
Provision for (recovery of) income taxes		513		637
Net income (loss)		1,379		1,757
Total assets		434,994		409,161
U.S. Retail [member]
Disclosure of operating segments [line items]
Net interest income (loss)		2,247		1,940
Non-interest income (loss)		701		703
Total revenue		2,948		2,643
Provision for (recovery of) credit losses		306		247
Total non-interest expenses		1,611		1,447
Income before income taxes and equity in net income of an investment in TD Ameritrade		1,031		949
Provision for (recovery of) income taxes		102		103
Net income (loss)		1,240		952
Total assets		415,611		382,532
U.S. Retail [member] | TD Ameritrade [member]
Disclosure of operating segments [line items]
Equity in net income of an investment in TD Ameritrade		311		106
Wholesale Banking [member]
Disclosure of operating segments [line items]
Net interest income (loss)		173		329
Non-interest income (loss)		409		561
Total revenue		582		890
Provision for (recovery of) credit losses		7		(7)
Total non-interest expenses		602		526
Income before income taxes and equity in net income of an investment in TD Ameritrade		(27)		371
Provision for (recovery of) income taxes		(10)		93
Net income (loss)		(17)		278
Total assets		407,624		410,583
Corporate [member]
Disclosure of operating segments [line items]
Net interest income (loss)		396		336
Non-interest income (loss)		84		(44)
Total revenue		480		292
Provision for (recovery of) credit losses		227		183
Total non-interest expenses		558		577
Income before income taxes and equity in net income of an investment in TD Ameritrade		(305)		(468)
Provision for (recovery of) income taxes		(102)		207
Net income (loss)		(192)		(634)
Total assets		64,277		59,040
Corporate [member] | TD Ameritrade [member]
Disclosure of operating segments [line items]
Equity in net income of an investment in TD Ameritrade		$ 11		$ 41

[1] The amounts are net of income tax provisions (recoveries) presented in the following table.

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Interest Income and Expense - Summary of Interest Income and Expense by Basis of Accounting Classification (Detail) - CAD ($) $ in Millions		3 Months Ended
		Jan. 31, 2019	Jan. 31, 2018
Disclosure of Interest Income Expense [line items]
Interest income	[1]	$ 10,544	$ 8,308
Interest expense		4,684	2,878
Financial assets amortized cost [member]
Disclosure of Interest Income Expense [line items]
Interest income		7,380	6,059
Interest expense		2,928	1,950
Financial assets at fair value through other comprehensive income [member]
Disclosure of Interest Income Expense [line items]
Interest income		1,305	1,042
Financial instruments measure at amortized cost and FVOCI [member]
Disclosure of Interest Income Expense [line items]
Interest income		8,685	7,101
Interest expense		2,928	1,950
Financial instruments measured or designated at fair value through profit or loss [member] | Equities designated at fair value through other comprehensive income [member]
Disclosure of Interest Income Expense [line items]
Interest income		1,859	1,207
Interest expense		$ 1,756	$ 928

[1] Includes $8,685 million and $7,101 million, for the three months ended January 31, 2019 and January 31, 2018, respectively, which have been calculated based on the effective interest rate method (EIRM). Refer to Note 20.

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Regulatory Capital - Additional Information (Detail) - Basel III [member]	Jan. 31, 2019	Jun. 25, 2018	Jan. 31, 2018	Jan. 01, 2016
Disclosure of regulatory capital [line items]
Common equity capital surcharge	1.00%		1.00%	1.00%
Target common equity tier 1 capital ratio	8.00%		8.00%	8.00%
Target tier 1 capital ratio	9.50%		9.50%	9.50%
Target total capital ratio	11.50%		11.50%	11.50%
Domestic Stability Buffer	1.50%	1.50%
Target Common Equity tier 1 Capital Ratio including Domestic Stability Buffer	9.50%	9.50%

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Regulatory Capital - Summary of Regulatory Capital Position (Detail) - CAD ($) $ in Millions	Jan. 31, 2019	Oct. 31, 2018
Capital
Common Equity Tier 1 Capital	$ 52,668	$ 52,389
Tier 1 Capital	59,396	59,735
Total Capital	69,968	70,434
Risk-weighted assets used in the calculation of capital ratios
Common Equity Tier 1 Capital	439,324	435,632
Tier 1 Capital	439,324	435,780
Total Capital	$ 439,324	$ 435,927
Capital and leverage ratios
Common Equity Tier 1 Capital ratio	12.00%	12.00%
Tier 1 Capital ratio	13.50%	13.70%
Total Capital ratio	15.90%	16.20%
Leverage ratio	4.10%	4.20%

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Regulatory Capital - Summary of Regulatory Capital Position (Parenthetical) (Detail) - Credit valuation adjustment (CVA) capital charge [Member]	Jan. 31, 2019	Oct. 31, 2018
Disclosure of regulatory capital and capital ratios [line items]
Scalars for inclusion in the common equity tier 1 risk-weighted assets	100.00%	80.00%
Scalars for inclusion in the tier 1 risk-weighted assets	100.00%	83.00%
Scalars for inclusion in the total Capital risk-weighted assets	100.00%	86.00%