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 May, 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	2nd Quarter 2019 Report to Shareholders
99.2	Earnings Coverage
99.3	Return on Assets, Dividend Payouts, and Equity to Assets Ratios
99.4	Q2 2019 Earnings News Release
99.5	Q2 2019 Dividend News Release
99.6	CEO and CFO Certificates
101	Interactive Data File

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: May 23, 2019	By:	/s/ Caroline Cook
	Name:	Caroline Cook
	Title:	Associate Vice President, Legal

EX-99.1

Exhibit 99.1

    TD Bank Group Reports Second Quarter 2019 Results Report to Shareholders • Three and Six months ended April 30, 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.

SECOND QUARTER FINANCIAL HIGHLIGHTS, compared with the second quarter last year:

• Reported diluted earnings per share were $1.70, compared with $1.54.

• Adjusted diluted earnings per share were $1.75, compared with $1.62.

• Reported net income was $3,172 million, compared with $2,916 million.

• Adjusted net income was $3,266 million, compared with $3,062 million.

YEAR-TO-DATE FINANCIAL HIGHLIGHTS, six months ended April 30, 2019, compared with the corresponding period last year:

• Reported diluted earnings per share were $2.97, compared with $2.78.

• Adjusted diluted earnings per share were $3.32, compared with $3.18.

• Reported net income was $5,582 million, compared with $5,269 million.

• Adjusted net income was $6,219 million, compared with $6,008 million.

SECOND QUARTER ADJUSTMENTS (ITEMS OF NOTE)

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

• Amortization of intangibles of $78 million ($66 million after-tax or 3 cents per share), compared with $86 million ($73 million after-tax or 4 cents per share) in the second quarter last year.

• Charges associated with the acquisition of Greystone of $30 million ($28 million after-tax or 2 cents per share).

TORONTO, May 23, 2019 – TD Bank Group ("TD" or the "Bank") today announced its financial results for the second quarter ended April 30, 2019. Second quarter reported earnings were $3.2 billion, up 9%, and adjusted earnings were $3.3 billion, up 7%, compared with the same quarter last year.

"TD achieved record earnings this quarter, reflecting continued year-over-year revenue growth in our retail businesses in Canada and the U.S., and stronger quarter-over-quarter results in our wholesale business," said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. "We made strong progress in the quarter, adding new capabilities, strengthening our business, and advancing our strategic priorities as we continue to build the bank of the future."

Canadian Retail

Canadian Retail reported net income of $1,849 million and adjusted net income of $1,877 million, an increase of 1% and 2%, respectively, compared with the same quarter last year. Revenue grew by 8% reflecting increased volumes, higher margins, and more assets under management in its wealth businesses. Canadian Retail is already showing results from its "Future Ready" strategy and received the "Highest in Customer Satisfaction among the Big Five Retail Banks", according to the J.D. Power 2019 Canada Retail Banking Satisfaction Study¹.

U.S. Retail

U.S. Retail reported and adjusted net income was $1,263 million (US$948 million), an increase of 29% (23% in U.S. dollars) on a reported basis and 20% (15% in U.S. dollars) on an adjusted basis, compared with the same quarter last year. TD Ameritrade contributed $258 million (US$195 million) in reported and adjusted earnings to the segment, an increase of 93% (82% in U.S. dollars) and 32% (27% in U.S. dollars), respectively, in the same quarter last year.

The U.S. Retail Bank, which excludes the Bank's investment in TD Ameritrade, reported net income of $1,005 million (US$753 million), up 19% (14% in U.S. dollars) on a reported basis and up 17% (12% in U.S. dollars) on an adjusted basis, from the same period last year. Earnings growth reflects higher deposit margins and increased loan and deposit volumes. U.S. Retail continued to invest in its digital platform and deliver industry-leading customer experiences, receiving the "Highest in Customer Satisfaction with Retail Banking in Southeast", according to the J.D. Power 2019 U.S. Retail Banking Satisfaction Study².

Wholesale

Wholesale Banking saw a strong improvement over the first quarter of 2019, with net income of $221 million this quarter, reflecting higher trading-related revenue, advisory and underwriting fees from improved market conditions and increased client activity compared to the prior quarter. Compared to the second quarter last year, net income was $46 million lower, reflecting higher non-interest expenses, partially offset by lower provision for credit losses. The Wholesale Bank continues to invest in the global expansion of its U.S. dollar strategy.

Capital

TD's Common Equity Tier 1 Capital ratio on a Basel III fully phased-in basis was 12.0%.

¹  TD Canada Trust received the highest score among the big five banks in the J.D. Power 2019 Canada Retail Banking Satisfaction Study of customers' satisfaction with their primary bank. Visit jdpower.com/awards.

²  TD Bank, America's Most Convenient Bank^®, received the highest score in the Southeast region of the J.D. Power 2019 U.S. Retail Banking Satisfaction Study of customers' satisfaction with their own retail bank. Visit jdpower.com.

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

Innovation

"We continue to enhance our omni capabilities and deliver new experiences to meet the evolving needs of our customers," added Masrani. "In recent months, we successfully converted our U.S. small business customers to our new digital platform, and participated in the launch of Verified.Me, which offers new options and added convenience to millions of Canadians."

Conclusion

"I want to thank our more than 85,000 colleagues across the globe for their significant contributions to the Bank's performance this quarter. I also want to congratulate them for our recent J.D. Power wins, which are testaments to their hard work and dedication to our customers," concluded Masrani.

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

TD BANK GROUP • SECOND 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 second 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 second 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 Second Quarter 2019	SFI Second Quarter 2019	SRD Second 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.	27, 40			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.	31			60,75-76, 84,101
Capital Adequacy and Risk Weighted Assets	9	Pillar 1 capital requirements and the impact for global systemically important banks.	26-27, 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.	31		10	77-79,81, 83-84
	15	Tabulate credit risk in the banking book for Basel asset classes and major portfolios.			21-28, 31-33
	16	Flow statement reconciling the movements of RWA by risk type.	27-28		11-12
	17	Discussion of Basel III back-testing requirements.			42	80, 84, 89
Liquidity	18	The bank's management of liquidity needs and liquidity reserves.	33-35, 37-38			91-93
Funding	19	Encumbered and unencumbered assets in a table by balance sheet category.	36			94,204
	20	Tabulate consolidated total assets, liabilities and off-balance sheet commitments by remaining contractual maturity at the balance sheet date.	40-42			98-100
	21	Discussion of the bank's funding sources and the bank's funding strategy.	36-37, 39-40			97-98
Market Risk	22	Linkage of market risk measures for trading and non-trading portfolio and balance sheet.	30			82
	23	Breakdown of significant trading and non-trading market risk factors.	30-33			82, 84-87
	24	Significant market risk measurement model limitations and validation procedures.	31			83-87, 89
	25	Primary risk management techniques beyond reported risk measures and parameters.	31			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, 61-66	15-31	1-5, 10-11, 13-42	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.			29-30, 34-38	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.	72-73			70-71, 202-204

TD BANK GROUP • SECOND 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
28	Managing Risk
43	Securitization and Off-Balance Sheet Arrangements

43	Accounting Policies and Estimates
45	Changes in Internal Control over Financial Reporting
	INTERIM CONSOLIDATED FINANCIAL STATEMENTS
46	Interim Consolidated Balance Sheet
47	Interim Consolidated Statement of Income
48	Interim Consolidated Statement of Comprehensive Income
49	Interim Consolidated Statement of Changes in Equity
50	Interim Consolidated Statement of Cash Flows
51	Notes to Interim Consolidated Financial Statements
76	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 and six months ended April 30, 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 May 22, 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 revised 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 and Subsequent Events in 2019" 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 • SECOND 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									As at or for the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Results of operations
Total revenue	$	10,228		$	9,998		$	9,482		$	20,226		$	18,857
Provision for credit losses		633			850			556			1,483			1,249
Insurance claims and related expenses		668			702			558			1,370			1,133
Non-interest expenses – reported		5,248			5,855			4,837			11,103			9,698
Non-interest expenses – adjusted2		5,163			5,161			4,759			10,324			9,552
Net income – reported		3,172			2,410			2,916			5,582			5,269
Net income – adjusted2		3,266			2,953			3,062			6,219			6,008
Financial position (billions of Canadian dollars)
Total loans net of allowance for loan losses	$	663.6		$	648.5		$	622.0		$	663.6		$	622.0
Total assets		1,356.6			1,322.5			1,283.8			1,356.6			1,283.8
Total deposits		875.3			849.3			829.8			875.3			829.8
Total equity		84.9			81.7			76.7			84.9			76.7
Total Common Equity Tier 1 Capital risk-weighted assets3		452.3			439.3			417.8			452.3			417.8
Financial ratios
Return on common equity – reported		16.5	%		12.2	%		16.8	%		14.3	%		14.9	%
Return on common equity – adjusted4		17.0			15.0			17.6			16.0			17.1
Return on tangible common equity4		23.4			17.5			24.4			20.4			21.8
Return on tangible common equity – adjusted4		23.6			21.0			25.0			22.3			24.3
Efficiency ratio – reported		51.3			58.6			51.0			54.9			51.4
Efficiency ratio – adjusted2		50.5			51.6			50.2			51.0			50.4
Provision for credit losses as a % of net average loans and acceptances5		0.39			0.50			0.36			0.45			0.41
Common share information – reported (Canadian dollars)
Per share earnings
Basic	$	1.70		$	1.27		$	1.54		$	2.97		$	2.78
Diluted		1.70			1.27			1.54			2.97			2.78
Dividends per share		0.74			0.67			0.67			1.41			1.27
Book value per share		43.51			41.69			38.26			43.51			38.26
Closing share price6		76.42			74.00			72.11			76.42			72.11
Shares outstanding (millions)
Average basic		1,826.6			1,833.1			1,843.6			1,829.9			1,842.6
Average diluted		1,830.0			1,836.2			1,847.5			1,833.2			1,846.8
End of period		1,828.4			1,830.8			1,844.6			1,828.4			1,844.6
Market capitalization (billions of Canadian dollars)	$	139.7		$	135.5		$	133.0		$	139.7		$	133.0
Dividend yield7		3.9	%		3.8	%		3.7	%		3.9	%		3.5	%
Dividend payout ratio		43.4			52.6			43.5			47.4			45.6
Price-earnings ratio		12.3			12.3			12.7			12.3			12.7
Total shareholder return (1 year)8		10.0			2.6			16.3			10.0			16.3
Common share information – adjusted (Canadian dollars)2
Per share earnings
Basic	$	1.75		$	1.57		$	1.62		$	3.32		$	3.18
Diluted		1.75			1.57			1.62			3.32			3.18
Dividend payout ratio		42.1	%		42.7	%		41.4	%		42.4	%		39.9	%
Price-earnings ratio		11.6			11.4			11.9			11.6			11.9
Capital ratios
Common Equity Tier 1 Capital ratio3		12.0	%		12.0	%		11.8	%		12.0	%		11.8	%
Tier 1 Capital ratio3		13.5			13.5			13.5			13.5			13.5
Total Capital ratio3		15.8			15.9			15.8			15.8			15.8
Leverage ratio		4.2			4.1			4.1			4.2			4.1

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.

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 is calculated based on share price movement and dividends reinvested over a trailing one-year period.

TD BANK GROUP • SECOND 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 26 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 13 million active online and mobile customers. TD had $1.4 trillion in assets on April 30, 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.

The following table provides the operating results on a reported basis for the Bank.

TABLE 2:  OPERATING RESULTS – Reported¹

(millions of Canadian dollars)		For the three months ended						For the six months ended
		April 30 2019		January 31 2019		April 30 2018		April 30 2019		April 30 2018
Net interest income	$	5,872	$	5,860	$	5,398	$	11,732	$	10,828
Non-interest income		4,356		4,138		4,084		8,494		8,029
Total revenue		10,228		9,998		9,482		20,226		18,857
Provision for credit losses		633		850		556		1,483		1,249
Insurance claims and related expenses		668		702		558		1,370		1,133
Non-interest expenses		5,248		5,855		4,837		11,103		9,698
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,679		2,591		3,531		6,270		6,777
Provision for income taxes		773		503		746		1,276		1,786
Equity in net income of an investment in TD Ameritrade		266		322		131		588		278
Net income – reported		3,172		2,410		2,916		5,582		5,269
Preferred dividends		62		60		52		122		104
Net income available to common shareholders and non-controlling interests in subsidiaries	$	3,110	$	2,350	$	2,864	$	5,460	$	5,165
Attributable to:
Common shareholders	$	3,110	$	2,332	$	2,846	$	5,442	$	5,129
Non-controlling interests		–		18		18		18		36

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

TD BANK GROUP • SECOND 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									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Operating results – adjusted
Net interest income	$	5,872		$	5,860		$	5,398		$	11,732		$	10,828
Non-interest income2		4,356			4,138			4,084			8,494			8,118
Total revenue		10,228			9,998			9,482			20,226			18,946
Provision for credit losses		633			850			556			1,483			1,249
Insurance claims and related expenses		668			702			558			1,370			1,133
Non-interest expenses3		5,163			5,161			4,759			10,324			9,552
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,764			3,285			3,609			7,049			7,012
Provision for income taxes		787			678			763			1,465			1,416
Equity in net income of an investment in TD Ameritrade4		289			346			216			635			412
Net income – adjusted		3,266			2,953			3,062			6,219			6,008
Preferred dividends		62			60			52			122			104
Net income available to common shareholders and non-controlling interests in subsidiaries – adjusted		3,204			2,893			3,010			6,097			5,904
Attributable to:
Non-controlling interests in subsidiaries, net of income taxes		–			18			18			18			36
Net income available to common shareholders – adjusted		3,204			2,875			2,992			6,079			5,868
Pre-tax adjustments of items of note
Amortization of intangibles5		(78	)		(80	)		(86	)		(158	)		(171	)
Charges related to the long-term loyalty agreement with Air Canada6		–			(607	)		–			(607	)		–
Charges associated with the acquisition of Greystone7		(30	)		(31	)		–			(61	)		–
Charges associated with the Scottrade transaction8		–			–			(77	)		–			(150	)
Impact from U.S. tax reform9		–			–			–			–			(48	)
Provision for (recovery of) income taxes for items of note
Amortization of intangibles10		(12	)		(13	)		(13	)		(25	)		(30	)
Charges related to the long-term loyalty agreement with Air Canada		–			(161	)		–			(161	)		–
Charges associated with the acquisition of Greystone		(2	)		(1	)		–			(3	)		–
Charges associated with the Scottrade transaction		–			–			(4	)		–			(5	)
Impact from U.S. tax reform9		–			–			–			–			405
Total adjustments for items of note		(94	)		(543	)		(146	)		(637	)		(739	)
Net income available to common shareholders – reported	$	3,110		$	2,332		$	2,846		$	5,442		$	5,129

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 – second quarter 2019 – $55 million, first quarter 2019 – $56 million, second quarter 2018 – $62 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 – second quarter 2019 – $30 million, first quarter 2019 – $31 million; this amount was reported in the Canadian Retail segment. Charges associated with Scottrade transaction, as explained in footnote 8 – second quarter 2018 – $16 million and first quarter 2018 – $5 million; these amounts were 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 – second quarter 2019 – $23 million, first quarter 2019 – $24 million, second quarter 2018 – $24 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 – second quarter 2018 – $61 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 during the first quarter of 2019.

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 six months ended April 30, 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 • SECOND 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						For the six months ended
		April 30 2019		January 31 2019		April 30 2018		April 30 2019		April 30 2018
Basic earnings per share – reported	$	1.70	$	1.27	$	1.54	$	2.97	$	2.78
Adjustments for items of note2		0.05		0.30		0.08		0.35		0.40
Basic earnings per share – adjusted	$	1.75	$	1.57	$	1.62	$	3.32	$	3.18
Diluted earnings per share – reported	$	1.70	$	1.27	$	1.54	$	2.97	$	2.78
Adjustments for items of note2		0.05		0.30		0.08		0.35		0.40
Diluted earnings per share – adjusted	$	1.75	$	1.57	$	1.62	$	3.32	$	3.18

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						For the six months ended
		April 30 2019		January 31 2019		April 30 2018		April 30 2019		April 30 2018
TD Bank, National Association (TD Bank, N.A.)	$	21	$	21	$	24	$	42	$	46
TD Ameritrade Holding Corporation (TD Ameritrade)3		23		24		24		47		46
MBNA Canada		9		10		14		19		29
Aeroplan		5		4		5		9		9
Other		8		8		6		16		11
		66		67		73		133		141
Software and asset servicing rights		117		110		123		227		228
Amortization of intangibles, net of income taxes	$	183	$	177	$	196	$	360	$	369

¹ The amount reported for the six months ended April 30, 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, is 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 Return on common equity (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									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Average common equity	$	77,369		$	75,873		$	69,579		$	76,663		$	69,332
Net income available to common shareholders – reported		3,110			2,332			2,846			5,442			5,129
Items of note, net of income taxes1		94			543			146			637			739
Net income available to common shareholders – adjusted	$	3,204		$	2,875		$	2,992		$	6,079		$	5,868
Return on common equity – reported		16.5	%		12.2	%		16.8	%		14.3	%		14.9	%
Return on common equity – adjusted		17.0			15.0			17.6			16.0			17.1

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 • SECOND 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									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Average common equity	$	77,369		$	75,873		$	69,579		$	76,663		$	69,332
Average goodwill		17,083			17,021			16,031			17,067			16,024
Average imputed goodwill and intangibles on an investment in TD Ameritrade		4,136			4,170			4,060			4,160			4,090
Average other acquired intangibles1		717			676			696			690			728
Average related deferred tax liabilities		(269	)		(238	)		(222	)		(254	)		(257	)
Average tangible common equity		55,702			54,244			49,014			55,000			48,747
Net income available to common shareholders – reported		3,110			2,332			2,846			5,442			5,129
Amortization of acquired intangibles, net of income taxes2		66			67			73			133			141
Net income available to common shareholders after adjusting for after-tax amortization of acquired intangibles		3,176			2,399			2,919			5,575			5,270
Other items of note, net of income taxes2		28			476			73			504			598
Net income available to common shareholders – adjusted	$	3,204		$	2,875		$	2,992		$	6,079		$	5,868
Return on tangible common equity		23.4	%		17.5	%		24.4	%		20.4	%		21.8	%
Return on tangible common equity – adjusted		23.6			21.0			25.0			22.3			24.3

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 AND SUBSEQUENT 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 during the first quarter of 2019, 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 was 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 has been 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.

Normal Course Issuer Bid

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate a normal course issuer bid (NCIB) for up to 20 million of its common shares, subject to the approval of OSFI and the TSX. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

FINANCIAL RESULTS OVERVIEW

Performance Summary

Outlined below is an overview of the Bank's performance on an adjusted basis for the second 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 six months ended April 30, 2019, increased 4% 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 ROTCE for the six months ended April 30, 2019, was 22.3%.

• For the twelve months ended April 30, 2019, the total shareholder return was 10.0% compared to the Canadian peer³ average of 7.6%.

³  Canadian peers include Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and The Bank of Nova Scotia.

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

Net Income

Quarterly comparison – Q2 2019 vs. Q2 2018

Reported net income for the quarter was $3,172 million, an increase of $256 million, or 9%, compared with the second quarter last year. The increase reflects higher revenue and a higher contribution from TD Ameritrade, partially offset by higher non-interest expenses, insurance claims, and provision for credit losses (PCL). Adjusted net income for the quarter was $3,266 million, an increase of $204 million, or 7%.

By segment, the increase in reported net income was due to an increase in U.S. Retail of $284 million, or 29%, an increase in Canadian Retail of $16 million, or 1%, and a lower net loss in the Corporate segment of $2 million, or 1%, partially offset by a decrease in Wholesale Banking of $46 million, or 17%.

Quarterly comparison – Q2 2019 vs. Q1 2019

Reported net income for the quarter increased $762 million, or 32%, compared with the prior quarter. The increase was largely due to charges related to the agreement with Air Canada in the prior quarter, higher revenue in Wholesale Banking, and lower PCL. Adjusted net income for the quarter increased $313 million, or 11%.

By segment, the increase in reported net income was due to an increase in Canadian Retail of $470 million, or 34%, an increase in Wholesale Banking of $238 million, an increase in U.S. Retail of $23 million, or 2%, and a lower net loss in the Corporate segment of $31 million, or 16%.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Reported net income of $5,582 million increased $313 million, or 6%, compared with the same period last year. The increase reflects higher revenue, the impact from U.S. tax reform in the same period last year, and a higher contribution from TD Ameritrade, partially offset by higher non-interest expenses, including charges related to the agreement with Air Canada, and higher insurance claims and PCL. Adjusted net income was $6,219 million, an increase of $211 million, or 4%, compared with the same period last year.

By segment, the increase in reported net income was due to an increase in U.S. Retail of $572 million, or 30%, a lower net loss in the Corporate segment of $444 million, or 56%, partially offset by a decrease in Canadian Retail of $362 million, or 10%, and a decrease in Wholesale Banking of $341 million, or 63%.

Net Interest Income

Quarterly comparison – Q2 2019 vs. Q2 2018

Net interest income for the quarter was $5,872 million, an increase of $474 million, or 9%, compared with the second quarter last year. The increase reflects volume growth and higher margins in the Canadian and U.S. Retail segments, and the impact of foreign currency translation.

By segment, the increase in net interest income was due to an increase in U.S. Retail of $254 million, or 13%, an increase in Canadian Retail of $229 million, or 8%, and an increase in the Corporate segment of $1 million, partially offset by a decrease in Wholesale Banking of $10 million, or 4%.

Quarterly comparison – Q2 2019 vs. Q1 2019

Net interest income for the quarter increased $12 million, compared with the prior quarter, primarily due to higher net interest income in Wholesale Banking reflecting improved market conditions, and higher margins and volume growth in the Canadian Retail segment, partially offset by the impact of fewer days in the current quarter.

By segment, the increase in net interest income was due to an increase in Wholesale Banking of $89 million, or 51%, partially offset by a decrease in Canadian Retail of $34 million, or 1%, a decrease in the Corporate segment of $27 million, or 7%, and a decrease in U.S. Retail of $16 million, or 1%.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Net interest income was $11,732 million, an increase of $904 million, or 8%, compared with the same period last year. The increase was primarily due to volume growth and higher margins 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 reflecting challenging market conditions in the first quarter of this year.

By segment, the increase in net interest income was due to an increase in U.S. Retail of $561 million, or 14%, an increase in Canadian Retail of $448 million, or 8%, and an increase in the Corporate segment of $61 million, or 9%, partially offset by a decrease in Wholesale Banking of $166 million, or 28%.

Non-Interest Income

Quarterly comparison – Q2 2019 vs. Q2 2018

Reported non-interest income for the quarter was $4,356 million, an increase of $272 million, or 7%, compared with the second quarter last year. The increase was primarily due to higher fee-based revenue, changes in the fair value of investments supporting claims liabilities, the acquisition of Greystone, and the impact of foreign currency translation.

By segment, the increase in reported non-interest income was due to an increase in Canadian Retail of $218 million, or 8%, an increase in U.S. Retail of $23 million, or 4%, an increase in the Corporate segment of $21 million, or 25%, and an increase Wholesale Banking of $10 million, or 2%.

Quarterly comparison – Q2 2019 vs. Q1 2019

Reported non-interest income for the quarter increased $218 million, or 5%, compared with the prior quarter. The increase was primarily due to higher non-interest income in Wholesale Banking reflecting improved market conditions, changes in the fair value of investments supporting claims liabilities, and higher asset levels in the wealth management business, partially offset by the effect of fewer days in the current quarter, and a seasonal decline in personal banking fees in the U.S. Retail segment.

By segment, the increase in reported non-interest income was due to an increase in Wholesale Banking of $216 million, or 53%, an increase in the Corporate segment of $21 million, or 25%, and an increase in Canadian Retail of $5 million, partially offset by a decrease in U.S. Retail of $24 million, or 3%.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Reported non-interest income was $8,494 million, an increase of $465 million, or 6%, compared with the same period last year. The increase reflects higher revenues from the insurance business, higher fee-based revenue, the impact from U.S. tax reform in the same period last year, the acquisition of Greystone, and the impact of foreign currency translation, partially offset by lower non-interest income in Wholesale Banking reflecting challenging market conditions in the first quarter of this year.

By segment, the increase in reported non-interest income was due to an increase in Canadian Retail of $437 million, or 8%, an increase in Corporate of $149 million, and an increase in U.S. Retail of $21 million, or 2%, partially offset by a decrease in Wholesale Banking of $142 million, or 12%.

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

Provision for Credit Losses

Quarterly comparison – Q2 2019 vs. Q2 2018

PCL for the quarter was $633 million, an increase of $77 million, or 14%, compared with the second quarter last year. PCL – impaired for the quarter was $593 million, an increase of $73 million, or 14%, reflecting low prior period provisions driven by strong credit performance and volume growth in Canadian Retail, and volume growth, seasoning, and mix shift in the U.S. strategic credit card portfolios, largely recognized in the Corporate segment. PCL – performing for the quarter was $40 million, an increase of $4 million, or 11%, reflecting current quarter provisions in the Canadian personal lending portfolios and volume growth in the U.S. commercial portfolio, partially offset by prior year credit migration in Wholesale Banking. Total PCL for the quarter as an annualized percentage of credit volume was 0.39%.

By segment, increase in PCL was due to an increase in Canadian Retail of $61 million, or 28%, an increase in U.S. Retail of $22 million, or 11%, an increase in the Corporate segment of $15 million, or 13%, partially offset by a decrease in Wholesale Banking of $21 million.

Quarterly comparison – Q2 2019 vs. Q1 2019

PCL for the quarter decreased by $217 million, or 26%, compared with the prior quarter. PCL – impaired was $593 million, a decrease of $124 million, or 17%, reflecting lower provisions for the U.S. commercial portfolio and seasonal trends in the U.S. credit card and auto portfolios. PCL – performing was $40 million, a decrease of $93 million, or 70%, reflecting seasonal trends in the U.S. credit card portfolios and prior quarter credit migration in Canadian Retail and Wholesale Banking, partially offset by a prior quarter migration from performing to impaired in the U.S. commercial portfolio. Total PCL for the quarter as an annualized percentage of credit volume was 0.39%.

By segment, the decrease in PCL was due to a decrease in Corporate segment of $95 million, or 42%, a decrease in U.S. Retail of $80 million, or 26%, a decrease in Canadian Retail of $30 million, or 10%, and a decrease in Wholesale Banking of $12 million.

Year-to-date comparison – Q2 2019 vs. Q2 2018

PCL was $1,483 million, an increase of $234 million, or 19%, compared with the same period last year. PCL – impaired was $1,310 million, an increase of $233 million, or 22%, reflecting volume growth, seasoning, and mix shift in the U.S. credit card portfolios, higher provisions in the U.S. commercial portfolio, and increased provisions and volume growth in Canadian Retail. PCL – performing was $173 million, an increase of $1 million, or 1%, reflecting credit migration in Canadian Retail, offset by lower provisions for the U.S. auto portfolio, and prior period credit migration in Wholesale Banking. Total PCL as an annualized percentage of credit volume was 0.45%.

By segment, the increase in PCL was due to an increase in Canadian Retail of $101 million or 21%, an increase in U.S. Retail of $81 million or 18%, an increase in the Corporate segment of $59 million, or 20% (largely reflecting PCL for the U.S. strategic cards portfolio, which is offset in Corporate segment non-interest expenses), partially offset by a decrease in Wholesale Banking of $7 million, or 78%.

TABLE 8:  PROVISION FOR CREDIT LOSSES

(millions of Canadian dollars)		For the three months ended								For the six months ended
		April 30 2019			January 31 2019		April 30 2018			April 30 2019		April 30 2018
Provision for credit losses – Stage 3 (impaired)
Canadian Retail	$	256		$	264	$	219		$	520	$	456
U.S. Retail		199			285		199			484		386
Wholesale Banking		–			–		(8	)		–		(8	)
Corporate1		138			168		110			306		243
Total provision for credit losses – Stage 3		593			717		520			1,310		1,077
Provision for credit losses – Stage 1 and Stage 2 (performing)2
Canadian Retail		24			46		–			70		33
U.S. Retail		27			21		5			48		65
Wholesale Banking		(5	)		7		24			2		17
Corporate1		(6	)		59		7			53		57
Total provision for credit losses – Stage 1 and Stage 2		40			133		36			173		172
Total provision for credit losses	$	633		$	850	$	556		$	1,483	$	1,249

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 – Q2 2019 vs. Q2 2018

Insurance claims and related expenses for the quarter were $668 million, an increase of $110 million, or 20%, compared with the second quarter last year, reflecting changes in the fair value of investments supporting claims liabilities, less favourable prior years' claims development, and higher current year claims, partially offset by decreases in reinsurance claims assumed and less severe weather-related events.

Quarterly comparison – Q2 2019 vs. Q1 2019

Insurance claims and related expenses for the quarter decreased $34 million, or 5%, compared with the prior quarter, reflecting more favourable prior years' claims development and lower current year claims, partially offset by the impact of changes to actuarial assumptions in the life and health business in the prior quarter, changes in the fair value of investments supporting claims liabilities, and more severe weather-related events.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Insurance claims and related expenses were $1,370 million, an increase of $237 million, or 21%, compared with the same period last year. The increase reflects changes in the fair value of investments supporting claims liabilities, less favourable prior years' claims development, and higher current year claims, partially offset by 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 – Q2 2019 vs. Q2 2018

Reported non-interest expenses were $5,248 million, an increase of $411 million, or 8%, compared with the second quarter last year, reflecting additional employees supporting business growth, higher spend on strategic initiatives, the impact of foreign currency translation, charges related to the acquisition of

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

Greystone, and continued investments supporting the global expansion of Wholesale Banking's U.S. dollar strategy. Adjusted non-interest expenses were $5,163 million, an increase of $404 million, or 8%.

By segment, the increase in reported non-interest expenses was due to an increase in Canadian Retail of $249 million, or 11%, an increase in Wholesale Banking of $81 million, or 16%, an increase in the Corporate segment of $42 million, or 7%, and an increase in U.S. Retail of $39 million, or 3%.

The Bank's reported efficiency ratio was 51.3%, compared with 51.0% in the second quarter last year. The Bank's adjusted efficiency ratio was 50.5%, compared with 50.2% in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

Reported non-interest expenses for the quarter decreased $607 million, or 10%, compared with the prior quarter, largely due to charges related to the agreement with Air Canada in the prior quarter, and fewer days in the current quarter, partially offset by charges related to the acquisition of Greystone. Adjusted non-interest expenses decreased $2 million.

By segment, the decrease in reported non-interest expenses was due to a decrease in Canadian Retail of $603 million, or 20%, a decrease in U.S. Retail of $84 million, or 5%, and a decrease in Wholesale Banking of $5 million, or 1%, partially offset by an increase in the Corporate segment of $85 million, or 15%.

The Bank's reported efficiency ratio was 51.3%, compared with 58.6% in the prior quarter. The Bank's adjusted efficiency ratio was 50.5%, compared with 51.6% in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Reported non-interest expenses of $11,103 million increased $1,405 million, or 14%, compared with the same period last year, primarily reflecting charges related to the agreement with Air Canada, additional employees supporting business growth, higher spend on strategic initiatives, and the impact of foreign currency translation. Adjusted non-interest expenses were $10,324 million, an increase of $772 million, or 8%.

By segment, the increase in reported non-interest expenses was due to an increase in Canadian Retail of $1,022 million, or 22%, an increase in U.S. Retail of $203 million, or 7%, an increase in Wholesale Banking of $157 million, or 15%, and an increase in the Corporate segment of $23 million, or 2%.

The Bank's reported efficiency ratio was 54.9%, compared with 51.4% in the same period last year. The Bank's adjusted efficiency ratio was 51.0%, compared with 50.4% in the same period last year.

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 21.0% for the second quarter, compared with 21.1% in the second quarter last year and 19.4% in the prior quarter. The year-over-year decrease was due to slightly higher tax-exempt dividend income and the positive impact of tax items, partially offset by the effects of higher income before taxes. The quarter-over-quarter increase was mainly due to higher income before taxes, partially offset by the positive impact of tax items.

TABLE 9:  INCOME TAXES

(millions of Canadian dollars, except as noted)		For the three months ended															For the six months ended
		April 30 2019					January 31 2019					April 30 2018					April 30 2019					April 30 2018
Income taxes at Canadian statutory income tax rate	$	974		26.5	%	$	687		26.5	%	$	934		26.5	%	$	1,661		26.5	%	$	1,795		26.5	%
Increase (decrease) resulting from:
Dividends received		(27	)	(0.7	)		(23	)	(0.9	)		(17	)	(0.5	)		(50	)	(0.8	)		(97	)	(1.4	)
Rate differentials on international operations		(170	)	(4.6	)		(185	)	(7.1	)		(180	)	(5.1	)		(355	)	(5.6	)		74		1.1
Other		(4	)	(0.2	)		24		0.9			9		0.2			20		0.3			14		0.2
Provision for income taxes and effective income tax rate – reported	$	773		21.0	%	$	503		19.4	%	$	746		21.1	%	$	1,276		20.4	%	$	1,786		26.4	%
Total adjustments for items of note1		14					175					17					189					(370	)
Provision for income taxes and effective income tax rate – adjusted2,3	$	787		20.9	%	$	678		20.6	%	$	763		21.1	%	$	1,465		20.8	%	$	1,416		20.2	%

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 20.9% for the quarter, lower than 21.1% in the second quarter last year and higher than 20.6% in the prior quarter. The year-over-year decrease was mainly due to slightly higher tax-exempt dividend income and the positive impact of tax items, partially offset by the effects of higher income before taxes. The quarter-over-quarter increase was mainly due to higher income before taxes, partially offset by the positive impact of tax items.

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

Impact of Foreign Currency Translation on U.S. Retail Segment Earnings

The following table reflects the estimated impact of foreign currency translation on key U.S. Retail segment income statement items.

TABLE 10:  IMPACT OF FOREIGN CURRENCY TRANSLATION ON U.S. RETAIL SEGMENT EARNINGS

(millions of Canadian dollars, except as noted)		For the three months ended		For the six months ended
		April 30, 2019 vs. April 30, 2018 Increase (Decrease)		April 30, 2019 vs. April 30, 2018 Increase (Decrease)
U.S. Retail Bank
Total revenue	$	124	$	269
Non-interest expenses		65		144
Net income – after-tax		43		89
Equity in net income on an investment in TD Ameritrade1		13		25
U.S. Retail segment decreased net income – after-tax		56		114
Earnings per share (Canadian dollars)
Basic	$	0.03	$	0.06
Diluted		0.03		0.06

¹  Equity in net income on an investment in TD Ameritrade and the foreign exchange impact are reported with a one-month lag.

Average foreign exchange rate (equivalent of CAD $1.00)	For the three months ended		For the six months ended
	April 30 2019	April 30 2018	April 30 2019	April 30 2018
U.S. dollar	0.751	0.784	0.751	0.787

Economic Summary and Outlook

Real gross domestic product (GDP) worldwide is expected to grow at a relatively subdued average pace of 3.3% per year over calendar years 2019 and 2020, a notable deceleration from the near 4% pace set in calendar year 2018. This reduction in growth can be partly attributed to the fading impact of past fiscal and monetary stimulus and increased trade and geopolitical tensions. The global slowdown has prompted G-7 central banks to take a 'wait and see' approach with respect to further monetary policy adjustments. This, in combination with some early signs of economic stabilization, should limit the degree to which the world economy slows in the near term.

After outperforming other major advanced economies in 2018, the American economy turned in rapid growth in the first calendar quarter of 2019. The advance report by the U.S. Department of Commerce revealed a gain of 3.2% (annualized) in the January-March period, roughly in line with last year's average. However, the underlying details of the report were softer. Inventory accumulation and a contraction of imports were significant contributors to headline growth. Conversely, spending by households and businesses decelerated notably. More recent data point to renewed strength in consumer spending heading into the second calendar quarter. Nevertheless, with the impact of previous tax cuts and large government spending increases expected to fade, we expect that overall growth in the U.S. economy is poised to run at a more sustainable trajectory of around 2% growth over the reminder of this calendar year and in 2020. However, on May 10, 2019, the U.S. escalated trade tensions with China by imposing a 25% tariff (previously 10%) on US$200 billion in Chinese goods. China's government responded with increased tariffs on roughly $60 billion of goods imported from the U.S. The situation remains fluid as both governments are engaged in negotiations and have a forum to reach an agreement, unlike previous tariff action. The ultimate economic impact will depend on many factors, including how long the tariffs are imposed, further retaliatory actions or escalation, and importantly, market sentiment. Should the tariffs remain in place beyond the near-term, it is estimated to result in slightly higher consumer prices and a modest drag on U.S. economic growth.

At its latest policy meeting of April 30-May 1, the Federal Reserve Open Market Committee (FOMC) reaffirmed its neutral policy stance as it continues to balance domestic and international considerations. Although the FOMC characterized trends in the labor market and economic activity as solid, it acknowledged the recent weakness in inflation trends, with its preferred measure running below its symmetric target of 2%. The central bank attributed the recent softness to transitory factors. Provided that inflation remains steady (tariff impacts aside) in the coming months, we expect that the target range for the federal funds rate is likely to hold at its current rate of 2.25-2.50% over the next few years.

The Canadian economy remains in a soft patch. Real GDP is projected to have expanded by less than 1% annualized during the January-March 2019 period, marking little improvement from the anemic 0.4% pace of the prior quarter. Importantly, a softening in housing activity and household demand for big ticket items, such as household furnishings and automobiles in the autumn of 2018, carried over into the opening months of calendar year 2019. Oil production curtailment in Alberta also continued to weigh on growth.

We consider that some of the headwinds are temporary and will likely dissipate in the coming quarters, helping the Canadian economy accelerate modestly. Among these was poor weather acting as a partial factor behind soft resale housing and transportation/warehousing activity. In addition, recent declines in residential borrowing rates and a strong labour market backdrop are expected to lead to a gradual firming in household spending and housing activity. Within the oil sector, mandatory production curtailments have already begun to shrink in scale, which should gradually lift the weight it has placed on overall economic growth over the past several months. However, this adjustment appears to be slower than expected, as demonstrated by ongoing elevated domestic crude oil inventories.

Near-term relief should help place the Canadian expansion back on a 1.5-2% quarterly growth trajectory in the second half of this year. It is expected that further upside will ultimately remain restrained by cautious households given high average debt loads and tighter macroprudential policies on mortgage lending. In addition, there appears to be elevated inventory levels among both manufacturers and wholesalers. This dynamic is expected to limit the pace of overall growth, due to the risk that firms re-adjust elevated inventories via lessened production. Lastly, Canada's non-energy export performance has been lackluster for several quarters, which is unlikely to change in a meaningful way with a global economy that is on a slower growth trajectory, including the United States.

For 2019 as a whole, TD Economics projects Canadian real GDP growth to average only 1.2%, which is consistent with the Bank of Canada's downwardly-revised forecast in its April Monetary Policy Report. As noted, this forecast does not include any potential spill-over to Canada from the U.S.-China trade dispute. Although the sub-par rate of expansion implies a larger degree of economic slack than it had previously anticipated, the Bank of Canada indicated comfort in April with the current setting of its overnight policy rate (1.75%). Accordingly, TD Economics anticipates no change in the policy rate over the foreseeable future. With bond yields in Canada likely to remain below those in the U.S. and the recent rally in crude oil prices forecast to taper off, the Canadian dollar is projected to hold at the lower end of its recent range of US74 to US77 cents in calendar year 2019.

Downside risks, both domestic and global, remain. Domestically, the Bank of Canada will 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 due to domestic transportation capacity issues. Geopolitical issues with Venezuela and Iran also remain fluid, with potential impacts on North American energy markets. Beyond the aforementioned U.S.-China trade dispute, there is now additional focus on trade with Europe and Japan. This maintains a risk of further disruption to globally integrated supply chains. 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

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

the Middle East and the Korean Peninsula, 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 potential can also quickly come into the foreground, particularly if progress becomes evident in regards to trade tensions and Brexit developments.

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.

Provision for credit losses (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 $33 million, compared with $21 million in the prior quarter and $17 million in the second quarter last year.

TABLE 11:  CANADIAN RETAIL

(millions of Canadian dollars, except as noted)		For the three months ended									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net interest income	$	3,010		$	3,044		$	2,781		$	6,054		$	5,606
Non-interest income		2,949			2,944			2,731			5,893			5,456
Total revenue		5,959			5,988			5,512			11,947			11,062
Provision for credit losses – impaired		256			264			219			520			456
Provision for credit losses – performing		24			46			–			70			33
Total provision for credit losses		280			310			219			590			489
Insurance claims and related expenses		668			702			558			1,370			1,133
Non-interest expenses – reported		2,481			3,084			2,232			5,565			4,543
Non-interest expenses – adjusted1		2,451			2,446			2,232			4,897			4,543
Provision for (recovery of) income taxes – reported		681			513			670			1,194			1,307
Provision for (recovery of) income taxes – adjusted1		683			675			670			1,358			1,307
Net income – reported		1,849			1,379			1,833			3,228			3,590
Net income – adjusted1	$	1,877		$	1,855		$	1,833		$	3,732		$	3,590
Selected volumes and ratios
Return on common equity – reported2		43.2	%		31.6	%		50.6	%		37.4	%		48.9	%
Return on common equity – adjusted1,2		43.9			42.5			50.6			43.2			48.9
Net interest margin (including on securitized assets)		2.99			2.94			2.91			2.97			2.89
Efficiency ratio – reported		41.6			51.5			40.5			46.6			41.1
Efficiency ratio – adjusted		41.1			40.8			40.5			41.0			41.1
Assets under administration (billions of Canadian dollars)	$	421		$	396		$	392		$	421		$	392
Assets under management (billions of Canadian dollars)		349			332			289			349			289
Number of Canadian retail branches		1,100			1,099			1,121			1,100			1,121
Average number of full-time equivalent staff		40,498			39,997			38,051			40,243			38,050

¹  Adjusted non-interest expenses exclude 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 second quarter 2019 – $30 million ($28 million after-tax) and 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 – Q2 2019 vs. Q2 2018

Canadian Retail reported net income for the quarter was $1,849 million, an increase of $16 million, or 1%, compared with the second quarter last year, reflecting higher revenue, partially offset by charges related to the acquisition of Greystone, higher other non-interest expenses, insurance claims, and PCL. On an adjusted basis, net income for the quarter was $1,877 million, an increase of $44 million, or 2%. The reported and adjusted annualized ROE for the quarter was 43.2% and 43.9%, respectively, compared with 50.6% in the second quarter last year.

Canadian Retail revenue is derived from Canadian personal and commercial banking, wealth, and insurance businesses. Revenue for the quarter was $5,959 million, an increase of $447 million, or 8%, compared with the second quarter last year.

Net interest income was $3,010 million, an increase of $229 million, or 8%, reflecting volume growth and higher margins. Average loan volumes increased $22 billion, or 5%, reflecting 5% growth in personal loans, and 9% growth in business loans. Average deposit volumes increased $9 billion, or 3%, reflecting 4% growth in personal deposits, 2% growth in wealth deposits, and 1% growth in business deposits. Net interest margin was 2.99%, an increase of 8 bps, reflecting rising interest rates, partially offset by competitive pricing in loans.

Non-interest income was $2,949 million, an increase of $218 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 included $76 million related to the higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

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

Assets under administration (AUA) were $421 billion as at April 30, 2019, an increase of $29 billion, or 7%, compared with the second quarter last year, reflecting new asset growth and increases in market value. Assets under management (AUM) were $349 billion as at April 30, 2019, an increase of $60 billion, or 21%, compared with the second quarter last year, reflecting the acquisition of Greystone, increases in market value and new asset growth.

PCL was $280 million, an increase of $61 million, or 28%, compared with the second quarter last year. PCL – impaired for the quarter was $256 million, an increase of $37 million, or 17%, reflecting low prior period provisions driven by strong credit performance in personal lending and business banking, and volume growth. PCL – performing was $24 million, an increase of $24 million, reflecting current quarter provisions in the credit card and other personal portfolios. Total PCL as an annualized percentage of credit volume was 0.27%, or an increase of 4 bps.

Insurance claims and related expenses for the quarter were $668 million, an increase of $110 million, or 20%, compared with the second quarter last year, reflecting changes in the fair value of investments supporting claims liabilities, less favourable prior years' claims development, and higher current year claims, partially offset by decreases in reinsurance claims assumed and less severe weather-related events.

Reported non-interest expenses for the quarter were $2,481 million, an increase of $249 million, or 11%, compared with the second quarter last year, reflecting higher spend supporting business growth including employee-related costs, charges related to the acquisition of Greystone, and increased spend on strategic initiatives. On an adjusted basis, non-interest expenses were $2,451 million, an increase of $219 million, or 10%.

The reported and adjusted efficiency ratio for the quarter was 41.6% and 41.1%, respectively, compared with 40.5% in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

Canadian Retail reported net income for the quarter increased $470 million, or 34%, compared with the prior quarter. The increase in earnings reflects charges related to the agreement with Air Canada in the prior quarter, lower insurance claims and PCL, partially offset by lower revenue. On an adjusted basis, net income increased $22 million, or 1%. The reported and adjusted annualized ROE for the quarter was 43.2% and 43.9%, respectively, compared with 31.6% and 42.5%, respectively, in the prior quarter.

Revenue decreased $29 million compared with the prior quarter. Net interest income decreased $34 million, or 1%, reflecting the effect of fewer days in the second quarter, partially offset by higher margins. Average loan volumes were consistent with the prior quarter. Average deposit volumes increased $1 billion, reflecting 1% growth in personal deposits and 3% growth in wealth deposits, partially offset by a 2% decline in business deposits. Net interest margin was 2.99%, an increase of 5 bps, reflecting a refinement in revenue recognition assumptions in the auto finance portfolio and increased spread between the Prime Rate and the Bankers' Acceptance rate.

Non-interest income increased $5 million, reflecting the higher fair value of investments supporting claims liabilities of $19 million, which resulted in a similar increase to insurance claims and higher asset levels in the wealth management business, partially offset by the impact of fewer days in the second quarter.

AUA increased $25 billion, or 6%, compared with the prior quarter, reflecting increases in market value and new asset growth. AUM increased $17 billion, or 5%, compared with the prior quarter, reflecting increases in market value.

PCL decreased $30 million, or 10%, compared with the prior quarter. PCL – impaired decreased by $8 million, or 3%. PCL – performing decreased by $22 million reflecting lower unfavourable credit migration in the personal lending and business banking portfolios. Total PCL as an annualized percentage of credit volume was 0.27%, a decrease of 2 bps.

Insurance claims and related expenses for the quarter decreased $34 million, or 5%, compared with the prior quarter, reflecting more favourable prior years' claims development and lower current year claims, partially offset by the impact of changes to actuarial assumptions in the life and health business in the prior quarter, changes in the fair value of investments supporting claims liabilities, and more severe weather-related events.

Reported non-interest expenses decreased $603 million, or 20%, compared with the prior quarter, reflecting charges related to the agreement with Air Canada in the prior quarter. On an adjusted basis, non-interest expenses were relatively flat compared to the prior quarter.

The reported and adjusted efficiency ratio for the quarter was 41.6% and 41.1%, respectively, compared with 51.5% and 40.8%, respectively, in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Canadian Retail reported net income for the six months ended April 30, 2019, was $3,228 million, a decrease of $362 million, or 10%, compared with same period last year. The decrease in earnings reflects 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 period was $3,732 million, an increase of $142 million, or 4%. The reported and adjusted annualized ROE for the period was 37.4% and 43.2%, respectively, compared with 48.9% in the same period last year.

Revenue for the period was $11,947 million, an increase of $885 million, or 8%, compared with same period last year. Net interest income increased $448 million, or 8%, reflecting volume growth and higher margins. Average loan volumes increased $23 billion, or 6%, reflecting 5% growth in personal loan volumes and 9% growth in business loan volumes. Average deposit volumes increased $9 billion, or 3%, reflecting 3% growth in personal deposits volume and 2% growth in business deposit volumes. Net interest margin was 2.97%, an increase of 8 bps, reflecting rising interest rates, partially offset by competitive pricing in loans.

Non-interest income increased $437 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 included $136 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

PCL was $590 million, an increase of $101 million, or 21%, compared with the same period last year. PCL – impaired was $520 million, an increase of $64 million, or 14%, largely reflecting increased provisions in the personal lending portfolios, and volume growth. PCL – performing was $70 million, an increase of $37 million reflecting credit migration in the personal lending and business banking portfolios. Total PCL as an annualized percentage of credit volume was 0.28%, an increase of 3 bps.

Insurance claims and related expenses were $1,370 million, an increase of $237 million, or 21%, compared with the same period last year. The increase reflects changes in the fair value of investments supporting claims liabilities, less favourable prior years' claims development, and higher current year claims, partially offset by less severe weather-related events and the impact of changes to actuarial assumptions in the life and health business.

Reported non-interest expenses were $5,565 million, an increase of $1,022 million, or 22%, compared with the same period last year. The increase reflects charges related to the agreement with Air Canada and the acquisition of Greystone, additional employees supporting business growth, and increased investment in strategic technology initiatives, partially offset by restructuring costs in the prior year. On an adjusted basis, non-interest expenses were $4,897 million, an increase of $354 million, or 8%.

The reported and adjusted efficiency ratio for the period was 46.6% and 41.0%, respectively, compared with 41.1% for the same period last year.

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

TABLE 12:  U.S. RETAIL

(millions of dollars, except as noted)		For the three months ended									For the six months ended
Canadian Dollars		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net interest income	$	2,231		$	2,247		$	1,977		$	4,478		$	3,917
Non-interest income1		677			701			654			1,378			1,357
Total revenue		2,908			2,948			2,631			5,856			5,274
Provision for credit losses – impaired		199			285			199			484			386
Provision for credit losses – performing		27			21			5			48			65
Total provision for credit losses		226			306			204			532			451
Non-interest expenses – reported		1,527			1,611			1,488			3,138			2,935
Non-interest expenses – adjusted2		1,527			1,611			1,472			3,138			2,914
Provision for (recovery of) income taxes – reported1		150			102			94			252			197
Provision for (recovery of) income taxes – adjusted1,2		150			102			98			252			202
U.S. Retail Bank net income – reported		1,005			929			845			1,934			1,691
U.S. Retail Bank net income – adjusted2		1,005			929			857			1,934			1,707
Equity in net income of an investment in TD Ameritrade – reported1,3		258			311			134			569			240
Equity in net income of an investment in TD Ameritrade – adjusted1,4		258			311			195			569			369
Net income – reported		1,263			1,240			979			2,503			1,931
Net income – adjusted	$	1,263		$	1,240		$	1,052		$	2,503		$	2,076
U.S. Dollars
Net interest income	$	1,676		$	1,688		$	1,551		$	3,364		$	3,084
Non-interest income1		507			528			513			1,035			1,068
Total revenue – reported		2,183			2,216			2,064			4,399			4,152
Provision for credit losses – impaired		150			214			158			364			306
Provision for credit losses – performing		20			16			3			36			50
Total provision for credit losses		170			230			161			400			356
Non-interest expenses – reported		1,148			1,209			1,167			2,357			2,311
Non-interest expenses – adjusted2		1,148			1,209			1,154			2,357			2,294
Provision for (recovery of) income taxes – reported1		112			77			73			189			153
Provision for (recovery of) income taxes – adjusted1,2		112			77			76			189			157
U.S. Retail Bank net income – reported		753			700			663			1,453			1,332
U.S. Retail Bank net income – adjusted2		753			700			673			1,453			1,345
Equity in net income of an investment in TD Ameritrade – reported1,3		195			235			107			430			189
Equity in net income of an investment in TD Ameritrade – adjusted1,4		195			235			154			430			291
Net income – reported		948			935			770			1,883			1,521
Net income – adjusted	$	948		$	935		$	827		$	1,883		$	1,636
Selected volumes and ratios
Return on common equity – reported5		13.2	%		12.6	%		11.9	%		12.9	%		11.5	%
Return on common equity – adjusted2,4,5		13.2			12.6			12.7			12.9			12.4
Net interest margin6		3.38			3.42			3.23			3.40			3.21
Efficiency ratio – reported		52.6			54.6			56.5			53.6			55.6
Efficiency ratio – adjusted		52.6			54.6			55.9			53.6			55.3
Assets under administration (billions of U.S. dollars)	$	20		$	19		$	19		$	20		$	19
Assets under management (billions of U.S. dollars)		47			46			59			47			59
Number of U.S. retail stores		1,238			1,240			1,244			1,238			1,244
Average number of full-time equivalent staff		26,735			26,864			26,382			26,800			26,273

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 second quarter 2018 – $16 million ($12 million after-tax) or US$13 million (US$10 million after-tax) and 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 second quarter 2018 – $61 million or US$47 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 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 – Q2 2019 vs. Q2 2018

U.S. Retail reported net income for the quarter was $1,263 million (US$948 million), an increase of $284 million (US$178 million), or 29% (23% in U.S. dollars), compared with the second quarter last year. On an adjusted basis, net income for the quarter was $1,263 million (US$948 million), an increase of $211 million (US$121 million), or 20% (15% in U.S. dollars). The reported and adjusted annualized ROE for the quarter was 13.2%, compared with 11.9% and 12.7%, respectively, in the second 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 and the Bank's investment in TD Ameritrade were $1,005 million (US$753 million) and $258 million (US$195 million), respectively.

The contribution from TD Ameritrade of US$195 million increased US$88 million, or 82%, compared with the second quarter last year, primarily due to higher asset-based revenue, charges associated with the Scottrade transaction in the same quarter last year, and decreased operating expenses, partially offset by lower trading volumes. Adjusted contribution from TD Ameritrade increased US$41 million, or 27%.

U.S. Retail Bank reported net income of US$753 million for the quarter increased US$90 million, or 14%, primarily due to higher revenue. U.S. Retail Bank adjusted net income increased US$80 million, or 12%.

TD BANK GROUP • SECOND 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$2,183 million, an increase of US$119 million, or 6%, compared with the second quarter last year. Net interest income increased US$125 million, or 8%, reflecting higher deposit margins and growth in loan and deposit volumes. Net interest margin was 3.38%, an increase of 15 bps, primarily due to higher deposit margins. Non-interest income decreased US$6 million, or 1%, largely due to net fund outflows impacting wealth management fees, partially offset by growth in other fee income.

Average loan volumes increased US$7 billion, or 5%, compared with the second quarter last year due to growth in personal and business loans of 3% and 6%, respectively. Average deposit volumes were up US$1 billion, compared with the second quarter last year, with growth in personal and business deposit volumes, offset by a decrease in sweep deposit volumes.

AUA were US$20 billion as at April 30, 2019, relatively flat compared with the second quarter last year. AUM were US$47 billion as at April 30, 2019, a decrease of US$12 billion, or 20%, reflecting net fund outflows including the impact of the strategic disposition of U.S. money market funds in the first quarter.

PCL for the quarter was US$170 million, an increase of US$9 million, or 6%, compared with the second quarter last year. PCL – impaired was US$150 million, a decrease of US$8 million, or 5%, primarily reflecting lower provisions for the commercial portfolio. PCL – performing was US$20 million, an increase of US$17 million, primarily reflecting higher volume growth 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 0.45%, flat compared with the second quarter last year.

Reported non-interest expenses for the quarter were US$1,148 million, a decrease of US$19 million, or 2%, compared with the second quarter last year, reflecting the elimination of the Federal Deposit Insurance Corporation (FDIC) deposit insurance surcharge, recovery of a legal provision, and charges associated with the Scottrade transaction in the same quarter last year, partially offset by higher investments in business initiatives. On an adjusted basis, non-interest expenses decreased US$6 million, or 1%, compared with the second quarter last year.    

The reported and adjusted efficiency ratio for the quarter was 52.6%, compared with 56.5% and 55.9%, respectively, in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

U.S. Retail net income of $1,263 million (US$948 million) increased $23 million (US$13 million), or 2% (1% in U.S. dollars), compared with the prior quarter. The annualized ROE for the quarter was 13.2%, compared with 12.6% in the prior quarter.

The contribution from TD Ameritrade was US$195 million, a decrease of US$40 million, or 17%, compared with the prior quarter, primarily due to lower trading volumes, increased operating expenses, and lower asset-based revenue.

U.S. Retail Bank net income for the quarter was US$753 million, an increase of US$53 million, or 8%, compared with the prior quarter, due to lower expenses and PCL, more than offsetting the reduction in revenue.

Revenue for the quarter decreased US$33 million, or 1%, compared with the prior quarter. Net interest income decreased US$12 million, or 1%, primarily due to the effect of fewer days in the quarter and lower net interest margin. Net interest margin was 3.38%, a decrease of 4 bps, primarily due to balance sheet mix. Non-interest income decreased US$21 million, or 4%, primarily reflecting a seasonal decline in personal banking fees.

Average loan volumes increased US$1 billion, or 1%, compared with the prior quarter, due to growth in business loans of 2%. Average deposit volumes decreased US$1 billion, with growth in personal deposit volumes of 3%, more than offset by a decrease in sweep deposit volumes of 4%.

AUA and AUM were US$20 billion and US$47 billion as at April 30, 2019, respectively, relatively flat to prior quarter.

PCL for the quarter decreased US$60 million, or 26%, compared with the prior quarter. PCL – impaired was US$150 million, a decrease of US$64 million, or 30%, primarily reflecting lower provisions for the commercial portfolio, coupled with seasonal trends in the credit card and auto portfolios. PCL – performing was US$20 million, an increase of US$4 million, or 25%, primarily reflecting migration from performing to impaired in the commercial portfolio in the prior quarter, partially offset by seasonal trends in the credit card 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 0.45%, a decrease of 14 bps.

Non-interest expenses for the quarter were US$1,148 million, a decrease of US$61 million, or 5%, compared with the prior quarter, reflecting recovery of a legal provision and fewer days in the quarter.

The efficiency ratio for the quarter was 52.6%, compared with 54.6% in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

U.S. Retail reported net income for the six months ended April 30, 2019, was $2,503 million (US$1,883 million), an increase of $572 million (US$362 million), or 30% (24% in U.S. dollars), compared with the same period last year. On an adjusted basis, net income for the period increased $427 million (US$247 million), or 21% (15% in U.S. dollars). The reported and adjusted annualized ROE for the period was 12.9%, compared with 11.5% and 12.4%, respectively, in the same period last year.

Net income for the period from the U.S. Retail Bank and the Bank's investment in TD Ameritrade was $1,934 million (US$1,453 million) and $569 million (US$430 million), respectively.

The reported contribution from TD Ameritrade of US$430 million increased US$241 million, compared with the same period last year, primarily due to higher asset-based revenue, charges associated with the Scottrade transaction in the same period last year, and decreased operating expenses. Adjusted contribution from TD Ameritrade increased US$139 million, or 48%.

U.S. Retail Bank reported net income for the period was US$1,453 million, an increase of US$121 million, or 9%, compared with the same period last year, primarily due to higher revenue, partially offset by higher expenses and PCL. U.S. Retail Bank adjusted net income increased US$108 million, or 8%.

Revenue for the period was US$4,399 million, an increase of US$247 million, or 6%, compared with same period last year. Net interest income increased US$280 million, or 9%, reflecting higher deposit margins and growth in loan and deposit volumes. Net interest margin was 3.40%, a 19 bps increase primarily due to higher deposit margins. Non-interest income decreased US$33 million, or 3%, as lower wealth management fees and investment income were partially offset by growth in personal banking fees.

Average loan volumes increased US$6 billion, or 4%, compared with the same period last year, due to growth in personal loans of 3% and business loans of 5%. Average deposit volumes increased US$3 billion, or 1%, reflecting 4% growth in both personal and business deposit volumes, offset by a 3% decrease in sweep deposit volume.

PCL was US$400 million, an increase of US$44 million, or 12%, compared with the same period last year. PCL – impaired was US$364 million, an increase of US$58 million, or 19%, primarily reflecting higher provisions for the commercial portfolio, coupled with volume growth, seasoning, and mix in the credit card portfolios. PCL – performing was US$36 million, a decrease of US$14 million, or 28%, primarily reflecting lower provisions for the auto portfolio and migration from performing to impaired in the commercial portfolio, partially offset by higher volume growth 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 0.52%, an increase of 4 bps.

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

Reported non-interest expenses for the period were US$2,357 million, an increase of US$46 million, or 2%, compared with the same period last year, reflecting investments in business initiatives, business volume growth, and higher employee-related costs, partially offset by productivity savings, the elimination of the FDIC deposit insurance surcharge, and recovery of a legal provision. On an adjusted basis, non-interest expenses increased US$63 million, or 3%.

The reported and adjusted efficiency ratio for the period was 53.6%, compared with 55.6% and 55.3%, respectively, for the same period last year.

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.

TABLE 13:  WHOLESALE BANKING¹

(millions of Canadian dollars, except as noted)		For the three months ended									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net interest income (TEB)	$	262		$	173		$	272		$	435		$	601
Non-interest income		625			409			615			1,034			1,176
Total revenue		887			582			887			1,469			1,777
Provision for (recovery of) credit losses – impaired		–			–			(8	)		–			(8	)
Provision for (recovery of) credit losses – performing		(5	)		7			24			2			17
Total provision for (recovery of) credit losses		(5	)		7			16			2			9
Non-interest expenses		597			602			516			1,199			1,042
Provision for (recovery of) income taxes (TEB)2		74			(10	)		88			64			181
Net income (loss)	$	221		$	(17	)	$	267		$	204		$	545
Selected volumes and ratios
Trading-related revenue (TEB)	$	411		$	251		$	475		$	662		$	990
Gross drawn (billions of Canadian dollars)3		24.5			23.4			22.1			24.5			22.1
Return on common equity4		12.5	%		(0.9	) %		18.7	%		5.6	%		19.4	%
Efficiency ratio		67.3			103.4			58.2			81.6			58.6
Average number of full-time equivalent staff		4,502			4,478			4,053			4,490			4,040

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 – Q2 2019 vs. Q2 2018

Wholesale Banking net income for the quarter was $221 million, a decrease of $46 million, or 17%, compared with the second quarter last year, reflecting higher non-interest expenses, partially offset by lower PCL.

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 $887 million, flat compared with the second quarter last year, reflecting higher advisory and underwriting fees, offset by lower trading-related revenue.

PCL for the quarter was a benefit of $5 million, a decrease of $21 million compared to the second quarter last year. PCL – impaired was nil in the current quarter compared to a net recovery of $8 million in the prior year, reflecting a recovery of provisions in the oil and gas sector. PCL – performing was a benefit of $5 million, a decrease of $29 million, primarily reflecting prior year credit migration.

Non-interest expenses were $597 million, an increase of $81 million, or 16%, compared with the second quarter last year reflecting continued investments supporting the global expansion of Wholesale Banking's U.S. dollar strategy and the impact of foreign exchange translation.

Quarterly comparison – Q2 2019 vs. Q1 2019

Wholesale Banking net income for the quarter was $221 million, an increase in net income of $238 million, compared with a net loss of $17 million in the prior quarter, reflecting higher revenue, lower PCL, and lower non-interest expenses.

Revenue for the quarter increased $305 million, compared with the prior quarter, reflecting higher trading-related revenue and advisory and underwriting fees as market conditions improved.

PCL for the quarter decreased by $12 million, compared to the prior quarter. PCL – performing was a benefit of $5 million, compared to a charge of $7 million in the prior quarter.

Non-interest expenses for the quarter decreased $5 million, or 1%, compared with the prior quarter, reflecting timing of employee-related costs and the impact of foreign exchange translation.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Wholesale Banking net income for the six months ended April 30, 2019, was $204 million, a decrease of $341 million, compared with net income of $545 million for the same period last year, reflecting lower revenue and higher non-interest expenses, partially offset by lower PCL.

Revenue was $1,469 million, a decrease of $308 million, or 17%, compared with the same period last year reflecting challenging market conditions in the first quarter of this year.

PCL was $2 million, a decrease of $7 million, compared with the same period last year. PCL – impaired was nil compared to a net recovery of $8 million last year, reflecting a recovery of provisions in the oil and gas sector. PCL – performing decreased by $15 million, primarily reflecting prior year credit migration.

Non-interest expenses were $1,199 million, an increase of $157 million, or 15%, compared with the same period last year. This increase reflects the revaluation of certain liabilities for post-retirement benefits recognized in the prior year, continued investments 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.

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

TABLE 14:  CORPORATE

(millions of Canadian dollars)		For the three months ended									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net income (loss) – reported1	$	(161	)	$	(192	)	$	(163	)	$	(353	)	$	(797	)
Pre-tax adjustments for items of note2
Amortization of intangibles		78			80			86			158			171
Impact from U.S. tax reform1		–			–			–			–			48
Total pre-tax adjustments for items of note		78			80			86			158			219
Provision for (recovery of) income taxes for items of note1		12			13			13			25			(375	)
Net income (loss) – adjusted	$	(95	)	$	(125	)	$	(90	)	$	(220	)	$	(203	)
Decomposition of items included in net income (loss) – adjusted
Net corporate expenses	$	(176	)	$	(182	)	$	(189	)	$	(358	)	$	(387	)
Other		81			39			81			120			148
Non-controlling interests		–			18			18			18			36
Net income (loss) – adjusted	$	(95	)	$	(125	)	$	(90	)	$	(220	)	$	(203	)
Selected volumes
Average number of full-time equivalent staff		16,710			16,229			14,574			16,466			14,454

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 – Q2 2019 vs. Q2 2018

Corporate segment's reported net loss for the quarter was $161 million, compared with a reported net loss of $163 million in the second quarter last year. Reported net loss decreased primarily reflecting lower net corporate expenses and amortization of intangibles this quarter, partially offset by lower contribution from non-controlling interests. Net corporate expenses were lower largely reflecting lower net pension expenses in the current quarter. Adjusted net loss was $95 million compared with an adjusted net loss of $90 million in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

Corporate segment's reported net loss for the quarter was $161 million, compared with a reported net loss of $192 million in the prior quarter. Reported net loss decreased primarily reflecting higher contribution from Other items, partially offset by lower contribution from non-controlling interests. Other items increased primarily reflecting higher revenue from treasury and balance sheet management activities and the positive impact of tax items in the current quarter. Adjusted net loss was $95 million compared with an adjusted net loss of $125 million in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Corporate segment's reported net loss for the six months ended April 30, 2019, was $353 million, compared with a reported net loss of $797 million in the same period last year. The decrease in reported net loss is primarily due to the impact from U.S. tax reform in the same period last year and lower net corporate expenses in the current period, partially offset by lower contribution from Other items and non-controlling interests. Lower contribution from Other items was partially due to lower revenue from treasury and balance sheet management activities in the current period. Net corporate expenses decreased primarily reflecting lower net pension expenses in the current period. Adjusted net loss for the six months ended April 30, 2019, was $220 million, compared with an adjusted net loss of $203 million in the same period last year.

TD BANK GROUP • SECOND 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
	Apr. 30			Jan. 31			Oct. 31			Jul. 31			Apr. 30			Jan. 31			Oct. 31			Jul. 31
Net interest income	$	5,872		$	5,860		$	5,756		$	5,655		$	5,398		$	5,430		$	5,330		$	5,267
Non-interest income		4,356			4,138			4,380			4,244			4,084			3,945			3,955			4,033
Total revenue		10,228			9,998			10,136			9,899			9,482			9,375			9,285			9,300
Provision for credit losses		633			850			670			561			556			693			578			505
Insurance claims and related expenses		668			702			684			627			558			575			615			519
Non-interest expenses		5,248			5,855			5,366			5,131			4,837			4,861			4,843			4,869
Provision for (recovery of) income taxes		773			503			691			705			746			1,040			640			760
Equity in net income of an investment in TD Ameritrade		266			322			235			230			131			147			103			122
Net income – reported		3,172			2,410			2,960			3,105			2,916			2,353			2,712			2,769
Pre-tax adjustments for items of note
Amortization of intangibles2		78			80			76			77			86			85			78			74
Charges related to the long-term loyalty agreement with Air Canada2		–			607			–			–			–			–			–			–
Charges associated with the acquisition of Greystone2		30			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		108			718			101			95			163			206			(80	)		116
Provision for (recovery of) income taxes for items of note		14			175			13			73			17			(387	)		29			20
Net income – adjusted		3,266			2,953			3,048			3,127			3,062			2,946			2,603			2,865
Preferred dividends		62			60			51			59			52			52			50			47
Net income available to common shareholders and non-controlling interests in subsidiaries – adjusted	$	3,204		$	2,893		$	2,997		$	3,068		$	3,010		$	2,894		$	2,553		$	2,818
Attributable to:
Common shareholders – adjusted	$	3,204		$	2,875		$	2,979		$	3,050		$	2,992		$	2,876		$	2,518		$	2,789
Non-controlling interests – adjusted		–			18			18			18			18			18			35			29
(Canadian dollars, except as noted)
Basic earnings per share
Reported	$	1.70		$	1.27		$	1.58		$	1.65		$	1.54		$	1.24		$	1.42		$	1.46
Adjusted		1.75			1.57			1.63			1.67			1.62			1.56			1.36			1.51
Diluted earnings per share
Reported		1.70			1.27			1.58			1.65			1.54			1.24			1.42			1.46
Adjusted		1.75			1.57			1.63			1.66			1.62			1.56			1.36			1.51
Return on common equity – reported		16.5	%		12.2	%		15.8	%		16.9	%		16.8	%		13.2	%		15.4	%		15.5	%
Return on common equity – adjusted		17.0			15.0			16.3			17.1			17.6			16.6			14.7			16.1
(billions of Canadian dollars, except as noted)
Average earning assets	$	1,191		$	1,200		$	1,183		$	1,152		$	1,124		$	1,116		$	1,077		$	1,077
Net interest margin		2.02	%		1.94	%		1.93	%		1.95	%		1.97	%		1.93	%		1.96	%		1.94	%

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 20

BALANCE SHEET REVIEW

TABLE 16:  SELECTED INTERIM CONSOLIDATED BALANCE SHEET ITEMS¹

(millions of Canadian dollars)				As at
	April 30, 2019		October 31, 2018
Assets
Cash and interest-bearing deposits with banks	$	33,462	$	35,455
Trading loans, securities, and other		132,805		127,897
Non-trading financial assets at fair value through profit or loss		4,202		4,015
Derivatives		43,624		56,996
Financial assets designated at fair value through profit or loss		3,379		3,618
Financial assets at fair value through other comprehensive income		125,109		130,600
Debt securities at amortized cost, net of allowance for credit losses		111,544		107,171
Securities purchased under reverse repurchase agreements		149,949		127,379
Loans, net of allowance for loan losses		663,615		646,393
Other		88,899		95,379
Total assets	$	1,356,588	$	1,334,903
Liabilities
Trading deposits	$	53,974	$	114,704
Derivatives		42,199		48,270
Financial liabilities designated at fair value through profit or loss		57,783		16
Deposits		875,343		851,439
Obligations related to securities sold under repurchase agreements		107,885		93,389
Subordinated notes and debentures		8,968		8,740
Other		125,538		138,305
Total liabilities		1,271,690		1,254,863
Total equity		84,898		80,040
Total liabilities and equity	$	1,356,588	$	1,334,903

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

Total assets were $1,357 billion as at April 30, 2019, an increase of $22 billion, or 2%, from October 31, 2018. The increase was primarily due to securities purchased under reverse repurchase agreements of $23 billion, loans, net of allowances for loan losses of $17 billion, trading loans, securities, and other of $5 billion, and debt securities at amortized cost, net of allowance for credit losses of $4 billion. The increase was partially offset by decreases in derivatives of $13 billion, financial assets at fair value through other comprehensive income (FVOCI) of $5 billion, cash and interest-bearing deposits with banks of $2 billion, and other assets of $6 billion. The foreign currency translation impact on total assets, primarily in the U.S. Retail segment, was an increase of approximately $9 billion, or 1%.

Cash and interest-bearing deposits with banks decreased $2 billion primarily due to cash management activities.

Trading loans, securities, and other increased $5 billion primarily due to higher market value of trading securities.

Derivatives decreased $13 billion primarily due to the impact of foreign exchange, equity markets on the mark-to-market values, and reduced netting of positions.

Financial assets at FVOCI decreased $5 billion primarily due to sales and maturities.

Debt securities at amortized cost, net of allowance for credit losses increased $4 billion primarily due to new investments and foreign exchange translation, partially offset by sales and maturities.

Securities purchased under reverse repurchase agreements increased $23 billion primarily due to an increase in secured financing activities.

Loans (net of allowance for loan losses) increased $17 billion primarily due to business and government loans, foreign exchange translation, home equity lines of credit (HELOC), and residential mortgages.

Other assets decreased $6 billion primarily due to amounts receivable from brokers, dealers, and clients due to unsettled and pending trades.

Total liabilities were $1,272 billion as at April 30, 2019, an increase of $17 billion, or 1%, from October 31, 2018. The increase was primarily due to financial liabilities designated at fair value though profit and loss of $58 billion, deposits of $24 billion, and obligations related to securities sold under repurchase agreements of $14 billion. The increase was partially offset by decreases in trading deposits of $61 billion, derivatives of $6 billion, and other liabilities of $13 billion. The foreign currency translation impact on total liabilities, primarily in the U.S. Retail segment, was an increase of approximately $9 billion, or 1%.

Trading deposits decreased $61 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 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 $58 billion due to new issuances of funding instruments.

Deposits increased $24 billion primarily due to foreign exchange translation, an increase in business and government deposits, and personal deposits.

Obligations related to securities sold under repurchase agreements increased $14 billion primarily due to an increase in trading volumes, and financing activities.

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

Other liabilities decreased $13 billion primarily due to amounts payable to brokers, dealers, and clients due to unsettled and pending trades and obligations related to securities sold short.

Equity was $85 billion as at April 30, 2019, an increase of $5 billion, or 6%, from October 31, 2018. The increase was primarily due to other comprehensive income from foreign exchange translation and gains on cash flow hedges, retained earnings, 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.

CREDIT PORTFOLIO QUALITY

Quarterly comparison – Q2 2019 vs. Q2 2018

Gross impaired loans excluding FDIC covered loans and other ACI loans were $3,296 million as at April 30, 2019, an increase of $303 million, or 10%, compared with the second quarter last year. Canadian Retail gross impaired loans increased $155 million, or 20%, compared with the second quarter last year largely due to new formations in the commercial portfolio. U.S. Retail gross impaired loans increased $148 million, or 7%, compared with the second 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, partially offset by a reclassification to performing for certain U.S. HELOC clients current with their payments. Wholesale gross impaired loans were nil in the current quarter and the second quarter last year. Net impaired loans were $2,522 million as at April 30, 2019, an increase of $237 million, or 10%, compared with the second quarter last year, largely due to new formations in the commercial portfolios and the impact of foreign exchange, partially offset by a reclassification to performing for certain U.S. HELOC clients current with their payments.

The allowance for credit losses of $4,887 million as at April 30, 2019, was comprised of Stage 3 allowance for impaired loans of $790 million, Stage 2 allowance of $1,822 million, and Stage 1 allowance of $2,271 million collectively for performing loans and off-balance sheet instruments and allowance for debt securities of $4 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 $411 million, or 11%, largely reflecting the impact of foreign exchange and an increase in the U.S. credit card portfolio due to volume growth, seasoning, and mix shift.

The allowance for debt securities decreased by $136 million, or 97% compared with the second 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 second quarter of 2019, ordinary course updates were made to the forward-looking estimates used to determine the Bank's probability-weighted ECLs, but 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 $232 billion in such debt securities of which $232 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 (DSAC) and debt securities at FVOCI was $1 million and $3 million, respectively.

Quarterly comparison – Q2 2019 vs. Q1 2019

Gross impaired loans excluding FDIC covered loans and other ACI loans decreased $238 million, or 7%, compared with the prior quarter largely reflecting a reclassification to performing for certain U.S. HELOC clients current with their payments. Impaired loans net of allowance decreased $232 million, or 8%, compared with the prior quarter reflecting a reclassification to performing for certain U.S. HELOC clients current with their payments.

The Stage 3 allowance for loan losses decreased $6 million, or 1%, compared with the prior quarter. The Stage 1 and Stage 2 allowance for loan losses increased $91 million, or 2%, compared with the prior quarter.

The allowance for debt securities decreased by $2 million, or 33%, compared to the prior quarter.

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

TABLE 17:  CHANGES IN GROSS IMPAIRED LOANS AND ACCEPTANCES

(millions of Canadian dollars)		For the three months ended									For the six months ended
	April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Personal, Business, and Government Loans1
Impaired loans as at beginning of period	$	3,534		$	3,154		$	3,048		$	3,154		$	3,085
Classified as impaired during the period		1,340			1,722			1,149			3,062			2,406
Transferred to performing during the period		(489	)		(200	)		(250	)		(689	)		(439	)
Net repayments		(358	)		(371	)		(357	)		(729	)		(697	)
Disposals of loans		(14	)		–			(4	)		(14	)		(13	)
Amounts written off		(769	)		(766	)		(696	)		(1,535	)		(1,344	)
Recoveries of loans and advances previously written off		–			–			–			–			–
Exchange and other movements		52			(5	)		103			47			(5	)
Impaired loans as at end of period	$	3,296		$	3,534		$	2,993		$	3,296		$	2,993

¹ Excludes FDIC covered loans and other ACI loans.

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

TABLE 18:  ALLOWANCE FOR CREDIT LOSSES

(millions of Canadian dollars, except as noted)								As at
	April 30 2019			January 31 2019			April 30 2018
Allowance for loan losses for on-balance sheet loans
Stage 1 allowance for loan losses	$	1,691		$	1,640		$	1,567
Stage 2 allowance for loan losses		1,297			1,293			1,250
Stage 3 allowance for loan losses		790			796			732
Total allowance for loan losses for on-balance sheet loans		3,778			3,729			3,549
Allowance for off-balance sheet instruments
Stage 1 allowance for loan losses		580			573			488
Stage 2 allowance for loan losses		525			496			377
Total allowance for off-balance sheet instruments		1,105			1,069			865
Allowance for loan losses		4,883			4,798			4,414
Allowance for debt securities		4			6			140
Allowance for credit losses	$	4,887		$	4,804		$	4,554
Impaired loans, net of allowance1,2	$	2,522		$	2,754		$	2,285
Net impaired loans as a percentage of net loans1,2		0.37	%		0.41	%		0.36	%
Provision for credit losses as a percentage of net average loans and acceptances1		0.39			0.50			0.36

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 are designed to 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
									April 30, 2019
Total	$	194,692	$	52,934	$	247,626	$	35,258	$	282,884
										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 • SECOND 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
															April 30, 2019
Canada
Atlantic provinces	$	3,394	1.7	%	$	2,652	1.4	%	$	420	0.5	%	$	1,315		1.5	%	$	3,814	1.3	%	$	3,967	1.4	%
British Columbia5		11,672	6.0			24,466	12.6			1,936	2.2			14,677		16.6			13,608	4.8			39,143	13.8
Ontario5		33,296	17.1			63,422	32.6			6,926	7.9			41,609		47.2			40,222	14.2			105,031	37.2
Prairies5		22,874	11.7			15,298	7.9			3,361	3.8			11,058		12.5			26,235	9.3			26,356	9.3
Québec		8,968	4.6			8,650	4.4			1,083	1.2			5,807		6.6			10,051	3.6			14,457	5.1
Total Canada		80,204	41.1	%		114,488	58.9	%		13,726	15.6	%		74,466		84.4	%		93,930	33.2	%		188,954	66.8	%
United States		935				31,631				1				12,157					936				43,788
Total	$	81,139			$	146,119			$	13,727			$	86,623				$	94,866			$	232,742
															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
													April 30, 2019
Canada	1.0	%	3.7	%	6.7	%	15.8	%	43.4	%	29.0	%		0.4	%	–	%	100	%
United States	4.7		7.5		4.8		5.8		28.8		47.2			0.9		0.3		100
Total	1.6	%	4.3	%	6.5	%	14.4	%	41.1	%	31.6	%		0.5	%	–	%	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
			April 30, 2019							October 31, 2018
Canada
Atlantic provinces	73	%		69	%	72	%	75	%		71	%	73	%
British Columbia6	67			63		65		65			62		64
Ontario6	68			65		67		67			65		66
Prairies6	73			70		72		73			71		72
Québec	73			72		73		73			73		73
Total Canada	69			65		67		68			66		67
United States	69			62		66		70			59		65
Total	69	%		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 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 • SECOND 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																					April 30, 2019
GIIPS
Greece	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Italy		–		–		4		4		–		–		–		–		11		–		21		32		36
Ireland		–		–		301		301		5		–		158		163		–		–		8		8		472
Portugal		–		–		–		–		–		151		41		192		1		–		–		1		193
Spain		–		37		65		102		–		–		116		116		15		–		23		38		256
Total GIIPS		–		37		370		407		5		151		315		471		27		–		52		79		957
Rest of Europe
Austria		–		–		–		–		3		60		12		75		2		1,063		5		1,070		1,145
Belgium		268		–		159		427		461		27		270		758		27		94		–		121		1,306
Finland		–		103		37		140		–		20		174		194		–		1,096		1		1,097		1,431
France		587		1,209		154		1,950		90		493		2,063		2,646		112		5,055		210		5,377		9,973
Germany		1,332		627		59		2,018		538		797		1,008		2,343		279		8,574		60		8,913		13,274
Netherlands		466		577		129		1,172		278		370		697		1,345		48		3,287		242		3,577		6,094
Norway		–		148		5		153		17		556		67		640		2		512		667		1,181		1,974
Sweden		–		12		23		35		–		222		70		292		19		1,639		656		2,314		2,641
Switzerland		1,016		58		125		1,199		224		–		919		1,143		62		–		39		101		2,443
United Kingdom		2,858		2,921		44		5,823		1,589		590		8,478		10,657		315		1,076		1,770		3,161		19,641
Other7		–		5		107		112		20		133		532		685		5		455		32		492		1,289
Total Rest of Europe		6,527		5,660		842		13,029		3,220		3,268		14,290		20,778		871		22,851		3,682		27,404		61,211
Total Europe	$	6,527	$	5,697	$	1,212	$	13,436	$	3,225	$	3,419	$	14,605	$	21,249	$	898	$	22,851	$	3,734	$	27,483	$	62,168
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 April 30, 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 $78.5 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 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 nil as at April 30, 2019 and not significant as at 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 11 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 April 30, 2019.

Of the Bank's European exposure, approximately 98% (October 31, 2018 – 96%) is to counterparties in countries rated either Aa3 or better by Moody's Investor Services (Moody's) or AA or better by Standard & Poor's (S&P), with the majority of this exposure to the sovereigns themselves or 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 $12.6 billion (October 31, 2018 – $11.2 billion) of exposure to supranational entities with European sponsorship and $1.8 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 • SECOND 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 April 30, 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 April 30, 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. 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%. Prior to April 30, 2019, the buffer was 1.5%. 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 first quarter of 2019, the Bank implemented the revised CAR guidelines related to the domestic implementation of the standardized approach for counterparty credit risk (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%.

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

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

TABLE 24: REGULATORY CAPITAL POSITION

(millions of Canadian dollars, except as noted)								As at
	April 30 2019			October 31 2018			April 30 2018
Capital
Common Equity Tier 1 Capital	$	54,269		$	52,389		$	49,485
Tier 1 Capital		61,008			59,735			56,434
Total Capital		71,620			70,434			65,970
Common Equity Tier 1 Capital risk-weighted assets for:
Credit risk1		385,280			370,044			352,179
Market risk		13,028			13,213			15,248
Operational risk		53,959			52,375			50,392
Total	$	452,267		$	435,632		$	417,819
Capital and leverage ratios
Common Equity Tier 1 Capital ratio1		12.0	%		12.0	%		11.8	%
Tier 1 Capital ratio1		13.5			13.7			13.5
Total Capital ratio1		15.8			16.2			15.8
Leverage ratio		4.2			4.2			4.1

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

As at April 30, 2019, the Bank's CET1, Tier 1, and Total Capital ratios were 12.0%, 13.5%, and 15.8%, respectively. Compared with the Bank's CET1 Capital ratio of 12.0% at October 31, 2018, the CET1 Capital ratio remained relatively flat as organic capital growth was offset by common shares repurchased, the loyalty agreement with Air Canada, actuarial losses on employee benefit plans, and the acquisition of Greystone.

As at April 30, 2019, the Bank's Leverage ratio was 4.2%, compared with the Bank's Leverage ratio of 4.2% at October 31, 2018. The Leverage ratio remained relatively flat as capital generation and preferred shares issuances were offset by an increase in exposure resulting from the implementation of the standardized approach for measuring CCR in the first quarter of 2019, and business growth in Wholesale Banking and Canadian Retail.

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 April 2019, OSFI released the final version of its Guideline B-2: Large Exposure Limits for D-SIBs. The guideline outlines practices for the management of risk related to large exposures and provides additional guidance on methods for identifying, measuring, managing, and monitoring large exposures. The guideline introduces tighter limits for exposures to both Global Systemically Important Banks and to other Canadian D-SIBs, recognizes eligible credit risk mitigation techniques by measuring exposure on a net basis rather than a gross basis, and reduces the eligible capital base from Total Capital to Tier 1 Capital. The guideline is effective November 1, 2019.

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, 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, CVA 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.

Normal Course Issuer Bid

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate a normal course issuer bid (NCIB) for up to 20 million of its common shares, subject to the approval of OSFI and the Toronto Stock Exchange (TSX). The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

The Bank's previous NCIB, which was announced on April 19, 2018 and as amended on December 10, 2018, expired on April 12, 2019. The Bank repurchased an aggregate of 30 million common shares under its previous NCIB, at an average price of $74.29 per share for a total amount of $2.2 billion.

During the three and six months ended April 30, 2019, the Bank repurchased 5.5 million and 10 million common shares, respectively, under its previous NCIB at an average price of $75.30 and $72.75 per share, respectively, for a total amount of $414 million and $727 million, respectively.

During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its previous NCIB at an average price of $75.07 per share for a total amount of $1.5 billion.

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

TABLE 25: EQUITY AND OTHER SECURITIES

(millions of shares/units, except as noted)					As at
		April 30, 2019			October 31, 2018
	Number of shares/units			Number of shares/units
Common shares outstanding		1,829.1			1,830.4
Treasury shares – common		(0.7	)		(2.1	)
Total common shares		1,828.4			1,828.3
Stock options
Vested		6.0			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		(0.3	)		(0.3	)
Total preferred shares		213.7			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 12		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.

² On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

All series of preferred shares – Class A 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 2.6 billion 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 so that 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.

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 April 30, 2019.

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

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

(millions of Canadian dollars)												As at
				April 30, 2019				October 31, 2018
	Standardized		AIRB		Total		Standardized		AIRB		Total
Retail
Residential secured	$	3,512	$	376,401	$	379,913	$	3,091	$	371,450	$	374,541
Qualifying revolving retail		–		130,339		130,339		–		112,388		112,388
Other retail		7,895		81,388		89,283		12,835		80,513		93,348
Total retail		11,407		588,128		599,535		15,926		564,351		580,277
Non-retail
Corporate		136,656		379,055		515,711		132,030		346,751		478,781
Sovereign		97,113		143,212		240,325		95,411		136,951		232,362
Bank		18,718		112,428		131,146		18,019		110,295		128,314
Total non-retail		252,487		634,695		887,182		245,460		593,997		839,457
Gross credit risk exposures	$	263,894	$	1,222,823	$	1,486,717	$	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 certain other credit RWA.

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

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 27: MARKET RISK LINKAGE TO THE BALANCE SHEET

(millions of Canadian dollars)																	As at
	April 30, 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	$	28,453	$	111	$	28,342	$	–	$	30,720	$	729	$	29,991	$	–		Interest rate
Trading loans, securities, and other		132,805		130,627		2,178		–		127,897		125,437		2,460		–		Interest rate
Non-trading financial assets at fair value through profit or loss		4,202		–		4,202		–		4,015		–		4,015		–		Equity, foreign exchange, interest rate
Derivatives		43,624		39,415		4,209		–		56,996		53,087		3,909		–		Equity, foreign exchange, interest rate
Financial assets designated at fair value through profit or loss		3,379		–		3,379		–		3,618		–		3,618		–		Interest rate
Financial assets at fair value through other comprehensive income		125,109		–		125,109		–		130,600		–		130,600		–		Equity, foreign exchange, interest rate
Debt securities at amortized cost, net of allowance for credit losses		111,544		–		111,544		–		107,171		–		107,171		–		Foreign exchange, interest rate
Securities purchased under reverse repurchase agreements		149,949		4,796		145,153		–		127,379		3,920		123,459		–		Interest rate
Loans, net of allowance for loan losses		663,615		–		663,615		–		646,393		–		646,393		–		Interest rate
Customers' liability under acceptances		16,189		–		16,189		–		17,267		–		17,267		–		Interest rate
Investment in TD Ameritrade		9,027		–		9,027		–		8,445		–		8,445		–		Equity
Other assets1		1,571		–		1,571		–		1,751		–		1,751		–		Interest rate
Assets not exposed to market risk		67,121		–		–		67,121		72,651		–		–		72,651
Total Assets		1,356,588		174,949		1,114,518		67,121		1,334,903		183,173		1,079,079		72,651
Liabilities subject to market risk
Trading deposits		53,974		8,568		45,406		–		114,704		6,202		108,502		–		Interest rate
Derivatives		42,199		37,937		4,262		–		48,270		44,119		4,151		–		Equity, foreign exchange, interest rate
Securitization liabilities at fair value		12,738		12,738		–		–		12,618		12,618		–		–		Interest rate
Financial liabilities designated at fair value through profit or loss		57,783		4		57,779		–		16		2		14		–		Interest rate
Deposits		875,343		–		875,343		–		851,439		–		851,439		–		Interest rate
Acceptances		16,189		–		16,189		–		17,269		–		17,269		–		Interest rate
Obligations related to securities sold short		36,365		34,972		1,393		–		39,478		37,323		2,155		–		Interest rate
Obligations related to securities sold under repurchase agreements		107,885		1,893		105,992		–		93,389		3,797		89,592		–		Interest rate
Securitization liabilities at amortized cost		14,020		–		14,020		–		14,683		–		14,683		–		Interest rate
Subordinated notes and debentures		8,968		–		8,968		–		8,740		–		8,740		–		Interest rate
Other liabilities1		17,189		–		17,189		–		16,134		–		16,134		–		Equity, interest rate
Liabilities and Equity not exposed to market risk		113,935		–		–		113,935		118,163		–		–		118,163
Total Liabilities and Equity	$	1,356,588	$	96,112	$	1,146,541	$	113,935	$	1,334,903	$	104,061	$	1,112,679	$	118,163

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

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

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 TEB, 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 April 30, 2019, there were three days of trading losses and trading net revenue was positive for 95% 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. During the second quarter of 2019, TD implemented a modification to improve equity volatility data used in VaR calculations.

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 second 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 31

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

TABLE 28:  PORTFOLIO MARKET RISK MEASURES

(millions of Canadian dollars)	For the three months ended																	For the six months ended
	April 30 2019											January 31 2019			April 30 2018			April 30 2019			April 30 2018
	As at			Average			High			Low		Average			Average			Average			Average
Interest rate risk	$	6.7		$	8.6		$	13.9		$	5.4	$	12.9		$	17.0		$	10.8		$	13.0
Credit spread risk		11.1			12.2			16.6			9.4		19.7			11.4			16.0			10.3
Equity risk		7.0			6.7			9.6			4.6		7.1			8.5			6.9			8.1
Foreign exchange risk		4.3			5.4			9.5			1.7		6.5			4.5			6.0			4.1
Commodity risk		1.4			2.2			3.5			1.4		2.6			2.2			2.4			2.4
Idiosyncratic debt specific risk		14.5			15.1			20.2			13.5		20.2			17.3			17.6			15.7
Diversification effect1		(25.9	)		(29.2	)		n/m	2		n/m		(41.4	)		(35.4	)		(35.4	)		(31.2	)
Total Value-at-Risk (one-day)		19.1			21.0			28.1			16.8		27.6			25.5			24.3			22.4
Stressed Value-at-Risk (one-day)		43.9			43.5			56.8			38.8		60.5			57.7			52.6			48.3
Incremental Risk Capital Charge (one-year)	$	269.7		$	204.2		$	269.7		$	173.1	$	232.6		$	205.4		$	219.5		$	206.4

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 decreased quarter-over-quarter due to decrease in debt specific risk driven by changes in government and financial bonds positions and interest rate risk from U.S. interest rate risk positions. Average Stressed VaR decreased quarter-over-quarter driven by U.S. interest rate risk positions.

Average IRC decreased quarter-over-quarter due to positions in Canadian banks and provinces.

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 32

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 April 30, 2019 an immediate and sustained 100 bps increase in interest rates would have decreased the economic value of shareholders' equity by $337 million (January 31, 2019 – $304 million decrease) after-tax. An immediate and sustained 100 bps decrease in interest rates would have reduced the economic value of shareholders' equity by $274 million (January 31, 2019 – $149 million decrease) 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 29: SENSITIVITY OF AFTER-TAX ECONOMIC VALUE-AT-RISK BY CURRENCY

(millions of Canadian dollars)													As at
	April 30, 2019						January 31, 2019						April 30, 2018
	100 bps increase			100 bps decrease			100 bps increase			100 bps decrease			100 bps increase			100 bps decrease
Canadian dollar	$	(66	)	$	–		$	(58	)	$	1		$	(37	)	$	(41	)
U.S. dollar		(271	)		(274	)		(246	)		(150	)		(251	)		(11	)
	$	(337	)	$	(274	)	$	(304	)	$	(149	)	$	(288	)	$	(52	)

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 and Funding Committee, a subcommittee of the ALCO comprised of senior management from Treasury and Balance Sheet Management (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.

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 33

TABLE 30: 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
				April 30, 2019
Cash and due from banks	$	4,029	$	–	$	4,029		1	%	$	228	$	3,801
Canadian government obligations		13,865		74,980		88,845		14			54,585		34,260
National Housing Act Mortgage-Backed Securities (NHA MBS)		41,792		34		41,826		7			3,232		38,594
Provincial government obligations		13,738		23,554		37,292		6			27,644		9,648
Corporate issuer obligations		8,293		3,952		12,245		2			3,659		8,586
Equities		11,290		3,030		14,320		2			10,139		4,181
Other marketable securities and/or loans		3,362		444		3,806		1			513		3,293
Total Canadian dollar-denominated		96,369		105,994		202,363		33			100,000		102,363
Cash and due from banks		24,424		–		24,424		4			32		24,392
U.S. government obligations		30,331		45,037		75,368		12			36,209		39,159
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		49,733		9,650		59,383		10			17,983		41,400
Other sovereign obligations		49,530		39,995		89,525		14			31,738		57,787
Corporate issuer obligations		81,125		2,199		83,324		14			7,030		76,294
Equities		37,944		36,871		74,815		12			38,888		35,927
Other marketable securities and/or loans		4,543		1		4,544		1			530		4,014
Total non-Canadian dollar-denominated		277,630		133,753		411,383		67			132,410		278,973
Total	$	373,999	$	239,747	$	613,746		100	%	$	232,410	$	381,336
			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 31: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES

(millions of Canadian dollars)			As at
	April 30 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	143,442	$	136,544
Bank subsidiaries		222,088		217,565
Foreign branches		15,806		17,933
Total	$	381,336	$	372,042

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

The Bank's monthly average liquid assets (excluding those held in insurance subsidiaries) for the quarters ended April 30, 2019 and January 31, 2019, are summarized in the following table.

TABLE 32: 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
			April 30, 2019
Cash and due from banks	$	3,382	$	–	$	3,382		1	%	$	209	$	3,173
Canadian government obligations		13,906		63,924		77,830		13			47,864		29,966
NHA MBS		42,626		35		42,661		7			3,267		39,394
Provincial government obligations		13,495		23,012		36,507		6			27,004		9,503
Corporate issuer obligations		6,918		4,010		10,928		2			3,939		6,989
Equities		11,174		3,754		14,928		2			8,940		5,988
Other marketable securities and/or loans		3,320		422		3,742		1			495		3,247
Total Canadian dollar-denominated		94,821		95,157		189,978		32			91,718		98,260
Cash and due from banks		28,170		–		28,170		5			39		28,131
U.S. government obligations		30,183		43,578		73,761		12			37,620		36,141
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		48,211		7,859		56,070		9			16,579		39,491
Other sovereign obligations		49,987		41,458		91,445		15			33,212		58,233
Corporate issuer obligations		80,437		2,441		82,878		14			6,896		75,982
Equities		34,087		35,552		69,639		12			37,834		31,805
Other marketable securities and/or loans		4,698		3		4,701		1			386		4,315
Total non-Canadian dollar-denominated		275,773		130,891		406,664		68			132,566		274,098
Total	$	370,594	$	226,048	$	596,642		100	%	$	224,284	$	372,358
			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

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

(millions of Canadian dollars)	Average for the three months ended
	April 30 2019		January 31 2019
The Toronto-Dominion Bank (Parent)	$	137,951	$	134,578
Bank subsidiaries		218,334		227,337
Foreign branches		16,073		23,108
Total	$	372,358	$	385,023

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 35

TABLE 34: 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
										April 30, 2019
Cash and due from banks	$	191	$	–	$	–	$	4,818		$	5,009		–	%
Interest-bearing deposits with banks		3,678		102		22,427		2,246			28,453		0.3
Securities, trading loans, and other6		68,279		12,571		284,229		11,960			377,039		6.0
Derivatives		–		–		–		43,624			43,624		–
Securities purchased under reverse repurchase agreements7		–		–		–		149,949			149,949		–
Loans, net of allowance for loan losses		24,392		60,340		86,084		492,799			663,615		6.2
Customers' liability under acceptances		–		–		–		16,189			16,189		–
Investment in TD Ameritrade		–		–		–		9,027			9,027		–
Goodwill		–		–		–		17,232			17,232		–
Other intangibles		–		–		–		2,623			2,623		–
Land, buildings, equipment, and other depreciable assets		–		–		–		5,500			5,500		–
Deferred tax assets		–		–		–		2,136			2,136		–
Other assets8		821		–		–		35,371			36,192		0.1
Total on-balance sheet assets	$	97,361	$	73,013	$	392,740	$	793,474		$	1,356,588		12.6	%
Off-balance sheet items9
Securities purchased under reverse repurchase agreements		145,738		–		24,050		(149,949	)
Securities borrowing and collateral received		54,153		1,163		20,349		–
Margin loans and other client activity		9,721		–		20,490		(13,320	)
Total off-balance sheet items		209,612		1,163		64,889		(163,269	)
Total	$	306,973	$	74,176	$	457,629	$	630,205
										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 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 FVOCI, and 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 36

TABLE 35: CREDIT RATINGS¹

							As at
							April 30, 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 36: ADDITIONAL COLLATERAL REQUIREMENTS FOR RATING DOWNGRADES¹

(millions of Canadian dollars)	Average for the three months ended
	April 30 2019		January 31 2019
One-notch downgrade	$	80	$	56
Two-notch downgrade		87		56
Three-notch downgrade		535		458

¹  The above collateral requirements are based on contractual trading counterparty Credit Support Annex 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.

The following table summarizes the Bank's average daily LCR position for the quarter ended April 30, 2019.

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

TABLE 37:  AVERAGE BASEL III LIQUIDITY COVERAGE RATIO¹

(millions of Canadian dollars, except as noted)	Average for the three months ended
	April 30, 2019
	Total unweighted value (average)2			Total weighted value (average)3
High-quality liquid assets
Total high-quality liquid assets	$	n/a	4	$	213,526
Cash outflows
Retail deposits and deposits from small business customers, of which:	$	479,060		$	33,724
Stable deposits5		202,598			6,078
Less stable deposits		276,462			27,646
Unsecured wholesale funding, of which:		241,454			120,707
Operational deposits (all counterparties) and deposits in networks of cooperative banks6		98,720			23,509
Non-operational deposits (all counterparties)		104,154			58,618
Unsecured debt		38,580			38,580
Secured wholesale funding		n/a			14,147
Additional requirements, of which:		205,339			54,237
Outflows related to derivative exposures and other collateral requirements		33,619			18,059
Outflows related to loss of funding on debt products		5,317			5,317
Credit and liquidity facilities		166,403			30,861
Other contractual funding obligations		10,514			4,957
Other contingent funding obligations7		567,611			9,187
Total cash outflows	$	n/a		$	236,959
Cash inflows
Secured lending	$	178,063		$	23,260
Inflows from fully performing exposures		15,610			7,053
Other cash inflows		48,511			48,511
Total cash inflows	$	242,184		$	78,824
	Average for the three months ended
	April 30, 2019			January 31, 2019
	Total adjusted value			Total adjusted value
Total high-quality liquid assets8	$	213,526		$	213,982
Total net cash outflows9		158,135			163,267
Liquidity coverage ratio		135	%		131	%

¹  The LCR for the quarter ended April 30, 2019, is calculated as an average of the 61 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 buy back 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 135% for quarter ended April 30, 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 April 30, 2019, was $214 billion (January 31, 2019 – $214 billion), with Level 1 assets representing 82% (January 31, 2019 – 79%). 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 metrics. As a result, the total stock of HQLA is subject to ongoing rebalancing against the projected liquidity requirements.

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

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 38:    SUMMARY OF DEPOSIT FUNDING

(millions of Canadian dollars)	As at
	April 30 2019		October 31 2018
P&C deposits – Canadian Retail	$	370,487	$	359,473
P&C deposits – U.S. Retail		353,035		346,624
Other deposits		28		36
Total	$	723,550	$	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 April 30, 2019, was $128.9 billion (October 31, 2018 – $127.7 billion).

TABLE 39:  LONG-TERM FUNDING

	As at
Long-term funding by currency	April 30 2019			October 31 2018
Canadian dollar		31	%		32	%
U.S. dollar		38			39
Euro		22			19
British pound		6			7
Other		3			3
Total		100	%		100	%
Long-term funding by type
Senior unsecured medium-term notes		54	%		55	%
Covered bonds		30			29
Mortgage securitization1		11			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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 39

The following table represents the remaining maturity of various sources of funding outstanding as at April 30, 2019 and October 31, 2018.

TABLE 40:  WHOLESALE FUNDING

(millions of Canadian dollars)	As at
											April 30 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	$	9,905	$	2,740	$	2,291	$	1,604	$	–	$	–	$	16,540	$	14,176
Bearer deposit note		676		856		462		964		–		–		2,958		3,872
Certificates of deposit		6,910		17,255		16,331		5,661		–		–		46,157		51,401
Commercial paper		18,491		10,144		17,166		9,933		–		–		55,734		55,570
Covered bonds		–		2,629		2,346		3,287		6,337		24,509		39,108		36,284
Mortgage securitization		–		1,206		845		2,788		3,455		18,464		26,758		27,301
Legacy senior unsecured medium-term notes2		–		4,941		7,005		4,454		24,020		22,422		62,842		69,518
Senior unsecured medium-term notes3		–		–		–		–		–		5,909		5,909		–
Subordinated notes and debentures4		–		–		–		–		–		8,968		8,968		8,740
Term asset-backed securitization		990		–		802		748		3,239		670		6,449		5,626
Other5		4,753		2,520		924		549		590		1,288		10,624		6,534
Total	$	41,725	$	42,291	$	48,172	$	29,988	$	37,641	$	82,230	$	282,047	$	279,022
Of which:
Secured	$	990	$	3,835	$	3,993	$	6,823	$	13,031	$	43,654	$	72,326	$	69,225
Unsecured		40,735		38,456		44,179		23,165		24,610		38,576		209,721		209,797
Total	$	41,725	$	42,291	$	48,172	$	29,988	$	37,641	$	82,230	$	282,047	$	279,022

¹  Includes fixed-term deposits from banks.

²  Comprised of senior debt issued prior to September 23, 2018.

³  Comprised of senior debt subject to conversion under the bank recapitalization "bail-in" regime. Excludes $677 million of structured notes subject to conversion under the bail-in regime.

⁴  Subordinated notes and debentures are not considered wholesale funding as they may be raised primarily for capital management purposes.

⁵  Includes fixed-term deposits from non-bank institutions (unsecured) of $10.6 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 and six months ended

April 30, 2019, was $0.6 billion and $1.1 billion, respectively (three and six months ended April 30, 2018 – $0.7 billion and $1.3 billion, respectively). Other asset backed securities issuance for the three and six months ended April 30, 2019, was $1.4 billion (three and six months ended April 30, 2018 – $0.8 billion). The Bank also issued $5.9 billion of unsecured medium-term notes for the three and six months ended April 30, 2019 (three and six months ended April 30, 2018 – $1.8 billion and $6.5 billion, respectively). The total covered bonds issuance for the three and six months ended April 30, 2019, was $2.6 billion (three and six months ended April 30, 2018 – $1.9 billion and $2.8 billion, respectively).

REGULATORY DEVELOPMENTS CONCERNING LIQUIDITY AND FUNDING

In April 2019, OSFI published its final guidelines for Canadian application of Net Stable Funding Ratio (NSFR) as part of its Liquidity Adequacy Requirements (LAR). The 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 less than one year to support their businesses. OSFI implementation of NSFR for D-SIBs will be in January 2020 and the public disclosure requirement will begin in January 2021.

In April 2019, OSFI also published changes to the LAR guideline with an implementation date of January 2020. The changes increase 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.

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 40

TABLE 41:  REMAINING CONTRACTUAL MATURITY

(millions of Canadian dollars)		As at
		April 30, 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	$	5,007	$	2	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	5,009
Interest-bearing deposits with banks		27,325		299		385		–		–		–		–		–		444			28,453
Trading loans, securities, and other1		2,517		3,675		2,919		2,392		3,338		9,466		25,282		21,519		61,697			132,805
Non-trading financial assets at fair value through profit or loss		13		27		467		–		61		1,227		792		878		737			4,202
Derivatives		3,988		6,008		3,097		3,312		1,882		5,890		9,330		10,117		–			43,624
Financial assets designated at fair value through profit or loss		107		141		52		98		111		334		1,769		767		–			3,379
Financial assets at fair value through other comprehensive income		2,078		5,541		4,252		2,927		5,451		20,887		50,072		32,021		1,880			125,109
Debt securities at amortized cost, net of allowance for credit losses		1,599		2,219		4,396		3,391		1,820		5,886		39,035		53,199		(1	)		111,544
Securities purchased under reverse repurchase agreements		100,567		26,640		14,251		5,243		3,242		6		–		–		–			149,949
Loans
Residential mortgages		1,084		6,540		10,680		8,658		10,025		42,282		112,590		35,399		–			227,258
Consumer instalment and other personal		977		2,192		3,416		3,270		3,838		15,628		57,159		26,956		61,272			174,708
Credit card		–		–		–		–		–		–		–		–		36,004			36,004
Business and government		27,573		4,640		6,602		7,342		6,489		22,820		71,468		61,667		20,822			229,423
Total loans		29,634		13,372		20,698		19,270		20,352		80,730		241,217		124,022		118,098			667,393
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,778	)		(3,778	)
Loans, net of allowance for loan losses		29,634		13,372		20,698		19,270		20,352		80,730		241,217		124,022		114,320			663,615
Customers' liability under acceptances		13,703		2,340		130		10		6		–		–		–		–			16,189
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		9,027			9,027
Goodwill2		–		–		–		–		–		–		–		–		17,232			17,232
Other intangibles2		–		–		–		–		–		–		–		–		2,623			2,623
Land, buildings, equipment, and other depreciable assets2		–		–		–		–		–		–		–		–		5,500			5,500
Deferred tax assets		–		–		–		–		–		–		–		–		2,136			2,136
Amounts receivable from brokers, dealers, and clients		18,954		–		–		–		–		–		–		–		–			18,954
Other assets		3,411		916		348		130		2,669		206		226		97		9,235			17,238
Total assets	$	208,903	$	61,180	$	50,995	$	36,773	$	38,932	$	124,632	$	367,723	$	242,620	$	224,830		$	1,356,588
Liabilities
Trading deposits	$	9,045	$	10,551	$	18,936	$	6,883	$	1,123	$	1,732	$	4,371	$	1,333	$	–		$	53,974
Derivatives		4,458		5,896		3,534		3,323		1,810		5,068		7,578		10,532		–			42,199
Securitization liabilities at fair value		–		703		272		587		413		1,479		6,993		2,291		–			12,738
Financial liabilities designated at fair value through profit or loss		18,809		15,496		15,286		7,903		284		–		–		5		–			57,783
Deposits3,4
Personal		4,615		7,483		8,992		7,594		7,653		10,521		9,868		30		432,927			489,683
Banks		5,422		1,599		765		1,387		–		–		3		7		10,486			19,669
Business and government5		17,638		21,795		14,680		6,582		6,264		31,181		49,869		5,770		212,212			365,991
Total deposits		27,675		30,877		24,437		15,563		13,917		41,702		59,740		5,807		655,625			875,343
Acceptances		13,703		2,340		130		10		6		–		–		–		–			16,189
Obligations related to securities sold short1		75		856		1,069		1,000		1,512		6,920		10,666		13,507		760			36,365
Obligations related to securities sold under repurchase agreements		92,452		13,642		1,169		499		40		57		26		–		–			107,885
Securitization liabilities at amortized cost		–		503		572		511		1,277		1,976		5,911		3,270		–			14,020
Amounts payable to brokers, dealers, and clients		19,323		–		–		–		–		–		–		–		–			19,323
Insurance-related liabilities		255		318		334		268		267		928		1,608		916		1,750			6,644
Other liabilities6		3,905		1,050		1,283		1,120		1,618		3,678		1,125		148		6,332			20,259
Subordinated notes and debentures		–		–		–		–		–		–		–		8,968		–			8,968
Equity		–		–		–		–		–		–		–		–		84,898			84,898
Total liabilities and equity	$	189,700	$	82,232	$	67,022	$	37,667	$	22,267	$	63,540	$	98,018	$	46,777	$	749,365		$	1,356,588
Off-balance sheet commitments
Credit and liquidity commitments7,8	$	19,270	$	23,417	$	17,106	$	14,662	$	13,522	$	26,311	$	105,994	$	4,726	$	1,316		$	226,324
Operating lease commitments		81		164		245		244		242		928		2,320		3,553		–			7,777
Other purchase obligations		49		116		144		181		178		532		794		738		58			2,790
Unconsolidated structured entity commitments		–		1,051		826		–		97		998		–		–		–			2,972
Total off-balance sheet commitments	$	19,400	$	24,748	$	18,321	$	15,087	$	14,039	$	28,769	$	109,108	$	9,017	$	1,374		$	239,863

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 $39 billion of covered bonds with remaining contractual maturities of $3 billion in 'over 1 month to 3 months', $2 billion in 'over 3 months to 6 months', $1 billion in 'over 6 months to 9 months', $2 billion in 'over 9 months to 1 year', $6 billion in 'over 1 to 2 years', $23 billion in 'over 2 to 5 years', and $2 billion in 'over 5 years'.

⁵  On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

⁶  Includes $92 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', $5 million in '6 months to 9 months', $5 million in '9 months to 1 year', $20 million in 'over 1 to 2 years', $47 million in 'over 2 to 5 years', and $3 million in 'over 5 years'.

⁷  Includes $316 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 41

TABLE 41:  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	$	18,341	$	16,732	$	17,222	$	13,105	$	9,159	$	25,720	$	101,210	$	5,260	$	1,293		$	208,042
Operating lease commitments		79		159		240		237		233		902		2,188		3,229		–			7,267
Other purchase obligations		46		163		131		128		127		460		898		524		–			2,477
Unconsolidated structured entity commitments		–		1,079		940		329		–		7		408		–		–			2,763
Total off-balance sheet commitments	$	18,466	$	18,133	$	18,533	$	13,799	$	9,519	$	27,089	$	104,704	$	9,013	$	1,293		$	220,549

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 42

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 April 30, 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. The Bank'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 April 30, 2019 (October 31, 2018 – $10.4 billion). Further, as at April 30, 2019, the Bank had committed to provide an additional $3 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 $3.8 billion as at April 30, 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 April 30, 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 second 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.

The adoption of IFRS 15 resulted in a reduction to Shareholders' 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.

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

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. The Bank will adopt the new standard by recognizing the cumulative effect of any transitional impacts in opening retained earnings within the Consolidated Balance Sheet at November 1, 2019, with no restatement of the comparative periods. The Bank's IFRS 16 program is governed by a formal multi-functional enterprise-wide governance structure and project delivery plan. In support of the program, the Bank is currently analyzing the full impact of this standard upon its financial statements and regulatory metrics, upgrading its lease administration and accounting systems, and developing future processes and internal controls over financial reporting.

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 44

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 45

INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

INTERIM CONSOLIDATED BALANCE SHEET (unaudited)
(As at and in millions of Canadian dollars)	April 30, 2019			October 31, 2018
ASSETS
Cash and due from banks	$	5,009		$	4,735
Interest-bearing deposits with banks		28,453			30,720
		33,462			35,455
Trading loans, securities, and other (Note 4)		132,805			127,897
Non-trading financial assets at fair value through profit or loss (Note 4)		4,202			4,015
Derivatives (Note 4)		43,624			56,996
Financial assets designated at fair value through profit or loss (Note 4)		3,379			3,618
Financial assets at fair value through other comprehensive income (Notes 4, 5, 6)		125,109			130,600
		309,119			323,126
Debt securities at amortized cost, net of allowance for credit losses (Notes 4, 5)		111,544			107,171
Securities purchased under reverse repurchase agreements (Note 4)		149,949			127,379
Loans (Notes 4, 6)
Residential mortgages		227,258			225,191
Consumer instalment and other personal		174,708			172,079
Credit card		36,004			35,018
Business and government		229,423			217,654
		667,393			649,942
Allowance for loan losses (Note 6)		(3,778	)		(3,549	)
Loans, net of allowance for loan losses		663,615			646,393
Other
Customers' liability under acceptances		16,189			17,267
Investment in TD Ameritrade (Note 7)		9,027			8,445
Goodwill (Note 9)		17,232			16,536
Other intangibles		2,623			2,459
Land, buildings, equipment, and other depreciable assets		5,500			5,324
Deferred tax assets (Note 16)		2,136			2,812
Amounts receivable from brokers, dealers, and clients		18,954			26,940
Other assets (Note 10)		17,238			15,596
		88,899			95,379
Total assets	$	1,356,588		$	1,334,903
LIABILITIES
Trading deposits (Notes 4, 11)	$	53,974		$	114,704
Derivatives (Note 4)		42,199			48,270
Securitization liabilities at fair value (Note 4)		12,738			12,618
Financial liabilities designated at fair value through profit or loss (Notes 4, 11)		57,783			16
		166,694			175,608
Deposits (Note 11)
Personal		489,683			477,644
Banks		19,669			16,712
Business and government		365,991			357,083
		875,343			851,439
Other
Acceptances		16,189			17,269
Obligations related to securities sold short (Note 4)		36,365			39,478
Obligations related to securities sold under repurchase agreements (Note 4)		107,885			93,389
Securitization liabilities at amortized cost (Note 4)		14,020			14,683
Amounts payable to brokers, dealers, and clients		19,323			28,385
Insurance-related liabilities		6,644			6,698
Other liabilities (Note 12)		20,259			19,174
		220,685			219,076
Subordinated notes and debentures (Note 4)		8,968			8,740
Total liabilities		1,271,690			1,254,863
EQUITY
Shareholders' Equity
Common shares (Note 13)		21,718			21,221
Preferred shares (Note 13)		5,350			5,000
Treasury shares – common (Note 13)		(49	)		(144	)
Treasury shares – preferred (Note 13)		(6	)		(7	)
Contributed surplus		162			193
Retained earnings		47,980			46,145
Accumulated other comprehensive income (loss)		9,743			6,639
		84,898			79,047
Non-controlling interests in subsidiaries (Note 13)		–			993
Total equity		84,898			80,040
Total liabilities and equity	$	1,356,588		$	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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 46

INTERIM CONSOLIDATED STATEMENT OF INCOME (unaudited)

(millions of Canadian dollars, except as noted)	For the three months ended						For the six months ended
	April 30 2019			April 30 2018			April 30 2019			April 30 2018
Interest income1
Loans	$	7,745		$	6,618		$	15,647		$	13,087
Securities
Interest		1,954			1,541			4,074			2,995
Dividends		384			267			718			513
Deposits with banks		190			183			378			322
		10,273			8,609			20,817			16,917
Interest expense (Note 20)
Deposits		3,349			2,404			6,873			4,513
Securitization liabilities		129			143			280			282
Subordinated notes and debentures		93			80			188			172
Other		830			584			1,744			1,122
		4,401			3,211			9,085			6,089
Net interest income		5,872			5,398			11,732			10,828
Non-interest income
Investment and securities services		1,249			1,120			2,413			2,291
Credit fees		331			292			634			574
Net securities gain (loss) (Note 5)		35			33			24			36
Trading income (loss)		237			318			412			605
Income (loss) from non-trading financial instruments at fair value through profit or loss		73			5			84			18
Income (loss) from financial instruments designated at fair value through profit or loss		53			(36	)		89			(111	)
Service charges		692			652			1,406			1,323
Card services		614			550			1,257			1,145
Insurance revenue		1,035			1,024			2,070			1,968
Other income (loss)		37			126			105			180
		4,356			4,084			8,494			8,029
Total revenue		10,228			9,482			20,226			18,857
Provision for credit losses (Note 6)		633			556			1,483			1,249
Insurance claims and related expenses		668			558			1,370			1,133
Non-interest expenses
Salaries and employee benefits (Note 15)		2,799			2,497			5,651			5,057
Occupancy, including depreciation		454			437			914			879
Equipment, including depreciation		282			265			561			510
Amortization of other intangibles		199			216			394			412
Marketing and business development		206			184			366			340
Restructuring charges (recovery)		(5	)		(7	)		(6	)		38
Brokerage-related and sub-advisory fees		83			90			166			184
Professional and advisory services		320			248			647			487
Other		910			907			2,410			1,791
		5,248			4,837			11,103			9,698
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,679			3,531			6,270			6,777
Provision for (recovery of) income taxes (Note 16)		773			746			1,276			1,786
Equity in net income of an investment in TD Ameritrade (Note 7)		266			131			588			278
Net income		3,172			2,916			5,582			5,269
Preferred dividends		62			52			122			104
Net income available to common shareholders and non-controlling interests in subsidiaries	$	3,110		$	2,864		$	5,460		$	5,165
Attributable to:
Common shareholders	$	3,110		$	2,846		$	5,442		$	5,129
Non-controlling interests in subsidiaries		–			18			18			36
Earnings per share (Canadian dollars) (Note 17)
Basic	$	1.70		$	1.54		$	2.97		$	2.78
Diluted		1.70			1.54			2.97			2.78
Dividends per common share (Canadian dollars)		0.74			0.67			1.41			1.27

¹ Includes $8,554 million and $17,239 million, respectively, for the three and six months ended April 30, 2019 (three and six months ended April 30, 2018 – $7,310 million and $14,411 million, respectively) which have been calculated based on the effective interest rate method. 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 47

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME¹ (unaudited)

(millions of Canadian dollars)	For the three months ended						For the six months ended
	April 30 2019			April 30 2018			April 30 2019			April 30 2018
Net income		$  3,172			$  2,916			$  5,582			$  5,269
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		63			(167	)		96			(161	)
Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income		(26	)		(3	)		14			(5	)
Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income		(2	)		12			(2	)		16
		35			(158	)		108			(150	)
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		1,358			2,791			1,227			(295	)
Net gains (losses) on hedges of investments in foreign operations		(338	)		(763	)		(319	)		78
		1,020			2,028			908			(217	)
Net change in gains (losses) on derivatives designated as cash flow hedges
Change in gains (losses) on derivatives designated as cash flow hedges		1,339			393			2,654			(2,002	)
Reclassification to earnings of losses (gains) on cash flow hedges		(600	)		(814	)		(470	)		335
		739			(421	)		2,184			(1,667	)
Items that will not be subsequently reclassified to net income
Actuarial gains (losses) on employee benefit plans		(122	)		53			(424	)		73
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income		(32	)		2			(84	)		28
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss		(2	)		–			(12	)		–
		(156	)		55			(520	)		101
Total other comprehensive income (loss), net of income taxes		1,638			1,504			2,680			(1,933	)
Total comprehensive income (loss)		$  4,810			$  4,420			$  8,262			$  3,336
Attributable to:
Common shareholders		$  4,748			$  4,350			$  8,122			$  3,196
Preferred shareholders		62			52			122			104
Non-controlling interests in subsidiaries		–			18			18			36

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						For the six months ended
	April 30 2019			April 30 2018			April 30 2019			April 30 2018
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income		$      21			$    (56	)		$      28			$  (113	)
Less: Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income		9			–			(6	)		1
Less: Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income		–			(4	)		–			(4	)
Unrealized gains (losses) on investments in foreign operations		–			–			–			–
Net gains (losses) on hedges of investments in foreign operations		(122	)		(275	)		(115	)		29
Change in gains (losses) on derivatives designated as cash flow hedges		597			361			1,032			(685	)
Less: Reclassification to earnings of losses (gains) on cash flow hedges		334			503			258			(73	)
Actuarial gains (losses) on employee benefit plans		(44	)		20			(153	)		44
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income		(12	)		2			(31	)		16
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss		(1	)		–			(5	)		–
Total income taxes		$      96			$    (447	)		$    504			$  (633	)

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

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

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)

(millions of Canadian dollars)	For the three months ended						For the six months ended
	April 30, 2019			April 30, 2018			April 30, 2019			April 30, 2018
Common shares (Note 13)
Balance at beginning of period	$	21,661		$	21,094		$	21,221		$	20,931
Proceeds from shares issued on exercise of stock options		24			24			52			96
Shares issued as a result of dividend reinvestment plan		98			92			197			183
Shares issued in connection with acquisitions (Notes 8, 13)		–			–			366			–
Purchase of shares for cancellation and other		(65	)		(7	)		(118	)		(7	)
Balance at end of period		21,718			21,203			21,718			21,203
Preferred shares (Note 13)
Balance at beginning of period		5,350			4,750			5,000			4,750
Issue of shares		–			350			350			350
Balance at end of period		5,350			5,100			5,350			5,100
Treasury shares – common (Note 13)
Balance at beginning of period		(139	)		(92	)		(144	)		(176	)
Purchase of shares		(2,855	)		(1,691	)		(5,198	)		(3,590	)
Sale of shares		2,945			1,675			5,293			3,658
Balance at end of period		(49	)		(108	)		(49	)		(108	)
Treasury shares – preferred (Note 13)
Balance at beginning of period		(3	)		(9	)		(7	)		(7	)
Purchase of shares		(36	)		(48	)		(69	)		(79	)
Sale of shares		33			52			70			81
Balance at end of period		(6	)		(5	)		(6	)		(5	)
Contributed surplus
Balance at beginning of period		158			229			193			214
Net premium (discount) on sale of treasury shares		6			(34	)		(26	)		(10	)
Issuance of stock options, net of options exercised		(1	)		(1	)		(2	)		(9	)
Other		(1	)		–			(3	)		(1	)
Balance at end of period		162			194			162			194
Retained earnings
Balance at beginning of period		46,660			41,744			46,145			40,489
Impact on adoption of IFRS 151 (Note 2)		–			n/a	2		(41	)		n/a
Impact on adoption of IFRS 93		–			–			–			53
Net income attributable to shareholders		3,172			2,898			5,564			5,233
Common dividends		(1,350	)		(1,239	)		(2,577	)		(2,341	)
Preferred dividends		(62	)		(52	)		(122	)		(104	)
Share issue expenses and others		–			(4	)		(4	)		(4	)
Net premium on repurchase of common shares, redemption of preferred shares, and other		(350	)		(37	)		(610	)		(37	)
Actuarial gains (losses) on employee benefit plans		(122	)		53			(424	)		73
Realized gains (losses) on equity securities designated at fair value through other comprehensive income		32			–			49			1
Balance at end of period		47,980			43,363			47,980			43,363
Accumulated other comprehensive income (loss)
Net unrealized gain (loss) on debt securities at fair value through other comprehensive income:
Balance at beginning of period		318			537			245			510
Impact on adoption of IFRS 9		–			–			–			19
Other comprehensive income (loss)		37			(170	)		110			(166	)
Allowance for credit losses		(2	)		12			(2	)		16
Balance at end of period		353			379			353			379
Net unrealized gain (loss) on equity securities designated at fair value through other comprehensive income:
Balance at beginning of period		3			43			55			113
Impact on adoption of IFRS 9		–			–			–			(96	)
Other comprehensive income (loss)		–			2			(35	)		29
Reclassification of loss (gain) to retained earnings		(32	)		–			(49	)		(1	)
Balance at end of period		(29	)		45			(29	)		45
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss:
Balance at beginning of period		(10	)		–			–			–
Other comprehensive income (loss)		(2	)		–			(12	)		–
Balance at end of period		(12	)		–			(12	)		–
Net unrealized foreign currency translation gain (loss) on investments in foreign operations, net of hedging activities:
Balance at beginning of period		8,714			5,546			8,826			7,791
Other comprehensive income (loss)		1,020			2,028			908			(217	)
Balance at end of period		9,734			7,574			9,734			7,574
Net gain (loss) on derivatives designated as cash flow hedges:
Balance at beginning of period		(1,042	)		(1,654	)		(2,487	)		(408	)
Other comprehensive income (loss)		739			(421	)		2,184			(1,667	)
Balance at end of period		(303	)		(2,075	)		(303	)		(2,075	)
Total accumulated other comprehensive income		9,743			5,923			9,743			5,923
Total shareholders' equity		84,898			75,670			84,898			75,670
Non-controlling interests in subsidiaries (Note 13)
Balance at beginning of period		–			986			993			983
Net income attributable to non-controlling interests in subsidiaries		–			18			18			36
Redemption of non-controlling interests in subsidiaries		–			–			(1,000	)		–
Other		–			(12	)		(11	)		(27	)
Balance at end of period		–			992			–			992
Total equity	$	84,898		$	76,662		$	84,898		$	76,662

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.

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

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

(millions of Canadian dollars)	For the three months ended						For the six months ended
	April 30 2019			April 30 2018			April 30 2019			April 30 2018
Cash flows from (used in) operating activities
Net income before income taxes, including equity in net income of an investment in TD Ameritrade	$	3,945		$	3,662		$	6,858		$	7,055
Adjustments to determine net cash flows from (used in) operating activities
Provision for credit losses (Note 6)		633			556			1,483			1,249
Depreciation		145			140			289			277
Amortization of other intangibles		199			216			394			412
Net securities losses (gains) (Note 5)		(35	)		(33	)		(24	)		(36	)
Equity in net income of an investment in TD Ameritrade (Note 7)		(266	)		(131	)		(588	)		(278	)
Deferred taxes		(91	)		(136	)		50			544
Changes in operating assets and liabilities
Interest receivable and payable (Notes 10, 12)		63			(27	)		(13	)		(89	)
Securities sold under repurchase agreements		13,123			12,229			14,496			7,586
Securities purchased under reverse repurchase agreements		(17,519	)		(16,314	)		(22,570	)		(6,485	)
Securities sold short		(2,525	)		238			(3,113	)		1,923
Trading loans and securities		(10,735	)		(2,142	)		(4,908	)		(10,185	)
Loans net of securitization and sales		(15,762	)		(15,359	)		(18,646	)		(20,136	)
Deposits		(2,580	)		25,923			(36,826	)		20,430
Derivatives		1,004			(5,214	)		7,301			(2,212	)
Non-trading financial assets at fair value through profit or loss		(327	)		417			(96	)		5,185
Financial assets and liabilities designated at fair value through profit or loss		31,279			(149	)		58,006			(282	)
Securitization liabilities		478			16			(543	)		(1,204	)
Current taxes		(66	)		(1,260	)		(830	)		(1,101	)
Brokers, dealers and clients amounts receivable and payable		1,102			(85	)		(1,076	)		(871	)
Other		(3,733	)		(8,691	)		(4,619	)		(5,695	)
Net cash from (used in) operating activities		(1,668	)		(6,144	)		(4,975	)		(3,913	)
Cash flows from (used in) financing activities
Redemption or repurchase of subordinated notes and debentures		(21	)		31			23			(1,819	)
Common shares issued (Note 13)		20			20			44			81
Repurchase of common shares (Note 13)		(415	)		(44	)		(728	)		(44	)
Preferred shares issued (Note 13)		–			346			346			346
Sale of treasury shares (Note 13)		2,984			1,693			5,337			3,729
Purchase of treasury shares (Note 13)		(2,891	)		(1,739	)		(5,267	)		(3,669	)
Dividends paid		(1,314	)		(1,199	)		(2,502	)		(2,262	)
Redemption of non-controlling interests in subsidiaries (Note 13)		–			–			(1,000	)		–
Distributions to non-controlling interests in subsidiaries		–			(18	)		(11	)		(36	)
Net cash from (used in) financing activities		(1,637	)		(910	)		(3,758	)		(3,674	)
Cash flows from (used in) investing activities
Interest-bearing deposits with banks		3,218			8,506			2,267			14,798
Activities in financial assets at fair value through other comprehensive income (Note 5)
Purchases		(6,992	)		(3,362	)		(11,351	)		(8,361	)
Proceeds from maturities		8,269			7,682			15,854			14,120
Proceeds from sales		2,444			731			4,914			1,171
Activities in debt securities at amortized cost (Note 5)
Purchases		(8,593	)		(13,166	)		(14,570	)		(23,844	)
Proceeds from maturities		5,804			6,886			11,707			9,889
Proceeds from sales		16			201			1,132			201
Net purchases of land, buildings, equipment, and other depreciable assets		(292	)		(225	)		(465	)		(151	)
Net cash acquired from (paid for) divestitures and acquisitions (Note 8)		–			–			(536	)		–
Net cash from (used in) investing activities		3,874			7,253			8,952			7,823
Effect of exchange rate changes on cash and due from banks		59			102			55			(10	)
Net increase (decrease) in cash and due from banks		628			301			274			226
Cash and due from banks at beginning of period		4,381			3,896			4,735			3,971
Cash and due from banks at end of period	$	5,009		$	4,197		$	5,009		$	4,197
Supplementary disclosure of cash flows from operating activities
Amount of income taxes paid (refunded) during the period	$	783		$	1,816		$	1,950		$	2,417
Amount of interest paid during the period		4,290			3,103			8,995			6,025
Amount of interest received during the period		9,841			8,207			19,996			16,251
Amount of dividends received during the period		323			230			679			493

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 50

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 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 revised 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 and six months ended April 30, 2019, were approved and authorized for issue by the Bank's Board of Directors, in accordance with a recommendation of the Audit Committee, on May 22, 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 Shareholders' 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 51

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. The Bank will adopt the new standard by recognizing the cumulative effect of any transitional impacts in opening retained earnings within the Consolidated Balance Sheet at November 1, 2019, with no restatement of the comparative periods. The Bank's IFRS 16 program is governed by a formal multi-functional enterprise-wide governance structure and project delivery plan. In support of the program, the Bank is currently analyzing the full impact of this standard upon its financial statements and regulatory metrics, upgrading its lease administration and accounting systems, and developing future processes and internal controls over financial reporting.

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 52

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 and six months ended April 30, 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
	April 30, 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	$	63,183	$	63,073	$	60,535	$	59,948
Other debt securities		48,361		48,286		46,636		46,316
Total debt securities at amortized cost, net of allowance for credit losses		111,544		111,359		107,171		106,264
Total loans, net of allowance for loan losses		663,615		665,018		646,393		642,542
Total financial assets not carried at fair value	$	775,159	$	776,377	$	753,564	$	748,806
FINANCIAL LIABILITIES
Deposits	$	875,343	$	875,840	$	851,439	$	846,148
Securitization liabilities at amortized cost		14,020		14,147		14,683		14,654
Subordinated notes and debentures		8,968		9,478		8,740		9,027
Total financial liabilities not carried at fair value	$	898,331	$	899,465	$	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 and six months ended April 30, 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 53

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 April 30, 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
		April 30, 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	$	786	$	9,127	$	–	$	9,913		$	127	$	14,335	$	–	$	14,462
Provinces		–		7,865		46		7,911			–		7,535		3		7,538
U.S. federal, state, municipal governments, and agencies debt		–		16,050		–		16,050			–		19,732		–		19,732
Other OECD government guaranteed debt		–		4,149		–		4,149			–		3,324		–		3,324
Mortgage-backed securities		–		2,054		–		2,054			–		2,029		–		2,029
Other debt securities
Canadian issuers		–		5,973		2		5,975			–		5,630		1		5,631
Other issuers		–		13,578		18		13,596			–		14,459		16		14,475
Equity securities
Common shares		49,784		131		–		49,915			43,699		53		–		43,752
Preferred shares		57		–		–		57			33		26		–		59
Trading loans		–		11,335		–		11,335			–		10,990		–		10,990
Commodities		11,549		279		–		11,828			5,540		340		–		5,880
Retained interests		–		22		–		22			–		25		–		25
		62,176		70,563		66		132,805			49,399		78,478		20		127,897
Non-trading financial assets at fair value through profit or loss
Securities		190		2,567		447		3,204			176		2,095		408		2,679
Loans		–		978		20		998			–		1,317		19		1,336
		190		3,545		467		4,202			176		3,412		427		4,015
Derivatives
Interest rate contracts		31		11,775		–		11,806			33		12,365		–		12,398
Foreign exchange contracts		41		28,753		6		28,800			24		39,647		4		39,675
Credit contracts		–		14		–		14			–		9		–		9
Equity contracts		–		1,305		525		1,830			–		3,170		453		3,623
Commodity contracts		127		1,019		28		1,174			144		1,112		35		1,291
		199		42,866		559		43,624			201		56,303		492		56,996
Financial assets designated at fair value through profit or loss
Securities2		–		3,379		–		3,379			–		3,618		–		3,618
		–		3,379		–		3,379			–		3,618		–		3,618
Financial assets at fair value through other comprehensive income
Government and government-related securities
Canadian government debt
Federal		–		11,009		–		11,009			–		12,731		–		12,731
Provinces		–		11,763		–		11,763			–		9,507		–		9,507
U.S. federal, state, municipal governments, and agencies debt		–		45,252		–		45,252			–		45,766		–		45,766
Other OECD government guaranteed debt		–		18,177		–		18,177			–		19,896		200		20,096
Mortgage-backed securities		–		6,096		–		6,096			–		6,633		–		6,633
Other debt securities
Asset-backed securities		–		20,036		–		20,036			–		21,407		562		21,969
Non-agency collateralized mortgage obligation portfolio		–		311		–		311			–		472		–		472
Corporate and other debt		–		8,245		23		8,268			–		8,483		24		8,507
Equity securities
Common shares		84		2		1,532		1,618			309		3		1,492		1,804
Preferred shares		208		3		50		261			235		–		135		370
Loans		–		2,318		–		2,318			–		2,745		–		2,745
		292		123,212		1,605		125,109			544		127,643		2,413		130,600
Securities purchased under reverse repurchase agreements		–		4,796		–		4,796			–		3,920		–		3,920
FINANCIAL LIABILITIES
Trading deposits		–		50,295		3,679		53,974			–		111,680		3,024		114,704
Derivatives
Interest rate contracts		28		10,420		77		10,525			24		9,646		63		9,733
Foreign exchange contracts		29		26,121		8		26,158			18		34,897		3		34,918
Credit contracts		–		418		–		418			–		386		–		386
Equity contracts		–		2,794		1,350		4,144			–		1,319		1,077		2,396
Commodity contracts		113		828		13		954			134		695		8		837
		170		40,581		1,448		42,199			176		46,943		1,151		48,270
Securitization liabilities at fair value		–		12,738		–		12,738			–		12,618		–		12,618
Financial liabilities designated at fair value through profit or loss		–		57,770		13		57,783			–		2		14		16
Obligations related to securities sold short2		787		35,578		–		36,365			1,142		38,336		–		39,478
Obligations related to securities sold under repurchase agreements		–		1,893		–		1,893			–		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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 54

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 and six months ended April 30, 2019 and April 30, 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 and six months ended April 30.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at February 1 2019			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 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	$	–		$	(1	)	$	–		$	–		$	–	$	–		$	47	$	–		$	46		$	(1	)
Other debt securities
Canadian issuers		1			–			–			–			–		–			1		–			2			–
Other issuers		9			–			–			–			–		(9	)		18		–			18			–
		10			(1	)		–			–			–		(9	)		66		–			66			(1	)
Non-trading financial assets at fair value through profit or loss
Securities		495			56			1			65			–		(170	)		–		–			447			5
Loans		21			–			–			–			–		(1	)		–		–			20			–
		516			56			1			65			–		(171	)		–		–			467			5
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		210			14			–			–			–		(224	)		–		–			–			–
Other debt securities
Asset-backed securities		559			–			–			–			–		–			–		(559	)		–			–
Corporate and other debt		23			–			–			–			–		–			–		–			23			–
Equity securities
Common shares		1,495			–			(1	)		14			–		24			–		–			1,532			(1	)
Preferred shares		57			–			(8	)		1			–		–			–		–			50			(9	)
	$	2,344		$	14		$	(9	)	$	15		$	–	$	(200	)	$	–	$	(559	)	$	1,605		$	(10	)
	Fair value as at February 1 2019			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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	$	3,465		$	188		$	–		$	(315	)	$	397	$	(56	)	$	–	$	–		$	3,679		$	189
Derivatives7
Interest rate contracts		64			12			–			–			–		1			–		–			77			11
Foreign exchange contracts		(2	)		–			–			–			–		–			4		–			2			–
Equity contracts		699			190			–			(21	)		58		(101	)		–		–			825			179
Commodity contracts		8			(34	)		–			–			–		11			–		–			(15	)		(23	)
		769			168			–			(21	)		58		(89	)		4		–			889			167
Financial liabilities designated at fair value through profit or loss		3			(18	)		–			–			32		(4	)		–		–			13			(14	)
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 April 30, 2019, consists of derivative assets of $0.6 billion (February 1, 2019 – $0.5 billion) and derivative liabilities of $1.5 billion (February 1, 2019 – $1.3 billion), which have been netted on this table for presentation purposes only.

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

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 April 30 2019			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	$	3		$	(1	)	$	–		$	–		$	–	$	(3	)	$	47	$	–		$	46		$	(1	)
Other debt securities
Canadian issuers		1			–			–			–			–		–			1		–			2			–
Other issuers		16			1			–			–			–		(17	)		19		(1	)		18			–
		20			–			–			–			–		(20	)		67		(1	)		66			(1	)
Non-trading financial assets at fair value through profit or loss
Securities		408			58			2			136			–		(178	)		21		–			447			6
Loans		19			1			–			1			–		(1	)		–		–			20			1
		427			59			2			137			–		(179	)		21		–			467			7
Financial assets at fair value through other comprehensive income
Government and government-related securities
Other OECD government guaranteed debt		200			24			–			–			–		(224	)		–		–			–			–
Other debt securities
Asset-backed securities		562			–			–			–			–		–			–		(562	)		–			–
Corporate and other debt		24			–			(1	)		–			–		–			–		–			23			(1	)
Equity securities
Common shares		1,492			–			–			19			–		21			–		–			1,532			(1	)
Preferred shares		135			–			(11	)		1			–		(74	)		–		(1	)		50			(17	)
	$	2,413		$	24		$	(12	)	$	20		$	–	$	(277	)	$	–	$	(563	)	$	1,605		$	(19	)
	Fair value as at November 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 2019			Change in unrealized losses (gains) on instruments still held5
				Included in income1			Included in OCI2			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits5	$	3,024		$	287		$	–		$	(391	)	$	769	$	(10	)	$	–	$	–		$	3,679		$	255
Derivatives6
Interest rate contracts		63			16			–			–			–		(2	)		–		–			77			15
Foreign exchange contracts		(1	)		1			–			–			–		(2	)		4		–			2			–
Equity contracts		624			295			–			(40	)		115		(169	)		–		–			825			281
Commodity contracts		(27	)		4			–			–			–		8			–		–			(15	)		(3	)
		659			316			–			(40	)		115		(165	)		4		–			889			293
Financial liabilities designated at fair value through profit or loss		14			(40	)		–			–			49		(10	)		–		–			13			(30	)
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 April 30, 2019, consists of derivative assets of $0.6 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.5 billion (November 1, 2018 – $1.2 billion), which have been netted on this table for presentation purposes only.

TD BANK GROUP • SECOND 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 February 1 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 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		1			–			–			–			–		–			–		–			1			–
Other issuers		121			(1	)		–			–			–		5			24		–			149			4
		122			(1	)		–			–			–		5			24		–			150			4
Non-trading financial assets at fair value through profit or loss
Securities		324			11			–			13			–		8			–		–			356			11
Loans		18			1			–			–			–		–			–		–			19			1
		342			12			–			13			–		8			–		–			375			12
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		193			11			–			–			–		–			–		–			204			(3	)
Other debt securities
Asset-backed securities		529			–			(3	)		–			–		23			–		–			549			(3	)
Corporate and other debt		99			3			1			–			–		–			–		–			103			1
Equity securities
Common shares		1,404			–			(3	)		1			–		53			–		–			1,455			(2	)
Preferred shares		116			–			13			–			–		1			–		–			130			13
	$	2,341		$	14		$	8		$	1		$	–	$	77		$	–	$	–		$	2,441		$	6
	Fair value as at February 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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	$	2,875		$	(40	)	$	–		$	(69	)	$	463	$	(285	)	$	4	$	(8	)	$	2,940		$	(20	)
Derivatives6
Interest rate contracts		51			17			–			–			–		1			–		–			69			20
Foreign exchange contracts		(1	)		1			–			–			–		(1	)		–		–			(1	)		–
Equity contracts		842			(62	)		–			(28	)		64		(105	)		–		–			711			(73	)
Commodity contracts		(8	)		(18	)		–			–			–		3			–		–			(23	)		(17	)
		884			(62	)		–			(28	)		64		(102	)		–		–			756			(70	)
Financial liabilities designated at fair value through profit or loss		29			(13	)		–			–			34		(34	)		–		–			16			(14	)
Obligations related to securities sold short		–			–			–			–			–		–			4		–			4			–

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 April 30, 2018, consists of derivative assets of $0.7 billion (February 1, 2018 – $0.9 billion) and derivative liabilities of $1.4 billion (February 1, 2018 – $1.8 billion), which have been netted on this table for presentation purposes only.

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

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 April 30 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			–			–			–			–		(4	)		1		(2	)		1			–
Other issuers		8			(1	)		–			2			–		4			145		(9	)		149			4
		14			(1	)		–			2			–		–			146		(11	)		150			4
Non-trading financial assets at fair value through profit or loss
Securities		305			27			–			26			–		(2	)		–		–			356			23
Loans		15			(2	)		–			2			–		–			4		–			19			(2	)
		320			25			–			28			–		(2	)		4		–			375			21
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		203			4			(3	)		–			–		–			–		–			204			(3	)
Other debt securities
Asset-backed securities		553			–			(1	)		–			–		(3	)		–		–			549			(1	)
Corporate and other debt		95			4			6			–			–		(2	)		–		–			103			6
Equity securities
Common shares		1,469			–			(2	)		7			–		(19	)		–		–			1,455			(4	)
Preferred shares		108			–			21			–			–		1			–		–			130			21
	$	2,428		$	8		$	21		$	7		$	–	$	(23	)	$	–	$	–		$	2,441		$	19
	Fair value as at November 1 2017			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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		$	(7	)	$	–		$	(210	)	$	1,099	$	(449	)	$	4	$	(18	)	$	2,940		$	(28	)
Derivatives6
Interest rate contracts		70			–			–			–			–		(1	)		–		–			69			1
Foreign exchange contracts		(1	)		–			–			–			–		–			–		–			(1	)		–
Equity contracts		893			(70	)		–			(47	)		102		(169	)		–		2			711			(74	)
Commodity contracts		(2	)		(25	)		–			–			–		4			–		–			(23	)		(21	)
		960			(95	)		–			(47	)		102		(166	)		–		2			756			(94	)
Financial liabilities designated at fair value through profit or loss		7			19			–			–			59		(69	)		–		–			16			12
Obligations related to securities sold short		–			–			–			–			–		–			4		–			4			–

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 April 30, 2018, consists of derivative assets of $0.7 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.4 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only.

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

NOTE 5: SECURITIES

Unrealized Securities Gains (Losses)

The following table summarizes the unrealized gains and losses as at April 30, 2019 and October 31, 2018.

Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income
(millions of Canadian dollars)	As at
	April 30, 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	$	10,978	$	34	$	(3	)	$	11,009	$	12,740	$	38	$	(47	)	$	12,731
Provinces		11,705		78		(20	)		11,763		9,443		75		(11	)		9,507
U.S. federal, state, municipal governments, and agencies debt		45,226		156		(130	)		45,252		45,857		265		(356	)		45,766
Other OECD government guaranteed debt		18,131		50		(4	)		18,177		20,034		65		(3	)		20,096
Mortgage-backed securities		6,051		45		–			6,096		6,575		59		(1	)		6,633
		92,091		363		(157	)		92,297		94,649		502		(418	)		94,733
Other debt securities
Asset-backed securities		20,000		61		(25	)		20,036		21,901		87		(19	)		21,969
Non-agency collateralized mortgage obligation portfolio		311		–		–			311		471		1		–			472
Corporate and other debt		8,257		36		(25	)		8,268		8,534		31		(58	)		8,507
		28,568		97		(50	)		28,615		30,906		119		(77	)		30,948
Total debt securities		120,659		460		(207	)		120,912		125,555		621		(495	)		125,681
Equity securities
Common shares		1,616		30		(28	)		1,618		1,725		118		(39	)		1,804
Preferred shares		305		5		(49	)		261		376		20		(26	)		370
		1,921		35		(77	)		1,879		2,101		138		(65	)		2,174
Total securities at fair value through other comprehensive income	$	122,580	$	495	$	(284	)	$	122,791	$	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				For the six months ended
	April 30, 2019		October 31, 2018		April 30, 2019		April 30, 2018		April 30, 2019		April 30, 2018
			Fair value		Dividend income recognized				Dividend income recognized
Common shares	$	1,618	$	1,804	$	20	$	17	$	40	$	33
Preferred shares		261		370		3		4		7		8
Total	$	1,879	$	2,174	$	23	$	21	$	47	$	41

The Bank disposed of certain equity securities in line with the Bank's investment strategy with a fair value of $133 million and $312 million during the three and six months ended April 30, 2019, respectively (three and six months ended April 30, 2018 – $10 million and $14 million, respectively). The Bank realized a cumulative gain of $44 million and $68 million during the three and six months ended April 30, 2019, respectively (three and six months ended April 30, 2018 – nil and $2 million, respectively) on disposal of these equity securities and recognized dividend income of $1 million and $3 million during the three and six months ended April 30, 2019, respectively (three and six months ended April 30, 2018 – nil).

Net Securities Gains (Losses)
(millions of Canadian dollars)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019			April 30 2018
Debt securities at amortized cost
Net realized gains (losses)	$	–	$	30	$	44		$	30
Debt securities at fair value through other comprehensive income
Net realized gains (losses)		35		3		(20	)		6
Total	$	35	$	33	$	24		$	36

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

Credit Quality of Debt Securities

The Bank evaluates non-retail credit risk on an individual borrower basis, using both a borrower risk rating and facility risk rating, 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
	April 30, 2019								October 31, 2018
		Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Debt securities
Investment grade	$	230,279	$	–	$	n/a	$	230,279	$	230,488	$	–	$	n/a	$	230,488
Non-Investment grade		2,138		40		n/a		2,178		2,140		54		n/a		2,194
Watch and classified		n/a		–		n/a		–		n/a		11		n/a		11
Default		n/a		n/a		–		–		n/a		n/a		234		234
Total debt securities		232,417		40		–		232,457		232,628		65		234		232,927
Allowance for credit losses on debt securities at amortized cost		1		–		–		1		1		4		70		75
Debt securities, net of allowance	$	232,416	$	40	$	–	$	232,456	$	232,627	$	61	$	164	$	232,852

As at April 30, 2019, the allowance for credit losses on debt securities was $4 million (October 31, 2018 – $80 million), comprising of $1 million (October 31, 2018 – $75 million) for debt securities at amortized cost (DSAC) and $3 million (October 31, 2018 – $5 million) for debt securities at FVOCI. For the three and six months ended April 30, 2019, the Bank reported a provision for credit losses of nil (three and six months ended April 30, 2018 – recovery of credit losses of $2 million) on DSAC. For the three and six months ended April 30, 2019, the Bank reported a recovery of credit losses of $2 million (three and six months ended April 30, 2018 – provision for credit losses of $16 million and $20 million, respectively) on debt securities at FVOCI.

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

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

The following tables provide 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 Ratings

(millions of Canadian dollars)														As at
		April 30, 2019								October 31, 2018
		Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Residential mortgages1,2,3
Low Risk	$	174,308	$	55	$	n/a	$	174,363	$	168,690	$	32	$	n/a	$	168,722
Normal Risk		42,707		240		n/a		42,947		47,821		176		n/a		47,997
Medium Risk		6,156		484		n/a		6,640		5,106		267		n/a		5,373
High Risk		984		1,393		304		2,681		892		1,264		317		2,473
Default		n/a		n/a		415		415		n/a		n/a		392		392
Total		224,155		2,172		719		227,046		222,509		1,739		709		224,957
Allowance for loan losses		27		32		47		106		24		34		47		105
Loans, net of allowance		224,128		2,140		672		226,940		222,485		1,705		662		224,852
Consumer instalment and other personal4
Low Risk		91,848		995		n/a		92,843		87,906		983		n/a		88,889
Normal Risk		43,448		1,035		n/a		44,483		48,008		1,190		n/a		49,198
Medium Risk		25,812		1,020		n/a		26,832		23,008		1,063		n/a		24,071
High Risk		7,016		2,403		576		9,995		6,158		2,386		817		9,361
Default		n/a		n/a		516		516		n/a		n/a		514		514
Total		168,124		5,453		1,092		174,669		165,080		5,622		1,331		172,033
Allowance for loan losses		621		357		179		1,157		574		349		178		1,101
Loans, net of allowance		167,503		5,096		913		173,512		164,506		5,273		1,153		170,932
Credit card
Low Risk		7,033		15		n/a		7,048		7,234		11		n/a		7,245
Normal Risk		9,987		82		n/a		10,069		9,780		66		n/a		9,846
Medium Risk		11,791		305		n/a		12,096		11,347		246		n/a		11,593
High Risk		4,769		1,566		334		6,669		4,435		1,445		333		6,213
Default		n/a		n/a		122		122		n/a		n/a		121		121
Total		33,580		1,968		456		36,004		32,796		1,768		454		35,018
Allowance for loan losses		400		309		382		1,091		379		283		341		1,003
Loans, net of allowance		33,180		1,659		74		34,913		32,417		1,485		113		34,015
Business and government1,2,3,5
Investment grade or Low/Normal Risk		119,732		47		n/a		119,779		118,414		57		n/a		118,471
Non-Investment grade or Medium Risk		116,478		5,186		n/a		121,664		108,678		5,272		n/a		113,950
Watch and classified or High Risk		732		4,595		104		5,431		666		3,746		97		4,509
Default		n/a		n/a		925		925		n/a		n/a		563		563
Total		236,942		9,828		1,029		247,799		227,758		9,075		660		237,493
Allowance for loan losses		643		599		166		1,408		651		551		120		1,322
Loans, net of allowance		236,299		9,229		863		246,391		227,107		8,524		540		236,171
Total loans excluding acquired credit-impaired loans5		662,801		19,421		3,296		685,518		648,143		18,204		3,154		669,501
Allowance for loan losses		1,691		1,297		774		3,762		1,628		1,217		686		3,531
Loans, net of allowance5		661,110		18,124		2,522		681,756		646,515		16,987		2,468		665,970
Acquired credit-impaired loans		n/a		n/a		382		382		n/a		n/a		453		453
Allowance for loan losses		n/a		n/a		16		16		n/a		n/a		18		18
Loans, net of allowance		n/a		n/a		366		366		n/a		n/a		435		435
Total loans5		662,801		19,421		3,678		685,900		648,143		18,204		3,607		669,954
Total allowance for loan losses		1,691		1,297		790		3,778		1,628		1,217		704		3,549
Total loans, net of allowance5	$	661,110	$	18,124	$	2,888	$	682,122	$	646,515	$	16,987	$	2,903	$	666,405

¹ As at April 30, 2019, impaired loans with a balance of $138 million (October 31, 2018 – $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.

² As at April 30, 2019, excludes trading loans and non-trading loans at fair value through profit or loss with a fair value of $11 billion (October 31, 2018 – $11 billion) and $1 billion (October 31, 2018 – $1 billion), respectively.

³ As at April 30, 2019, includes insured mortgages of $91 billion (October 31, 2018 – $95 billion).

⁴ As at April 30, 2019, includes Canadian government-insured real estate personal loans of $14 billion (October 31, 2018 – $14 billion).

⁵ As at April 30, 2019, includes loans that are measured at FVOCI of $2 billion (October 31, 2018 – $3 billion) and customers' liability under acceptances of $16 billion (October 31, 2018 – $17 billion).

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

Loans by Risk Ratings – Off-Balance Sheet Credit Instruments
(millions of Canadian dollars)															As at
					April 30, 2019								October 31, 2018
	Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Retail Exposures1
Low Risk	$	261,329	$	829	$	n/a	$	262,158	$	246,575	$	2,576	$	n/a	$	249,151
Normal Risk		52,244		607		n/a		52,851		51,961		1,129		n/a		53,090
Medium Risk		13,073		368		n/a		13,441		12,298		469		n/a		12,767
High Risk		1,754		895		–		2,649		1,765		638		–		2,403
Default		n/a		n/a		–		–		n/a		n/a		–		–
Non-Retail Exposures2
Investment grade		176,875		–		n/a		176,875		167,993		323		n/a		168,316
Non-Investment grade		62,865		2,652		n/a		65,517		60,002		2,309		n/a		62,311
Watch and classified		3		2,065		–		2,068		13		1,949		–		1,962
Default		n/a		n/a		–		–		n/a		n/a		–		–
Total off-balance sheet credit instruments		568,143		7,416		–		575,559		540,607		9,393		–		550,000
Allowance for off-balance sheet credit instruments		580		525		–		1,105		550		479		–		1,029
Total off-balance sheet credit instruments, net of allowance	$	567,563	$	6,891	$	–	$	574,454	$	540,057	$	8,914	$	–	$	548,971

¹ As at April 30, 2019, includes $307 billion (October 31, 2018 – $302 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

² As at April 30, 2019, includes $39 billion (October 31, 2018 – $37 billion) of the undrawn component of uncommitted credit and liquidity facilities.

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

The changes to the Bank's allowance for loan losses, as at and for the three and six months ended April 30, 2019 and April 30, 2018, are shown in the following tables.

Allowance for Loan Losses
(millions of Canadian dollars)		For the three months ended
		April 30, 2019														April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans		Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Residential Mortgages
Balance at beginning of period	$	25		$	30		$	48		$	4	$	107		$	23		$	22		$	39		$	7		$	91
Provision for credit losses
Transfer to Stage 11		4			(4	)		–			–		–			5			(5	)		–			–			–
Transfer to Stage 2		(1	)		3			(2	)		–		–			(1	)		2			(1	)		–			–
Transfer to Stage 3		–			(2	)		2			–		–			–			(2	)		2			–			–
Net remeasurement due to transfers2		(2	)		2			–			–		–			(3	)		1			–			–			(2	)
New originations or purchases3		2			n/a			n/a			–		2			2			n/a			n/a			–			2
Net repayments4		–			–			–			–		–			–			–			–			(1	)		(1	)
Derecognition of financial assets (excluding disposals and write-offs)5		–			(1	)		(4	)		–		(5	)		(1	)		–			(1	)		–			(2	)
Changes to risk, parameters, and models6		(1	)		4			9			–		12			(2	)		5			7			–			10
Disposals		–			–			–			–		–			–			–			–			–			–
Write-offs		–			–			(6	)		–		(6	)		–			–			(7	)		–			(7	)
Recoveries		–			–			–			–		–			–			–			1			–			1
Foreign exchange and other adjustments		–			–			–			–		–			–			1			1			1			3
Balance at end of period	$	27		$	32		$	47		$	4	$	110		$	23		$	24		$	41		$	7		$	95
Consumer Instalment and Other Personal
Balance, including off-balance sheet instruments, at beginning of period	$	598		$	413		$	181		$	2	$	1,194		$	535		$	381		$	179		$	5		$	1,100
Provision for credit losses
Transfer to Stage 11		84			(80	)		(4	)		–		–			77			(73	)		(4	)		–			–
Transfer to Stage 2		(28	)		39			(11	)		–		–			(27	)		38			(11	)		–			–
Transfer to Stage 3		(4	)		(54	)		58			–		–			(9	)		(43	)		52			–			–
Net remeasurement due to transfers2		(34	)		38			2			–		6			(31	)		29			2			–			–
New originations or purchases3		73			n/a			n/a			–		73			72			n/a			n/a			–			72
Net repayments4		(22	)		(8	)		(3	)		–		(33	)		(13	)		(7	)		(6	)		(1	)		(27	)
Derecognition of financial assets (excluding disposals and write-offs)5		(18	)		(26	)		(18	)		–		(62	)		(29	)		(20	)		(11	)		–			(60	)
Changes to risk, parameters, and models6		(7	)		74			183			–		250			(14	)		70			167			(1	)		222
Disposals		–			–			–			–		–			–			–			–			–			–
Write-offs		–			–			(280	)		–		(280	)		–			–			(263	)		–			(263	)
Recoveries		–			–			68			–		68			–			–			61			1			62
Foreign exchange and other adjustments		5			5			3			–		13			11			7			4			–			22
Balance, including off-balance sheet instruments, at end of period		647			401			179			2		1,229			572			382			170			4			1,128
Less: Allowance for off-balance sheet instruments7		26			44			–			–		70			25			46			–			–			71
Balance at end of period	$	621		$	357		$	179		$	2	$	1,159		$	547		$	336		$	170		$	4		$	1,057
Credit Card8
Balance, including off-balance sheet instruments, at beginning of period	$	865		$	635		$	389		$	–	$	1,889		$	737		$	585		$	341		$	–		$	1,663
Provision for credit losses
Transfer to Stage 11		164			(155	)		(9	)		–		–			130			(120	)		(10	)		–			–
Transfer to Stage 2		(55	)		72			(17	)		–		–			(39	)		54			(15	)		–			–
Transfer to Stage 3		(8	)		(149	)		157			–		–			(8	)		(113	)		121			–			–
Net remeasurement due to transfers2		(55	)		75			9			–		29			(46	)		54			9			–			17
New originations or purchases3		35			n/a			n/a			–		35			45			n/a			n/a			–			45
Net repayments4		(1	)		(1	)		5			–		3			13			(12	)		17			–			18
Derecognition of financial assets (excluding disposals and write-offs)5		(27	)		(33	)		(131	)		–		(191	)		(31	)		(27	)		(117	)		–			(175	)
Changes to risk, parameters, and models6		(50	)		176			339			–		465			(52	)		150			308			–			406
Disposals		–			–			–			–		–			(4	)		(4	)		(2	)		–			(10	)
Write-offs		–			–			(443	)		–		(443	)		–			–			(385	)		–			(385	)
Recoveries		–			–			78			–		78			–			–			68			–			68
Foreign exchange and other adjustments		12			7			5			–		24			19			15			13			–			47
Balance, including off-balance sheet instruments, at end of period		880			627			382			–		1,889			764			582			348			–			1,694
Less: Allowance for off-balance sheet instruments7		480			318			–			–		798			393			264			–			–			657
Balance at end of period	$	400		$	309		$	382		$	–	$	1,091		$	371		$	318		$	348		$	–		$	1,037

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.

⁷  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

⁸  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.

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

Allowance for Loan Losses (Continued)1
(millions of Canadian dollars)		For the three months ended
		April 30, 2019															April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Business and Government
Balance, including off-balance sheet instruments, at beginning of period	$	725		$	711		$	162		$	10		$	1,608		$	663		$	628		$	153		$	14		$	1,458
Provision for credit losses
Transfer to Stage 12		41			(40	)		(1	)		–			–			38			(37	)		(1	)		–			–
Transfer to Stage 2		(38	)		40			(2	)		–			–			(36	)		38			(2	)		–			–
Transfer to Stage 3		(2	)		(29	)		31			–			–			(2	)		(13	)		15			–			–
Net remeasurement due to transfers2		(14	)		27			1			–			14			(11	)		17			1			–			7
New originations or purchases2		104			n/a			n/a			–			104			119			n/a			n/a			–			119
Net repayments2		(5	)		(10	)		(4	)		1			(18	)		(5	)		(12	)		(2	)		1			(18	)
Derecognition of financial assets (excluding disposals and write-offs)2		(74	)		(73	)		(25	)		–			(172	)		(102	)		(95	)		(17	)		(1	)		(215	)
Changes to risk, parameters, and models2		(31	)		127			31			(4	)		123			9			95			23			(3	)		124
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(40	)		–			(40	)		–			–			(41	)		–			(41	)
Recoveries		–			–			11			2			13			–			–			16			1			17
Foreign exchange and other adjustments		11			9			2			1			23			23			18			4			1			46
Balance, including off-balance sheet instruments, at end of period		717			762			166			10			1,655			696			639			149			13			1,497
Less: Allowance for off-balance sheet instruments3		74			163			–			–			237			70			67			–			–			137
Balance at end of period		643			599			166			10			1,418			626			572			149			13			1,360
Total Allowance for Loan Losses at end of period	$	1,691		$	1,297		$	774		$	16		$	3,778		$	1,567		$	1,250		$	708		$	24		$	3,549

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" table on the previous page 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 64

Allowance for Loan Losses
(millions of Canadian dollars)		For the six months ended
		April 30, 2019															April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Residential Mortgages
Balance at beginning of period	$	24		$	34		$	47		$	5		$	110		$	24		$	26		$	45		$	12		$	107
Provision for credit losses
Transfer to Stage 11		17			(16	)		(1	)		–			–			11			(11	)		–			–			–
Transfer to Stage 2		(2	)		6			(4	)		–			–			(2	)		4			(2	)		–			–
Transfer to Stage 3		(1	)		(4	)		5			–			–			–			(4	)		4			–			–
Net remeasurement due to transfers2		(6	)		3			–			–			(3	)		(7	)		3			–			–			(4	)
New originations or purchases3		5			n/a			n/a			–			5			6			n/a			n/a			–			6
Net repayments4		–			(1	)		–			–			(1	)		(1	)		(1	)		–			(4	)		(6	)
Derecognition of financial assets (excluding disposals and write-offs)5		(1	)		(2	)		(8	)		–			(11	)		(1	)		(1	)		(1	)		–			(3	)
Changes to risk, parameters, and models6		(9	)		12			21			(1	)		23			(7	)		9			8			(2	)		8
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(13	)		–			(13	)		–			–			(14	)		–			(14	)
Recoveries		–			–			–			–			–			–			–			2			–			2
Foreign exchange and other adjustments		–			–			–			–			–			–			(1	)		(1	)		1			(1	)
Balance at end of period	$	27		$	32		$	47		$	4		$	110		$	23		$	24		$	41		$	7		$	95
Consumer Instalment and Other Personal
Balance, including off-balance sheet instruments, at beginning of period	$	599		$	392		$	178		$	2		$	1,171		$	529		$	355		$	166		$	5		$	1,055
Provision for credit losses
Transfer to Stage 11		167			(158	)		(9	)		–			–			146			(138	)		(8	)		–			–
Transfer to Stage 2		(57	)		78			(21	)		–			–			(60	)		80			(20	)		–			–
Transfer to Stage 3		(9	)		(106	)		115			–			–			(13	)		(88	)		101			–			–
Net remeasurement due to transfers2		(68	)		78			5			–			15			(59	)		68			5			–			14
New originations or purchases3		139			n/a			n/a			–			139			142			n/a			n/a			–			142
Net repayments4		(43	)		(15	)		(6	)		–			(64	)		(13	)		(13	)		(6	)		(3	)		(35	)
Derecognition of financial assets (excluding disposals and write-offs)5		(38	)		(52	)		(33	)		–			(123	)		(54	)		(47	)		(20	)		–			(121	)
Changes to risk, parameters, and models6		(48	)		180			405			–			537			(46	)		166			351			1			472
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(586	)		–			(586	)		–			–			(528	)		–			(528	)
Recoveries		–			–			128			–			128			–			–			130			1			131
Foreign exchange and other adjustments		5			4			3			–			12			–			(1	)		(1	)		–			(2	)
Balance, including off-balance sheet instruments, at end of period		647			401			179			2			1,229			572			382			170			4			1,128
Less: Allowance for off-balance sheet instruments7		26			44			–			–			70			25			46			–			–			71
Balance at end of period	$	621		$	357		$	179		$	2		$	1,159		$	547		$	336		$	170		$	4		$	1,057
Credit Card8
Balance, including off-balance sheet instruments, at beginning of period	$	819		$	580		$	341		$	–		$	1,740		$	763		$	521		$	321		$	–		$	1,605
Provision for credit losses
Transfer to Stage 11		363			(296	)		(67	)		–			–			254			(234	)		(20	)		–			–
Transfer to Stage 2		(111	)		143			(32	)		–			–			(93	)		126			(33	)		–			–
Transfer to Stage 3		(16	)		(316	)		332			–			–			(24	)		(222	)		246			–			–
Net remeasurement due to transfers2		(111	)		154			23			–			66			(91	)		113			39			–			61
New originations or purchases3		65			n/a			n/a			–			65			112			n/a			n/a			–			112
Net repayments4		38			1			(30	)		–			9			84			(4	)		(17	)		–			63
Derecognition of financial assets (excluding disposals and write-offs)5		(47	)		(54	)		(195	)		–			(296	)		(57	)		(57	)		(136	)		–			(250	)
Changes to risk, parameters, and models6		(130	)		409			716			–			995			(173	)		343			579			–			749
Disposals		–			–			–			–			–			(8	)		(7	)		(3	)		–			(18	)
Write-offs		–			–			(861	)		–			(861	)		–			–			(757	)		–			(757	)
Recoveries		–			–			149			–			149			–			–			129			–			129
Foreign exchange and other adjustments		10			6			6			–			22			(3	)		3			–			–			–
Balance, including off-balance sheet instruments, at end of period		880			627			382			–			1,889			764			582			348			–			1,694
Less: Allowance for off-balance sheet instruments7		480			318			–			–			798			393			264			–			–			657
Balance at end of period	$	400		$	309		$	382		$	–		$	1,091		$	371		$	318		$	348		$	–		$	1,037

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.

⁷  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

⁸  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.

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

Allowance for Loan Losses (Continued)¹

(millions of Canadian dollars)	For the six months ended
	April 30, 2019															April 30, 2018
	Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Business and Government
Balance, including off-balance sheet instruments, at beginning of period	$	736		$	690		$	120		$	11		$	1,557		$	706		$	627		$	174		$	18		$	1,525
Provision for credit losses
Transfer to Stage 12		85			(82	)		(3	)		–			–			66			(64	)		(2	)		–			–
Transfer to Stage 2		(68	)		72			(4	)		–			–			(52	)		55			(3	)		–			–
Transfer to Stage 3		(3	)		(48	)		51			–			–			(4	)		(29	)		33			–			–
Net remeasurement due to transfers2		(27	)		47			2			–			22			(18	)		32			3			–			17
New originations or purchases2		213			n/a			n/a			–			213			205			n/a			n/a			–			205
Net repayments2		2			(22	)		(8	)		1			(27	)		(6	)		(22	)		(11	)		(1	)		(40	)
Derecognition of financial assets (excluding disposals and write-offs)2		(168	)		(183	)		(37	)		–			(388	)		(194	)		(184	)		(24	)		(1	)		(403	)
Changes to risk, parameters, and models2		(64	)		280			101			(8	)		309			(3	)		226			26			(5	)		244
Disposals		–			–			–			–			–			–			–			(5	)		–			(5	)
Write-offs		–			–			(75	)		–			(75	)		–			–			(73	)		(1	)		(74	)
Recoveries		–			–			19			5			24			–			–			32			3			35
Foreign exchange and other adjustments		11			8			–			1			20			(4	)		(2	)		(1	)		–			(7	)
Balance, including off-balance sheet instruments, at end of period		717			762			166			10			1,655			696			639			149			13			1,497
Less: Allowance for off-balance sheet instruments3		74			163			–			–			237			70			67			–			–			137
Balance at end of period		643			599			166			10			1,418			626			572			149			13			1,360
Total Allowance for Loan Losses at end of period	$	1,691		$	1,297		$	774		$	16		$	3,778		$	1,567		$	1,250		$	708		$	24		$	3,549

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" table on the previous page 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 $87 million as at April 30, 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 April 30, 2019 and October 31, 2018.

Loans Past Due but not Impaired1,2
(millions of Canadian dollars)																As at
		April 30, 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	$	1,620	$	342	$	117	$	2,079	$	1,471	$	358	$	101	$	1,930
Consumer instalment and other personal		5,972		738		255		6,965		5,988		811		241		7,040
Credit card		1,291		304		208		1,803		1,403		340		213		1,956
Business and government		1,378		421		66		1,865		1,314		444		28		1,786
Total	$	10,261	$	1,805	$	646	$	12,712	$	10,176	$	1,953	$	583	$	12,712

¹  Includes loans that are measured at FVOCI.

²  Balances as at April 30, 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 April 30, 2019, the Bank's reported investment in TD Ameritrade was 42.32% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade with a fair value of $16 billion (US$12 billion) (October 31, 2018 – $16 billion (US$12 billion)) based on the closing price of US$52.58 (October 31, 2018 – US$51.72) on the New York Stock Exchange.

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

During the six months ended April 30, 2019, TD Ameritrade repurchased 10.2 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 six months ended April 30, 2019 and April 30, 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
	March 31 2019		September 30 2018
Assets
Receivables from brokers, dealers, and clearing organizations		$    2,178		$    1,809
Receivables from clients, net		27,836		29,773
Other assets, net		21,804		17,811
Total assets		$  51,818		$  49,393
Liabilities
Payable to brokers, dealers, and clearing organizations		$3,313		$3,923
Payable to clients		31,135		30,126
Other liabilities		6,220		4,809
Total liabilities		40,668		38,858
Stockholders' equity2		11,150		10,535
Total liabilities and stockholders' equity		$  51,818		$  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				For the six months ended
	March 31 2019		March 31 2018		March 31 2019		March 31 2018
Revenues
Net interest revenue	$	481	$	390	$	978	$	741
Fee-based and other revenue		1,447		1,400		2,953		2,647
Total revenues		1,928		1,790		3,931		3,388
Operating expenses
Employee compensation and benefits		452		583		871		1,111
Other		539		706		1,071		1,349
Total operating expenses		991		1,289		1,942		2,460
Other expense (income)		49		30		73		72
Pre-tax income		888		471		1,916		856
Provision for income taxes		225		128		455		136
Net income1,2	$	663	$	343	$	1,461	$	720
Earnings per share – basic (Canadian dollars)	$	1.18	$	0.60	$	2.60	$	1.27
Earnings per share – diluted (Canadian dollars)		1.18		0.60		2.59		1.26

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 and six months ended April 30, 2019 includes an adjustment of nil (three and six months ended April 30, 2018 – a net favourable adjustment of nil and $41 million (US$32 million), respectively) 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 during the first quarter of 2019, 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.

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

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 was 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 has been 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		15		248		–		263
Carrying amount of goodwill as at April 30, 20192	$	2,851	$	14,221	$	160	$	17,232

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

² Impairment losses for the three and six months ended April 30, 2019 and April 30, 2018 were nil, and accumulated impairment as at April 30, 2019 was nil (October 31, 2018 – nil).

NOTE 10:  OTHER ASSETS

Other Assets

(millions of Canadian dollars)			As at
	April 30 2019		October 31 2018
Accounts receivable and other items	$	9,310	$	8,938
Accrued interest		2,446		2,343
Current income tax receivable		2,503		1,614
Defined benefit asset		10		113
Insurance-related assets, excluding investments		1,561		1,638
Prepaid expenses		1,408		950
Total	$	17,238	$	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 April 30, 2019, was $297 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 $177 million less than its fair value as at April 30, 2019.

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

Deposits
(millions of Canadian dollars)	As at
	By Type						By Country						April 30 2019		October 31 2018
	Demand		Notice		Term1		Canada		United States		International		Total		Total
Personal	$	13,714	$	419,240	$	56,729	$	225,858	$	263,795	$	30	$	489,683	$	477,644
Banks2		9,163		155		10,351		12,811		74		6,784		19,669		16,712
Business and government3,4		78,789		133,449		153,753		266,014		96,320		3,657		365,991		357,083
Trading2		–		–		53,974		26,119		16,270		11,585		53,974		114,704
Designated at fair value through profit or loss2,5		–		–		57,766		31,711		22,175		3,880		57,766		–
Total	$	101,666	$	552,844	$	332,573	$	562,513	$	398,634	$	25,936	$	987,083	$	966,143
Non-interest-bearing deposits included above
In domestic offices													$	40,562	$	42,402
In foreign offices														53,524		54,488
Interest-bearing deposits included above
In domestic offices														521,951		505,295
In foreign offices														370,365		362,890
U.S. federal funds deposited2														681		1,068
Total3,6													$	987,083	$	966,143

¹  Includes $6,586 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, 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 April 30, 2019, includes $39 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  On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

⁵  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 $17 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at fair value through profit or loss.

⁶  As at April 30, 2019, includes deposits of $559 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $56 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies.

NOTE 12:  OTHER LIABILITIES

Other Liabilities1
(millions of Canadian dollars)	As at
	April 30 2019		October 31 2018
Accounts payable, accrued expenses, and other items	$	4,842	$	4,958
Accrued interest		1,373		1,283
Accrued salaries and employee benefits		2,538		3,344
Cheques and other items in transit		964		454
Current income tax payable		149		84
Deferred tax liabilities		192		175
Defined benefit liability		2,230		1,747
Liabilities related to structured entities		6,449		5,627
Provisions		1,522		1,502
Total	$	20,259	$	19,174

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

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

NOTE 13: EQUITY

The following table summarizes the shares issued and outstanding, and treasury shares held as at April 30, 2019 and October 31, 2018.

Common and Preferred Shares Issued and Outstanding and Treasury Shares Held
(millions of shares and millions of Canadian dollars)	April 30, 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		1.0			52			2.9			152
Shares issued as a result of dividend reinvestment plan		2.7			197			5.0			366
Shares issued in connection with acquisitions1		5.0			366			–			–
Purchase of shares for cancellation and other		(10.0	)		(118	)		(20.0	)		(228	)
Balance as at end of period – common shares		1,829.1		$	21,718			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		71.5			(5,198	)		110.6			(8,295	)
Sale of shares		(72.9	)		5,293			(111.4	)		8,327
Balance as at end of period – treasury shares – common		0.7		$	(49	)		2.1		$	(144	)
Treasury shares – preferred3
Balance as at beginning of year		0.3		$	(7	)		0.3		$	(7	)
Purchase of shares		3.0			(69	)		5.2			(129	)
Sale of shares		(3.0	)		70			(5.2	)		129
Balance as at end of period – treasury shares – preferred		0.3		$	(6	)		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

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate a normal course issuer bid (NCIB) for up to 20 million of its common shares, subject to the approval of OSFI and the Toronto Stock Exchange (TSX). The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

The Bank's previous NCIB, which was announced on April 19, 2018 and as amended on December 10, 2018, expired on April 12, 2019. The Bank repurchased an aggregate of 30 million common shares under its previous NCIB, at an average price of $74.29 per share for a total amount of $2.2 billion.

During the three and six months ended April 30, 2019, the Bank repurchased 5.5 million and 10 million common shares, respectively, under its previous NCIB at an average price of $75.30 and $72.75 per share, respectively, for a total amount of $414 million and $727 million, respectively.

During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its previous 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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 70

NOTE 14:  SHARE-BASED COMPENSATION

For the three and six months ended April 30, 2019, the Bank recognized compensation expense for stock option awards of $3.0 million and $6.3 million, respectively (three and six months ended April 30, 2018 – $3.4 million and $6.5 million, respectively).

During the three months ended April 30, 2019 and April 30, 2018, nil stock options were granted by the Bank at a weighted-average fair value of nil per option. During the six months ended April 30, 2019, 2.2 million stock options (six months ended April 30, 2018 – 1.9 million stock options) were granted by the Bank at a weighted-average fair value of $5.64 per option (April 30, 2018 – $6.28 per option).

The following table summarizes the assumptions used for estimating the fair value of options for the six months ended April 30.

Assumptions Used for Estimating the Fair Value of Options
(in Canadian dollars, except as noted)	For the six months ended
	April 30 2019			April 30 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 and six months ended April 30.

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
	April 30 2019			April 30 2018		April 30 2019		April 30 2018		April 30 2019		April 30 2018
Net employee benefits expense
Service cost – benefits earned	$	82		$	101	$	3	$	4	$	3	$	2
Net interest cost on net defined benefit liability		(3	)		2		5		5		8		8
Past service cost (credit)		–			–		–		–		2		–
Defined benefit administrative expenses		2			3		–		–		1		1
Total expense	$	81		$	106	$	8	$	9	$	14	$	11
	For the six months ended
	April 30 2019			April 30 2018		April 30 2019		April 30 2018		April 30 2019		April 30 2018
Net employee benefits expense
Service cost – benefits earned	$	163		$	203	$	7	$	8	$	5	$	5
Net interest cost on net defined benefit liability		(6	)		4		10		9		16		15
Past service cost (credit)		–			–		–		–		2		(3	)
Defined benefit administrative expenses		5			5		–		–		3		2
Total expense	$	162		$	212	$	17	$	17	$	26	$	19

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 and six months ended April 30.

Plan Contributions
(millions of Canadian dollars)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018
Principal pension plans	$	95	$	71	$	178	$	190
Principal non-pension post-retirement benefit plan		4		4		8		7
Other pension and retirement plans1		10		7		19		16
Total	$	109	$	82	$	205	$	213

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 April 30, 2019, the Bank expects to contribute an additional $175 million to its principal pension plans, $8 million to its principal non-pension post-retirement benefit plan, and $24 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.

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

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.

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 and six months ended April 30.

Basic and Diluted Earnings Per Share
(millions of Canadian dollars, except as noted)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018
Basic earnings per share
Net income attributable to common shareholders	$	3,110	$	2,846	$	5,442	$	5,129
Weighted-average number of common shares outstanding (millions)		1,826.6		1,843.6		1,829.9		1,842.6
Basic earnings per share (Canadian dollars)	$	1.70	$	1.54	$	2.97	$	2.78
Diluted earnings per share
Net income attributable to common shareholders	$	3,110	$	2,846	$	5,442	$	5,129
Net income available to common shareholders including impact of dilutive securities		3,110		2,846		5,442		5,129
Weighted-average number of common shares outstanding (millions)		1,826.6		1,843.6		1,829.9		1,842.6
Effect of dilutive securities
Stock options potentially exercisable (millions)1		3.4		3.9		3.3		4.2
Weighted-average number of common shares outstanding – diluted (millions)		1,830.0		1,847.5		1,833.2		1,846.8
Diluted earnings per share (Canadian dollars)1	$	1.70	$	1.54	$	2.97	$	2.78

¹  For the three and six months ended April 30, 2019 and April 30, 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 April 30, 2019, the Bank's RPL is from zero to approximately $602 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 February 28, 2019, the Bank, along with the other bank defendants, filed a motion for judgment on the pleadings in the Official Stanford Investors Committee's case seeking dismissal of three claims (aiding and abetting fraud, aiding and abetting conversion, and aiding and abetting breach of fiduciary duty). The motion was fully briefed as of April 4, 2019. On May 3, 2019, two groups of plaintiffs comprising more than 950 individual investors in certificates of deposit issued by Stanford International Bank, Limited filed motions to intervene in the Official Stanford Investors Committee's case against the Bank and the other bank defendants. Discovery 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.

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

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.

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 and six months ended April 30.

Results by Business Segment1,2
(millions of Canadian dollars)	Canadian Retail				U.S. Retail				Wholesale Banking3					Corporate3						Total
					For the three months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018		April 30 2019			April 30 2018		April 30 2019			April 30 2018			April 30 2019		April 30 2018
Net interest income (loss)	$	3,010	$	2,781	$	2,231	$	1,977	$	262		$	272	$	369		$	368		$	5,872	$	5,398
Non-interest income (loss)		2,949		2,731		677		654		625			615		105			84			4,356		4,084
Total revenue4		5,959		5,512		2,908		2,631		887			887		474			452			10,228		9,482
Provision for (recovery of) credit losses		280		219		226		204		(5	)		16		132			117			633		556
Insurance claims and related expenses		668		558		–		–		–			–		–			–			668		558
Non-interest expenses		2,481		2,232		1,527		1,488		597			516		643			601			5,248		4,837
Income (loss) before income taxes		2,530		2,503		1,155		939		295			355		(301	)		(266	)		3,679		3,531
Provision for (recovery of) income taxes		681		670		150		94		74			88		(132	)		(106	)		773		746
Equity in net income of an investment in TD Ameritrade		–		–		258		134		–			–		8			(3	)		266		131
Net income (loss)	$	1,849	$	1,833	$	1,263	$	979	$	221		$	267	$	(161	)	$	(163	)	$	3,172	$	2,916
					For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018		April 30 2019			April 30 2018		April 30 2019			April 30 2018			April 30 2019		April 30 2018
Net interest income (loss)	$	6,054	$	5,606	$	4,478	$	3,917	$	435		$	601	$	765		$	704		$	11,732	$	10,828
Non-interest income (loss)		5,893		5,456		1,378		1,357		1,034			1,176		189			40			8,494		8,029
Total revenue4		11,947		11,062		5,856		5,274		1,469			1,777		954			744			20,226		18,857
Provision for (recovery of) credit losses		590		489		532		451		2			9		359			300			1,483		1,249
Insurance claims and related expenses		1,370		1,133		–		–		–			–		–			–			1,370		1,133
Non-interest expenses		5,565		4,543		3,138		2,935		1,199			1,042		1,201			1,178			11,103		9,698
Income (loss) before income taxes		4,422		4,897		2,186		1,888		268			726		(606	)		(734	)		6,270		6,777
Provision for (recovery of) income taxes		1,194		1,307		252		197		64			181		(234	)		101			1,276		1,786
Equity in net income of an investment in TD Ameritrade		–		–		569		240		–			–		19			38			588		278
Net income (loss)	$	3,228	$	3,590	$	2,503	$	1,931	$	204		$	545	$	(353	)	$	(797	)	$	5,582	$	5,269
Total assets	$	439,485	$	415,518	$	426,143	$	405,115	$	424,360		$	403,775	$	66,600		$	59,428		$	1,356,588	$	1,283,836

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.

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

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
	April 30, 2019				April 30, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	7,289	$	2,823	$	6,214	$	2,157
Measured at FVOCI		1,265		–		1,096		–
		8,554		2,823		7,310		2,157
Not measured at amortized cost or FVOCI1		1,719		1,578		1,299		1,054
Total	$	10,273	$	4,401	$	8,609	$	3,211
			For the six months ended
	April 30, 2019				April 30, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	14,669	$	5,751	$	12,274	$	4,107
Measured at FVOCI		2,570		–		2,137		–
		17,239		5,751		14,411		4,107
Not measured at amortized cost or FVOCI1		3,578		3,334		2,506		1,982
Total	$	20,817	$	9,085	$	16,917	$	6,089

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.

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 six months ended April 30, 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, which is held by D-SIBs against Pillar 2 risks. The current buffer is set at 1.75% of total risk-weighted assets (RWA) and must be met with CET1 Capital, effectively raising the CET1 target to 9.75%.

The following table summarizes the Bank's regulatory capital positions as at April 30, 2019 and October 31, 2018.

Regulatory Capital Position
(millions of Canadian dollars, except as noted)	As at
	April 30 2019			October 31 2018
Capital
Common Equity Tier 1 Capital	$	54,269		$	52,389
Tier 1 Capital		61,008			59,735
Total Capital		71,620			70,434
Risk-weighted assets used in the calculation of capital ratios1
Common Equity Tier 1 Capital	$	452,267		$	435,632
Tier 1 Capital		452,267			435,780
Total Capital		452,267			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		15.8			16.2
Leverage ratio		4.2			4.2

¹  In accordance with the final Capital Adequacy Requirements guideline, the Credit Valuation Adjustment (CVA) capital charge has been 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 2019, the corresponding scalars are all 100%. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively.

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 • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 74

NOTE 23: SUBSEQUENT EVENTS

Normal Course Issuer Bid

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate an NCIB for up to 20 million of its common shares, subject to the approval of OSFI and the TSX. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

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

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 (or 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 (or 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.

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 May 23, 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 second 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 May 23, 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 May 23, 2019, until 11:59 p.m. ET on Thursday, June 20, 2019 by calling 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 4990143#.

TD BANK GROUP • SECOND QUARTER 2019 • REPORT TO SHAREHOLDERS Page 76

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 April 30, 2019

TD Bank Group (“TD” or the “Bank”) dividend requirements on all its outstanding preferred shares in respect of the twelve months ended April 30, 2019 and adjusted to a before-tax equivalent using an effective tax rate of 20.1% for the twelve months ended April 30, 2019, amounted to $287.7 million for the twelve months ended April 30, 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 $834 million for the twelve months ended April 30, 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 $13,623 million for the twelve months ended April 30, 2019, which was 16.3 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 April 30, 2019, was $14,508 million, which was 17.4 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 second 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
	April 30, 2019			January 31, 2019			October 31, 2018
Return on Assets – reported3		0.94	%		0.68	%		0.86	%
Return on Assets – adjusted4		0.97			0.84			0.92
Dividend Payout Ratio – reported5		43.5			52.7			43.4
Dividend Payout Ratio – adjusted6		42.2			42.7			40.3
Equity to Asset Ratio7		6.1			5.9			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 second 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 Second Quarter 2019 Results Earnings News Release • Three and Six months ended April 30, 2019

This quarterly Earnings News Release should be read in conjunction with the Bank's unaudited second quarter 2019 Report to Shareholders for the three and six months ended April 30, 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 May 22, 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 revised 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.

SECOND QUARTER FINANCIAL HIGHLIGHTS, compared with the second quarter last year:

• Reported diluted earnings per share were $1.70, compared with $1.54.

• Adjusted diluted earnings per share were $1.75, compared with $1.62.

• Reported net income was $3,172 million, compared with $2,916 million.

• Adjusted net income was $3,266 million, compared with $3,062 million.

YEAR-TO-DATE FINANCIAL HIGHLIGHTS, six months ended April 30, 2019, compared with the corresponding period last year:

• Reported diluted earnings per share were $2.97, compared with $2.78.

• Adjusted diluted earnings per share were $3.32, compared with $3.18.

• Reported net income was $5,582 million, compared with $5,269 million.

• Adjusted net income was $6,219 million, compared with $6,008 million.

SECOND QUARTER ADJUSTMENTS (ITEMS OF NOTE)

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

• Amortization of intangibles of $78 million ($66 million after-tax or 3 cents per share), compared with $86 million ($73 million after-tax or 4 cents per share) in the second quarter last year.

• Charges associated with the acquisition of Greystone of $30 million ($28 million after-tax or 2 cents per share).

TORONTO, May 23, 2019 – TD Bank Group ("TD" or the "Bank") today announced its financial results for the second quarter ended April 30, 2019. Second quarter reported earnings were $3.2 billion, up 9%, and adjusted earnings were $3.3 billion, up 7%, compared with the same quarter last year.

"TD achieved record earnings this quarter, reflecting continued year-over-year revenue growth in our retail businesses in Canada and the U.S., and stronger quarter-over-quarter results in our wholesale business," said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. "We made strong progress in the quarter, adding new capabilities, strengthening our business, and advancing our strategic priorities as we continue to build the bank of the future."

Canadian Retail

Canadian Retail reported net income of $1,849 million and adjusted net income of $1,877 million, an increase of 1% and 2%, respectively, compared with the same quarter last year. Revenue grew by 8% reflecting increased volumes, higher margins, and more assets under management in its wealth businesses. Canadian Retail is already showing results from its "Future Ready" strategy and received the "Highest in Customer Satisfaction among the Big Five Retail Banks", according to the J.D. Power 2019 Canada Retail Banking Satisfaction Study¹.

U.S. Retail

U.S. Retail reported and adjusted net income was $1,263 million (US$948 million), an increase of 29% (23% in U.S. dollars) on a reported basis and 20% (15% in U.S. dollars) on an adjusted basis, compared with the same quarter last year. TD Ameritrade contributed $258 million (US$195 million) in reported and adjusted earnings to the segment, an increase of 93% (82% in U.S. dollars) and 32% (27% in U.S. dollars), respectively, in the same quarter last year.

The U.S. Retail Bank, which excludes the Bank's investment in TD Ameritrade, reported net income of $1,005 million (US$753 million), up 19% (14% in U.S. dollars) on a reported basis and up 17% (12% in U.S. dollars) on an adjusted basis, from the same period last year. Earnings growth reflects higher deposit margins and increased loan and deposit volumes. U.S. Retail continued to invest in its digital platform and deliver industry-leading customer experiences, receiving the "Highest in Customer Satisfaction with Retail Banking in Southeast", according to the J.D. Power 2019 U.S. Retail Banking Satisfaction Study².

Wholesale

Wholesale Banking saw a strong improvement over the first quarter of 2019, with net income of $221 million this quarter, reflecting higher trading-related revenue, advisory and underwriting fees from improved market conditions and increased client activity compared to the prior quarter. Compared to the second quarter last year, net income was $46 million lower, reflecting higher non-interest expenses, partially offset by lower provision for credit losses. The Wholesale Bank continues to invest in the global expansion of its U.S. dollar strategy.

¹  TD Canada Trust received the highest score among the big five banks in the J.D. Power 2019 Canada Retail Banking Satisfaction Study of customers' satisfaction with their primary bank. Visit jdpower.com/awards.

²  TD Bank, America's Most Convenient Bank^®, received the highest score in the Southeast region of the J.D. Power 2019 U.S. Retail Banking Satisfaction Study of customers' satisfaction with their own retail bank. Visit jdpower.com.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 1

Capital

TD's Common Equity Tier 1 Capital ratio on a Basel III fully phased-in basis was 12.0%.

Innovation

"We continue to enhance our omni capabilities and deliver new experiences to meet the evolving needs of our customers," added Masrani. "In recent months, we successfully converted our U.S. small business customers to our new digital platform, and participated in the launch of Verified.Me, which offers new options and added convenience to millions of Canadians."

Conclusion

"I want to thank our more than 85,000 colleagues across the globe for their significant contributions to the Bank's performance this quarter. I also want to congratulate them for our recent J.D. Power wins, which are testaments to their hard work and dedication to our customers," concluded Masrani.

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 and Subsequent Events in 2019" 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 • SECOND 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									As at or for the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Results of operations
Total revenue	$	10,228		$	9,998		$	9,482		$	20,226		$	18,857
Provision for credit losses		633			850			556			1,483			1,249
Insurance claims and related expenses		668			702			558			1,370			1,133
Non-interest expenses – reported		5,248			5,855			4,837			11,103			9,698
Non-interest expenses – adjusted2		5,163			5,161			4,759			10,324			9,552
Net income – reported		3,172			2,410			2,916			5,582			5,269
Net income – adjusted2		3,266			2,953			3,062			6,219			6,008
Financial position (billions of Canadian dollars)
Total loans net of allowance for loan losses	$	663.6		$	648.5		$	622.0		$	663.6		$	622.0
Total assets		1,356.6			1,322.5			1,283.8			1,356.6			1,283.8
Total deposits		875.3			849.3			829.8			875.3			829.8
Total equity		84.9			81.7			76.7			84.9			76.7
Total Common Equity Tier 1 Capital risk-weighted assets3		452.3			439.3			417.8			452.3			417.8
Financial ratios
Return on common equity – reported		16.5	%		12.2	%		16.8	%		14.3	%		14.9	%
Return on common equity – adjusted4		17.0			15.0			17.6			16.0			17.1
Return on tangible common equity4		23.4			17.5			24.4			20.4			21.8
Return on tangible common equity – adjusted4		23.6			21.0			25.0			22.3			24.3
Efficiency ratio – reported		51.3			58.6			51.0			54.9			51.4
Efficiency ratio – adjusted2		50.5			51.6			50.2			51.0			50.4
Provision for credit losses as a % of net average loans and acceptances5		0.39			0.50			0.36			0.45			0.41
Common share information – reported (Canadian dollars)
Per share earnings
Basic	$	1.70		$	1.27		$	1.54		$	2.97		$	2.78
Diluted		1.70			1.27			1.54			2.97			2.78
Dividends per share		0.74			0.67			0.67			1.41			1.27
Book value per share		43.51			41.69			38.26			43.51			38.26
Closing share price6		76.42			74.00			72.11			76.42			72.11
Shares outstanding (millions)
Average basic		1,826.6			1,833.1			1,843.6			1,829.9			1,842.6
Average diluted		1,830.0			1,836.2			1,847.5			1,833.2			1,846.8
End of period		1,828.4			1,830.8			1,844.6			1,828.4			1,844.6
Market capitalization (billions of Canadian dollars)	$	139.7		$	135.5		$	133.0		$	139.7		$	133.0
Dividend yield7		3.9	%		3.8	%		3.7	%		3.9	%		3.5	%
Dividend payout ratio		43.4			52.6			43.5			47.4			45.6
Price-earnings ratio		12.3			12.3			12.7			12.3			12.7
Total shareholder return (1 year)8		10.0			2.6			16.3			10.0			16.3
Common share information – adjusted (Canadian dollars)2
Per share earnings
Basic	$	1.75		$	1.57		$	1.62		$	3.32		$	3.18
Diluted		1.75			1.57			1.62			3.32			3.18
Dividend payout ratio		42.1	%		42.7	%		41.4	%		42.4	%		39.9	%
Price-earnings ratio		11.6			11.4			11.9			11.6			11.9
Capital ratios
Common Equity Tier 1 Capital ratio3		12.0	%		12.0	%		11.8	%		12.0	%		11.8	%
Tier 1 Capital ratio3		13.5			13.5			13.5			13.5			13.5
Total Capital ratio3		15.8			15.9			15.8			15.8			15.8
Leverage ratio		4.2			4.1			4.1			4.2			4.1

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.

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 is calculated based on share price movement and dividends reinvested over a trailing one-year period.

TD BANK GROUP • SECOND 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.

The following table provides the operating results on a reported basis for the Bank.

TABLE 2:  OPERATING RESULTS – Reported¹

(millions of Canadian dollars)		For the three months ended						For the six months ended
		April 30 2019		January 31 2019		April 30 2018		April 30 2019		April 30 2018
Net interest income	$	5,872	$	5,860	$	5,398	$	11,732	$	10,828
Non-interest income		4,356		4,138		4,084		8,494		8,029
Total revenue		10,228		9,998		9,482		20,226		18,857
Provision for credit losses		633		850		556		1,483		1,249
Insurance claims and related expenses		668		702		558		1,370		1,133
Non-interest expenses		5,248		5,855		4,837		11,103		9,698
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,679		2,591		3,531		6,270		6,777
Provision for income taxes		773		503		746		1,276		1,786
Equity in net income of an investment in TD Ameritrade		266		322		131		588		278
Net income – reported		3,172		2,410		2,916		5,582		5,269
Preferred dividends		62		60		52		122		104
Net income available to common shareholders and non-controlling interests in subsidiaries	$	3,110	$	2,350	$	2,864	$	5,460	$	5,165
Attributable to:
Common shareholders	$	3,110	$	2,332	$	2,846	$	5,442	$	5,129
Non-controlling interests		–		18		18		18		36

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

TD BANK GROUP • SECOND 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									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Operating results – adjusted
Net interest income	$	5,872		$	5,860		$	5,398		$	11,732		$	10,828
Non-interest income2		4,356			4,138			4,084			8,494			8,118
Total revenue		10,228			9,998			9,482			20,226			18,946
Provision for credit losses		633			850			556			1,483			1,249
Insurance claims and related expenses		668			702			558			1,370			1,133
Non-interest expenses3		5,163			5,161			4,759			10,324			9,552
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,764			3,285			3,609			7,049			7,012
Provision for income taxes		787			678			763			1,465			1,416
Equity in net income of an investment in TD Ameritrade4		289			346			216			635			412
Net income – adjusted		3,266			2,953			3,062			6,219			6,008
Preferred dividends		62			60			52			122			104
Net income available to common shareholders and non-controlling interests in subsidiaries – adjusted		3,204			2,893			3,010			6,097			5,904
Attributable to:
Non-controlling interests in subsidiaries, net of income taxes		–			18			18			18			36
Net income available to common shareholders – adjusted		3,204			2,875			2,992			6,079			5,868
Pre-tax adjustments of items of note
Amortization of intangibles5		(78	)		(80	)		(86	)		(158	)		(171	)
Charges related to the long-term loyalty agreement with Air Canada6		–			(607	)		–			(607	)		–
Charges associated with the acquisition of Greystone7		(30	)		(31	)		–			(61	)		–
Charges associated with the Scottrade transaction8		–			–			(77	)		–			(150	)
Impact from U.S. tax reform9		–			–			–			–			(48	)
Provision for (recovery of) income taxes for items of note
Amortization of intangibles10		(12	)		(13	)		(13	)		(25	)		(30	)
Charges related to the long-term loyalty agreement with Air Canada		–			(161	)		–			(161	)		–
Charges associated with the acquisition of Greystone		(2	)		(1	)		–			(3	)		–
Charges associated with the Scottrade transaction		–			–			(4	)		–			(5	)
Impact from U.S. tax reform9		–			–			–			–			405
Total adjustments for items of note		(94	)		(543	)		(146	)		(637	)		(739	)
Net income available to common shareholders – reported	$	3,110		$	2,332		$	2,846		$	5,442		$	5,129

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 – second quarter 2019 – $55 million, first quarter 2019 – $56 million, second quarter 2018 – $62 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 – second quarter 2019 – $30 million, first quarter 2019 – $31 million; this amount was reported in the Canadian Retail segment. Charges associated with Scottrade transaction, as explained in footnote 8 – second quarter 2018 – $16 million and first quarter 2018 – $5 million; these amounts were 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 – second quarter 2019 – $23 million, first quarter 2019 – $24 million, second quarter 2018 – $24 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 – second quarter 2018 – $61 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 during the first quarter of 2019.

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 six months ended April 30, 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 • SECOND 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						For the six months ended
		April 30 2019		January 31 2019		April 30 2018		April 30 2019		April 30 2018
Basic earnings per share – reported	$	1.70	$	1.27	$	1.54	$	2.97	$	2.78
Adjustments for items of note2		0.05		0.30		0.08		0.35		0.40
Basic earnings per share – adjusted	$	1.75	$	1.57	$	1.62	$	3.32	$	3.18
Diluted earnings per share – reported	$	1.70	$	1.27	$	1.54	$	2.97	$	2.78
Adjustments for items of note2		0.05		0.30		0.08		0.35		0.40
Diluted earnings per share – adjusted	$	1.75	$	1.57	$	1.62	$	3.32	$	3.18

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 Return on common equity (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									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Average common equity	$	77,369		$	75,873		$	69,579		$	76,663		$	69,332
Net income available to common shareholders – reported		3,110			2,332			2,846			5,442			5,129
Items of note, net of income taxes1		94			543			146			637			739
Net income available to common shareholders – adjusted	$	3,204		$	2,875		$	2,992		$	6,079		$	5,868
Return on common equity – reported		16.5	%		12.2	%		16.8	%		14.3	%		14.9	%
Return on common equity – adjusted		17.0			15.0			17.6			16.0			17.1

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									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Average common equity	$	77,369		$	75,873		$	69,579		$	76,663		$	69,332
Average goodwill		17,083			17,021			16,031			17,067			16,024
Average imputed goodwill and intangibles on an investment in TD Ameritrade		4,136			4,170			4,060			4,160			4,090
Average other acquired intangibles1		717			676			696			690			728
Average related deferred tax liabilities		(269	)		(238	)		(222	)		(254	)		(257	)
Average tangible common equity		55,702			54,244			49,014			55,000			48,747
Net income available to common shareholders – reported		3,110			2,332			2,846			5,442			5,129
Amortization of acquired intangibles, net of income taxes2		66			67			73			133			141
Net income available to common shareholders after adjusting for after-tax amortization of acquired intangibles		3,176			2,399			2,919			5,575			5,270
Other items of note, net of income taxes2		28			476			73			504			598
Net income available to common shareholders – adjusted	$	3,204		$	2,875		$	2,992		$	6,079		$	5,868
Return on tangible common equity		23.4	%		17.5	%		24.4	%		20.4	%		21.8	%
Return on tangible common equity – adjusted		23.6			21.0			25.0			22.3			24.3

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 • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 6

SIGNIFICANT AND SUBSEQUENT 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 during the first quarter of 2019, 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 was 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 has been 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.

Normal Course Issuer Bid

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate a normal course issuer bid (NCIB) for up to 20 million of its common shares, subject to the approval of OSFI and the TSX. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

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.

Provision for credit losses (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 $33 million, compared with $21 million in the prior quarter and $17 million in the second quarter last year.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 7

TABLE 7:  CANADIAN RETAIL

(millions of Canadian dollars, except as noted)		For the three months ended									For the six months ended
		April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net interest income	$	3,010		$	3,044		$	2,781		$	6,054		$	5,606
Non-interest income		2,949			2,944			2,731			5,893			5,456
Total revenue		5,959			5,988			5,512			11,947			11,062
Provision for credit losses – impaired		256			264			219			520			456
Provision for credit losses – performing		24			46			–			70			33
Total provision for credit losses		280			310			219			590			489
Insurance claims and related expenses		668			702			558			1,370			1,133
Non-interest expenses – reported		2,481			3,084			2,232			5,565			4,543
Non-interest expenses – adjusted1		2,451			2,446			2,232			4,897			4,543
Provision for (recovery of) income taxes – reported		681			513			670			1,194			1,307
Provision for (recovery of) income taxes – adjusted1		683			675			670			1,358			1,307
Net income – reported		1,849			1,379			1,833			3,228			3,590
Net income – adjusted1	$	1,877		$	1,855		$	1,833		$	3,732		$	3,590
Selected volumes and ratios
Return on common equity – reported2		43.2	%		31.6	%		50.6	%		37.4	%		48.9	%
Return on common equity – adjusted1,2		43.9			42.5			50.6			43.2			48.9
Net interest margin (including on securitized assets)		2.99			2.94			2.91			2.97			2.89
Efficiency ratio – reported		41.6			51.5			40.5			46.6			41.1
Efficiency ratio – adjusted		41.1			40.8			40.5			41.0			41.1
Assets under administration (billions of Canadian dollars)	$	421		$	396		$	392		$	421		$	392
Assets under management (billions of Canadian dollars)		349			332			289			349			289
Number of Canadian retail branches		1,100			1,099			1,121			1,100			1,121
Average number of full-time equivalent staff		40,498			39,997			38,051			40,243			38,050

¹  Adjusted non-interest expenses exclude 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 second quarter 2019 – $30 million ($28 million after-tax) and 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 – Q2 2019 vs. Q2 2018

Canadian Retail reported net income for the quarter was $1,849 million, an increase of $16 million, or 1%, compared with the second quarter last year, reflecting higher revenue, partially offset by charges related to the acquisition of Greystone, higher other non-interest expenses, insurance claims, and PCL. On an adjusted basis, net income for the quarter was $1,877 million, an increase of $44 million, or 2%. The reported and adjusted annualized ROE for the quarter was 43.2% and 43.9%, respectively, compared with 50.6% in the second quarter last year.

Canadian Retail revenue is derived from Canadian personal and commercial banking, wealth, and insurance businesses. Revenue for the quarter was $5,959 million, an increase of $447 million, or 8%, compared with the second quarter last year.

Net interest income was $3,010 million, an increase of $229 million, or 8%, reflecting volume growth and higher margins. Average loan volumes increased $22 billion, or 5%, reflecting 5% growth in personal loans, and 9% growth in business loans. Average deposit volumes increased $9 billion, or 3%, reflecting 4% growth in personal deposits, 2% growth in wealth deposits, and 1% growth in business deposits. Net interest margin was 2.99%, an increase of 8 bps, reflecting rising interest rates, partially offset by competitive pricing in loans.

Non-interest income was $2,949 million, an increase of $218 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 included $76 million related to the higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

Assets under administration (AUA) were $421 billion as at April 30, 2019, an increase of $29 billion, or 7%, compared with the second quarter last year, reflecting new asset growth and increases in market value. Assets under management (AUM) were $349 billion as at April 30, 2019, an increase of $60 billion, or 21%, compared with the second quarter last year, reflecting the acquisition of Greystone, increases in market value and new asset growth.

PCL was $280 million, an increase of $61 million, or 28%, compared with the second quarter last year. PCL – impaired for the quarter was $256 million, an increase of $37 million, or 17%, reflecting low prior period provisions driven by strong credit performance in personal lending and business banking, and volume growth. PCL – performing was $24 million, an increase of $24 million, reflecting current quarter provisions in the credit card and other personal portfolios. Total PCL as an annualized percentage of credit volume was 0.27%, or an increase of 4 bps.

Insurance claims and related expenses for the quarter were $668 million, an increase of $110 million, or 20%, compared with the second quarter last year, reflecting changes in the fair value of investments supporting claims liabilities, less favourable prior years' claims development, and higher current year claims, partially offset by decreases in reinsurance claims assumed and less severe weather-related events.

Reported non-interest expenses for the quarter were $2,481 million, an increase of $249 million, or 11%, compared with the second quarter last year, reflecting higher spend supporting business growth including employee-related costs, charges related to the acquisition of Greystone, and increased spend on strategic initiatives. On an adjusted basis, non-interest expenses were $2,451 million, an increase of $219 million, or 10%.

The reported and adjusted efficiency ratio for the quarter was 41.6% and 41.1%, respectively, compared with 40.5% in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

Canadian Retail reported net income for the quarter increased $470 million, or 34%, compared with the prior quarter. The increase in earnings reflects charges related to the agreement with Air Canada in the prior quarter, lower insurance claims and PCL, partially offset by lower revenue. On an adjusted basis, net income increased $22 million, or 1%. The reported and adjusted annualized ROE for the quarter was 43.2% and 43.9%, respectively, compared with 31.6% and 42.5%, respectively, in the prior quarter.

Revenue decreased $29 million compared with the prior quarter. Net interest income decreased $34 million, or 1%, reflecting the effect of fewer days in the second quarter, partially offset by higher margins. Average loan volumes were consistent with the prior quarter. Average deposit volumes increased $1 billion, reflecting 1% growth in personal deposits and 3% growth in wealth deposits, partially offset by a 2% decline in business deposits. Net interest margin was 2.99%, an increase of 5 bps, reflecting a refinement in revenue recognition assumptions in the auto finance portfolio and increased spread between the Prime Rate and the Bankers' Acceptance rate.

Non-interest income increased $5 million, reflecting the higher fair value of investments supporting claims liabilities of $19 million, which resulted in a similar increase to insurance claims and higher asset levels in the wealth management business, partially offset by the impact of fewer days in the second quarter.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 8

AUA increased $25 billion, or 6%, compared with the prior quarter, reflecting increases in market value and new asset growth. AUM increased $17 billion, or 5%, compared with the prior quarter, reflecting increases in market value.

PCL decreased $30 million, or 10%, compared with the prior quarter. PCL – impaired decreased by $8 million, or 3%. PCL – performing decreased by $22 million reflecting lower unfavourable credit migration in the personal lending and business banking portfolios. Total PCL as an annualized percentage of credit volume was 0.27%, a decrease of 2 bps.

Insurance claims and related expenses for the quarter decreased $34 million, or 5%, compared with the prior quarter, reflecting more favourable prior years' claims development and lower current year claims, partially offset by the impact of changes to actuarial assumptions in the life and health business in the prior quarter, changes in the fair value of investments supporting claims liabilities, and more severe weather-related events.

Reported non-interest expenses decreased $603 million, or 20%, compared with the prior quarter, reflecting charges related to the agreement with Air Canada in the prior quarter. On an adjusted basis, non-interest expenses were relatively flat compared to the prior quarter.

The reported and adjusted efficiency ratio for the quarter was 41.6% and 41.1%, respectively, compared with 51.5% and 40.8%, respectively, in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Canadian Retail reported net income for the six months ended April 30, 2019, was $3,228 million, a decrease of $362 million, or 10%, compared with same period last year. The decrease in earnings reflects 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 period was $3,732 million, an increase of $142 million, or 4%. The reported and adjusted annualized ROE for the period was 37.4% and 43.2%, respectively, compared with 48.9% in the same period last year.

Revenue for the period was $11,947 million, an increase of $885 million, or 8%, compared with same period last year. Net interest income increased $448 million, or 8%, reflecting volume growth and higher margins. Average loan volumes increased $23 billion, or 6%, reflecting 5% growth in personal loan volumes and 9% growth in business loan volumes. Average deposit volumes increased $9 billion, or 3%, reflecting 3% growth in personal deposits volume and 2% growth in business deposit volumes. Net interest margin was 2.97%, an increase of 8 bps, reflecting rising interest rates, partially offset by competitive pricing in loans.

Non-interest income increased $437 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 included $136 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

PCL was $590 million, an increase of $101 million, or 21%, compared with the same period last year. PCL – impaired was $520 million, an increase of $64 million, or 14%, largely reflecting increased provisions in the personal lending portfolios, and volume growth. PCL – performing was $70 million, an increase of $37 million reflecting credit migration in the personal lending and business banking portfolios. Total PCL as an annualized percentage of credit volume was 0.28%, an increase of 3 bps.

Insurance claims and related expenses were $1,370 million, an increase of $237 million, or 21%, compared with the same period last year. The increase reflects changes in the fair value of investments supporting claims liabilities, less favourable prior years' claims development, and higher current year claims, partially offset by less severe weather-related events and the impact of changes to actuarial assumptions in the life and health business.

Reported non-interest expenses were $5,565 million, an increase of $1,022 million, or 22%, compared with the same period last year. The increase reflects charges related to the agreement with Air Canada and the acquisition of Greystone, additional employees supporting business growth, and increased investment in strategic technology initiatives, partially offset by restructuring costs in the prior year. On an adjusted basis, non-interest expenses were $4,897 million, an increase of $354 million, or 8%.

The reported and adjusted efficiency ratio for the period was 46.6% and 41.0%, respectively, compared with 41.1% for the same period last year.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 9

TABLE 8:  U.S. RETAIL

(millions of dollars, except as noted)	For the three months ended									For the six months ended
Canadian Dollars	April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net interest income	$	2,231		$	2,247		$	1,977		$	4,478		$	3,917
Non-interest income1		677			701			654			1,378			1,357
Total revenue		2,908			2,948			2,631			5,856			5,274
Provision for credit losses – impaired		199			285			199			484			386
Provision for credit losses – performing		27			21			5			48			65
Total provision for credit losses		226			306			204			532			451
Non-interest expenses – reported		1,527			1,611			1,488			3,138			2,935
Non-interest expenses – adjusted2		1,527			1,611			1,472			3,138			2,914
Provision for (recovery of) income taxes – reported1		150			102			94			252			197
Provision for (recovery of) income taxes – adjusted1,2		150			102			98			252			202
U.S. Retail Bank net income – reported		1,005			929			845			1,934			1,691
U.S. Retail Bank net income – adjusted2		1,005			929			857			1,934			1,707
Equity in net income of an investment in TD Ameritrade – reported1,3		258			311			134			569			240
Equity in net income of an investment in TD Ameritrade – adjusted1,4		258			311			195			569			369
Net income – reported		1,263			1,240			979			2,503			1,931
Net income – adjusted	$	1,263		$	1,240		$	1,052		$	2,503		$	2,076
U.S. Dollars
Net interest income	$	1,676		$	1,688		$	1,551		$	3,364		$	3,084
Non-interest income1		507			528			513			1,035			1,068
Total revenue – reported		2,183			2,216			2,064			4,399			4,152
Provision for credit losses – impaired		150			214			158			364			306
Provision for credit losses – performing		20			16			3			36			50
Total provision for credit losses		170			230			161			400			356
Non-interest expenses – reported		1,148			1,209			1,167			2,357			2,311
Non-interest expenses – adjusted2		1,148			1,209			1,154			2,357			2,294
Provision for (recovery of) income taxes – reported1		112			77			73			189			153
Provision for (recovery of) income taxes – adjusted1,2		112			77			76			189			157
U.S. Retail Bank net income – reported		753			700			663			1,453			1,332
U.S. Retail Bank net income – adjusted2		753			700			673			1,453			1,345
Equity in net income of an investment in TD Ameritrade – reported1,3		195			235			107			430			189
Equity in net income of an investment in TD Ameritrade – adjusted1,4		195			235			154			430			291
Net income – reported		948			935			770			1,883			1,521
Net income – adjusted	$	948		$	935		$	827		$	1,883		$	1,636
Selected volumes and ratios
Return on common equity – reported5		13.2	%		12.6	%		11.9	%		12.9	%		11.5	%
Return on common equity – adjusted2,4,5		13.2			12.6			12.7			12.9			12.4
Net interest margin6		3.38			3.42			3.23			3.40			3.21
Efficiency ratio – reported		52.6			54.6			56.5			53.6			55.6
Efficiency ratio – adjusted		52.6			54.6			55.9			53.6			55.3
Assets under administration (billions of U.S. dollars)	$	20		$	19		$	19		$	20		$	19
Assets under management (billions of U.S. dollars)		47			46			59			47			59
Number of U.S. retail stores		1,238			1,240			1,244			1,238			1,244
Average number of full-time equivalent staff		26,735			26,864			26,382			26,800			26,273

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 second quarter 2018 – $16 million ($12 million after-tax) or US$13 million (US$10 million after-tax) and 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 second quarter 2018 – $61 million or US$47 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 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 – Q2 2019 vs. Q2 2018

U.S. Retail reported net income for the quarter was $1,263 million (US$948 million), an increase of $284 million (US$178 million), or 29% (23% in U.S. dollars), compared with the second quarter last year. On an adjusted basis, net income for the quarter was $1,263 million (US$948 million), an increase of $211 million (US$121 million), or 20% (15% in U.S. dollars). The reported and adjusted annualized ROE for the quarter was 13.2%, compared with 11.9% and 12.7%, respectively, in the second 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 and the Bank's investment in TD Ameritrade were $1,005 million (US$753 million) and $258 million (US$195 million), respectively.

The contribution from TD Ameritrade of US$195 million increased US$88 million, or 82%, compared with the second quarter last year, primarily due to higher asset-based revenue, charges associated with the Scottrade transaction in the same quarter last year, and decreased operating expenses, partially offset by lower trading volumes. Adjusted contribution from TD Ameritrade increased US$41 million, or 27%.

U.S. Retail Bank reported net income of US$753 million for the quarter increased US$90 million, or 14%, primarily due to higher revenue. U.S. Retail Bank adjusted net income increased US$80 million, or 12%.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 10

U.S. Retail Bank revenue is derived from personal and business banking, and wealth management. Revenue for the quarter was US$2,183 million, an increase of US$119 million, or 6%, compared with the second quarter last year. Net interest income increased US$125 million, or 8%, reflecting higher deposit margins and growth in loan and deposit volumes. Net interest margin was 3.38%, an increase of 15 bps, primarily due to higher deposit margins. Non-interest income decreased US$6 million, or 1%, largely due to net fund outflows impacting wealth management fees, partially offset by growth in other fee income.

Average loan volumes increased US$7 billion, or 5%, compared with the second quarter last year due to growth in personal and business loans of 3% and 6%, respectively. Average deposit volumes were up US$1 billion, compared with the second quarter last year, with growth in personal and business deposit volumes, offset by a decrease in sweep deposit volumes.

AUA were US$20 billion as at April 30, 2019, relatively flat compared with the second quarter last year. AUM were US$47 billion as at April 30, 2019, a decrease of US$12 billion, or 20%, reflecting net fund outflows including the impact of the strategic disposition of U.S. money market funds in the first quarter.

PCL for the quarter was US$170 million, an increase of US$9 million, or 6%, compared with the second quarter last year. PCL – impaired was US$150 million, a decrease of US$8 million, or 5%, primarily reflecting lower provisions for the commercial portfolio. PCL – performing was US$20 million, an increase of US$17 million, primarily reflecting higher volume growth 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 0.45%, flat compared with the second quarter last year.

Reported non-interest expenses for the quarter were US$1,148 million, a decrease of US$19 million, or 2%, compared with the second quarter last year, reflecting the elimination of the Federal Deposit Insurance Corporation (FDIC) deposit insurance surcharge, recovery of a legal provision, and charges associated with the Scottrade transaction in the same quarter last year, partially offset by higher investments in business initiatives. On an adjusted basis, non-interest expenses decreased US$6 million, or 1%, compared with the second quarter last year.    

The reported and adjusted efficiency ratio for the quarter was 52.6%, compared with 56.5% and 55.9%, respectively, in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

U.S. Retail net income of $1,263 million (US$948 million) increased $23 million (US$13 million), or 2% (1% in U.S. dollars), compared with the prior quarter. The annualized ROE for the quarter was 13.2%, compared with 12.6% in the prior quarter.

The contribution from TD Ameritrade was US$195 million, a decrease of US$40 million, or 17%, compared with the prior quarter, primarily due to lower trading volumes, increased operating expenses, and lower asset-based revenue.

U.S. Retail Bank net income for the quarter was US$753 million, an increase of US$53 million, or 8%, compared with the prior quarter, due to lower expenses and PCL, more than offsetting the reduction in revenue.

Revenue for the quarter decreased US$33 million, or 1%, compared with the prior quarter. Net interest income decreased US$12 million, or 1%, primarily due to the effect of fewer days in the quarter and lower net interest margin. Net interest margin was 3.38%, a decrease of 4 bps, primarily due to balance sheet mix. Non-interest income decreased US$21 million, or 4%, primarily reflecting a seasonal decline in personal banking fees.

Average loan volumes increased US$1 billion, or 1%, compared with the prior quarter, due to growth in business loans of 2%. Average deposit volumes decreased US$1 billion, with growth in personal deposit volumes of 3%, more than offset by a decrease in sweep deposit volumes of 4%.

AUA and AUM were US$20 billion and US$47 billion as at April 30, 2019, respectively, relatively flat to prior quarter.

PCL for the quarter decreased US$60 million, or 26%, compared with the prior quarter. PCL – impaired was US$150 million, a decrease of US$64 million, or 30%, primarily reflecting lower provisions for the commercial portfolio, coupled with seasonal trends in the credit card and auto portfolios. PCL – performing was US$20 million, an increase of US$4 million, or 25%, primarily reflecting migration from performing to impaired in the commercial portfolio in the prior quarter, partially offset by seasonal trends in the credit card 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 0.45%, a decrease of 14 bps.

Non-interest expenses for the quarter were US$1,148 million, a decrease of US$61 million, or 5%, compared with the prior quarter, reflecting recovery of a legal provision and fewer days in the quarter.

The efficiency ratio for the quarter was 52.6%, compared with 54.6% in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

U.S. Retail reported net income for the six months ended April 30, 2019, was $2,503 million (US$1,883 million), an increase of $572 million (US$362 million), or 30% (24% in U.S. dollars), compared with the same period last year. On an adjusted basis, net income for the period increased $427 million (US$247 million), or 21% (15% in U.S. dollars). The reported and adjusted annualized ROE for the period was 12.9%, compared with 11.5% and 12.4%, respectively, in the same period last year.

Net income for the period from the U.S. Retail Bank and the Bank's investment in TD Ameritrade was $1,934 million (US$1,453 million) and $569 million (US$430 million), respectively.

The reported contribution from TD Ameritrade of US$430 million increased US$241 million, compared with the same period last year, primarily due to higher asset-based revenue, charges associated with the Scottrade transaction in the same period last year, and decreased operating expenses. Adjusted contribution from TD Ameritrade increased US$139 million, or 48%.

U.S. Retail Bank reported net income for the period was US$1,453 million, an increase of US$121 million, or 9%, compared with the same period last year, primarily due to higher revenue, partially offset by higher expenses and PCL. U.S. Retail Bank adjusted net income increased US$108 million, or 8%.

Revenue for the period was US$4,399 million, an increase of US$247 million, or 6%, compared with same period last year. Net interest income increased US$280 million, or 9%, reflecting higher deposit margins and growth in loan and deposit volumes. Net interest margin was 3.40%, a 19 bps increase primarily due to higher deposit margins. Non-interest income decreased US$33 million, or 3%, as lower wealth management fees and investment income were partially offset by growth in personal banking fees.

Average loan volumes increased US$6 billion, or 4%, compared with the same period last year, due to growth in personal loans of 3% and business loans of 5%. Average deposit volumes increased US$3 billion, or 1%, reflecting 4% growth in both personal and business deposit volumes, offset by a 3% decrease in sweep deposit volume.

PCL was US$400 million, an increase of US$44 million, or 12%, compared with the same period last year. PCL – impaired was US$364 million, an increase of US$58 million, or 19%, primarily reflecting higher provisions for the commercial portfolio, coupled with volume growth, seasoning, and mix in the credit card portfolios. PCL – performing was US$36 million, a decrease of US$14 million, or 28%, primarily reflecting lower provisions for the auto portfolio and migration from performing to impaired in the commercial portfolio, partially offset by higher volume growth 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 0.52%, an increase of 4 bps.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 11

Reported non-interest expenses for the period were US$2,357 million, an increase of US$46 million, or 2%, compared with the same period last year, reflecting investments in business initiatives, business volume growth, and higher employee-related costs, partially offset by productivity savings, the elimination of the FDIC deposit insurance surcharge, and recovery of a legal provision. On an adjusted basis, non-interest expenses increased US$63 million, or 3%.

The reported and adjusted efficiency ratio for the period was 53.6%, compared with 55.6% and 55.3%, respectively, for the same period last year.

TABLE 9:  WHOLESALE BANKING¹ 

(millions of Canadian dollars, except as noted)	For the three months ended									For the six months ended
	April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net interest income (TEB)	$	262		$	173		$	272		$	435		$	601
Non-interest income		625			409			615			1,034			1,176
Total revenue		887			582			887			1,469			1,777
Provision for (recovery of) credit losses – impaired		–			–			(8	)		–			(8	)
Provision for (recovery of) credit losses – performing		(5	)		7			24			2			17
Total provision for (recovery of) credit losses		(5	)		7			16			2			9
Non-interest expenses		597			602			516			1,199			1,042
Provision for (recovery of) income taxes (TEB)2		74			(10	)		88			64			181
Net income (loss)	$	221		$	(17	)	$	267		$	204		$	545
Selected volumes and ratios
Trading-related revenue (TEB)	$	411		$	251		$	475		$	662		$	990
Gross drawn (billions of Canadian dollars)3		24.5			23.4			22.1			24.5			22.1
Return on common equity4		12.5	%		(0.9	) %		18.7	%		5.6	%		19.4	%
Efficiency ratio		67.3			103.4			58.2			81.6			58.6
Average number of full-time equivalent staff		4,502			4,478			4,053			4,490			4,040

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 – Q2 2019 vs. Q2 2018

Wholesale Banking net income for the quarter was $221 million, a decrease of $46 million, or 17%, compared with the second quarter last year, reflecting higher non-interest expenses, partially offset by lower PCL.

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 $887 million, flat compared with the second quarter last year, reflecting higher advisory and underwriting fees, offset by lower trading-related revenue.

PCL for the quarter was a benefit of $5 million, a decrease of $21 million compared to the second quarter last year. PCL – impaired was nil in the current quarter compared to a net recovery of $8 million in the prior year, reflecting a recovery of provisions in the oil and gas sector. PCL – performing was a benefit of $5 million, a decrease of $29 million, primarily reflecting prior year credit migration.

Non-interest expenses were $597 million, an increase of $81 million, or 16%, compared with the second quarter last year reflecting continued investments supporting the global expansion of Wholesale Banking's U.S. dollar strategy and the impact of foreign exchange translation.

Quarterly comparison – Q2 2019 vs. Q1 2019

Wholesale Banking net income for the quarter was $221 million, an increase in net income of $238 million, compared with a net loss of $17 million in the prior quarter, reflecting higher revenue, lower PCL, and lower non-interest expenses.

Revenue for the quarter increased $305 million, compared with the prior quarter, reflecting higher trading-related revenue and advisory and underwriting fees as market conditions improved.

PCL for the quarter decreased by $12 million, compared to the prior quarter. PCL – performing was a benefit of $5 million, compared to a charge of $7 million in the prior quarter.

Non-interest expenses for the quarter decreased $5 million, or 1%, compared with the prior quarter, reflecting timing of employee-related costs and the impact of foreign exchange translation.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Wholesale Banking net income for the six months ended April 30, 2019, was $204 million, a decrease of $341 million, compared with net income of $545 million for the same period last year, reflecting lower revenue and higher non-interest expenses, partially offset by lower PCL.

Revenue was $1,469 million, a decrease of $308 million, or 17%, compared with the same period last year reflecting challenging market conditions in the first quarter of this year.

PCL was $2 million, a decrease of $7 million, compared with the same period last year. PCL – impaired was nil compared to a net recovery of $8 million last year, reflecting a recovery of provisions in the oil and gas sector. PCL – performing decreased by $15 million, primarily reflecting prior year credit migration.

Non-interest expenses were $1,199 million, an increase of $157 million, or 15%, compared with the same period last year. This increase reflects the revaluation of certain liabilities for post-retirement benefits recognized in the prior year, continued investments 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.

TD BANK GROUP • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 12

TABLE 10:  CORPORATE

(millions of Canadian dollars)	For the three months ended									For the six months ended
	April 30 2019			January 31 2019			April 30 2018			April 30 2019			April 30 2018
Net income (loss) – reported1	$	(161	)	$	(192	)	$	(163	)	$	(353	)	$	(797	)
Pre-tax adjustments for items of note2
Amortization of intangibles		78			80			86			158			171
Impact from U.S. tax reform1		–			–			–			–			48
Total pre-tax adjustments for items of note		78			80			86			158			219
Provision for (recovery of) income taxes for items of note1		12			13			13			25			(375	)
Net income (loss) – adjusted	$	(95	)	$	(125	)	$	(90	)	$	(220	)	$	(203	)
Decomposition of items included in net income (loss) – adjusted
Net corporate expenses	$	(176	)	$	(182	)	$	(189	)	$	(358	)	$	(387	)
Other		81			39			81			120			148
Non-controlling interests		–			18			18			18			36
Net income (loss) – adjusted	$	(95	)	$	(125	)	$	(90	)	$	(220	)	$	(203	)
Selected volumes
Average number of full-time equivalent staff		16,710			16,229			14,574			16,466			14,454

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 – Q2 2019 vs. Q2 2018

Corporate segment's reported net loss for the quarter was $161 million, compared with a reported net loss of $163 million in the second quarter last year. Reported net loss decreased primarily reflecting lower net corporate expenses and amortization of intangibles this quarter, partially offset by lower contribution from non-controlling interests. Net corporate expenses were lower largely reflecting lower net pension expenses in the current quarter. Adjusted net loss was $95 million compared with an adjusted net loss of $90 million in the second quarter last year.

Quarterly comparison – Q2 2019 vs. Q1 2019

Corporate segment's reported net loss for the quarter was $161 million, compared with a reported net loss of $192 million in the prior quarter. Reported net loss decreased primarily reflecting higher contribution from Other items, partially offset by lower contribution from non-controlling interests. Other items increased primarily reflecting higher revenue from treasury and balance sheet management activities and the positive impact of tax items in the current quarter. Adjusted net loss was $95 million compared with an adjusted net loss of $125 million in the prior quarter.

Year-to-date comparison – Q2 2019 vs. Q2 2018

Corporate segment's reported net loss for the six months ended April 30, 2019, was $353 million, compared with a reported net loss of $797 million in the same period last year. The decrease in reported net loss is primarily due to the impact from U.S. tax reform in the same period last year and lower net corporate expenses in the current period, partially offset by lower contribution from Other items and non-controlling interests. Lower contribution from Other items was partially due to lower revenue from treasury and balance sheet management activities in the current period. Net corporate expenses decreased primarily reflecting lower net pension expenses in the current period. Adjusted net loss for the six months ended April 30, 2019, was $220 million, compared with an adjusted net loss of $203 million in the same period last year.

TD BANK GROUP • SECOND 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 (or 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 (or 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.

Access to Quarterly Results Materials

Interested investors, the media and others may view the second 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 May 23, 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 second 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 May 23, 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 May 23, 2019, until 11:59 p.m. ET on Thursday, June 20, 2019 by calling 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 4990143#.

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 26 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 13 million active online and mobile customers. TD had $1.4 trillion in assets on April 30, 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 • SECOND QUARTER 2019 • EARNINGS NEWS RELEASE Page 14

EX-99.5

Exhibit 99.5

TD BANK GROUP DECLARES DIVIDENDS

(all amounts in Canadian dollars)

TORONTO – May 23, 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 July 31, 2019, payable on and after July 31, 2019, to shareholders of record at the close of business on July 10, 2019.

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 July 31, 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 July 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 July 31, 2019, to shareholders of record at the close of business on July 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 $0.325.

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 July 31, 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 26 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 13 million active online and mobile customers. TD had $1.4 trillion in assets on April 30, 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 April 30, 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 February 1, 2019 and ended on April 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 23, 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 April 30, 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 February 1, 2019 and ended on April 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 23, 2019

/s/ Riaz Ahmed

Riaz Ahmed

Group Head and Chief Financial Officer

XML

Document and Entity Information	6 Months Ended
	Apr. 30, 2019
Document and entity information [abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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	Apr. 30, 2019	Oct. 31, 2018
ASSETS
Cash and due from banks	$ 5,009	$ 4,735
Interest-bearing deposits with banks	28,453	30,720
Cash and interest bearing deposits with banks	33,462	35,455
Trading loans, securities, and other (Note 4)	132,805	127,897
Non-trading financial assets at fair value through profit or loss (Note 4)	4,202	4,015
Derivatives (Note 4)	43,624	56,996
Financial assets designated at fair value through profit or loss (Note 4)	3,379	3,618
Financial assets at fair value through other comprehensive income (Notes 4, 5, 6)	125,109	130,600
Total Trading and Non Trading Financial Assets	309,119	323,126
Debt securities at amortized cost, net of allowance for credit losses (Notes 4, 5)	111,544	107,171
Securities purchased under reverse repurchase agreements (Note 4)	149,949	127,379
Loans (Notes 4, 6)
Residential mortgages	227,258	225,191
Consumer instalment and other personal	174,708	172,079
Credit card	36,004	35,018
Business and government	229,423	217,654
Gross loans	667,393	649,942
Allowance for loan losses (Note 6)	(3,778)	(3,549)
Loans, net of allowance for loan losses	663,615	646,393
Other
Customers' liability under acceptances	16,189	17,267
Goodwill (Note 9)	17,232	16,536
Other intangibles	2,623	2,459
Land, buildings, equipment, and other depreciable assets	5,500	5,324
Deferred tax assets (Note 16)	2,136	2,812
Amounts receivable from brokers, dealers, and clients	18,954	26,940
Other assets (Note 10)	17,238	15,596
Total other miscellaneous assets	88,899	95,379
Total assets	1,356,588	1,334,903
LIABILITIES
Trading deposits (Notes 4, 11)	53,974	114,704
Derivatives (Note 4)	42,199	48,270
Securitization liabilities at fair value (Note 4)	12,738	12,618
Financial liabilities designated at fair value through profit or loss (Notes 4, 11)	57,783	16
Total financial liabilities other than non-trading deposits and other	166,694	175,608
Deposits (Note 11)
Personal	489,683	477,644
Banks	19,669	16,712
Business and government	365,991	357,083
Total deposits, other than trading	875,343	851,439
Other
Acceptances	16,189	17,269
Obligations related to securities sold short (Note 4)	36,365	39,478
Obligations related to securities sold under repurchase agreements (Note 4)	107,885	93,389
Securitization liabilities at amortized cost (Note 4)	14,020	14,683
Amounts payable to brokers, dealers, and clients	19,323	28,385
Insurance-related liabilities	6,644	6,698
Other liabilities (Note 12)	20,259	19,174
Total other miscellaneous liabilities	220,685	219,076
Subordinated notes and debentures (Note 4)	8,968	8,740
Total liabilities	1,271,690	1,254,863
EQUITY
Contributed surplus	162	193
Retained earnings	47,980	46,145
Accumulated other comprehensive income (loss)	9,743	6,639
Equity attributable to owners of parent	84,898	79,047
Non-controlling interests in subsidiaries (Note 13)		993
Total equity	84,898	80,040
Total liabilities and equity	1,356,588	1,334,903
TD Ameritrade [member]
Other
Investment in TD Ameritrade (Note 7)	9,027	8,445
Common shares [member]
EQUITY
Issued capital (Note 13)	21,718	21,221
Treasury shares - (Note 13)	(49)	(144)
Preferred shares [member]
EQUITY
Issued capital (Note 13)	5,350	5,000
Treasury shares - (Note 13)	$ (6)	$ (7)

XML

Interim Consolidated Statement of Income - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Interest income
Loans	[1]	$ 7,745	$ 6,618	$ 15,647	$ 13,087
Securities
Interest	[1]	1,954	1,541	4,074	2,995
Dividends	[1]	384	267	718	513
Deposits with banks	[1]	190	183	378	322
Total interest income	[1]	10,273	8,609	20,817	16,917
Interest expense (Note 20)
Deposits		3,349	2,404	6,873	4,513
Securitization liabilities		129	143	280	282
Subordinated notes and debentures		93	80	188	172
Other		830	584	1,744	1,122
Total interest expense		4,401	3,211	9,085	6,089
Net interest income		5,872	5,398	11,732	10,828
Non-interest income
Investment and securities services		1,249	1,120	2,413	2,291
Credit fees		331	292	634	574
Net securities gain (loss) (Note 5)		35	33	24	36
Trading income (loss)		237	318	412	605
Income (loss) from non-trading financial instruments at fair value through profit or loss		73	5	84	18
Income (loss) from financial instruments designated at fair value through profit or loss		53	(36)	89	(111)
Service charges		692	652	1,406	1,323
Card services		614	550	1,257	1,145
Insurance revenue		1,035	1,024	2,070	1,968
Other income (loss)		37	126	105	180
Total non-interest income		4,356	4,084	8,494	8,029
Total revenue		10,228	9,482	20,226	18,857
Provision for credit losses (Note 6)		633	556	1,483	1,249
Insurance claims and related expenses		668	558	1,370	1,133
Non-interest expenses
Salaries and employee benefits (Note 15)		2,799	2,497	5,651	5,057
Occupancy, including depreciation		454	437	914	879
Equipment, including depreciation		282	265	561	510
Amortization of other intangibles		199	216	394	412
Marketing and business development		206	184	366	340
Restructuring charges (recovery)		(5)	(7)	(6)	38
Brokerage-related and sub-advisory fees		83	90	166	184
Professional and advisory services		320	248	647	487
Other		910	907	2,410	1,791
Total non-interest expenses		5,248	4,837	11,103	9,698
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,679	3,531	6,270	6,777
Provision for (recovery of) income taxes (Note 16)		773	746	1,276	1,786
Net income	[2]	3,172	2,916	5,582	5,269
Preferred dividends		62	52	122	104
Net income available to common shareholders and non-controlling interests in subsidiaries		3,110	2,864	5,460	5,165
Attributable to:
Common shareholders		$ 3,110	2,846	5,442	5,129
Non-controlling interests in subsidiaries			$ 18	$ 18	$ 36
Earnings per share (Canadian dollars) (Note 17)
Basic		$ 1.70	$ 1.54	$ 2.97	$ 2.78
Diluted		1.70	1.54	2.97	2.78
Dividends per common share (Canadian dollars)		$ 0.74	$ 0.67	$ 1.41	$ 1.27
TD Ameritrade [member]
Non-interest expenses
Equity in net income of an investment in TD Ameritrade (Note 7)		$ 266	$ 131	$ 588	$ 278

[1] Includes $8,554 million and $17,239 million, respectively, for the three and six months ended April 30, 2019 (three and six months ended April 30, 2018 - $7,310 million and $14,411 million, respectively) which have been calculated based on the effective interest rate method. 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		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Profit or loss [abstract]
Interest income calculated using effective interest rate method	$ 8,554	$ 7,310	$ 17,239	$ 14,411

XML

Interim Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Statement [LineItems]
Net income	[1]	$ 3,172	$ 2,916	$ 5,582	$ 5,269
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]	63	(167)	96	(161)
Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income	[1]	(26)	(3)	14	(5)
Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income	[1]	(2)	12	(2)	16
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income	[1]	35	(158)	108	(150)
Unrealized gains (losses) on investments in foreign operations	[1]	1,358	2,791	1,227	(295)
Net gains (losses) on hedges of investments in foreign operations	[1]	(338)	(763)	(319)	78
Net change in unrealized foreign currency translation gains (losses) on investments in foreign operations, net of hedging activities	[1]	1,020	2,028	908	(217)
Net change in gains (losses) on derivatives designated as cash flow hedges
Change in gains (losses) on derivatives designated as cash flow hedges	[1]	1,339	393	2,654	(2,002)
Reclassification to earnings of losses (gains) on cash flow hedges	[1]	(600)	(814)	(470)	335
Net change in gains (losses) on derivatives designated as cash flow hedges	[1]	739	(421)	2,184	(1,667)
Items that will not be subsequently reclassified to net income
Actuarial gains (losses) on employee benefit plans	[1]	(122)	53	(424)	73
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income	[1]	(32)	2	(84)	28
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss	[1]	(2)		(12)
Other comprehensive income that will not be reclassified to profit or loss net of tax	[1]	(156)	55	(520)	101
Total other comprehensive income (loss), net of income taxes	[1]	1,638	1,504	2,680	(1,933)
Total comprehensive income (loss)	[1]	4,810	4,420	8,262	3,336
Attributable to:
Non-controlling interests in subsidiaries	[1]		18	18	36
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		21	(56)	28	(113)
Less: Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income		9	0	(6)	1
Less: Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income			(4)		(4)
Unrealized gains (losses) on investments in foreign operations		0	0	0	0
Net gains (losses) on hedges of investments in foreign operations		(122)	(275)	(115)	29
Change in gains (losses) on derivatives designated as cash flow hedges		597	361	1,032	(685)
Less: Reclassification to earnings of losses (gains) on cash flow hedges		334	503	258	(73)
Actuarial gains (losses) on employee benefit plans		(44)	20	(153)	44
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income		(12)	2	(31)	16
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss		(1)		(5)
Total income taxes		96	(447)	504	(633)
Common shares [member]
Attributable to:
Attributable to shareholders	[1]	4,748	4,350	8,122	3,196
Preferred shares [member]
Attributable to:
Attributable to shareholders	[1]	$ 62	$ 52	$ 122	$ 104

[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								(10)
Net income attributable to non-controlling interests in subsidiaries		$ 36																		36
Purchase of shares						(3,590)	(79)
Issue of shares					350
Other comprehensive income (loss)		(217)	[1]												(217)
Other comprehensive income (loss)		(1,667)	[1]													(1,667)
Impact on adoption of IFRS 9									53	[2]							19	(96)
Issuance of stock options, net of options exercised				96				(9)
Sale of shares						3,658	81
Net income attributable to shareholders									5,233
Other comprehensive income (loss)		(150)	[1]														(166)
Other comprehensive income (loss)																		29
Shares issued as a result of dividend reinvestment plan				183
Dividends											$ (2,341)	$ (104)
Allowance for credit losses		16	[1]														16
Reclassification of loss (gain) to retained earnings																		(1)
Share issue expenses and others									(4)
Purchase of shares for cancellation and other				(7)
Other								(1)												(27)
Net premium on repurchase of common shares, redemption of preferred shares, and other									(37)
Actuarial gains (losses) on employee benefit plans		73	[1]						73
Realized gains (losses) on equity securities designated at fair value through other comprehensive income									1
Balance at end of period at Apr. 30, 2018		76,662		21,203	5,100	(108)	(5)	194	43,363				$ 5,923		7,574	(2,075)	379	45	$ 75,670	992
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 and other				(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
Balance at beginning of period at Feb. 01, 2018				21,094	4,750	(92)	(9)	229	41,744						5,546	(1,654)	537	43		986
Statement [LineItems]
Net premium (discount) on sale of treasury shares								(34)
Net income attributable to non-controlling interests in subsidiaries		18																		18
Purchase of shares						(1,691)	(48)
Issue of shares					350
Other comprehensive income (loss)		2,028	[1]												2,028
Other comprehensive income (loss)		(421)	[1]													(421)
Issuance of stock options, net of options exercised				24				(1)
Sale of shares						1,675	52
Net income attributable to shareholders									2,898
Other comprehensive income (loss)		(158)	[1]														(170)
Other comprehensive income (loss)																		2
Shares issued as a result of dividend reinvestment plan				92
Dividends											(1,239)	(52)
Allowance for credit losses		12	[1]														12
Share issue expenses and others									(4)
Purchase of shares for cancellation and other				(7)
Other																				(12)
Net premium on repurchase of common shares, redemption of preferred shares, and other									(37)
Actuarial gains (losses) on employee benefit plans		53	[1]						53
Balance at end of period at Apr. 30, 2018		76,662		21,203	5,100	(108)	(5)	194	43,363				5,923		7,574	(2,075)	379	45	75,670	992
Balance at beginning 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								(26)
Net income attributable to non-controlling interests in subsidiaries		18																		18
Purchase of shares						(5,198)	(69)
Issue of shares					350
Other comprehensive income (loss)		(12)	[1]											$ (12)
Other comprehensive income (loss)		908	[1]												908
Other comprehensive income (loss)		2,184	[1]													2,184
Issuance of stock options, net of options exercised				52				(2)
Redemption of non-controlling interests in subsidiaries																				(1,000)
Sale of shares						5,293	70
Net income attributable to shareholders									5,564
Other comprehensive income (loss)		108	[1]														110
Other comprehensive income (loss)																		(35)
Shares issued as a result of dividend reinvestment plan				197
Dividends											(2,577)	(122)
Allowance for credit losses		(2)	[1]														(2)
Reclassification of loss (gain) to retained earnings																		(49)
Shares issued in connection with acquisitions (Notes 8, 13)				366
Share issue expenses and others									(4)
Purchase of shares for cancellation and other				(118)
Other								(3)												$ (11)
Net premium on repurchase of common shares, redemption of preferred shares, and other									(610)
Actuarial gains (losses) on employee benefit plans		(424)	[1]						(424)
Realized gains (losses) on equity securities designated at fair value through other comprehensive income									49
Balance at end of period at Apr. 30, 2019		84,898		21,718	5,350	(49)	(6)	162	47,980				9,743	(12)	9,734	(303)	353	(29)	84,898
Balance at beginning of period at Jan. 31, 2019				21,661	5,350	(139)	(3)	158	46,660					(10)	8,714	(1,042)	318	3
Statement [LineItems]
Net premium (discount) on sale of treasury shares								6
Purchase of shares						(2,855)	(36)
Other comprehensive income (loss)		(2)	[1]											(2)
Other comprehensive income (loss)		1,020	[1]												1,020
Other comprehensive income (loss)		739	[1]													739
Issuance of stock options, net of options exercised				24				(1)
Sale of shares						2,945	33
Net income attributable to shareholders									3,172
Other comprehensive income (loss)		35	[1]														37
Shares issued as a result of dividend reinvestment plan				98
Dividends											$ (1,350)	$ (62)
Allowance for credit losses		(2)	[1]														(2)
Reclassification of loss (gain) to retained earnings																		(32)
Purchase of shares for cancellation and other				(65)
Other								(1)
Net premium on repurchase of common shares, redemption of preferred shares, and other									(350)
Actuarial gains (losses) on employee benefit plans		(122)	[1]						(122)
Realized gains (losses) on equity securities designated at fair value through other comprehensive income									32
Balance at end of period at Apr. 30, 2019		$ 84,898		$ 21,718	$ 5,350	$ (49)	$ (6)	$ 162	$ 47,980				$ 9,743	$ (12)	$ 9,734	$ (303)	$ 353	$ (29)	$ 84,898

[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).

XML

Interim Consolidated Statement of Cash Flows - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Cash flows from (used in) operating activities
Net income before income taxes, including equity in net income of an investment in TD Ameritrade	$ 3,945	$ 3,662	$ 6,858	$ 7,055
Adjustments to determine net cash flows from (used in) operating activities
Provision for credit losses (Note 6)	633	556	1,483	1,249
Depreciation	145	140	289	277
Amortization of other intangibles	199	216	394	412
Net securities losses (gains) (Note 5)	(35)	(33)	(24)	(36)
Deferred taxes	(91)	(136)	50	544
Changes in operating assets and liabilities
Interest receivable and payable (Notes 10, 12)	63	(27)	(13)	(89)
Securities sold under repurchase agreements	13,123	12,229	14,496	7,586
Securities purchased under reverse repurchase agreements	(17,519)	(16,314)	(22,570)	(6,485)
Securities sold short	(2,525)	238	(3,113)	1,923
Trading loans and securities	(10,735)	(2,142)	(4,908)	(10,185)
Loans net of securitization and sales	(15,762)	(15,359)	(18,646)	(20,136)
Deposits	(2,580)	25,923	(36,826)	20,430
Derivatives	1,004	(5,214)	7,301	(2,212)
Non-trading financial assets at fair value through profit or loss	(327)	417	(96)	5,185
Financial assets and liabilities designated at fair value through profit or loss	31,279	(149)	58,006	(282)
Securitization liabilities	478	16	(543)	(1,204)
Current taxes	(66)	(1,260)	(830)	(1,101)
Brokers, dealers and clients amounts receivable and payable	1,102	(85)	(1,076)	(871)
Other	(3,733)	(8,691)	(4,619)	(5,695)
Net cash from (used in) operating activities	(1,668)	(6,144)	(4,975)	(3,913)
Cash flows from (used in) financing activities
Redemption or repurchase of subordinated notes and debentures	(21)	31	23	(1,819)
Common shares issued (Note 13)	20	20	44	81
Repurchase of common shares (Note 13)	(415)	(44)	(728)	(44)
Preferred shares issued (Note 13)		346	346	346
Sale of treasury shares (Note 13)	2,984	1,693	5,337	3,729
Purchase of treasury shares (Note 13)	(2,891)	(1,739)	(5,267)	(3,669)
Dividends paid	(1,314)	(1,199)	(2,502)	(2,262)
Redemption of non-controlling interests in subsidiaries (Note 13)			(1,000)
Distributions to non-controlling interests in subsidiaries		(18)	(11)	(36)
Net cash from (used in) financing activities	(1,637)	(910)	(3,758)	(3,674)
Cash flows from (used in) investing activities
Interest-bearing deposits with banks	3,218	8,506	2,267	14,798
Activities in financial assets at fair value through other comprehensive income (Note 5)
Purchases	(6,992)	(3,362)	(11,351)	(8,361)
Proceeds from maturities	8,269	7,682	15,854	14,120
Proceeds from sales	2,444	731	4,914	1,171
Activities in debt securities at amortized cost (Note 5)
Purchases	(8,593)	(13,166)	(14,570)	(23,844)
Proceeds from maturities	5,804	6,886	11,707	9,889
Proceeds from sales	16	201	1,132	201
Net purchases of land, buildings, equipment, and other depreciable assets	(292)	(225)	(465)	(151)
Net cash acquired from (paid for) divestitures and acquisitions (Note 8)			(536)
Net cash from (used in) investing activities	3,874	7,253	8,952	7,823
Effect of exchange rate changes on cash and due from banks	59	102	55	(10)
Net increase (decrease) in cash and due from banks	628	301	274	226
Cash and due from banks at beginning of period	4,381	3,896	4,735	3,971
Cash and due from banks at end of period	5,009	4,197	5,009	4,197
Supplementary disclosure of cash flows from operating activities
Amount of income taxes paid (refunded) during the period	783	1,816	1,950	2,417
Amount of interest paid during the period	4,290	3,103	8,995	6,025
Amount of interest received during the period	9,841	8,207	19,996	16,251
Amount of dividends received during the period	323	230	679	493
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)	$ (266)	$ (131)	$ (588)	$ (278)

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IFRS 7 Disclosure

6 Months Ended

Apr. 30, 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 TEB, 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 April 30, 2019, there were three days of trading losses and trading net revenue was positive for 95% 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. During the second quarter of 2019, TD implemented a modification to improve equity volatility data used in VaR calculations.

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 second 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 28:  PORTFOLIO MARKET RISK MEASURES

(millions of Canadian dollars)	For the three months ended																	For the six months ended
	April 30 2019											January 31 2019			April 30 2018			April 30 2019			April 30 2018
	As at			Average			High			Low		Average			Average			Average			Average
Interest rate risk	$	6.7		$	8.6		$	13.9		$	5.4	$	12.9		$	17.0		$	10.8		$	13.0
Credit spread risk		11.1			12.2			16.6			9.4		19.7			11.4			16.0			10.3
Equity risk		7.0			6.7			9.6			4.6		7.1			8.5			6.9			8.1
Foreign exchange risk		4.3			5.4			9.5			1.7		6.5			4.5			6.0			4.1
Commodity risk		1.4			2.2			3.5			1.4		2.6			2.2			2.4			2.4
Idiosyncratic debt specific risk		14.5			15.1			20.2			13.5		20.2			17.3			17.6			15.7
Diversification effect1		(25.9	)		(29.2	)		n/m	2		n/m		(41.4	)		(35.4	)		(35.4	)		(31.2	)
Total Value-at-Risk (one-day)		19.1			21.0			28.1			16.8		27.6			25.5			24.3			22.4
Stressed Value-at-Risk (one-day)		43.9			43.5			56.8			38.8		60.5			57.7			52.6			48.3
Incremental Risk Capital Charge (one-year)	$	269.7		$	204.2		$	269.7		$	173.1	$	232.6		$	205.4		$	219.5		$	206.4

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 decreased quarter-over-quarter due to decrease in debt specific risk driven by changes in government and financial bonds positions and interest rate risk from U.S. interest rate risk positions. Average Stressed VaR decreased quarter-over-quarter driven by U.S. interest rate risk positions.

Average IRC decreased quarter-over-quarter due to positions in Canadian banks and provinces.

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 April 30, 2019 an immediate and sustained 100 bps increase in interest rates would have decreased the economic value of shareholders' equity by $337 million (January 31, 2019 – $304 million decrease) after-tax. An immediate and sustained 100 bps decrease in interest rates would have reduced the economic value of shareholders' equity by $274 million (January 31, 2019 – $149 million decrease) 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 29: SENSITIVITY OF AFTER-TAX ECONOMIC VALUE-AT-RISK BY CURRENCY

(millions of Canadian dollars)													As at
	April 30, 2019						January 31, 2019						April 30, 2018
	100 bps increase			100 bps decrease			100 bps increase			100 bps decrease			100 bps increase			100 bps decrease
Canadian dollar	$	(66	)	$	–		$	(58	)	$	1		$	(37	)	$	(41	)
U.S. dollar		(271	)		(274	)		(246	)		(150	)		(251	)		(11	)
	$	(337	)	$	(274	)	$	(304	)	$	(149	)	$	(288	)	$	(52	)

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 and Funding Committee, a subcommittee of the ALCO comprised of senior management from Treasury and Balance Sheet Management (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.

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 30: 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
				April 30, 2019
Cash and due from banks	$	4,029	$	–	$	4,029		1	%	$	228	$	3,801
Canadian government obligations		13,865		74,980		88,845		14			54,585		34,260
National Housing Act Mortgage-Backed Securities (NHA MBS)		41,792		34		41,826		7			3,232		38,594
Provincial government obligations		13,738		23,554		37,292		6			27,644		9,648
Corporate issuer obligations		8,293		3,952		12,245		2			3,659		8,586
Equities		11,290		3,030		14,320		2			10,139		4,181
Other marketable securities and/or loans		3,362		444		3,806		1			513		3,293
Total Canadian dollar-denominated		96,369		105,994		202,363		33			100,000		102,363
Cash and due from banks		24,424		–		24,424		4			32		24,392
U.S. government obligations		30,331		45,037		75,368		12			36,209		39,159
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		49,733		9,650		59,383		10			17,983		41,400
Other sovereign obligations		49,530		39,995		89,525		14			31,738		57,787
Corporate issuer obligations		81,125		2,199		83,324		14			7,030		76,294
Equities		37,944		36,871		74,815		12			38,888		35,927
Other marketable securities and/or loans		4,543		1		4,544		1			530		4,014
Total non-Canadian dollar-denominated		277,630		133,753		411,383		67			132,410		278,973
Total	$	373,999	$	239,747	$	613,746		100	%	$	232,410	$	381,336
			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 31: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES

(millions of Canadian dollars)			As at
	April 30 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	143,442	$	136,544
Bank subsidiaries		222,088		217,565
Foreign branches		15,806		17,933
Total	$	381,336	$	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 38:    SUMMARY OF DEPOSIT FUNDING

(millions of Canadian dollars)	As at
	April 30 2019		October 31 2018
P&C deposits – Canadian Retail	$	370,487	$	359,473
P&C deposits – U.S. Retail		353,035		346,624
Other deposits		28		36
Total	$	723,550	$	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 41:  REMAINING CONTRACTUAL MATURITY

(millions of Canadian dollars)		As at
		April 30, 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	$	5,007	$	2	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	5,009
Interest-bearing deposits with banks		27,325		299		385		–		–		–		–		–		444			28,453
Trading loans, securities, and other1		2,517		3,675		2,919		2,392		3,338		9,466		25,282		21,519		61,697			132,805
Non-trading financial assets at fair value through profit or loss		13		27		467		–		61		1,227		792		878		737			4,202
Derivatives		3,988		6,008		3,097		3,312		1,882		5,890		9,330		10,117		–			43,624
Financial assets designated at fair value through profit or loss		107		141		52		98		111		334		1,769		767		–			3,379
Financial assets at fair value through other comprehensive income		2,078		5,541		4,252		2,927		5,451		20,887		50,072		32,021		1,880			125,109
Debt securities at amortized cost, net of allowance for credit losses		1,599		2,219		4,396		3,391		1,820		5,886		39,035		53,199		(1	)		111,544
Securities purchased under reverse repurchase agreements		100,567		26,640		14,251		5,243		3,242		6		–		–		–			149,949
Loans
Residential mortgages		1,084		6,540		10,680		8,658		10,025		42,282		112,590		35,399		–			227,258
Consumer instalment and other personal		977		2,192		3,416		3,270		3,838		15,628		57,159		26,956		61,272			174,708
Credit card		–		–		–		–		–		–		–		–		36,004			36,004
Business and government		27,573		4,640		6,602		7,342		6,489		22,820		71,468		61,667		20,822			229,423
Total loans		29,634		13,372		20,698		19,270		20,352		80,730		241,217		124,022		118,098			667,393
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,778	)		(3,778	)
Loans, net of allowance for loan losses		29,634		13,372		20,698		19,270		20,352		80,730		241,217		124,022		114,320			663,615
Customers' liability under acceptances		13,703		2,340		130		10		6		–		–		–		–			16,189
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		9,027			9,027
Goodwill2		–		–		–		–		–		–		–		–		17,232			17,232
Other intangibles2		–		–		–		–		–		–		–		–		2,623			2,623
Land, buildings, equipment, and other depreciable assets2		–		–		–		–		–		–		–		–		5,500			5,500
Deferred tax assets		–		–		–		–		–		–		–		–		2,136			2,136
Amounts receivable from brokers, dealers, and clients		18,954		–		–		–		–		–		–		–		–			18,954
Other assets		3,411		916		348		130		2,669		206		226		97		9,235			17,238
Total assets	$	208,903	$	61,180	$	50,995	$	36,773	$	38,932	$	124,632	$	367,723	$	242,620	$	224,830		$	1,356,588
Liabilities
Trading deposits	$	9,045	$	10,551	$	18,936	$	6,883	$	1,123	$	1,732	$	4,371	$	1,333	$	–		$	53,974
Derivatives		4,458		5,896		3,534		3,323		1,810		5,068		7,578		10,532		–			42,199
Securitization liabilities at fair value		–		703		272		587		413		1,479		6,993		2,291		–			12,738
Financial liabilities designated at fair value through profit or loss		18,809		15,496		15,286		7,903		284		–		–		5		–			57,783
Deposits3,4
Personal		4,615		7,483		8,992		7,594		7,653		10,521		9,868		30		432,927			489,683
Banks		5,422		1,599		765		1,387		–		–		3		7		10,486			19,669
Business and government5		17,638		21,795		14,680		6,582		6,264		31,181		49,869		5,770		212,212			365,991
Total deposits		27,675		30,877		24,437		15,563		13,917		41,702		59,740		5,807		655,625			875,343
Acceptances		13,703		2,340		130		10		6		–		–		–		–			16,189
Obligations related to securities sold short1		75		856		1,069		1,000		1,512		6,920		10,666		13,507		760			36,365
Obligations related to securities sold under repurchase agreements		92,452		13,642		1,169		499		40		57		26		–		–			107,885
Securitization liabilities at amortized cost		–		503		572		511		1,277		1,976		5,911		3,270		–			14,020
Amounts payable to brokers, dealers, and clients		19,323		–		–		–		–		–		–		–		–			19,323
Insurance-related liabilities		255		318		334		268		267		928		1,608		916		1,750			6,644
Other liabilities6		3,905		1,050		1,283		1,120		1,618		3,678		1,125		148		6,332			20,259
Subordinated notes and debentures		–		–		–		–		–		–		–		8,968		–			8,968
Equity		–		–		–		–		–		–		–		–		84,898			84,898
Total liabilities and equity	$	189,700	$	82,232	$	67,022	$	37,667	$	22,267	$	63,540	$	98,018	$	46,777	$	749,365		$	1,356,588
Off-balance sheet commitments
Credit and liquidity commitments7,8	$	19,270	$	23,417	$	17,106	$	14,662	$	13,522	$	26,311	$	105,994	$	4,726	$	1,316		$	226,324
Operating lease commitments		81		164		245		244		242		928		2,320		3,553		–			7,777
Other purchase obligations		49		116		144		181		178		532		794		738		58			2,790
Unconsolidated structured entity commitments		–		1,051		826		–		97		998		–		–		–			2,972
Total off-balance sheet commitments	$	19,400	$	24,748	$	18,321	$	15,087	$	14,039	$	28,769	$	109,108	$	9,017	$	1,374		$	239,863

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 $39 billion of covered bonds with remaining contractual maturities of $3 billion in 'over 1 month to 3 months', $2 billion in 'over 3 months to 6 months', $1 billion in 'over 6 months to 9 months', $2 billion in 'over 9 months to 1 year', $6 billion in 'over 1 to 2 years', $23 billion in 'over 2 to 5 years', and $2 billion in 'over 5 years'.

⁵  On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

⁶  Includes $92 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', $5 million in '6 months to 9 months', $5 million in '9 months to 1 year', $20 million in 'over 1 to 2 years', $47 million in 'over 2 to 5 years', and $3 million in 'over 5 years'.

⁷  Includes $316 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.

TABLE 41:  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	$	18,341	$	16,732	$	17,222	$	13,105	$	9,159	$	25,720	$	101,210	$	5,260	$	1,293		$	208,042
Operating lease commitments		79		159		240		237		233		902		2,188		3,229		–			7,267
Other purchase obligations		46		163		131		128		127		460		898		524		–			2,477
Unconsolidated structured entity commitments		–		1,079		940		329		–		7		408		–		–			2,763
Total off-balance sheet commitments	$	18,466	$	18,133	$	18,533	$	13,799	$	9,519	$	27,089	$	104,704	$	9,013	$	1,293		$	220,549

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

6 Months Ended

Apr. 30, 2019

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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 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 revised 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 and six months ended April 30, 2019, were approved and authorized for issue by the Bank's Board of Directors, in accordance with a recommendation of the Audit Committee, on May 22, 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

6 Months Ended

Apr. 30, 2019

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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 Shareholders' 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. The Bank will adopt the new standard by recognizing the cumulative effect of any transitional impacts in opening retained earnings within the Consolidated Balance Sheet at November 1, 2019, with no restatement of the comparative periods. The Bank's IFRS 16 program is governed by a formal multi-functional enterprise-wide governance structure and project delivery plan. In support of the program, the Bank is currently analyzing the full impact of this standard upon its financial statements and regulatory metrics, upgrading its lease administration and accounting systems, and developing future processes and internal controls over financial reporting.

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

6 Months Ended

Apr. 30, 2019

Text block [abstract]

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

6 Months Ended

Apr. 30, 2019

Text block [abstract]

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 and six months ended April 30, 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
	April 30, 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	$	63,183	$	63,073	$	60,535	$	59,948
Other debt securities		48,361		48,286		46,636		46,316
Total debt securities at amortized cost, net of allowance for credit losses		111,544		111,359		107,171		106,264
Total loans, net of allowance for loan losses		663,615		665,018		646,393		642,542
Total financial assets not carried at fair value	$	775,159	$	776,377	$	753,564	$	748,806
FINANCIAL LIABILITIES
Deposits	$	875,343	$	875,840	$	851,439	$	846,148
Securitization liabilities at amortized cost		14,020		14,147		14,683		14,654
Subordinated notes and debentures		8,968		9,478		8,740		9,027
Total financial liabilities not carried at fair value	$	898,331	$	899,465	$	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 and six months ended April 30, 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 April 30, 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
		April 30, 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	$	786	$	9,127	$	–	$	9,913		$	127	$	14,335	$	–	$	14,462
Provinces		–		7,865		46		7,911			–		7,535		3		7,538
U.S. federal, state, municipal governments, and agencies debt		–		16,050		–		16,050			–		19,732		–		19,732
Other OECD government guaranteed debt		–		4,149		–		4,149			–		3,324		–		3,324
Mortgage-backed securities		–		2,054		–		2,054			–		2,029		–		2,029
Other debt securities
Canadian issuers		–		5,973		2		5,975			–		5,630		1		5,631
Other issuers		–		13,578		18		13,596			–		14,459		16		14,475
Equity securities
Common shares		49,784		131		–		49,915			43,699		53		–		43,752
Preferred shares		57		–		–		57			33		26		–		59
Trading loans		–		11,335		–		11,335			–		10,990		–		10,990
Commodities		11,549		279		–		11,828			5,540		340		–		5,880
Retained interests		–		22		–		22			–		25		–		25
		62,176		70,563		66		132,805			49,399		78,478		20		127,897
Non-trading financial assets at fair value through profit or loss
Securities		190		2,567		447		3,204			176		2,095		408		2,679
Loans		–		978		20		998			–		1,317		19		1,336
		190		3,545		467		4,202			176		3,412		427		4,015
Derivatives
Interest rate contracts		31		11,775		–		11,806			33		12,365		–		12,398
Foreign exchange contracts		41		28,753		6		28,800			24		39,647		4		39,675
Credit contracts		–		14		–		14			–		9		–		9
Equity contracts		–		1,305		525		1,830			–		3,170		453		3,623
Commodity contracts		127		1,019		28		1,174			144		1,112		35		1,291
		199		42,866		559		43,624			201		56,303		492		56,996
Financial assets designated at fair value through profit or loss
Securities2		–		3,379		–		3,379			–		3,618		–		3,618
		–		3,379		–		3,379			–		3,618		–		3,618
Financial assets at fair value through other comprehensive income
Government and government-related securities
Canadian government debt
Federal		–		11,009		–		11,009			–		12,731		–		12,731
Provinces		–		11,763		–		11,763			–		9,507		–		9,507
U.S. federal, state, municipal governments, and agencies debt		–		45,252		–		45,252			–		45,766		–		45,766
Other OECD government guaranteed debt		–		18,177		–		18,177			–		19,896		200		20,096
Mortgage-backed securities		–		6,096		–		6,096			–		6,633		–		6,633
Other debt securities
Asset-backed securities		–		20,036		–		20,036			–		21,407		562		21,969
Non-agency collateralized mortgage obligation portfolio		–		311		–		311			–		472		–		472
Corporate and other debt		–		8,245		23		8,268			–		8,483		24		8,507
Equity securities
Common shares		84		2		1,532		1,618			309		3		1,492		1,804
Preferred shares		208		3		50		261			235		–		135		370
Loans		–		2,318		–		2,318			–		2,745		–		2,745
		292		123,212		1,605		125,109			544		127,643		2,413		130,600
Securities purchased under reverse repurchase agreements		–		4,796		–		4,796			–		3,920		–		3,920
FINANCIAL LIABILITIES
Trading deposits		–		50,295		3,679		53,974			–		111,680		3,024		114,704
Derivatives
Interest rate contracts		28		10,420		77		10,525			24		9,646		63		9,733
Foreign exchange contracts		29		26,121		8		26,158			18		34,897		3		34,918
Credit contracts		–		418		–		418			–		386		–		386
Equity contracts		–		2,794		1,350		4,144			–		1,319		1,077		2,396
Commodity contracts		113		828		13		954			134		695		8		837
		170		40,581		1,448		42,199			176		46,943		1,151		48,270
Securitization liabilities at fair value		–		12,738		–		12,738			–		12,618		–		12,618
Financial liabilities designated at fair value through profit or loss		–		57,770		13		57,783			–		2		14		16
Obligations related to securities sold short2		787		35,578		–		36,365			1,142		38,336		–		39,478
Obligations related to securities sold under repurchase agreements		–		1,893		–		1,893			–		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 and six months ended April 30, 2019 and April 30, 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 and six months ended April 30.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at February 1 2019			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 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	$	–		$	(1	)	$	–		$	–		$	–	$	–		$	47	$	–		$	46		$	(1	)
Other debt securities
Canadian issuers		1			–			–			–			–		–			1		–			2			–
Other issuers		9			–			–			–			–		(9	)		18		–			18			–
		10			(1	)		–			–			–		(9	)		66		–			66			(1	)
Non-trading financial assets at fair value through profit or loss
Securities		495			56			1			65			–		(170	)		–		–			447			5
Loans		21			–			–			–			–		(1	)		–		–			20			–
		516			56			1			65			–		(171	)		–		–			467			5
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		210			14			–			–			–		(224	)		–		–			–			–
Other debt securities
Asset-backed securities		559			–			–			–			–		–			–		(559	)		–			–
Corporate and other debt		23			–			–			–			–		–			–		–			23			–
Equity securities
Common shares		1,495			–			(1	)		14			–		24			–		–			1,532			(1	)
Preferred shares		57			–			(8	)		1			–		–			–		–			50			(9	)
	$	2,344		$	14		$	(9	)	$	15		$	–	$	(200	)	$	–	$	(559	)	$	1,605		$	(10	)
	Fair value as at February 1 2019			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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	$	3,465		$	188		$	–		$	(315	)	$	397	$	(56	)	$	–	$	–		$	3,679		$	189
Derivatives7
Interest rate contracts		64			12			–			–			–		1			–		–			77			11
Foreign exchange contracts		(2	)		–			–			–			–		–			4		–			2			–
Equity contracts		699			190			–			(21	)		58		(101	)		–		–			825			179
Commodity contracts		8			(34	)		–			–			–		11			–		–			(15	)		(23	)
		769			168			–			(21	)		58		(89	)		4		–			889			167
Financial liabilities designated at fair value through profit or loss		3			(18	)		–			–			32		(4	)		–		–			13			(14	)
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 April 30, 2019, consists of derivative assets of $0.6 billion (February 1, 2019 – $0.5 billion) and derivative liabilities of $1.5 billion (February 1, 2019 – $1.3 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 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 2019			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	$	3		$	(1	)	$	–		$	–		$	–	$	(3	)	$	47	$	–		$	46		$	(1	)
Other debt securities
Canadian issuers		1			–			–			–			–		–			1		–			2			–
Other issuers		16			1			–			–			–		(17	)		19		(1	)		18			–
		20			–			–			–			–		(20	)		67		(1	)		66			(1	)
Non-trading financial assets at fair value through profit or loss
Securities		408			58			2			136			–		(178	)		21		–			447			6
Loans		19			1			–			1			–		(1	)		–		–			20			1
		427			59			2			137			–		(179	)		21		–			467			7
Financial assets at fair value through other comprehensive income
Government and government-related securities
Other OECD government guaranteed debt		200			24			–			–			–		(224	)		–		–			–			–
Other debt securities
Asset-backed securities		562			–			–			–			–		–			–		(562	)		–			–
Corporate and other debt		24			–			(1	)		–			–		–			–		–			23			(1	)
Equity securities
Common shares		1,492			–			–			19			–		21			–		–			1,532			(1	)
Preferred shares		135			–			(11	)		1			–		(74	)		–		(1	)		50			(17	)
	$	2,413		$	24		$	(12	)	$	20		$	–	$	(277	)	$	–	$	(563	)	$	1,605		$	(19	)
	Fair value as at November 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 2019			Change in unrealized losses (gains) on instruments still held5
				Included in income1			Included in OCI2			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits5	$	3,024		$	287		$	–		$	(391	)	$	769	$	(10	)	$	–	$	–		$	3,679		$	255
Derivatives6
Interest rate contracts		63			16			–			–			–		(2	)		–		–			77			15
Foreign exchange contracts		(1	)		1			–			–			–		(2	)		4		–			2			–
Equity contracts		624			295			–			(40	)		115		(169	)		–		–			825			281
Commodity contracts		(27	)		4			–			–			–		8			–		–			(15	)		(3	)
		659			316			–			(40	)		115		(165	)		4		–			889			293
Financial liabilities designated at fair value through profit or loss		14			(40	)		–			–			49		(10	)		–		–			13			(30	)
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 April 30, 2019, consists of derivative assets of $0.6 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.5 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 February 1 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 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		1			–			–			–			–		–			–		–			1			–
Other issuers		121			(1	)		–			–			–		5			24		–			149			4
		122			(1	)		–			–			–		5			24		–			150			4
Non-trading financial assets at fair value through profit or loss
Securities		324			11			–			13			–		8			–		–			356			11
Loans		18			1			–			–			–		–			–		–			19			1
		342			12			–			13			–		8			–		–			375			12
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		193			11			–			–			–		–			–		–			204			(3	)
Other debt securities
Asset-backed securities		529			–			(3	)		–			–		23			–		–			549			(3	)
Corporate and other debt		99			3			1			–			–		–			–		–			103			1
Equity securities
Common shares		1,404			–			(3	)		1			–		53			–		–			1,455			(2	)
Preferred shares		116			–			13			–			–		1			–		–			130			13
	$	2,341		$	14		$	8		$	1		$	–	$	77		$	–	$	–		$	2,441		$	6
	Fair value as at February 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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	$	2,875		$	(40	)	$	–		$	(69	)	$	463	$	(285	)	$	4	$	(8	)	$	2,940		$	(20	)
Derivatives6
Interest rate contracts		51			17			–			–			–		1			–		–			69			20
Foreign exchange contracts		(1	)		1			–			–			–		(1	)		–		–			(1	)		–
Equity contracts		842			(62	)		–			(28	)		64		(105	)		–		–			711			(73	)
Commodity contracts		(8	)		(18	)		–			–			–		3			–		–			(23	)		(17	)
		884			(62	)		–			(28	)		64		(102	)		–		–			756			(70	)
Financial liabilities designated at fair value through profit or loss		29			(13	)		–			–			34		(34	)		–		–			16			(14	)
Obligations related to securities sold short		–			–			–			–			–		–			4		–			4			–

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 April 30, 2018, consists of derivative assets of $0.7 billion (February 1, 2018 – $0.9 billion) and derivative liabilities of $1.4 billion (February 1, 2018 – $1.8 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 April 30 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			–			–			–			–		(4	)		1		(2	)		1			–
Other issuers		8			(1	)		–			2			–		4			145		(9	)		149			4
		14			(1	)		–			2			–		–			146		(11	)		150			4
Non-trading financial assets at fair value through profit or loss
Securities		305			27			–			26			–		(2	)		–		–			356			23
Loans		15			(2	)		–			2			–		–			4		–			19			(2	)
		320			25			–			28			–		(2	)		4		–			375			21
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		203			4			(3	)		–			–		–			–		–			204			(3	)
Other debt securities
Asset-backed securities		553			–			(1	)		–			–		(3	)		–		–			549			(1	)
Corporate and other debt		95			4			6			–			–		(2	)		–		–			103			6
Equity securities
Common shares		1,469			–			(2	)		7			–		(19	)		–		–			1,455			(4	)
Preferred shares		108			–			21			–			–		1			–		–			130			21
	$	2,428		$	8		$	21		$	7		$	–	$	(23	)	$	–	$	–		$	2,441		$	19
	Fair value as at November 1 2017			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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		$	(7	)	$	–		$	(210	)	$	1,099	$	(449	)	$	4	$	(18	)	$	2,940		$	(28	)
Derivatives6
Interest rate contracts		70			–			–			–			–		(1	)		–		–			69			1
Foreign exchange contracts		(1	)		–			–			–			–		–			–		–			(1	)		–
Equity contracts		893			(70	)		–			(47	)		102		(169	)		–		2			711			(74	)
Commodity contracts		(2	)		(25	)		–			–			–		4			–		–			(23	)		(21	)
		960			(95	)		–			(47	)		102		(166	)		–		2			756			(94	)
Financial liabilities designated at fair value through profit or loss		7			19			–			–			59		(69	)		–		–			16			12
Obligations related to securities sold short		–			–			–			–			–		–			4		–			4			–

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 April 30, 2018, consists of derivative assets of $0.7 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.4 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only.

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Securities

6 Months Ended

Apr. 30, 2019

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Securities

NOTE 5: SECURITIES

Unrealized Securities Gains (Losses)

The following table summarizes the unrealized gains and losses as at April 30, 2019 and October 31, 2018.

Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income
(millions of Canadian dollars)	As at
	April 30, 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	$	10,978	$	34	$	(3	)	$	11,009	$	12,740	$	38	$	(47	)	$	12,731
Provinces		11,705		78		(20	)		11,763		9,443		75		(11	)		9,507
U.S. federal, state, municipal governments, and agencies debt		45,226		156		(130	)		45,252		45,857		265		(356	)		45,766
Other OECD government guaranteed debt		18,131		50		(4	)		18,177		20,034		65		(3	)		20,096
Mortgage-backed securities		6,051		45		–			6,096		6,575		59		(1	)		6,633
		92,091		363		(157	)		92,297		94,649		502		(418	)		94,733
Other debt securities
Asset-backed securities		20,000		61		(25	)		20,036		21,901		87		(19	)		21,969
Non-agency collateralized mortgage obligation portfolio		311		–		–			311		471		1		–			472
Corporate and other debt		8,257		36		(25	)		8,268		8,534		31		(58	)		8,507
		28,568		97		(50	)		28,615		30,906		119		(77	)		30,948
Total debt securities		120,659		460		(207	)		120,912		125,555		621		(495	)		125,681
Equity securities
Common shares		1,616		30		(28	)		1,618		1,725		118		(39	)		1,804
Preferred shares		305		5		(49	)		261		376		20		(26	)		370
		1,921		35		(77	)		1,879		2,101		138		(65	)		2,174
Total securities at fair value through other comprehensive income	$	122,580	$	495	$	(284	)	$	122,791	$	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				For the six months ended
	April 30, 2019		October 31, 2018		April 30, 2019		April 30, 2018		April 30, 2019		April 30, 2018
			Fair value		Dividend income recognized				Dividend income recognized
Common shares	$	1,618	$	1,804	$	20	$	17	$	40	$	33
Preferred shares		261		370		3		4		7		8
Total	$	1,879	$	2,174	$	23	$	21	$	47	$	41

The Bank disposed of certain equity securities in line with the Bank's investment strategy with a fair value of $133 million and $312 million during the three and six months ended April 30, 2019, respectively (three and six months ended April 30, 2018 – $10 million and $14 million, respectively). The Bank realized a cumulative gain of $44 million and $68 million during the three and six months ended April 30, 2019, respectively (three and six months ended April 30, 2018 – nil and $2 million, respectively) on disposal of these equity securities and recognized dividend income of $1 million and $3 million during the three and six months ended April 30, 2019, respectively (three and six months ended April 30, 2018 – nil).

Net Securities Gains (Losses)
(millions of Canadian dollars)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019			April 30 2018
Debt securities at amortized cost
Net realized gains (losses)	$	–	$	30	$	44		$	30
Debt securities at fair value through other comprehensive income
Net realized gains (losses)		35		3		(20	)		6
Total	$	35	$	33	$	24		$	36

Credit Quality of Debt Securities

The Bank evaluates non-retail credit risk on an individual borrower basis, using both a borrower risk rating and facility risk rating, 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
	April 30, 2019								October 31, 2018
		Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Debt securities
Investment grade	$	230,279	$	–	$	n/a	$	230,279	$	230,488	$	–	$	n/a	$	230,488
Non-Investment grade		2,138		40		n/a		2,178		2,140		54		n/a		2,194
Watch and classified		n/a		–		n/a		–		n/a		11		n/a		11
Default		n/a		n/a		–		–		n/a		n/a		234		234
Total debt securities		232,417		40		–		232,457		232,628		65		234		232,927
Allowance for credit losses on debt securities at amortized cost		1		–		–		1		1		4		70		75
Debt securities, net of allowance	$	232,416	$	40	$	–	$	232,456	$	232,627	$	61	$	164	$	232,852

As at April 30, 2019, the allowance for credit losses on debt securities was $4 million (October 31, 2018 – $80 million), comprising of $1 million (October 31, 2018 – $75 million) for debt securities at amortized cost (DSAC) and $3 million (October 31, 2018 – $5 million) for debt securities at FVOCI. For the three and six months ended April 30, 2019, the Bank reported a provision for credit losses of nil (three and six months ended April 30, 2018 – recovery of credit losses of $2 million) on DSAC. For the three and six months ended April 30, 2019, the Bank reported a recovery of credit losses of $2 million (three and six months ended April 30, 2018 – provision for credit losses of $16 million and $20 million, respectively) on debt securities at FVOCI.

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Loans, Impaired Loans, and Allowance for Credit Losses

6 Months Ended

Apr. 30, 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 tables provide 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 Ratings

(millions of Canadian dollars)														As at
		April 30, 2019								October 31, 2018
		Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Residential mortgages1,2,3
Low Risk	$	174,308	$	55	$	n/a	$	174,363	$	168,690	$	32	$	n/a	$	168,722
Normal Risk		42,707		240		n/a		42,947		47,821		176		n/a		47,997
Medium Risk		6,156		484		n/a		6,640		5,106		267		n/a		5,373
High Risk		984		1,393		304		2,681		892		1,264		317		2,473
Default		n/a		n/a		415		415		n/a		n/a		392		392
Total		224,155		2,172		719		227,046		222,509		1,739		709		224,957
Allowance for loan losses		27		32		47		106		24		34		47		105
Loans, net of allowance		224,128		2,140		672		226,940		222,485		1,705		662		224,852
Consumer instalment and other personal4
Low Risk		91,848		995		n/a		92,843		87,906		983		n/a		88,889
Normal Risk		43,448		1,035		n/a		44,483		48,008		1,190		n/a		49,198
Medium Risk		25,812		1,020		n/a		26,832		23,008		1,063		n/a		24,071
High Risk		7,016		2,403		576		9,995		6,158		2,386		817		9,361
Default		n/a		n/a		516		516		n/a		n/a		514		514
Total		168,124		5,453		1,092		174,669		165,080		5,622		1,331		172,033
Allowance for loan losses		621		357		179		1,157		574		349		178		1,101
Loans, net of allowance		167,503		5,096		913		173,512		164,506		5,273		1,153		170,932
Credit card
Low Risk		7,033		15		n/a		7,048		7,234		11		n/a		7,245
Normal Risk		9,987		82		n/a		10,069		9,780		66		n/a		9,846
Medium Risk		11,791		305		n/a		12,096		11,347		246		n/a		11,593
High Risk		4,769		1,566		334		6,669		4,435		1,445		333		6,213
Default		n/a		n/a		122		122		n/a		n/a		121		121
Total		33,580		1,968		456		36,004		32,796		1,768		454		35,018
Allowance for loan losses		400		309		382		1,091		379		283		341		1,003
Loans, net of allowance		33,180		1,659		74		34,913		32,417		1,485		113		34,015
Business and government1,2,3,5
Investment grade or Low/Normal Risk		119,732		47		n/a		119,779		118,414		57		n/a		118,471
Non-Investment grade or Medium Risk		116,478		5,186		n/a		121,664		108,678		5,272		n/a		113,950
Watch and classified or High Risk		732		4,595		104		5,431		666		3,746		97		4,509
Default		n/a		n/a		925		925		n/a		n/a		563		563
Total		236,942		9,828		1,029		247,799		227,758		9,075		660		237,493
Allowance for loan losses		643		599		166		1,408		651		551		120		1,322
Loans, net of allowance		236,299		9,229		863		246,391		227,107		8,524		540		236,171
Total loans excluding acquired credit-impaired loans5		662,801		19,421		3,296		685,518		648,143		18,204		3,154		669,501
Allowance for loan losses		1,691		1,297		774		3,762		1,628		1,217		686		3,531
Loans, net of allowance5		661,110		18,124		2,522		681,756		646,515		16,987		2,468		665,970
Acquired credit-impaired loans		n/a		n/a		382		382		n/a		n/a		453		453
Allowance for loan losses		n/a		n/a		16		16		n/a		n/a		18		18
Loans, net of allowance		n/a		n/a		366		366		n/a		n/a		435		435
Total loans5		662,801		19,421		3,678		685,900		648,143		18,204		3,607		669,954
Total allowance for loan losses		1,691		1,297		790		3,778		1,628		1,217		704		3,549
Total loans, net of allowance5	$	661,110	$	18,124	$	2,888	$	682,122	$	646,515	$	16,987	$	2,903	$	666,405

¹ As at April 30, 2019, impaired loans with a balance of $138 million (October 31, 2018 – $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.

² As at April 30, 2019, excludes trading loans and non-trading loans at fair value through profit or loss with a fair value of $11 billion (October 31, 2018 – $11 billion) and $1 billion (October 31, 2018 – $1 billion), respectively.

³ As at April 30, 2019, includes insured mortgages of $91 billion (October 31, 2018 – $95 billion).

⁴ As at April 30, 2019, includes Canadian government-insured real estate personal loans of $14 billion (October 31, 2018 – $14 billion).

⁵ As at April 30, 2019, includes loans that are measured at FVOCI of $2 billion (October 31, 2018 – $3 billion) and customers' liability under acceptances of $16 billion (October 31, 2018 – $17 billion).

Loans by Risk Ratings – Off-Balance Sheet Credit Instruments
(millions of Canadian dollars)															As at
					April 30, 2019								October 31, 2018
	Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Retail Exposures1
Low Risk	$	261,329	$	829	$	n/a	$	262,158	$	246,575	$	2,576	$	n/a	$	249,151
Normal Risk		52,244		607		n/a		52,851		51,961		1,129		n/a		53,090
Medium Risk		13,073		368		n/a		13,441		12,298		469		n/a		12,767
High Risk		1,754		895		–		2,649		1,765		638		–		2,403
Default		n/a		n/a		–		–		n/a		n/a		–		–
Non-Retail Exposures2
Investment grade		176,875		–		n/a		176,875		167,993		323		n/a		168,316
Non-Investment grade		62,865		2,652		n/a		65,517		60,002		2,309		n/a		62,311
Watch and classified		3		2,065		–		2,068		13		1,949		–		1,962
Default		n/a		n/a		–		–		n/a		n/a		–		–
Total off-balance sheet credit instruments		568,143		7,416		–		575,559		540,607		9,393		–		550,000
Allowance for off-balance sheet credit instruments		580		525		–		1,105		550		479		–		1,029
Total off-balance sheet credit instruments, net of allowance	$	567,563	$	6,891	$	–	$	574,454	$	540,057	$	8,914	$	–	$	548,971

¹ As at April 30, 2019, includes $307 billion (October 31, 2018 – $302 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

² As at April 30, 2019, includes $39 billion (October 31, 2018 – $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 and six months ended April 30, 2019 and April 30, 2018, are shown in the following tables.

Allowance for Loan Losses
(millions of Canadian dollars)		For the three months ended
		April 30, 2019														April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans		Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Residential Mortgages
Balance at beginning of period	$	25		$	30		$	48		$	4	$	107		$	23		$	22		$	39		$	7		$	91
Provision for credit losses
Transfer to Stage 11		4			(4	)		–			–		–			5			(5	)		–			–			–
Transfer to Stage 2		(1	)		3			(2	)		–		–			(1	)		2			(1	)		–			–
Transfer to Stage 3		–			(2	)		2			–		–			–			(2	)		2			–			–
Net remeasurement due to transfers2		(2	)		2			–			–		–			(3	)		1			–			–			(2	)
New originations or purchases3		2			n/a			n/a			–		2			2			n/a			n/a			–			2
Net repayments4		–			–			–			–		–			–			–			–			(1	)		(1	)
Derecognition of financial assets (excluding disposals and write-offs)5		–			(1	)		(4	)		–		(5	)		(1	)		–			(1	)		–			(2	)
Changes to risk, parameters, and models6		(1	)		4			9			–		12			(2	)		5			7			–			10
Disposals		–			–			–			–		–			–			–			–			–			–
Write-offs		–			–			(6	)		–		(6	)		–			–			(7	)		–			(7	)
Recoveries		–			–			–			–		–			–			–			1			–			1
Foreign exchange and other adjustments		–			–			–			–		–			–			1			1			1			3
Balance at end of period	$	27		$	32		$	47		$	4	$	110		$	23		$	24		$	41		$	7		$	95
Consumer Instalment and Other Personal
Balance, including off-balance sheet instruments, at beginning of period	$	598		$	413		$	181		$	2	$	1,194		$	535		$	381		$	179		$	5		$	1,100
Provision for credit losses
Transfer to Stage 11		84			(80	)		(4	)		–		–			77			(73	)		(4	)		–			–
Transfer to Stage 2		(28	)		39			(11	)		–		–			(27	)		38			(11	)		–			–
Transfer to Stage 3		(4	)		(54	)		58			–		–			(9	)		(43	)		52			–			–
Net remeasurement due to transfers2		(34	)		38			2			–		6			(31	)		29			2			–			–
New originations or purchases3		73			n/a			n/a			–		73			72			n/a			n/a			–			72
Net repayments4		(22	)		(8	)		(3	)		–		(33	)		(13	)		(7	)		(6	)		(1	)		(27	)
Derecognition of financial assets (excluding disposals and write-offs)5		(18	)		(26	)		(18	)		–		(62	)		(29	)		(20	)		(11	)		–			(60	)
Changes to risk, parameters, and models6		(7	)		74			183			–		250			(14	)		70			167			(1	)		222
Disposals		–			–			–			–		–			–			–			–			–			–
Write-offs		–			–			(280	)		–		(280	)		–			–			(263	)		–			(263	)
Recoveries		–			–			68			–		68			–			–			61			1			62
Foreign exchange and other adjustments		5			5			3			–		13			11			7			4			–			22
Balance, including off-balance sheet instruments, at end of period		647			401			179			2		1,229			572			382			170			4			1,128
Less: Allowance for off-balance sheet instruments7		26			44			–			–		70			25			46			–			–			71
Balance at end of period	$	621		$	357		$	179		$	2	$	1,159		$	547		$	336		$	170		$	4		$	1,057
Credit Card8
Balance, including off-balance sheet instruments, at beginning of period	$	865		$	635		$	389		$	–	$	1,889		$	737		$	585		$	341		$	–		$	1,663
Provision for credit losses
Transfer to Stage 11		164			(155	)		(9	)		–		–			130			(120	)		(10	)		–			–
Transfer to Stage 2		(55	)		72			(17	)		–		–			(39	)		54			(15	)		–			–
Transfer to Stage 3		(8	)		(149	)		157			–		–			(8	)		(113	)		121			–			–
Net remeasurement due to transfers2		(55	)		75			9			–		29			(46	)		54			9			–			17
New originations or purchases3		35			n/a			n/a			–		35			45			n/a			n/a			–			45
Net repayments4		(1	)		(1	)		5			–		3			13			(12	)		17			–			18
Derecognition of financial assets (excluding disposals and write-offs)5		(27	)		(33	)		(131	)		–		(191	)		(31	)		(27	)		(117	)		–			(175	)
Changes to risk, parameters, and models6		(50	)		176			339			–		465			(52	)		150			308			–			406
Disposals		–			–			–			–		–			(4	)		(4	)		(2	)		–			(10	)
Write-offs		–			–			(443	)		–		(443	)		–			–			(385	)		–			(385	)
Recoveries		–			–			78			–		78			–			–			68			–			68
Foreign exchange and other adjustments		12			7			5			–		24			19			15			13			–			47
Balance, including off-balance sheet instruments, at end of period		880			627			382			–		1,889			764			582			348			–			1,694
Less: Allowance for off-balance sheet instruments7		480			318			–			–		798			393			264			–			–			657
Balance at end of period	$	400		$	309		$	382		$	–	$	1,091		$	371		$	318		$	348		$	–		$	1,037

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.

⁷  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

⁸  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.

Allowance for Loan Losses (Continued)1
(millions of Canadian dollars)		For the three months ended
		April 30, 2019															April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Business and Government
Balance, including off-balance sheet instruments, at beginning of period	$	725		$	711		$	162		$	10		$	1,608		$	663		$	628		$	153		$	14		$	1,458
Provision for credit losses
Transfer to Stage 12		41			(40	)		(1	)		–			–			38			(37	)		(1	)		–			–
Transfer to Stage 2		(38	)		40			(2	)		–			–			(36	)		38			(2	)		–			–
Transfer to Stage 3		(2	)		(29	)		31			–			–			(2	)		(13	)		15			–			–
Net remeasurement due to transfers2		(14	)		27			1			–			14			(11	)		17			1			–			7
New originations or purchases2		104			n/a			n/a			–			104			119			n/a			n/a			–			119
Net repayments2		(5	)		(10	)		(4	)		1			(18	)		(5	)		(12	)		(2	)		1			(18	)
Derecognition of financial assets (excluding disposals and write-offs)2		(74	)		(73	)		(25	)		–			(172	)		(102	)		(95	)		(17	)		(1	)		(215	)
Changes to risk, parameters, and models2		(31	)		127			31			(4	)		123			9			95			23			(3	)		124
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(40	)		–			(40	)		–			–			(41	)		–			(41	)
Recoveries		–			–			11			2			13			–			–			16			1			17
Foreign exchange and other adjustments		11			9			2			1			23			23			18			4			1			46
Balance, including off-balance sheet instruments, at end of period		717			762			166			10			1,655			696			639			149			13			1,497
Less: Allowance for off-balance sheet instruments3		74			163			–			–			237			70			67			–			–			137
Balance at end of period		643			599			166			10			1,418			626			572			149			13			1,360
Total Allowance for Loan Losses at end of period	$	1,691		$	1,297		$	774		$	16		$	3,778		$	1,567		$	1,250		$	708		$	24		$	3,549

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" table on the previous page 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
(millions of Canadian dollars)		For the six months ended
		April 30, 2019															April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Residential Mortgages
Balance at beginning of period	$	24		$	34		$	47		$	5		$	110		$	24		$	26		$	45		$	12		$	107
Provision for credit losses
Transfer to Stage 11		17			(16	)		(1	)		–			–			11			(11	)		–			–			–
Transfer to Stage 2		(2	)		6			(4	)		–			–			(2	)		4			(2	)		–			–
Transfer to Stage 3		(1	)		(4	)		5			–			–			–			(4	)		4			–			–
Net remeasurement due to transfers2		(6	)		3			–			–			(3	)		(7	)		3			–			–			(4	)
New originations or purchases3		5			n/a			n/a			–			5			6			n/a			n/a			–			6
Net repayments4		–			(1	)		–			–			(1	)		(1	)		(1	)		–			(4	)		(6	)
Derecognition of financial assets (excluding disposals and write-offs)5		(1	)		(2	)		(8	)		–			(11	)		(1	)		(1	)		(1	)		–			(3	)
Changes to risk, parameters, and models6		(9	)		12			21			(1	)		23			(7	)		9			8			(2	)		8
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(13	)		–			(13	)		–			–			(14	)		–			(14	)
Recoveries		–			–			–			–			–			–			–			2			–			2
Foreign exchange and other adjustments		–			–			–			–			–			–			(1	)		(1	)		1			(1	)
Balance at end of period	$	27		$	32		$	47		$	4		$	110		$	23		$	24		$	41		$	7		$	95
Consumer Instalment and Other Personal
Balance, including off-balance sheet instruments, at beginning of period	$	599		$	392		$	178		$	2		$	1,171		$	529		$	355		$	166		$	5		$	1,055
Provision for credit losses
Transfer to Stage 11		167			(158	)		(9	)		–			–			146			(138	)		(8	)		–			–
Transfer to Stage 2		(57	)		78			(21	)		–			–			(60	)		80			(20	)		–			–
Transfer to Stage 3		(9	)		(106	)		115			–			–			(13	)		(88	)		101			–			–
Net remeasurement due to transfers2		(68	)		78			5			–			15			(59	)		68			5			–			14
New originations or purchases3		139			n/a			n/a			–			139			142			n/a			n/a			–			142
Net repayments4		(43	)		(15	)		(6	)		–			(64	)		(13	)		(13	)		(6	)		(3	)		(35	)
Derecognition of financial assets (excluding disposals and write-offs)5		(38	)		(52	)		(33	)		–			(123	)		(54	)		(47	)		(20	)		–			(121	)
Changes to risk, parameters, and models6		(48	)		180			405			–			537			(46	)		166			351			1			472
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(586	)		–			(586	)		–			–			(528	)		–			(528	)
Recoveries		–			–			128			–			128			–			–			130			1			131
Foreign exchange and other adjustments		5			4			3			–			12			–			(1	)		(1	)		–			(2	)
Balance, including off-balance sheet instruments, at end of period		647			401			179			2			1,229			572			382			170			4			1,128
Less: Allowance for off-balance sheet instruments7		26			44			–			–			70			25			46			–			–			71
Balance at end of period	$	621		$	357		$	179		$	2		$	1,159		$	547		$	336		$	170		$	4		$	1,057
Credit Card8
Balance, including off-balance sheet instruments, at beginning of period	$	819		$	580		$	341		$	–		$	1,740		$	763		$	521		$	321		$	–		$	1,605
Provision for credit losses
Transfer to Stage 11		363			(296	)		(67	)		–			–			254			(234	)		(20	)		–			–
Transfer to Stage 2		(111	)		143			(32	)		–			–			(93	)		126			(33	)		–			–
Transfer to Stage 3		(16	)		(316	)		332			–			–			(24	)		(222	)		246			–			–
Net remeasurement due to transfers2		(111	)		154			23			–			66			(91	)		113			39			–			61
New originations or purchases3		65			n/a			n/a			–			65			112			n/a			n/a			–			112
Net repayments4		38			1			(30	)		–			9			84			(4	)		(17	)		–			63
Derecognition of financial assets (excluding disposals and write-offs)5		(47	)		(54	)		(195	)		–			(296	)		(57	)		(57	)		(136	)		–			(250	)
Changes to risk, parameters, and models6		(130	)		409			716			–			995			(173	)		343			579			–			749
Disposals		–			–			–			–			–			(8	)		(7	)		(3	)		–			(18	)
Write-offs		–			–			(861	)		–			(861	)		–			–			(757	)		–			(757	)
Recoveries		–			–			149			–			149			–			–			129			–			129
Foreign exchange and other adjustments		10			6			6			–			22			(3	)		3			–			–			–
Balance, including off-balance sheet instruments, at end of period		880			627			382			–			1,889			764			582			348			–			1,694
Less: Allowance for off-balance sheet instruments7		480			318			–			–			798			393			264			–			–			657
Balance at end of period	$	400		$	309		$	382		$	–		$	1,091		$	371		$	318		$	348		$	–		$	1,037

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.

⁷  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

⁸  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.

Allowance for Loan Losses (Continued)¹

(millions of Canadian dollars)	For the six months ended
	April 30, 2019															April 30, 2018
	Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Business and Government
Balance, including off-balance sheet instruments, at beginning of period	$	736		$	690		$	120		$	11		$	1,557		$	706		$	627		$	174		$	18		$	1,525
Provision for credit losses
Transfer to Stage 12		85			(82	)		(3	)		–			–			66			(64	)		(2	)		–			–
Transfer to Stage 2		(68	)		72			(4	)		–			–			(52	)		55			(3	)		–			–
Transfer to Stage 3		(3	)		(48	)		51			–			–			(4	)		(29	)		33			–			–
Net remeasurement due to transfers2		(27	)		47			2			–			22			(18	)		32			3			–			17
New originations or purchases2		213			n/a			n/a			–			213			205			n/a			n/a			–			205
Net repayments2		2			(22	)		(8	)		1			(27	)		(6	)		(22	)		(11	)		(1	)		(40	)
Derecognition of financial assets (excluding disposals and write-offs)2		(168	)		(183	)		(37	)		–			(388	)		(194	)		(184	)		(24	)		(1	)		(403	)
Changes to risk, parameters, and models2		(64	)		280			101			(8	)		309			(3	)		226			26			(5	)		244
Disposals		–			–			–			–			–			–			–			(5	)		–			(5	)
Write-offs		–			–			(75	)		–			(75	)		–			–			(73	)		(1	)		(74	)
Recoveries		–			–			19			5			24			–			–			32			3			35
Foreign exchange and other adjustments		11			8			–			1			20			(4	)		(2	)		(1	)		–			(7	)
Balance, including off-balance sheet instruments, at end of period		717			762			166			10			1,655			696			639			149			13			1,497
Less: Allowance for off-balance sheet instruments3		74			163			–			–			237			70			67			–			–			137
Balance at end of period		643			599			166			10			1,418			626			572			149			13			1,360
Total Allowance for Loan Losses at end of period	$	1,691		$	1,297		$	774		$	16		$	3,778		$	1,567		$	1,250		$	708		$	24		$	3,549

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" table on the previous page 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 $87 million as at April 30, 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 April 30, 2019 and October 31, 2018.

Loans Past Due but not Impaired1,2
(millions of Canadian dollars)																As at
		April 30, 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	$	1,620	$	342	$	117	$	2,079	$	1,471	$	358	$	101	$	1,930
Consumer instalment and other personal		5,972		738		255		6,965		5,988		811		241		7,040
Credit card		1,291		304		208		1,803		1,403		340		213		1,956
Business and government		1,378		421		66		1,865		1,314		444		28		1,786
Total	$	10,261	$	1,805	$	646	$	12,712	$	10,176	$	1,953	$	583	$	12,712

¹  Includes loans that are measured at FVOCI.

²  Balances as at April 30, 2019 and October 31, 2018 exclude all acquired credit-impaired loans.

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Investment in Associates and Joint Ventures

6 Months Ended

Apr. 30, 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 April 30, 2019, the Bank's reported investment in TD Ameritrade was 42.32% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade with a fair value of $16 billion (US$12 billion) (October 31, 2018 – $16 billion (US$12 billion)) based on the closing price of US$52.58 (October 31, 2018 – US$51.72) on the New York Stock Exchange.

During the six months ended April 30, 2019, TD Ameritrade repurchased 10.2 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 six months ended April 30, 2019 and April 30, 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
	March 31 2019		September 30 2018
Assets
Receivables from brokers, dealers, and clearing organizations	$	2,178	$	1,809
Receivables from clients, net		27,836		29,773
Other assets, net		21,804		17,811
Total assets	$	51,818	$	49,393
Liabilities
Payable to brokers, dealers, and clearing organizations	$	3,313	$	3,923
Payable to clients		31,135		30,126
Other liabilities		6,220		4,809
Total liabilities		40,668		38,858
Stockholders' equity2		11,150		10,535
Total liabilities and stockholders'equity	$	51,818	$	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				For the six months ended
	March 31 2019		March 31 2018		March 31 2019		March 31 2018
Revenues
Net interest revenue	$	481	$	390	$	978	$	741
Fee-based and other revenue		1,447		1,400		2,953		2,647
Total revenues		1,928		1,790		3,931		3,388
Operating expenses
Employee compensation and benefits		452		583		871		1,111
Other		539		706		1,071		1,349
Total operating expenses		991		1,289		1,942		2,460
Other expense (income)		49		30		73		72
Pre-tax income		888		471		1,916		856
Provision for income taxes		225		128		455		136
Net income1,2	$	663	$	343	$	1,461	$	720
Earnings per share – basic (Canadian dollars)	$	1.18	$	0.60	$	2.60	$	1.27
Earnings per share – diluted (Canadian dollars)		1.18		0.60		2.59		1.26

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 and six months ended April 30, 2019 includes an adjustment of nil (three and six months ended April 30, 2018 – a net favourable adjustment of nil and $41 million (US$32 million), respectively) 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

6 Months Ended

Apr. 30, 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 during the first quarter of 2019, 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 was 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 has been 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

6 Months Ended

Apr. 30, 2019

Text block [abstract]

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		15		248		–		263
Carrying amount of goodwill as at April 30, 20192	$	2,851	$	14,221	$	160	$	17,232

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

² Impairment losses for the three and six months ended April 30, 2019 and April 30, 2018 were nil, and accumulated impairment as at April 30, 2019 was nil (October 31, 2018 – nil).

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Other Assets

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Other Assets

NOTE 10:  OTHER ASSETS

Other Assets

(millions of Canadian dollars)			As at
	April 30 2019		October 31 2018
Accounts receivable and other items	$	9,310	$	8,938
Accrued interest		2,446		2,343
Current income tax receivable		2,503		1,614
Defined benefit asset		10		113
Insurance-related assets, excluding investments		1,561		1,638
Prepaid expenses		1,408		950
Total	$	17,238	$	15,596

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Deposits

6 Months Ended

Apr. 30, 2019

Text block [abstract]

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 April 30, 2019, was $297 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 $177 million less than its fair value as at April 30, 2019.

Deposits
(millions of Canadian dollars)	As at
	By Type						By Country						April 30 2019		October 31 2018
	Demand		Notice		Term1		Canada		United States		International		Total		Total
Personal	$	13,714	$	419,240	$	56,729	$	225,858	$	263,795	$	30	$	489,683	$	477,644
Banks2		9,163		155		10,351		12,811		74		6,784		19,669		16,712
Business and government3,4		78,789		133,449		153,753		266,014		96,320		3,657		365,991		357,083
Trading2		–		–		53,974		26,119		16,270		11,585		53,974		114,704
Designated at fair value through profit or loss2,5		–		–		57,766		31,711		22,175		3,880		57,766		–
Total	$	101,666	$	552,844	$	332,573	$	562,513	$	398,634	$	25,936	$	987,083	$	966,143
Non-interest-bearing deposits included above
In domestic offices													$	40,562	$	42,402
In foreign offices														53,524		54,488
Interest-bearing deposits included above
In domestic offices														521,951		505,295
In foreign offices														370,365		362,890
U.S. federal funds deposited2														681		1,068
Total3,6													$	987,083	$	966,143

¹  Includes $6,586 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, 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 April 30, 2019, includes $39 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  On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

⁵  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 $17 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at fair value through profit or loss.

⁶  As at April 30, 2019, includes deposits of $559 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $56 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies.

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Other Liabilities

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Other Liabilities

NOTE 12:  OTHER LIABILITIES

Other Liabilities1
(millions of Canadian dollars)	As at
	April 30 2019		October 31 2018
Accounts payable, accrued expenses, and other items	$	4,842	$	4,958
Accrued interest		1,373		1,283
Accrued salaries and employee benefits		2,538		3,344
Cheques and other items in transit		964		454
Current income tax payable		149		84
Deferred tax liabilities		192		175
Defined benefit liability		2,230		1,747
Liabilities related to structured entities		6,449		5,627
Provisions		1,522		1,502
Total	$	20,259	$	19,174

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

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Equity

6 Months Ended

Apr. 30, 2019

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Equity

NOTE 13: EQUITY

The following table summarizes the shares issued and outstanding, and treasury shares held as at April 30, 2019 and October 31, 2018.

Common and Preferred Shares Issued and Outstanding and Treasury Shares Held
(millions of shares and millions of Canadian dollars)	April 30, 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		1.0			52			2.9			152
Shares issued as a result of dividend reinvestment plan		2.7			197			5.0			366
Shares issued in connection with acquisitions1		5.0			366			–			–
Purchase of shares for cancellation and other		(10.0	)		(118	)		(20.0	)		(228	)
Balance as at end of period – common shares		1,829.1		$	21,718			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		71.5			(5,198	)		110.6			(8,295	)
Sale of shares		(72.9	)		5,293			(111.4	)		8,327
Balance as at end of period – treasury shares – common		0.7		$	(49	)		2.1		$	(144	)
Treasury shares – preferred3
Balance as at beginning of year		0.3		$	(7	)		0.3		$	(7	)
Purchase of shares		3.0			(69	)		5.2			(129	)
Sale of shares		(3.0	)		70			(5.2	)		129
Balance as at end of period – treasury shares – preferred		0.3		$	(6	)		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

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate a normal course issuer bid (NCIB) for up to 20 million of its common shares, subject to the approval of OSFI and the Toronto Stock Exchange (TSX). The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

The Bank's previous NCIB, which was announced on April 19, 2018 and as amended on December 10, 2018, expired on April 12, 2019. The Bank repurchased an aggregate of 30 million common shares under its previous NCIB, at an average price of $74.29 per share for a total amount of $2.2 billion.

During the three and six months ended April 30, 2019, the Bank repurchased 5.5 million and 10 million common shares, respectively, under its previous NCIB at an average price of $75.30 and $72.75 per share, respectively, for a total amount of $414 million and $727 million, respectively.

During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its previous 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

6 Months Ended

Apr. 30, 2019

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Share-based Compensation

NOTE 14:  SHARE-BASED COMPENSATION

For the three and six months ended April 30, 2019, the Bank recognized compensation expense for stock option awards of $3.0 million and $6.3 million, respectively (three and six months ended April 30, 2018 – $3.4 million and $6.5 million, respectively).

During the three months ended April 30, 2019 and April 30, 2018, nil stock options were granted by the Bank at a weighted-average fair value of nil per option. During the six months ended April 30, 2019, 2.2 million stock options (six months ended April 30, 2018 – 1.9 million stock options) were granted by the Bank at a weighted-average fair value of $5.64 per option (April 30, 2018 – $6.28 per option).

The following table summarizes the assumptions used for estimating the fair value of options for the six months ended April 30.

Assumptions Used for Estimating the Fair Value of Options
(in Canadian dollars, except as noted)	For the six months ended
	April 30 2019			April 30 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

6 Months Ended

Apr. 30, 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 and six months ended April 30.

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
	April 30 2019			April 30 2018		April 30 2019		April 30 2018		April 30 2019		April 30 2018
Net employee benefits expense
Service cost – benefits earned	$	82		$	101	$	3	$	4	$	3	$	2
Net interest cost on net defined benefit liability		(3	)		2		5		5		8		8
Past service cost (credit)		–			–		–		–		2		–
Defined benefit administrative expenses		2			3		–		–		1		1
Total expense	$	81		$	106	$	8	$	9	$	14	$	11
	For the six months ended
	April 30 2019			April 30 2018		April 30 2019		April 30 2018		April 30 2019		April 30 2018
Net employee benefits expense
Service cost – benefits earned	$	163		$	203	$	7	$	8	$	5	$	5
Net interest cost on net defined benefit liability		(6	)		4		10		9		16		15
Past service cost (credit)		–			–		–		–		2		(3	)
Defined benefit administrative expenses		5			5		–		–		3		2
Total expense	$	162		$	212	$	17	$	17	$	26	$	19

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 and six months ended April 30.

Plan Contributions
(millions of Canadian dollars)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018
Principal pension plans	$	95	$	71	$	178	$	190
Principal non-pension post-retirement benefit plan		4		4		8		7
Other pension and retirement plans1		10		7		19		16
Total	$	109	$	82	$	205	$	213

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 April 30, 2019, the Bank expects to contribute an additional $175 million to its principal pension plans, $8 million to its principal non-pension post-retirement benefit plan, and $24 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

6 Months Ended

Apr. 30, 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

6 Months Ended

Apr. 30, 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 and six months ended April 30.

Basic and Diluted Earnings Per Share
(millions of Canadian dollars, except as noted)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018
Basic earnings per share
Net income attributable to common shareholders	$	3,110	$	2,846	$	5,442	$	5,129
Weighted-average number of common shares outstanding (millions)		1,826.6		1,843.6		1,829.9		1,842.6
Basic earnings per share (Canadian dollars)	$	1.70	$	1.54	$	2.97	$	2.78
Diluted earnings per share
Net income attributable to common shareholders	$	3,110	$	2,846	$	5,442	$	5,129
Net income available to common shareholders including impact of dilutive securities		3,110		2,846		5,442		5,129
Weighted-average number of common shares outstanding (millions)		1,826.6		1,843.6		1,829.9		1,842.6
Effect of dilutive securities
Stock options potentially exercisable (millions)1		3.4		3.9		3.3		4.2
Weighted-average number of common shares outstanding – diluted (millions)		1,830.0		1,847.5		1,833.2		1,846.8
Diluted earnings per share (Canadian dollars)1	$	1.70	$	1.54	$	2.97	$	2.78

¹  For the three and six months ended April 30, 2019 and April 30, 2018, no outstanding options were excluded from the computation of diluted earnings per share.

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Contingent Liabilities

6 Months Ended

Apr. 30, 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 April 30, 2019, the Bank's RPL is from zero to approximately $602 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 February 28, 2019, the Bank, along with the other bank defendants, filed a motion for judgment on the pleadings in the Official Stanford Investors Committee's case seeking dismissal of three claims (aiding and abetting fraud, aiding and abetting conversion, and aiding and abetting breach of fiduciary duty). The motion was fully briefed as of April 4, 2019. On May 3, 2019, two groups of plaintiffs comprising more than 950 individual investors in certificates of deposit issued by Stanford International Bank, Limited filed motions to intervene in the Official Stanford Investors Committee's case against the Bank and the other bank defendants. Discovery 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

6 Months Ended

Apr. 30, 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 and six months ended April 30.

Results by Business Segment1,2
(millions of Canadian dollars)	Canadian Retail				U.S. Retail				Wholesale Banking3					Corporate3						Total
					For the three months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018		April 30 2019			April 30 2018		April 30 2019			April 30 2018			April 30 2019		April 30 2018
Net interest income (loss)	$	3,010	$	2,781	$	2,231	$	1,977	$	262		$	272	$	369		$	368		$	5,872	$	5,398
Non-interest income (loss)		2,949		2,731		677		654		625			615		105			84			4,356		4,084
Total revenue4		5,959		5,512		2,908		2,631		887			887		474			452			10,228		9,482
Provision for (recovery of) credit losses		280		219		226		204		(5	)		16		132			117			633		556
Insurance claims and related expenses		668		558		–		–		–			–		–			–			668		558
Non-interest expenses		2,481		2,232		1,527		1,488		597			516		643			601			5,248		4,837
Income (loss) before income taxes		2,530		2,503		1,155		939		295			355		(301	)		(266	)		3,679		3,531
Provision for (recovery of) income taxes		681		670		150		94		74			88		(132	)		(106	)		773		746
Equity in net income of an investment in TD Ameritrade		–		–		258		134		–			–		8			(3	)		266		131
Net income (loss)	$	1,849	$	1,833	$	1,263	$	979	$	221		$	267	$	(161	)	$	(163	)	$	3,172	$	2,916
					For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018		April 30 2019			April 30 2018		April 30 2019			April 30 2018			April 30 2019		April 30 2018
Net interest income (loss)	$	6,054	$	5,606	$	4,478	$	3,917	$	435		$	601	$	765		$	704		$	11,732	$	10,828
Non-interest income (loss)		5,893		5,456		1,378		1,357		1,034			1,176		189			40			8,494		8,029
Total revenue4		11,947		11,062		5,856		5,274		1,469			1,777		954			744			20,226		18,857
Provision for (recovery of) credit losses		590		489		532		451		2			9		359			300			1,483		1,249
Insurance claims and related expenses		1,370		1,133		–		–		–			–		–			–			1,370		1,133
Non-interest expenses		5,565		4,543		3,138		2,935		1,199			1,042		1,201			1,178			11,103		9,698
Income (loss) before income taxes		4,422		4,897		2,186		1,888		268			726		(606	)		(734	)		6,270		6,777
Provision for (recovery of) income taxes		1,194		1,307		252		197		64			181		(234	)		101			1,276		1,786
Equity in net income of an investment in TD Ameritrade		–		–		569		240		–			–		19			38			588		278
Net income (loss)	$	3,228	$	3,590	$	2,503	$	1,931	$	204		$	545	$	(353	)	$	(797	)	$	5,582	$	5,269
Total assets	$	439,485	$	415,518	$	426,143	$	405,115	$	424,360		$	403,775	$	66,600		$	59,428		$	1,356,588	$	1,283,836

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

6 Months Ended

Apr. 30, 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
	April 30, 2019				April 30, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	7,289	$	2,823	$	6,214	$	2,157
Measured at FVOCI		1,265		–		1,096		–
		8,554		2,823		7,310		2,157
Not measured at amortized cost or FVOCI1		1,719		1,578		1,299		1,054
Total	$	10,273	$	4,401	$	8,609	$	3,211
			For the six months ended
	April 30, 2019				April 30, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	14,669	$	5,751	$	12,274	$	4,107
Measured at FVOCI		2,570		–		2,137		–
		17,239		5,751		14,411		4,107
Not measured at amortized cost or FVOCI1		3,578		3,334		2,506		1,982
Total	$	20,817	$	9,085	$	16,917	$	6,089

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

6 Months Ended

Apr. 30, 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 six months ended April 30, 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, which is held by D-SIBs against Pillar 2 risks. The current buffer is set at 1.75% of total risk-weighted assets (RWA) and must be met with CET1 Capital, effectively raising the CET1 target to 9.75%.

The following table summarizes the Bank's regulatory capital positions as at April 30, 2019 and October 31, 2018.

Regulatory Capital Position
(millions of Canadian dollars, except as noted)	As at
	April 30 2019			October 31 2018
Capital
Common Equity Tier 1 Capital	$	54,269		$	52,389
Tier 1 Capital		61,008			59,735
Total Capital		71,620			70,434
Risk-weighted assets used in the calculation of capital ratios1
Common Equity Tier 1 Capital	$	452,267		$	435,632
Tier 1 Capital		452,267			435,780
Total Capital		452,267			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		15.8			16.2
Leverage ratio		4.2			4.2

¹  In accordance with the final Capital Adequacy Requirements guideline, the Credit Valuation Adjustment (CVA) capital charge has been 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 2019, the corresponding scalars are all 100%. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively.

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Risk Management

6 Months Ended

Apr. 30, 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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Subsequent Events

6 Months Ended

Apr. 30, 2019

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Subsequent Events

NOTE 23: SUBSEQUENT EVENTS

Normal Course Issuer Bid

As approved by the Board on May 22, 2019, the Bank announced its intention to initiate an NCIB for up to 20 million of its common shares, subject to the approval of OSFI and the TSX. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

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Current and Future Changes in Accounting Policies (Policies)

6 Months Ended

Apr. 30, 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 Shareholders' 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. The Bank will adopt the new standard by recognizing the cumulative effect of any transitional impacts in opening retained earnings within the Consolidated Balance Sheet at November 1, 2019, with no restatement of the comparative periods. The Bank's IFRS 16 program is governed by a formal multi-functional enterprise-wide governance structure and project delivery plan. In support of the program, the Bank is currently analyzing the full impact of this standard upon its financial statements and regulatory metrics, upgrading its lease administration and accounting systems, and developing future processes and internal controls over financial reporting.

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)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Portfolio Market Risk Measures

TABLE 28:  PORTFOLIO MARKET RISK MEASURES

(millions of Canadian dollars)	For the three months ended																	For the six months ended
	April 30 2019											January 31 2019			April 30 2018			April 30 2019			April 30 2018
	As at			Average			High			Low		Average			Average			Average			Average
Interest rate risk	$	6.7		$	8.6		$	13.9		$	5.4	$	12.9		$	17.0		$	10.8		$	13.0
Credit spread risk		11.1			12.2			16.6			9.4		19.7			11.4			16.0			10.3
Equity risk		7.0			6.7			9.6			4.6		7.1			8.5			6.9			8.1
Foreign exchange risk		4.3			5.4			9.5			1.7		6.5			4.5			6.0			4.1
Commodity risk		1.4			2.2			3.5			1.4		2.6			2.2			2.4			2.4
Idiosyncratic debt specific risk		14.5			15.1			20.2			13.5		20.2			17.3			17.6			15.7
Diversification effect1		(25.9	)		(29.2	)		n/m	2		n/m		(41.4	)		(35.4	)		(35.4	)		(31.2	)
Total Value-at-Risk (one-day)		19.1			21.0			28.1			16.8		27.6			25.5			24.3			22.4
Stressed Value-at-Risk (one-day)		43.9			43.5			56.8			38.8		60.5			57.7			52.6			48.3
Incremental Risk Capital Charge (one-year)	$	269.7		$	204.2		$	269.7		$	173.1	$	232.6		$	205.4		$	219.5		$	206.4

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

TABLE 29: SENSITIVITY OF AFTER-TAX ECONOMIC VALUE-AT-RISK BY CURRENCY

(millions of Canadian dollars)													As at
	April 30, 2019						January 31, 2019						April 30, 2018
	100 bps increase			100 bps decrease			100 bps increase			100 bps decrease			100 bps increase			100 bps decrease
Canadian dollar	$	(66	)	$	–		$	(58	)	$	1		$	(37	)	$	(41	)
U.S. dollar		(271	)		(274	)		(246	)		(150	)		(251	)		(11	)
	$	(337	)	$	(274	)	$	(304	)	$	(149	)	$	(288	)	$	(52	)

Summary of Liquid Assets by Type and Currency

TABLE 30: 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
				April 30, 2019
Cash and due from banks	$	4,029	$	–	$	4,029		1	%	$	228	$	3,801
Canadian government obligations		13,865		74,980		88,845		14			54,585		34,260
National Housing Act Mortgage-Backed Securities (NHA MBS)		41,792		34		41,826		7			3,232		38,594
Provincial government obligations		13,738		23,554		37,292		6			27,644		9,648
Corporate issuer obligations		8,293		3,952		12,245		2			3,659		8,586
Equities		11,290		3,030		14,320		2			10,139		4,181
Other marketable securities and/or loans		3,362		444		3,806		1			513		3,293
Total Canadian dollar-denominated		96,369		105,994		202,363		33			100,000		102,363
Cash and due from banks		24,424		–		24,424		4			32		24,392
U.S. government obligations		30,331		45,037		75,368		12			36,209		39,159
U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations		49,733		9,650		59,383		10			17,983		41,400
Other sovereign obligations		49,530		39,995		89,525		14			31,738		57,787
Corporate issuer obligations		81,125		2,199		83,324		14			7,030		76,294
Equities		37,944		36,871		74,815		12			38,888		35,927
Other marketable securities and/or loans		4,543		1		4,544		1			530		4,014
Total non-Canadian dollar-denominated		277,630		133,753		411,383		67			132,410		278,973
Total	$	373,999	$	239,747	$	613,746		100	%	$	232,410	$	381,336
			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

TABLE 31: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES

(millions of Canadian dollars)			As at
	April 30 2019		October 31 2018
The Toronto-Dominion Bank (Parent)	$	143,442	$	136,544
Bank subsidiaries		222,088		217,565
Foreign branches		15,806		17,933
Total	$	381,336	$	372,042

Summary of Deposit Funding

TABLE 38:    SUMMARY OF DEPOSIT FUNDING

(millions of Canadian dollars)	As at
	April 30 2019		October 31 2018
P&C deposits – Canadian Retail	$	370,487	$	359,473
P&C deposits – U.S. Retail		353,035		346,624
Other deposits		28		36
Total	$	723,550	$	706,133

Summary of Remaining Contractual Maturity

TABLE 41:  REMAINING CONTRACTUAL MATURITY

(millions of Canadian dollars)		As at
		April 30, 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	$	5,007	$	2	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	5,009
Interest-bearing deposits with banks		27,325		299		385		–		–		–		–		–		444			28,453
Trading loans, securities, and other1		2,517		3,675		2,919		2,392		3,338		9,466		25,282		21,519		61,697			132,805
Non-trading financial assets at fair value through profit or loss		13		27		467		–		61		1,227		792		878		737			4,202
Derivatives		3,988		6,008		3,097		3,312		1,882		5,890		9,330		10,117		–			43,624
Financial assets designated at fair value through profit or loss		107		141		52		98		111		334		1,769		767		–			3,379
Financial assets at fair value through other comprehensive income		2,078		5,541		4,252		2,927		5,451		20,887		50,072		32,021		1,880			125,109
Debt securities at amortized cost, net of allowance for credit losses		1,599		2,219		4,396		3,391		1,820		5,886		39,035		53,199		(1	)		111,544
Securities purchased under reverse repurchase agreements		100,567		26,640		14,251		5,243		3,242		6		–		–		–			149,949
Loans
Residential mortgages		1,084		6,540		10,680		8,658		10,025		42,282		112,590		35,399		–			227,258
Consumer instalment and other personal		977		2,192		3,416		3,270		3,838		15,628		57,159		26,956		61,272			174,708
Credit card		–		–		–		–		–		–		–		–		36,004			36,004
Business and government		27,573		4,640		6,602		7,342		6,489		22,820		71,468		61,667		20,822			229,423
Total loans		29,634		13,372		20,698		19,270		20,352		80,730		241,217		124,022		118,098			667,393
Allowance for loan losses		–		–		–		–		–		–		–		–		(3,778	)		(3,778	)
Loans, net of allowance for loan losses		29,634		13,372		20,698		19,270		20,352		80,730		241,217		124,022		114,320			663,615
Customers' liability under acceptances		13,703		2,340		130		10		6		–		–		–		–			16,189
Investment in TD Ameritrade		–		–		–		–		–		–		–		–		9,027			9,027
Goodwill2		–		–		–		–		–		–		–		–		17,232			17,232
Other intangibles2		–		–		–		–		–		–		–		–		2,623			2,623
Land, buildings, equipment, and other depreciable assets2		–		–		–		–		–		–		–		–		5,500			5,500
Deferred tax assets		–		–		–		–		–		–		–		–		2,136			2,136
Amounts receivable from brokers, dealers, and clients		18,954		–		–		–		–		–		–		–		–			18,954
Other assets		3,411		916		348		130		2,669		206		226		97		9,235			17,238
Total assets	$	208,903	$	61,180	$	50,995	$	36,773	$	38,932	$	124,632	$	367,723	$	242,620	$	224,830		$	1,356,588
Liabilities
Trading deposits	$	9,045	$	10,551	$	18,936	$	6,883	$	1,123	$	1,732	$	4,371	$	1,333	$	–		$	53,974
Derivatives		4,458		5,896		3,534		3,323		1,810		5,068		7,578		10,532		–			42,199
Securitization liabilities at fair value		–		703		272		587		413		1,479		6,993		2,291		–			12,738
Financial liabilities designated at fair value through profit or loss		18,809		15,496		15,286		7,903		284		–		–		5		–			57,783
Deposits3,4
Personal		4,615		7,483		8,992		7,594		7,653		10,521		9,868		30		432,927			489,683
Banks		5,422		1,599		765		1,387		–		–		3		7		10,486			19,669
Business and government5		17,638		21,795		14,680		6,582		6,264		31,181		49,869		5,770		212,212			365,991
Total deposits		27,675		30,877		24,437		15,563		13,917		41,702		59,740		5,807		655,625			875,343
Acceptances		13,703		2,340		130		10		6		–		–		–		–			16,189
Obligations related to securities sold short1		75		856		1,069		1,000		1,512		6,920		10,666		13,507		760			36,365
Obligations related to securities sold under repurchase agreements		92,452		13,642		1,169		499		40		57		26		–		–			107,885
Securitization liabilities at amortized cost		–		503		572		511		1,277		1,976		5,911		3,270		–			14,020
Amounts payable to brokers, dealers, and clients		19,323		–		–		–		–		–		–		–		–			19,323
Insurance-related liabilities		255		318		334		268		267		928		1,608		916		1,750			6,644
Other liabilities6		3,905		1,050		1,283		1,120		1,618		3,678		1,125		148		6,332			20,259
Subordinated notes and debentures		–		–		–		–		–		–		–		8,968		–			8,968
Equity		–		–		–		–		–		–		–		–		84,898			84,898
Total liabilities and equity	$	189,700	$	82,232	$	67,022	$	37,667	$	22,267	$	63,540	$	98,018	$	46,777	$	749,365		$	1,356,588
Off-balance sheet commitments
Credit and liquidity commitments7,8	$	19,270	$	23,417	$	17,106	$	14,662	$	13,522	$	26,311	$	105,994	$	4,726	$	1,316		$	226,324
Operating lease commitments		81		164		245		244		242		928		2,320		3,553		–			7,777
Other purchase obligations		49		116		144		181		178		532		794		738		58			2,790
Unconsolidated structured entity commitments		–		1,051		826		–		97		998		–		–		–			2,972
Total off-balance sheet commitments	$	19,400	$	24,748	$	18,321	$	15,087	$	14,039	$	28,769	$	109,108	$	9,017	$	1,374		$	239,863

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 $39 billion of covered bonds with remaining contractual maturities of $3 billion in 'over 1 month to 3 months', $2 billion in 'over 3 months to 6 months', $1 billion in 'over 6 months to 9 months', $2 billion in 'over 9 months to 1 year', $6 billion in 'over 1 to 2 years', $23 billion in 'over 2 to 5 years', and $2 billion in 'over 5 years'.

⁵  On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

⁶  Includes $92 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', $5 million in '6 months to 9 months', $5 million in '9 months to 1 year', $20 million in 'over 1 to 2 years', $47 million in 'over 2 to 5 years', and $3 million in 'over 5 years'.

⁷  Includes $316 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.

TABLE 41:  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	$	18,341	$	16,732	$	17,222	$	13,105	$	9,159	$	25,720	$	101,210	$	5,260	$	1,293		$	208,042
Operating lease commitments		79		159		240		237		233		902		2,188		3,229		–			7,267
Other purchase obligations		46		163		131		128		127		460		898		524		–			2,477
Unconsolidated structured entity commitments		–		1,079		940		329		–		7		408		–		–			2,763
Total off-balance sheet commitments	$	18,466	$	18,133	$	18,533	$	13,799	$	9,519	$	27,089	$	104,704	$	9,013	$	1,293		$	220,549

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)

6 Months Ended

Apr. 30, 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
	April 30, 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	$	63,183	$	63,073	$	60,535	$	59,948
Other debt securities		48,361		48,286		46,636		46,316
Total debt securities at amortized cost, net of allowance for credit losses		111,544		111,359		107,171		106,264
Total loans, net of allowance for loan losses		663,615		665,018		646,393		642,542
Total financial assets not carried at fair value	$	775,159	$	776,377	$	753,564	$	748,806
FINANCIAL LIABILITIES
Deposits	$	875,343	$	875,840	$	851,439	$	846,148
Securitization liabilities at amortized cost		14,020		14,147		14,683		14,654
Subordinated notes and debentures		8,968		9,478		8,740		9,027
Total financial liabilities not carried at fair value	$	898,331	$	899,465	$	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

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 and six months ended April 30.

Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities
(millions of Canadian dollars)	Fair value as at February 1 2019			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 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	$	–		$	(1	)	$	–		$	–		$	–	$	–		$	47	$	–		$	46		$	(1	)
Other debt securities
Canadian issuers		1			–			–			–			–		–			1		–			2			–
Other issuers		9			–			–			–			–		(9	)		18		–			18			–
		10			(1	)		–			–			–		(9	)		66		–			66			(1	)
Non-trading financial assets at fair value through profit or loss
Securities		495			56			1			65			–		(170	)		–		–			447			5
Loans		21			–			–			–			–		(1	)		–		–			20			–
		516			56			1			65			–		(171	)		–		–			467			5
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		210			14			–			–			–		(224	)		–		–			–			–
Other debt securities
Asset-backed securities		559			–			–			–			–		–			–		(559	)		–			–
Corporate and other debt		23			–			–			–			–		–			–		–			23			–
Equity securities
Common shares		1,495			–			(1	)		14			–		24			–		–			1,532			(1	)
Preferred shares		57			–			(8	)		1			–		–			–		–			50			(9	)
	$	2,344		$	14		$	(9	)	$	15		$	–	$	(200	)	$	–	$	(559	)	$	1,605		$	(10	)
	Fair value as at February 1 2019			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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	$	3,465		$	188		$	–		$	(315	)	$	397	$	(56	)	$	–	$	–		$	3,679		$	189
Derivatives7
Interest rate contracts		64			12			–			–			–		1			–		–			77			11
Foreign exchange contracts		(2	)		–			–			–			–		–			4		–			2			–
Equity contracts		699			190			–			(21	)		58		(101	)		–		–			825			179
Commodity contracts		8			(34	)		–			–			–		11			–		–			(15	)		(23	)
		769			168			–			(21	)		58		(89	)		4		–			889			167
Financial liabilities designated at fair value through profit or loss		3			(18	)		–			–			32		(4	)		–		–			13			(14	)
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 April 30, 2019, consists of derivative assets of $0.6 billion (February 1, 2019 – $0.5 billion) and derivative liabilities of $1.5 billion (February 1, 2019 – $1.3 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 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 2019			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	$	3		$	(1	)	$	–		$	–		$	–	$	(3	)	$	47	$	–		$	46		$	(1	)
Other debt securities
Canadian issuers		1			–			–			–			–		–			1		–			2			–
Other issuers		16			1			–			–			–		(17	)		19		(1	)		18			–
		20			–			–			–			–		(20	)		67		(1	)		66			(1	)
Non-trading financial assets at fair value through profit or loss
Securities		408			58			2			136			–		(178	)		21		–			447			6
Loans		19			1			–			1			–		(1	)		–		–			20			1
		427			59			2			137			–		(179	)		21		–			467			7
Financial assets at fair value through other comprehensive income
Government and government-related securities
Other OECD government guaranteed debt		200			24			–			–			–		(224	)		–		–			–			–
Other debt securities
Asset-backed securities		562			–			–			–			–		–			–		(562	)		–			–
Corporate and other debt		24			–			(1	)		–			–		–			–		–			23			(1	)
Equity securities
Common shares		1,492			–			–			19			–		21			–		–			1,532			(1	)
Preferred shares		135			–			(11	)		1			–		(74	)		–		(1	)		50			(17	)
	$	2,413		$	24		$	(12	)	$	20		$	–	$	(277	)	$	–	$	(563	)	$	1,605		$	(19	)
	Fair value as at November 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 2019			Change in unrealized losses (gains) on instruments still held5
				Included in income1			Included in OCI2			Purchases			Issuances		Other4			Into Level 3		Out of Level 3
FINANCIAL LIABILITIES
Trading deposits5	$	3,024		$	287		$	–		$	(391	)	$	769	$	(10	)	$	–	$	–		$	3,679		$	255
Derivatives6
Interest rate contracts		63			16			–			–			–		(2	)		–		–			77			15
Foreign exchange contracts		(1	)		1			–			–			–		(2	)		4		–			2			–
Equity contracts		624			295			–			(40	)		115		(169	)		–		–			825			281
Commodity contracts		(27	)		4			–			–			–		8			–		–			(15	)		(3	)
		659			316			–			(40	)		115		(165	)		4		–			889			293
Financial liabilities designated at fair value through profit or loss		14			(40	)		–			–			49		(10	)		–		–			13			(30	)
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 April 30, 2019, consists of derivative assets of $0.6 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.5 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 February 1 2018			Total realized and unrealized gains (losses)						Movements								Transfers					Fair value as at April 30 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		1			–			–			–			–		–			–		–			1			–
Other issuers		121			(1	)		–			–			–		5			24		–			149			4
		122			(1	)		–			–			–		5			24		–			150			4
Non-trading financial assets at fair value through profit or loss
Securities		324			11			–			13			–		8			–		–			356			11
Loans		18			1			–			–			–		–			–		–			19			1
		342			12			–			13			–		8			–		–			375			12
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		193			11			–			–			–		–			–		–			204			(3	)
Other debt securities
Asset-backed securities		529			–			(3	)		–			–		23			–		–			549			(3	)
Corporate and other debt		99			3			1			–			–		–			–		–			103			1
Equity securities
Common shares		1,404			–			(3	)		1			–		53			–		–			1,455			(2	)
Preferred shares		116			–			13			–			–		1			–		–			130			13
	$	2,341		$	14		$	8		$	1		$	–	$	77		$	–	$	–		$	2,441		$	6
	Fair value as at February 1 2018			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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	$	2,875		$	(40	)	$	–		$	(69	)	$	463	$	(285	)	$	4	$	(8	)	$	2,940		$	(20	)
Derivatives6
Interest rate contracts		51			17			–			–			–		1			–		–			69			20
Foreign exchange contracts		(1	)		1			–			–			–		(1	)		–		–			(1	)		–
Equity contracts		842			(62	)		–			(28	)		64		(105	)		–		–			711			(73	)
Commodity contracts		(8	)		(18	)		–			–			–		3			–		–			(23	)		(17	)
		884			(62	)		–			(28	)		64		(102	)		–		–			756			(70	)
Financial liabilities designated at fair value through profit or loss		29			(13	)		–			–			34		(34	)		–		–			16			(14	)
Obligations related to securities sold short		–			–			–			–			–		–			4		–			4			–

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 April 30, 2018, consists of derivative assets of $0.7 billion (February 1, 2018 – $0.9 billion) and derivative liabilities of $1.4 billion (February 1, 2018 – $1.8 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 April 30 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			–			–			–			–		(4	)		1		(2	)		1			–
Other issuers		8			(1	)		–			2			–		4			145		(9	)		149			4
		14			(1	)		–			2			–		–			146		(11	)		150			4
Non-trading financial assets at fair value through profit or loss
Securities		305			27			–			26			–		(2	)		–		–			356			23
Loans		15			(2	)		–			2			–		–			4		–			19			(2	)
		320			25			–			28			–		(2	)		4		–			375			21
Financial assets at fair value through other comprehensive income
Government and government- related securities
Other OECD government guaranteed debt		203			4			(3	)		–			–		–			–		–			204			(3	)
Other debt securities
Asset-backed securities		553			–			(1	)		–			–		(3	)		–		–			549			(1	)
Corporate and other debt		95			4			6			–			–		(2	)		–		–			103			6
Equity securities
Common shares		1,469			–			(2	)		7			–		(19	)		–		–			1,455			(4	)
Preferred shares		108			–			21			–			–		1			–		–			130			21
	$	2,428		$	8		$	21		$	7		$	–	$	(23	)	$	–	$	–		$	2,441		$	19
	Fair value as at November 1 2017			Total realized and unrealized losses (gains)						Movements								Transfers					Fair value as at April 30 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		$	(7	)	$	–		$	(210	)	$	1,099	$	(449	)	$	4	$	(18	)	$	2,940		$	(28	)
Derivatives6
Interest rate contracts		70			–			–			–			–		(1	)		–		–			69			1
Foreign exchange contracts		(1	)		–			–			–			–		–			–		–			(1	)		–
Equity contracts		893			(70	)		–			(47	)		102		(169	)		–		2			711			(74	)
Commodity contracts		(2	)		(25	)		–			–			–		4			–		–			(23	)		(21	)
		960			(95	)		–			(47	)		102		(166	)		–		2			756			(94	)
Financial liabilities designated at fair value through profit or loss		7			19			–			–			59		(69	)		–		–			16			12
Obligations related to securities sold short		–			–			–			–			–		–			4		–			4			–

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 April 30, 2018, consists of derivative assets of $0.7 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.4 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

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 April 30, 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
		April 30, 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	$	786	$	9,127	$	–	$	9,913		$	127	$	14,335	$	–	$	14,462
Provinces		–		7,865		46		7,911			–		7,535		3		7,538
U.S. federal, state, municipal governments, and agencies debt		–		16,050		–		16,050			–		19,732		–		19,732
Other OECD government guaranteed debt		–		4,149		–		4,149			–		3,324		–		3,324
Mortgage-backed securities		–		2,054		–		2,054			–		2,029		–		2,029
Other debt securities
Canadian issuers		–		5,973		2		5,975			–		5,630		1		5,631
Other issuers		–		13,578		18		13,596			–		14,459		16		14,475
Equity securities
Common shares		49,784		131		–		49,915			43,699		53		–		43,752
Preferred shares		57		–		–		57			33		26		–		59
Trading loans		–		11,335		–		11,335			–		10,990		–		10,990
Commodities		11,549		279		–		11,828			5,540		340		–		5,880
Retained interests		–		22		–		22			–		25		–		25
		62,176		70,563		66		132,805			49,399		78,478		20		127,897
Non-trading financial assets at fair value through profit or loss
Securities		190		2,567		447		3,204			176		2,095		408		2,679
Loans		–		978		20		998			–		1,317		19		1,336
		190		3,545		467		4,202			176		3,412		427		4,015
Derivatives
Interest rate contracts		31		11,775		–		11,806			33		12,365		–		12,398
Foreign exchange contracts		41		28,753		6		28,800			24		39,647		4		39,675
Credit contracts		–		14		–		14			–		9		–		9
Equity contracts		–		1,305		525		1,830			–		3,170		453		3,623
Commodity contracts		127		1,019		28		1,174			144		1,112		35		1,291
		199		42,866		559		43,624			201		56,303		492		56,996
Financial assets designated at fair value through profit or loss
Securities2		–		3,379		–		3,379			–		3,618		–		3,618
		–		3,379		–		3,379			–		3,618		–		3,618
Financial assets at fair value through other comprehensive income
Government and government-related securities
Canadian government debt
Federal		–		11,009		–		11,009			–		12,731		–		12,731
Provinces		–		11,763		–		11,763			–		9,507		–		9,507
U.S. federal, state, municipal governments, and agencies debt		–		45,252		–		45,252			–		45,766		–		45,766
Other OECD government guaranteed debt		–		18,177		–		18,177			–		19,896		200		20,096
Mortgage-backed securities		–		6,096		–		6,096			–		6,633		–		6,633
Other debt securities
Asset-backed securities		–		20,036		–		20,036			–		21,407		562		21,969
Non-agency collateralized mortgage obligation portfolio		–		311		–		311			–		472		–		472
Corporate and other debt		–		8,245		23		8,268			–		8,483		24		8,507
Equity securities
Common shares		84		2		1,532		1,618			309		3		1,492		1,804
Preferred shares		208		3		50		261			235		–		135		370
Loans		–		2,318		–		2,318			–		2,745		–		2,745
		292		123,212		1,605		125,109			544		127,643		2,413		130,600
Securities purchased under reverse repurchase agreements		–		4,796		–		4,796			–		3,920		–		3,920
FINANCIAL LIABILITIES
Trading deposits		–		50,295		3,679		53,974			–		111,680		3,024		114,704
Derivatives
Interest rate contracts		28		10,420		77		10,525			24		9,646		63		9,733
Foreign exchange contracts		29		26,121		8		26,158			18		34,897		3		34,918
Credit contracts		–		418		–		418			–		386		–		386
Equity contracts		–		2,794		1,350		4,144			–		1,319		1,077		2,396
Commodity contracts		113		828		13		954			134		695		8		837
		170		40,581		1,448		42,199			176		46,943		1,151		48,270
Securitization liabilities at fair value		–		12,738		–		12,738			–		12,618		–		12,618
Financial liabilities designated at fair value through profit or loss		–		57,770		13		57,783			–		2		14		16
Obligations related to securities sold short2		787		35,578		–		36,365			1,142		38,336		–		39,478
Obligations related to securities sold under repurchase agreements		–		1,893		–		1,893			–		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)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Unrealized Gains and Losses

The following table summarizes the unrealized gains and losses as at April 30, 2019 and October 31, 2018.

Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income
(millions of Canadian dollars)	As at
	April 30, 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	$	10,978	$	34	$	(3	)	$	11,009	$	12,740	$	38	$	(47	)	$	12,731
Provinces		11,705		78		(20	)		11,763		9,443		75		(11	)		9,507
U.S. federal, state, municipal governments, and agencies debt		45,226		156		(130	)		45,252		45,857		265		(356	)		45,766
Other OECD government guaranteed debt		18,131		50		(4	)		18,177		20,034		65		(3	)		20,096
Mortgage-backed securities		6,051		45		–			6,096		6,575		59		(1	)		6,633
		92,091		363		(157	)		92,297		94,649		502		(418	)		94,733
Other debt securities
Asset-backed securities		20,000		61		(25	)		20,036		21,901		87		(19	)		21,969
Non-agency collateralized mortgage obligation portfolio		311		–		–			311		471		1		–			472
Corporate and other debt		8,257		36		(25	)		8,268		8,534		31		(58	)		8,507
		28,568		97		(50	)		28,615		30,906		119		(77	)		30,948
Total debt securities		120,659		460		(207	)		120,912		125,555		621		(495	)		125,681
Equity securities
Common shares		1,616		30		(28	)		1,618		1,725		118		(39	)		1,804
Preferred shares		305		5		(49	)		261		376		20		(26	)		370
		1,921		35		(77	)		1,879		2,101		138		(65	)		2,174
Total securities at fair value through other comprehensive income	$	122,580	$	495	$	(284	)	$	122,791	$	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				For the six months ended
	April 30, 2019		October 31, 2018		April 30, 2019		April 30, 2018		April 30, 2019		April 30, 2018
			Fair value		Dividend income recognized				Dividend income recognized
Common shares	$	1,618	$	1,804	$	20	$	17	$	40	$	33
Preferred shares		261		370		3		4		7		8
Total	$	1,879	$	2,174	$	23	$	21	$	47	$	41

Summary of Net Securities Gains (Losses)

Net Securities Gains (Losses)
(millions of Canadian dollars)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019			April 30 2018
Debt securities at amortized cost
Net realized gains (losses)	$	–	$	30	$	44		$	30
Debt securities at fair value through other comprehensive income
Net realized gains (losses)		35		3		(20	)		6
Total	$	35	$	33	$	24		$	36

Summary of Debt Securities by Risk Rating

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
	April 30, 2019								October 31, 2018
		Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Debt securities
Investment grade	$	230,279	$	–	$	n/a	$	230,279	$	230,488	$	–	$	n/a	$	230,488
Non-Investment grade		2,138		40		n/a		2,178		2,140		54		n/a		2,194
Watch and classified		n/a		–		n/a		–		n/a		11		n/a		11
Default		n/a		n/a		–		–		n/a		n/a		234		234
Total debt securities		232,417		40		–		232,457		232,628		65		234		232,927
Allowance for credit losses on debt securities at amortized cost		1		–		–		1		1		4		70		75
Debt securities, net of allowance	$	232,416	$	40	$	–	$	232,456	$	232,627	$	61	$	164	$	232,852

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Loans, Impaired Loans, and Allowance for Credit Losses (Tables)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings

Loans by Risk Ratings

(millions of Canadian dollars)														As at
		April 30, 2019								October 31, 2018
		Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Residential mortgages1,2,3
Low Risk	$	174,308	$	55	$	n/a	$	174,363	$	168,690	$	32	$	n/a	$	168,722
Normal Risk		42,707		240		n/a		42,947		47,821		176		n/a		47,997
Medium Risk		6,156		484		n/a		6,640		5,106		267		n/a		5,373
High Risk		984		1,393		304		2,681		892		1,264		317		2,473
Default		n/a		n/a		415		415		n/a		n/a		392		392
Total		224,155		2,172		719		227,046		222,509		1,739		709		224,957
Allowance for loan losses		27		32		47		106		24		34		47		105
Loans, net of allowance		224,128		2,140		672		226,940		222,485		1,705		662		224,852
Consumer instalment and other personal4
Low Risk		91,848		995		n/a		92,843		87,906		983		n/a		88,889
Normal Risk		43,448		1,035		n/a		44,483		48,008		1,190		n/a		49,198
Medium Risk		25,812		1,020		n/a		26,832		23,008		1,063		n/a		24,071
High Risk		7,016		2,403		576		9,995		6,158		2,386		817		9,361
Default		n/a		n/a		516		516		n/a		n/a		514		514
Total		168,124		5,453		1,092		174,669		165,080		5,622		1,331		172,033
Allowance for loan losses		621		357		179		1,157		574		349		178		1,101
Loans, net of allowance		167,503		5,096		913		173,512		164,506		5,273		1,153		170,932
Credit card
Low Risk		7,033		15		n/a		7,048		7,234		11		n/a		7,245
Normal Risk		9,987		82		n/a		10,069		9,780		66		n/a		9,846
Medium Risk		11,791		305		n/a		12,096		11,347		246		n/a		11,593
High Risk		4,769		1,566		334		6,669		4,435		1,445		333		6,213
Default		n/a		n/a		122		122		n/a		n/a		121		121
Total		33,580		1,968		456		36,004		32,796		1,768		454		35,018
Allowance for loan losses		400		309		382		1,091		379		283		341		1,003
Loans, net of allowance		33,180		1,659		74		34,913		32,417		1,485		113		34,015
Business and government1,2,3,5
Investment grade or Low/Normal Risk		119,732		47		n/a		119,779		118,414		57		n/a		118,471
Non-Investment grade or Medium Risk		116,478		5,186		n/a		121,664		108,678		5,272		n/a		113,950
Watch and classified or High Risk		732		4,595		104		5,431		666		3,746		97		4,509
Default		n/a		n/a		925		925		n/a		n/a		563		563
Total		236,942		9,828		1,029		247,799		227,758		9,075		660		237,493
Allowance for loan losses		643		599		166		1,408		651		551		120		1,322
Loans, net of allowance		236,299		9,229		863		246,391		227,107		8,524		540		236,171
Total loans excluding acquired credit-impaired loans5		662,801		19,421		3,296		685,518		648,143		18,204		3,154		669,501
Allowance for loan losses		1,691		1,297		774		3,762		1,628		1,217		686		3,531
Loans, net of allowance5		661,110		18,124		2,522		681,756		646,515		16,987		2,468		665,970
Acquired credit-impaired loans		n/a		n/a		382		382		n/a		n/a		453		453
Allowance for loan losses		n/a		n/a		16		16		n/a		n/a		18		18
Loans, net of allowance		n/a		n/a		366		366		n/a		n/a		435		435
Total loans5		662,801		19,421		3,678		685,900		648,143		18,204		3,607		669,954
Total allowance for loan losses		1,691		1,297		790		3,778		1,628		1,217		704		3,549
Total loans, net of allowance5	$	661,110	$	18,124	$	2,888	$	682,122	$	646,515	$	16,987	$	2,903	$	666,405

¹ As at April 30, 2019, impaired loans with a balance of $138 million (October 31, 2018 – $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.

² As at April 30, 2019, excludes trading loans and non-trading loans at fair value through profit or loss with a fair value of $11 billion (October 31, 2018 – $11 billion) and $1 billion (October 31, 2018 – $1 billion), respectively.

³ As at April 30, 2019, includes insured mortgages of $91 billion (October 31, 2018 – $95 billion).

⁴ As at April 30, 2019, includes Canadian government-insured real estate personal loans of $14 billion (October 31, 2018 – $14 billion).

⁵ As at April 30, 2019, includes loans that are measured at FVOCI of $2 billion (October 31, 2018 – $3 billion) and customers' liability under acceptances of $16 billion (October 31, 2018 – $17 billion).

Loans by Risk Ratings – Off-Balance Sheet Credit Instruments
(millions of Canadian dollars)															As at
					April 30, 2019								October 31, 2018
	Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Retail Exposures1
Low Risk	$	261,329	$	829	$	n/a	$	262,158	$	246,575	$	2,576	$	n/a	$	249,151
Normal Risk		52,244		607		n/a		52,851		51,961		1,129		n/a		53,090
Medium Risk		13,073		368		n/a		13,441		12,298		469		n/a		12,767
High Risk		1,754		895		–		2,649		1,765		638		–		2,403
Default		n/a		n/a		–		–		n/a		n/a		–		–
Non-Retail Exposures2
Investment grade		176,875		–		n/a		176,875		167,993		323		n/a		168,316
Non-Investment grade		62,865		2,652		n/a		65,517		60,002		2,309		n/a		62,311
Watch and classified		3		2,065		–		2,068		13		1,949		–		1,962
Default		n/a		n/a		–		–		n/a		n/a		–		–
Total off-balance sheet credit instruments		568,143		7,416		–		575,559		540,607		9,393		–		550,000
Allowance for off-balance sheet credit instruments		580		525		–		1,105		550		479		–		1,029
Total off-balance sheet credit instruments, net of allowance	$	567,563	$	6,891	$	–	$	574,454	$	540,057	$	8,914	$	–	$	548,971

¹ As at April 30, 2019, includes $307 billion (October 31, 2018 – $302 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time.

² As at April 30, 2019, includes $39 billion (October 31, 2018 – $37 billion) of the undrawn component of uncommitted credit and liquidity facilities.

Summary of Allowance for Credit Losses

The changes to the Bank's allowance for loan losses, as at and for the three and six months ended April 30, 2019 and April 30, 2018, are shown in the following tables.

Allowance for Loan Losses
(millions of Canadian dollars)		For the three months ended
		April 30, 2019														April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans		Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Residential Mortgages
Balance at beginning of period	$	25		$	30		$	48		$	4	$	107		$	23		$	22		$	39		$	7		$	91
Provision for credit losses
Transfer to Stage 11		4			(4	)		–			–		–			5			(5	)		–			–			–
Transfer to Stage 2		(1	)		3			(2	)		–		–			(1	)		2			(1	)		–			–
Transfer to Stage 3		–			(2	)		2			–		–			–			(2	)		2			–			–
Net remeasurement due to transfers2		(2	)		2			–			–		–			(3	)		1			–			–			(2	)
New originations or purchases3		2			n/a			n/a			–		2			2			n/a			n/a			–			2
Net repayments4		–			–			–			–		–			–			–			–			(1	)		(1	)
Derecognition of financial assets (excluding disposals and write-offs)5		–			(1	)		(4	)		–		(5	)		(1	)		–			(1	)		–			(2	)
Changes to risk, parameters, and models6		(1	)		4			9			–		12			(2	)		5			7			–			10
Disposals		–			–			–			–		–			–			–			–			–			–
Write-offs		–			–			(6	)		–		(6	)		–			–			(7	)		–			(7	)
Recoveries		–			–			–			–		–			–			–			1			–			1
Foreign exchange and other adjustments		–			–			–			–		–			–			1			1			1			3
Balance at end of period	$	27		$	32		$	47		$	4	$	110		$	23		$	24		$	41		$	7		$	95
Consumer Instalment and Other Personal
Balance, including off-balance sheet instruments, at beginning of period	$	598		$	413		$	181		$	2	$	1,194		$	535		$	381		$	179		$	5		$	1,100
Provision for credit losses
Transfer to Stage 11		84			(80	)		(4	)		–		–			77			(73	)		(4	)		–			–
Transfer to Stage 2		(28	)		39			(11	)		–		–			(27	)		38			(11	)		–			–
Transfer to Stage 3		(4	)		(54	)		58			–		–			(9	)		(43	)		52			–			–
Net remeasurement due to transfers2		(34	)		38			2			–		6			(31	)		29			2			–			–
New originations or purchases3		73			n/a			n/a			–		73			72			n/a			n/a			–			72
Net repayments4		(22	)		(8	)		(3	)		–		(33	)		(13	)		(7	)		(6	)		(1	)		(27	)
Derecognition of financial assets (excluding disposals and write-offs)5		(18	)		(26	)		(18	)		–		(62	)		(29	)		(20	)		(11	)		–			(60	)
Changes to risk, parameters, and models6		(7	)		74			183			–		250			(14	)		70			167			(1	)		222
Disposals		–			–			–			–		–			–			–			–			–			–
Write-offs		–			–			(280	)		–		(280	)		–			–			(263	)		–			(263	)
Recoveries		–			–			68			–		68			–			–			61			1			62
Foreign exchange and other adjustments		5			5			3			–		13			11			7			4			–			22
Balance, including off-balance sheet instruments, at end of period		647			401			179			2		1,229			572			382			170			4			1,128
Less: Allowance for off-balance sheet instruments7		26			44			–			–		70			25			46			–			–			71
Balance at end of period	$	621		$	357		$	179		$	2	$	1,159		$	547		$	336		$	170		$	4		$	1,057
Credit Card8
Balance, including off-balance sheet instruments, at beginning of period	$	865		$	635		$	389		$	–	$	1,889		$	737		$	585		$	341		$	–		$	1,663
Provision for credit losses
Transfer to Stage 11		164			(155	)		(9	)		–		–			130			(120	)		(10	)		–			–
Transfer to Stage 2		(55	)		72			(17	)		–		–			(39	)		54			(15	)		–			–
Transfer to Stage 3		(8	)		(149	)		157			–		–			(8	)		(113	)		121			–			–
Net remeasurement due to transfers2		(55	)		75			9			–		29			(46	)		54			9			–			17
New originations or purchases3		35			n/a			n/a			–		35			45			n/a			n/a			–			45
Net repayments4		(1	)		(1	)		5			–		3			13			(12	)		17			–			18
Derecognition of financial assets (excluding disposals and write-offs)5		(27	)		(33	)		(131	)		–		(191	)		(31	)		(27	)		(117	)		–			(175	)
Changes to risk, parameters, and models6		(50	)		176			339			–		465			(52	)		150			308			–			406
Disposals		–			–			–			–		–			(4	)		(4	)		(2	)		–			(10	)
Write-offs		–			–			(443	)		–		(443	)		–			–			(385	)		–			(385	)
Recoveries		–			–			78			–		78			–			–			68			–			68
Foreign exchange and other adjustments		12			7			5			–		24			19			15			13			–			47
Balance, including off-balance sheet instruments, at end of period		880			627			382			–		1,889			764			582			348			–			1,694
Less: Allowance for off-balance sheet instruments7		480			318			–			–		798			393			264			–			–			657
Balance at end of period	$	400		$	309		$	382		$	–	$	1,091		$	371		$	318		$	348		$	–		$	1,037

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.

⁷  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

⁸  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.

Allowance for Loan Losses (Continued)1
(millions of Canadian dollars)		For the three months ended
		April 30, 2019															April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit-impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Business and Government
Balance, including off-balance sheet instruments, at beginning of period	$	725		$	711		$	162		$	10		$	1,608		$	663		$	628		$	153		$	14		$	1,458
Provision for credit losses
Transfer to Stage 12		41			(40	)		(1	)		–			–			38			(37	)		(1	)		–			–
Transfer to Stage 2		(38	)		40			(2	)		–			–			(36	)		38			(2	)		–			–
Transfer to Stage 3		(2	)		(29	)		31			–			–			(2	)		(13	)		15			–			–
Net remeasurement due to transfers2		(14	)		27			1			–			14			(11	)		17			1			–			7
New originations or purchases2		104			n/a			n/a			–			104			119			n/a			n/a			–			119
Net repayments2		(5	)		(10	)		(4	)		1			(18	)		(5	)		(12	)		(2	)		1			(18	)
Derecognition of financial assets (excluding disposals and write-offs)2		(74	)		(73	)		(25	)		–			(172	)		(102	)		(95	)		(17	)		(1	)		(215	)
Changes to risk, parameters, and models2		(31	)		127			31			(4	)		123			9			95			23			(3	)		124
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(40	)		–			(40	)		–			–			(41	)		–			(41	)
Recoveries		–			–			11			2			13			–			–			16			1			17
Foreign exchange and other adjustments		11			9			2			1			23			23			18			4			1			46
Balance, including off-balance sheet instruments, at end of period		717			762			166			10			1,655			696			639			149			13			1,497
Less: Allowance for off-balance sheet instruments3		74			163			–			–			237			70			67			–			–			137
Balance at end of period		643			599			166			10			1,418			626			572			149			13			1,360
Total Allowance for Loan Losses at end of period	$	1,691		$	1,297		$	774		$	16		$	3,778		$	1,567		$	1,250		$	708		$	24		$	3,549

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" table on the previous page 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
(millions of Canadian dollars)		For the six months ended
		April 30, 2019															April 30, 2018
		Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Residential Mortgages
Balance at beginning of period	$	24		$	34		$	47		$	5		$	110		$	24		$	26		$	45		$	12		$	107
Provision for credit losses
Transfer to Stage 11		17			(16	)		(1	)		–			–			11			(11	)		–			–			–
Transfer to Stage 2		(2	)		6			(4	)		–			–			(2	)		4			(2	)		–			–
Transfer to Stage 3		(1	)		(4	)		5			–			–			–			(4	)		4			–			–
Net remeasurement due to transfers2		(6	)		3			–			–			(3	)		(7	)		3			–			–			(4	)
New originations or purchases3		5			n/a			n/a			–			5			6			n/a			n/a			–			6
Net repayments4		–			(1	)		–			–			(1	)		(1	)		(1	)		–			(4	)		(6	)
Derecognition of financial assets (excluding disposals and write-offs)5		(1	)		(2	)		(8	)		–			(11	)		(1	)		(1	)		(1	)		–			(3	)
Changes to risk, parameters, and models6		(9	)		12			21			(1	)		23			(7	)		9			8			(2	)		8
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(13	)		–			(13	)		–			–			(14	)		–			(14	)
Recoveries		–			–			–			–			–			–			–			2			–			2
Foreign exchange and other adjustments		–			–			–			–			–			–			(1	)		(1	)		1			(1	)
Balance at end of period	$	27		$	32		$	47		$	4		$	110		$	23		$	24		$	41		$	7		$	95
Consumer Instalment and Other Personal
Balance, including off-balance sheet instruments, at beginning of period	$	599		$	392		$	178		$	2		$	1,171		$	529		$	355		$	166		$	5		$	1,055
Provision for credit losses
Transfer to Stage 11		167			(158	)		(9	)		–			–			146			(138	)		(8	)		–			–
Transfer to Stage 2		(57	)		78			(21	)		–			–			(60	)		80			(20	)		–			–
Transfer to Stage 3		(9	)		(106	)		115			–			–			(13	)		(88	)		101			–			–
Net remeasurement due to transfers2		(68	)		78			5			–			15			(59	)		68			5			–			14
New originations or purchases3		139			n/a			n/a			–			139			142			n/a			n/a			–			142
Net repayments4		(43	)		(15	)		(6	)		–			(64	)		(13	)		(13	)		(6	)		(3	)		(35	)
Derecognition of financial assets (excluding disposals and write-offs)5		(38	)		(52	)		(33	)		–			(123	)		(54	)		(47	)		(20	)		–			(121	)
Changes to risk, parameters, and models6		(48	)		180			405			–			537			(46	)		166			351			1			472
Disposals		–			–			–			–			–			–			–			–			–			–
Write-offs		–			–			(586	)		–			(586	)		–			–			(528	)		–			(528	)
Recoveries		–			–			128			–			128			–			–			130			1			131
Foreign exchange and other adjustments		5			4			3			–			12			–			(1	)		(1	)		–			(2	)
Balance, including off-balance sheet instruments, at end of period		647			401			179			2			1,229			572			382			170			4			1,128
Less: Allowance for off-balance sheet instruments7		26			44			–			–			70			25			46			–			–			71
Balance at end of period	$	621		$	357		$	179		$	2		$	1,159		$	547		$	336		$	170		$	4		$	1,057
Credit Card8
Balance, including off-balance sheet instruments, at beginning of period	$	819		$	580		$	341		$	–		$	1,740		$	763		$	521		$	321		$	–		$	1,605
Provision for credit losses
Transfer to Stage 11		363			(296	)		(67	)		–			–			254			(234	)		(20	)		–			–
Transfer to Stage 2		(111	)		143			(32	)		–			–			(93	)		126			(33	)		–			–
Transfer to Stage 3		(16	)		(316	)		332			–			–			(24	)		(222	)		246			–			–
Net remeasurement due to transfers2		(111	)		154			23			–			66			(91	)		113			39			–			61
New originations or purchases3		65			n/a			n/a			–			65			112			n/a			n/a			–			112
Net repayments4		38			1			(30	)		–			9			84			(4	)		(17	)		–			63
Derecognition of financial assets (excluding disposals and write-offs)5		(47	)		(54	)		(195	)		–			(296	)		(57	)		(57	)		(136	)		–			(250	)
Changes to risk, parameters, and models6		(130	)		409			716			–			995			(173	)		343			579			–			749
Disposals		–			–			–			–			–			(8	)		(7	)		(3	)		–			(18	)
Write-offs		–			–			(861	)		–			(861	)		–			–			(757	)		–			(757	)
Recoveries		–			–			149			–			149			–			–			129			–			129
Foreign exchange and other adjustments		10			6			6			–			22			(3	)		3			–			–			–
Balance, including off-balance sheet instruments, at end of period		880			627			382			–			1,889			764			582			348			–			1,694
Less: Allowance for off-balance sheet instruments7		480			318			–			–			798			393			264			–			–			657
Balance at end of period	$	400		$	309		$	382		$	–		$	1,091		$	371		$	318		$	348		$	–		$	1,037

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.

⁷  The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet.

⁸  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.

Allowance for Loan Losses (Continued)¹

(millions of Canadian dollars)	For the six months ended
	April 30, 2019															April 30, 2018
	Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total			Stage 1			Stage 2			Stage 3			Acquired credit- impaired loans			Total
Business and Government
Balance, including off-balance sheet instruments, at beginning of period	$	736		$	690		$	120		$	11		$	1,557		$	706		$	627		$	174		$	18		$	1,525
Provision for credit losses
Transfer to Stage 12		85			(82	)		(3	)		–			–			66			(64	)		(2	)		–			–
Transfer to Stage 2		(68	)		72			(4	)		–			–			(52	)		55			(3	)		–			–
Transfer to Stage 3		(3	)		(48	)		51			–			–			(4	)		(29	)		33			–			–
Net remeasurement due to transfers2		(27	)		47			2			–			22			(18	)		32			3			–			17
New originations or purchases2		213			n/a			n/a			–			213			205			n/a			n/a			–			205
Net repayments2		2			(22	)		(8	)		1			(27	)		(6	)		(22	)		(11	)		(1	)		(40	)
Derecognition of financial assets (excluding disposals and write-offs)2		(168	)		(183	)		(37	)		–			(388	)		(194	)		(184	)		(24	)		(1	)		(403	)
Changes to risk, parameters, and models2		(64	)		280			101			(8	)		309			(3	)		226			26			(5	)		244
Disposals		–			–			–			–			–			–			–			(5	)		–			(5	)
Write-offs		–			–			(75	)		–			(75	)		–			–			(73	)		(1	)		(74	)
Recoveries		–			–			19			5			24			–			–			32			3			35
Foreign exchange and other adjustments		11			8			–			1			20			(4	)		(2	)		(1	)		–			(7	)
Balance, including off-balance sheet instruments, at end of period		717			762			166			10			1,655			696			639			149			13			1,497
Less: Allowance for off-balance sheet instruments3		74			163			–			–			237			70			67			–			–			137
Balance at end of period		643			599			166			10			1,418			626			572			149			13			1,360
Total Allowance for Loan Losses at end of period	$	1,691		$	1,297		$	774		$	16		$	3,778		$	1,567		$	1,250		$	708		$	24		$	3,549

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" table on the previous page 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.

Summary of Loans Past Due but Not Impaired

The following table summarizes loans that are contractually past due but not impaired as at April 30, 2019 and October 31, 2018.

Loans Past Due but not Impaired1,2
(millions of Canadian dollars)																As at
		April 30, 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	$	1,620	$	342	$	117	$	2,079	$	1,471	$	358	$	101	$	1,930
Consumer instalment and other personal		5,972		738		255		6,965		5,988		811		241		7,040
Credit card		1,291		304		208		1,803		1,403		340		213		1,956
Business and government		1,378		421		66		1,865		1,314		444		28		1,786
Total	$	10,261	$	1,805	$	646	$	12,712	$	10,176	$	1,953	$	583	$	12,712

¹  Includes loans that are measured at FVOCI.

²  Balances as at April 30, 2019 and October 31, 2018 exclude all acquired credit-impaired loans.

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Investment in Associates and Joint Ventures (Tables)

6 Months Ended

Apr. 30, 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
	March 31 2019		September 30 2018
Assets
Receivables from brokers, dealers, and clearing organizations	$	2,178	$	1,809
Receivables from clients, net		27,836		29,773
Other assets, net		21,804		17,811
Total assets	$	51,818	$	49,393
Liabilities
Payable to brokers, dealers, and clearing organizations	$	3,313	$	3,923
Payable to clients		31,135		30,126
Other liabilities		6,220		4,809
Total liabilities		40,668		38,858
Stockholders' equity2		11,150		10,535
Total liabilities and stockholders'equity	$	51,818	$	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				For the six months ended
	March 31 2019		March 31 2018		March 31 2019		March 31 2018
Revenues
Net interest revenue	$	481	$	390	$	978	$	741
Fee-based and other revenue		1,447		1,400		2,953		2,647
Total revenues		1,928		1,790		3,931		3,388
Operating expenses
Employee compensation and benefits		452		583		871		1,111
Other		539		706		1,071		1,349
Total operating expenses		991		1,289		1,942		2,460
Other expense (income)		49		30		73		72
Pre-tax income		888		471		1,916		856
Provision for income taxes		225		128		455		136
Net income1,2	$	663	$	343	$	1,461	$	720
Earnings per share – basic (Canadian dollars)	$	1.18	$	0.60	$	2.60	$	1.27
Earnings per share – diluted (Canadian dollars)		1.18		0.60		2.59		1.26

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 and six months ended April 30, 2019 includes an adjustment of nil (three and six months ended April 30, 2018 – a net favourable adjustment of nil and $41 million (US$32 million), respectively) 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)

6 Months Ended

Apr. 30, 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		15		248		–		263
Carrying amount of goodwill as at April 30, 20192	$	2,851	$	14,221	$	160	$	17,232

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

² Impairment losses for the three and six months ended April 30, 2019 and April 30, 2018 were nil, and accumulated impairment as at April 30, 2019 was nil (October 31, 2018 – nil).

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Other Assets (Tables)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Schedule of Other Assets

Other Assets

(millions of Canadian dollars)			As at
	April 30 2019		October 31 2018
Accounts receivable and other items	$	9,310	$	8,938
Accrued interest		2,446		2,343
Current income tax receivable		2,503		1,614
Defined benefit asset		10		113
Insurance-related assets, excluding investments		1,561		1,638
Prepaid expenses		1,408		950
Total	$	17,238	$	15,596

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Deposits (Tables)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Deposit Liabilities

Deposits
(millions of Canadian dollars)	As at
	By Type						By Country						April 30 2019		October 31 2018
	Demand		Notice		Term1		Canada		United States		International		Total		Total
Personal	$	13,714	$	419,240	$	56,729	$	225,858	$	263,795	$	30	$	489,683	$	477,644
Banks2		9,163		155		10,351		12,811		74		6,784		19,669		16,712
Business and government3,4		78,789		133,449		153,753		266,014		96,320		3,657		365,991		357,083
Trading2		–		–		53,974		26,119		16,270		11,585		53,974		114,704
Designated at fair value through profit or loss2,5		–		–		57,766		31,711		22,175		3,880		57,766		–
Total	$	101,666	$	552,844	$	332,573	$	562,513	$	398,634	$	25,936	$	987,083	$	966,143
Non-interest-bearing deposits included above
In domestic offices													$	40,562	$	42,402
In foreign offices														53,524		54,488
Interest-bearing deposits included above
In domestic offices														521,951		505,295
In foreign offices														370,365		362,890
U.S. federal funds deposited2														681		1,068
Total3,6													$	987,083	$	966,143

¹  Includes $6,586 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, 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 April 30, 2019, includes $39 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  On May 9, 2019, TD Capital Trust IV announced its intention to redeem all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019.

⁵  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 $17 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at fair value through profit or loss.

⁶  As at April 30, 2019, includes deposits of $559 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $56 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies.

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Other Liabilities (Tables)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Other Liabilities

Other Liabilities1
(millions of Canadian dollars)	As at
	April 30 2019		October 31 2018
Accounts payable, accrued expenses, and other items	$	4,842	$	4,958
Accrued interest		1,373		1,283
Accrued salaries and employee benefits		2,538		3,344
Cheques and other items in transit		964		454
Current income tax payable		149		84
Deferred tax liabilities		192		175
Defined benefit liability		2,230		1,747
Liabilities related to structured entities		6,449		5,627
Provisions		1,522		1,502
Total	$	20,259	$	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)

6 Months Ended

Apr. 30, 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 April 30, 2019 and October 31, 2018.

Common and Preferred Shares Issued and Outstanding and Treasury Shares Held
(millions of shares and millions of Canadian dollars)	April 30, 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		1.0			52			2.9			152
Shares issued as a result of dividend reinvestment plan		2.7			197			5.0			366
Shares issued in connection with acquisitions1		5.0			366			–			–
Purchase of shares for cancellation and other		(10.0	)		(118	)		(20.0	)		(228	)
Balance as at end of period – common shares		1,829.1		$	21,718			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		71.5			(5,198	)		110.6			(8,295	)
Sale of shares		(72.9	)		5,293			(111.4	)		8,327
Balance as at end of period – treasury shares – common		0.7		$	(49	)		2.1		$	(144	)
Treasury shares – preferred3
Balance as at beginning of year		0.3		$	(7	)		0.3		$	(7	)
Purchase of shares		3.0			(69	)		5.2			(129	)
Sale of shares		(3.0	)		70			(5.2	)		129
Balance as at end of period – treasury shares – preferred		0.3		$	(6	)		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)

6 Months Ended

Apr. 30, 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 six months ended
	April 30 2019			April 30 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)

6 Months Ended

Apr. 30, 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
	April 30 2019			April 30 2018		April 30 2019		April 30 2018		April 30 2019		April 30 2018
Net employee benefits expense
Service cost – benefits earned	$	82		$	101	$	3	$	4	$	3	$	2
Net interest cost on net defined benefit liability		(3	)		2		5		5		8		8
Past service cost (credit)		–			–		–		–		2		–
Defined benefit administrative expenses		2			3		–		–		1		1
Total expense	$	81		$	106	$	8	$	9	$	14	$	11
	For the six months ended
	April 30 2019			April 30 2018		April 30 2019		April 30 2018		April 30 2019		April 30 2018
Net employee benefits expense
Service cost – benefits earned	$	163		$	203	$	7	$	8	$	5	$	5
Net interest cost on net defined benefit liability		(6	)		4		10		9		16		15
Past service cost (credit)		–			–		–		–		2		(3	)
Defined benefit administrative expenses		5			5		–		–		3		2
Total expense	$	162		$	212	$	17	$	17	$	26	$	19

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 and six months ended April 30.

Plan Contributions
(millions of Canadian dollars)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018
Principal pension plans	$	95	$	71	$	178	$	190
Principal non-pension post-retirement benefit plan		4		4		8		7
Other pension and retirement plans1		10		7		19		16
Total	$	109	$	82	$	205	$	213

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)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Earnings Per Share

Basic and Diluted Earnings Per Share
(millions of Canadian dollars, except as noted)	For the three months ended				For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018
Basic earnings per share
Net income attributable to common shareholders	$	3,110	$	2,846	$	5,442	$	5,129
Weighted-average number of common shares outstanding (millions)		1,826.6		1,843.6		1,829.9		1,842.6
Basic earnings per share (Canadian dollars)	$	1.70	$	1.54	$	2.97	$	2.78
Diluted earnings per share
Net income attributable to common shareholders	$	3,110	$	2,846	$	5,442	$	5,129
Net income available to common shareholders including impact of dilutive securities		3,110		2,846		5,442		5,129
Weighted-average number of common shares outstanding (millions)		1,826.6		1,843.6		1,829.9		1,842.6
Effect of dilutive securities
Stock options potentially exercisable (millions)1		3.4		3.9		3.3		4.2
Weighted-average number of common shares outstanding – diluted (millions)		1,830.0		1,847.5		1,833.2		1,846.8
Diluted earnings per share (Canadian dollars)1	$	1.70	$	1.54	$	2.97	$	2.78

¹  For the three and six months ended April 30, 2019 and April 30, 2018, no outstanding options were excluded from the computation of diluted earnings per share.

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Segmented Information (Tables)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Results by Business Segment

The following table summarizes the segment results for the three and six months ended April 30.

Results by Business Segment1,2
(millions of Canadian dollars)	Canadian Retail				U.S. Retail				Wholesale Banking3					Corporate3						Total
					For the three months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018		April 30 2019			April 30 2018		April 30 2019			April 30 2018			April 30 2019		April 30 2018
Net interest income (loss)	$	3,010	$	2,781	$	2,231	$	1,977	$	262		$	272	$	369		$	368		$	5,872	$	5,398
Non-interest income (loss)		2,949		2,731		677		654		625			615		105			84			4,356		4,084
Total revenue4		5,959		5,512		2,908		2,631		887			887		474			452			10,228		9,482
Provision for (recovery of) credit losses		280		219		226		204		(5	)		16		132			117			633		556
Insurance claims and related expenses		668		558		–		–		–			–		–			–			668		558
Non-interest expenses		2,481		2,232		1,527		1,488		597			516		643			601			5,248		4,837
Income (loss) before income taxes		2,530		2,503		1,155		939		295			355		(301	)		(266	)		3,679		3,531
Provision for (recovery of) income taxes		681		670		150		94		74			88		(132	)		(106	)		773		746
Equity in net income of an investment in TD Ameritrade		–		–		258		134		–			–		8			(3	)		266		131
Net income (loss)	$	1,849	$	1,833	$	1,263	$	979	$	221		$	267	$	(161	)	$	(163	)	$	3,172	$	2,916
					For the six months ended
	April 30 2019		April 30 2018		April 30 2019		April 30 2018		April 30 2019			April 30 2018		April 30 2019			April 30 2018			April 30 2019		April 30 2018
Net interest income (loss)	$	6,054	$	5,606	$	4,478	$	3,917	$	435		$	601	$	765		$	704		$	11,732	$	10,828
Non-interest income (loss)		5,893		5,456		1,378		1,357		1,034			1,176		189			40			8,494		8,029
Total revenue4		11,947		11,062		5,856		5,274		1,469			1,777		954			744			20,226		18,857
Provision for (recovery of) credit losses		590		489		532		451		2			9		359			300			1,483		1,249
Insurance claims and related expenses		1,370		1,133		–		–		–			–		–			–			1,370		1,133
Non-interest expenses		5,565		4,543		3,138		2,935		1,199			1,042		1,201			1,178			11,103		9,698
Income (loss) before income taxes		4,422		4,897		2,186		1,888		268			726		(606	)		(734	)		6,270		6,777
Provision for (recovery of) income taxes		1,194		1,307		252		197		64			181		(234	)		101			1,276		1,786
Equity in net income of an investment in TD Ameritrade		–		–		569		240		–			–		19			38			588		278
Net income (loss)	$	3,228	$	3,590	$	2,503	$	1,931	$	204		$	545	$	(353	)	$	(797	)	$	5,582	$	5,269
Total assets	$	439,485	$	415,518	$	426,143	$	405,115	$	424,360		$	403,775	$	66,600		$	59,428		$	1,356,588	$	1,283,836

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)

6 Months Ended

Apr. 30, 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
	April 30, 2019				April 30, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	7,289	$	2,823	$	6,214	$	2,157
Measured at FVOCI		1,265		–		1,096		–
		8,554		2,823		7,310		2,157
Not measured at amortized cost or FVOCI1		1,719		1,578		1,299		1,054
Total	$	10,273	$	4,401	$	8,609	$	3,211
			For the six months ended
	April 30, 2019				April 30, 2018
	Interest income		Interest expense		Interest income		Interest expense
Measured at amortized cost	$	14,669	$	5,751	$	12,274	$	4,107
Measured at FVOCI		2,570		–		2,137		–
		17,239		5,751		14,411		4,107
Not measured at amortized cost or FVOCI1		3,578		3,334		2,506		1,982
Total	$	20,817	$	9,085	$	16,917	$	6,089

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)

6 Months Ended

Apr. 30, 2019

Text block [abstract]

Summary of Regulatory Capital Position

The following table summarizes the Bank's regulatory capital positions as at April 30, 2019 and October 31, 2018.

Regulatory Capital Position
(millions of Canadian dollars, except as noted)	As at
	April 30 2019			October 31 2018
Capital
Common Equity Tier 1 Capital	$	54,269		$	52,389
Tier 1 Capital		61,008			59,735
Total Capital		71,620			70,434
Risk-weighted assets used in the calculation of capital ratios1
Common Equity Tier 1 Capital	$	452,267		$	435,632
Tier 1 Capital		452,267			435,780
Total Capital		452,267			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		15.8			16.2
Leverage ratio		4.2			4.2

¹  In accordance with the final Capital Adequacy Requirements guideline, the Credit Valuation Adjustment (CVA) capital charge has been 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 2019, the corresponding scalars are all 100%. For fiscal 2018, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA were 80%, 83%, and 86%, respectively.

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IFRS 7 - Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended
	Apr. 30, 2019	Jan. 31, 2019
Market Risk [line items]
Number of trading days used to value current portfolio using market price and rate changes	259 days
Loss trading days	3 days
Positive trading days	0.95%
100 bps increase [member]
Market Risk [line items]
Increase (decrease) in economic value of shareholder's equity	$ (337)	$ (304)
100 bps decrease [member]
Market Risk [line items]
Increase (decrease) in economic value of shareholder's equity	$ (274)	$ (149)

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IFRS 7 - Disclosure - Market Risk - Portfolio Market Risk Measures (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Apr. 30, 2019	Jan. 31, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Market Risk [line items]
Total VaR (one-day measure)	$ 19.1
Stressed Value-at-Risk (one-day)	43.9
Incremental Risk Capital Charge (one-year)	269.7
Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	6.7
Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	11.1
Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	7.0
Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	4.3
Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	1.4
Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	14.5
Risk diversification effect [member]
Market Risk [line items]
Total VaR (one-day measure)	(25.9)
Average risk [member]
Market Risk [line items]
Total VaR (one-day measure)	21.0	$ 27.6	$ 25.5	$ 24.3	$ 22.4
Stressed Value-at-Risk (one-day)	43.5	60.5	57.7	52.6	48.3
Incremental Risk Capital Charge (one-year)	204.2	232.6	205.4	219.5	206.4
Average risk [member] | Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	8.6	12.9	17.0	10.8	13.0
Average risk [member] | Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	12.2	19.7	11.4	16.0	10.3
Average risk [member] | Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	6.7	7.1	8.5	6.9	8.1
Average risk [member] | Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	5.4	6.5	4.5	6.0	4.1
Average risk [member] | Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	2.2	2.6	2.2	2.4	2.4
Average risk [member] | Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	15.1	20.2	17.3	17.6	15.7
Average risk [member] | Risk diversification effect [member]
Market Risk [line items]
Total VaR (one-day measure)	(29.2)	$ (41.4)	$ (35.4)	$ (35.4)	$ (31.2)
High risk [member]
Market Risk [line items]
Total VaR (one-day measure)	28.1
Stressed Value-at-Risk (one-day)	56.8
Incremental Risk Capital Charge (one-year)	269.7
High risk [member] | Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	13.9
High risk [member] | Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	16.6
High risk [member] | Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	9.6
High risk [member] | Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	9.5
High risk [member] | Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	3.5
High risk [member] | Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	20.2
Low risk [member]
Market Risk [line items]
Total VaR (one-day measure)	16.8
Stressed Value-at-Risk (one-day)	38.8
Incremental Risk Capital Charge (one-year)	173.1
Low risk [member] | Interest rate risk [member]
Market Risk [line items]
Total VaR (one-day measure)	5.4
Low risk [member] | Credit risk [member]
Market Risk [line items]
Total VaR (one-day measure)	9.4
Low risk [member] | Equity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	4.6
Low risk [member] | Currency risk [member]
Market Risk [line items]
Total VaR (one-day measure)	1.7
Low risk [member] | Commodity price risk [member]
Market Risk [line items]
Total VaR (one-day measure)	1.4
Low risk [member] | Idiosyncratic debt specific risk [member]
Market Risk [line items]
Total VaR (one-day measure)	$ 13.5

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IFRS 7 - Disclosure - Market Risk - Sensitivity of After-tax Economic Value at Risk by Currency (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Jan. 31, 2019	Apr. 30, 2018
100 bps increase [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	$ (337)	$ (304)	$ (288)
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	(66)	(58)	(37)
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	(271)	(246)	(251)
100 bps decrease [member]
Disclosure foreign currency sensitivity analysis effect on equity [line items]
Increase (decrease) on Economic Value of Shareholders' Equity	(274)	(149)	(52)
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	(41)
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	$ (274)	$ (150)	$ (11)

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IFRS 7 - Disclosure - Liquidity Risk - Summary of Liquid Assets by Type and Currency (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	$ 373,999	$ 367,311
Securities received as collateral from securities financing and derivative transactions	239,747	212,275
Total liquid assets	$ 613,746	$ 579,586
% of total	100.00%	100.00%
Encumbered liquid assets	$ 232,410	$ 207,544
Unencumbered liquid assets	381,336	372,042
Canadian Dollar [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	96,369	93,458
Securities received as collateral from securities financing and derivative transactions	105,994	88,499
Total liquid assets	$ 202,363	$ 181,957
% of total	33.00%	31.00%
Encumbered liquid assets	$ 100,000	$ 85,452
Unencumbered liquid assets	102,363	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	4,029	3,002
Total liquid assets	$ 4,029	$ 3,002
% of total	1.00%	1.00%
Encumbered liquid assets	$ 228	$ 1,098
Unencumbered liquid assets	3,801	1,904
Canadian Dollar [member] | Canadian government obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	13,865	18,256
Securities received as collateral from securities financing and derivative transactions	74,980	63,463
Total liquid assets	$ 88,845	$ 81,719
% of total	14.00%	14.00%
Encumbered liquid assets	$ 54,585	$ 47,572
Unencumbered liquid assets	34,260	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	41,792	39,649
Securities received as collateral from securities financing and derivative transactions	34	42
Total liquid assets	$ 41,826	$ 39,691
% of total	7.00%	6.00%
Encumbered liquid assets	$ 3,232	$ 3,057
Unencumbered liquid assets	38,594	36,634
Canadian Dollar [member] | Provincial government obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	13,738	12,720
Securities received as collateral from securities financing and derivative transactions	23,554	19,241
Total liquid assets	$ 37,292	$ 31,961
% of total	6.00%	5.00%
Encumbered liquid assets	$ 27,644	$ 23,651
Unencumbered liquid assets	9,648	8,310
Canadian Dollar [member] | Corporate issuer obligations [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	8,293	6,622
Securities received as collateral from securities financing and derivative transactions	3,952	3,767
Total liquid assets	$ 12,245	$ 10,389
% of total	2.00%	2.00%
Encumbered liquid assets	$ 3,659	$ 3,769
Unencumbered liquid assets	8,586	6,620
Canadian Dollar [member] | Equities [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	11,290	10,554
Securities received as collateral from securities financing and derivative transactions	3,030	1,637
Total liquid assets	$ 14,320	$ 12,191
% of total	2.00%	2.00%
Encumbered liquid assets	$ 10,139	$ 6,028
Unencumbered liquid assets	4,181	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	3,362	2,655
Securities received as collateral from securities financing and derivative transactions	444	349
Total liquid assets	$ 3,806	$ 3,004
% of total	1.00%	1.00%
Encumbered liquid assets	$ 513	$ 277
Unencumbered liquid assets	3,293	2,727
Other than Canadian dollar [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	277,630	273,853
Securities received as collateral from securities financing and derivative transactions	133,753	123,776
Total liquid assets	$ 411,383	$ 397,629
% of total	67.00%	69.00%
Encumbered liquid assets	$ 132,410	$ 122,092
Unencumbered liquid assets	278,973	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	24,424	24,046
Total liquid assets	$ 24,424	$ 24,046
% of total	4.00%	4.00%
Encumbered liquid assets	$ 32	$ 28
Unencumbered liquid assets	24,392	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	81,125	78,160
Securities received as collateral from securities financing and derivative transactions	2,199	1,576
Total liquid assets	$ 83,324	$ 79,736
% of total	14.00%	14.00%
Encumbered liquid assets	$ 7,030	$ 7,234
Unencumbered liquid assets	76,294	72,502
Other than Canadian dollar [member] | Equities [member]
Disclosure of liquid assets by type and currency [line items]
Bank-owned liquid assets	37,944	33,514
Securities received as collateral from securities financing and derivative transactions	36,871	37,666
Total liquid assets	$ 74,815	$ 71,180
% of total	12.00%	12.00%
Encumbered liquid assets	$ 38,888	$ 32,206
Unencumbered liquid assets	35,927	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	4,543	4,786
Securities received as collateral from securities financing and derivative transactions	1	4
Total liquid assets	$ 4,544	$ 4,790
% of total	1.00%	1.00%
Encumbered liquid assets	$ 530	$ 191
Unencumbered liquid assets	4,014	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	30,331	30,163
Securities received as collateral from securities financing and derivative transactions	45,037	37,691
Total liquid assets	$ 75,368	$ 67,854
% of total	12.00%	12.00%
Encumbered liquid assets	$ 36,209	$ 32,918
Unencumbered liquid assets	39,159	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	49,733	47,150
Securities received as collateral from securities financing and derivative transactions	9,650	927
Total liquid assets	$ 59,383	$ 48,077
% of total	10.00%	8.00%
Encumbered liquid assets	$ 17,983	$ 7,522
Unencumbered liquid assets	41,400	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	49,530	56,034
Securities received as collateral from securities financing and derivative transactions	39,995	45,912
Total liquid assets	$ 89,525	$ 101,946
% of total	14.00%	18.00%
Encumbered liquid assets	$ 31,738	$ 41,993
Unencumbered liquid assets	$ 57,787	$ 59,953

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IFRS 7 - Disclosure - Liquidity Risk - Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	$ 381,336	$ 372,042
Toronto-Dominion Bank [member]
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	143,442	136,544
Bank subsidiaries [member]
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	222,088	217,565
Foreign branches [member]
Disclosure Of Unencumbered Assets [line items]
Unencumbered liquid assets	$ 15,806	$ 17,933

XML

IFRS 7 - Disclosure - Liquidity Risk - Additional Information (Detail)	Apr. 30, 2019
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	Apr. 30, 2019	Oct. 31, 2018
Disclosure Of Deposits [line items]
Funds from Deposits	$ 723,550	$ 706,133
Other Deposits [member]
Disclosure Of Deposits [line items]
Funds from Deposits	28	36
Canadian Retail [member] | P&C Deposits [member]
Disclosure Of Deposits [line items]
Funds from Deposits	370,487	359,473
U.S. Retail [member] | P&C Deposits [member]
Disclosure Of Deposits [line items]
Funds from Deposits	$ 353,035	$ 346,624

XML

IFRS 7 - Disclosure - Liquidity Risk - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Mar. 31, 2019	Jan. 31, 2019	Oct. 31, 2018	Sep. 30, 2018	Apr. 30, 2018	Feb. 01, 2018	Oct. 31, 2017
ASSETS
Cash and due from banks	$ 5,009		$ 4,381	$ 4,735		$ 4,197	$ 3,896	$ 3,971
Interest-bearing deposits with banks	28,453			30,720
Trading loans, securities, and other	132,805			127,897
Non-trading financial assets at fair value through profit or loss	4,202			4,015
Derivatives	43,624			56,996
Financial assets designated at fair value through profit or loss	3,379			3,618
Financial assets at fair value through other comprehensive income	125,109			130,600
Debt securities at amortized cost, net of allowance for credit losses	111,544			107,171
Securities purchased under reverse repurchase agreements	149,949			127,379
Loans
Residential mortgages	227,258			225,191
Consumer instalment and other personal	174,708			172,079
Credit card	36,004			35,018
Business and government	229,423			217,654
Total loans	667,393			649,942
Allowance for loan losses	(3,778)			(3,549)
Loans, net of allowance for loan losses	663,615			646,393
Customers' liability under acceptances	16,189			17,267
Goodwill	17,232			16,536				$ 16,156
Other intangibles	2,623			2,459
Land, buildings, equipment, and other depreciable assets	5,500			5,324
Deferred tax assets	2,136			2,812
Amounts receivable from brokers, dealers, and clients	18,954			26,940
Other assets	17,238			15,596
Total assets	1,356,588			1,334,903		1,283,836
LIABILITIES
Trading deposits	53,974			114,704
Derivatives	42,199			48,270
Securitization liabilities at fair value	12,738			12,618
Financial liabilities designated at fair value through profit or loss	57,783			16
Deposits
Personal	489,683			477,644
Banks	19,669			16,712
Business and government	365,991			357,083
Total deposits, other than trading	875,343			851,439
Acceptances	16,189			17,269
Obligations related to securities sold short	36,365			39,478
Obligations related to securities sold under repurchase agreements	107,885			93,389
Securitization liabilities at amortized cost	14,020			14,683
Amounts payable to brokers, dealers, and clients	19,323			28,385
Insurance-related liabilities	6,644			6,698
Other liabilities	20,259			19,174
Subordinated notes and debentures	8,968			8,740
Equity	84,898			80,040		$ 76,662
Total liabilities and equity	1,356,588			1,334,903
Off-balance sheet commitments
Total off-balance sheet commitments	239,863			220,549
TD Ameritrade [member]
Loans
Investment in TD Ameritrade	9,027			8,445
Other assets		$ 21,804			$ 17,811
Total assets		51,818			49,393
Deposits
Other liabilities		6,220			4,809
Equity		11,150			10,535
Total liabilities and equity		$ 51,818			$ 49,393
Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	226,324			208,042
Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	7,777			7,267
Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	2,790			2,477
Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	2,972			2,763
Not later than one month [member]
ASSETS
Cash and due from banks	5,007			4,733
Interest-bearing deposits with banks	27,325			28,332
Trading loans, securities, and other	2,517			1,971
Non-trading financial assets at fair value through profit or loss	13
Derivatives	3,988			7,343
Financial assets designated at fair value through profit or loss	107			30
Financial assets at fair value through other comprehensive income	2,078			1,111
Debt securities at amortized cost, net of allowance for credit losses	1,599			881
Securities purchased under reverse repurchase agreements	100,567			77,612
Loans
Residential mortgages	1,084			908
Consumer instalment and other personal	977			753
Business and government	27,573			23,052
Total loans	29,634			24,713
Loans, net of allowance for loan losses	29,634			24,713
Customers' liability under acceptances	13,703			14,984
Amounts receivable from brokers, dealers, and clients	18,954			26,940
Other assets	3,411			3,432
Total assets	208,903			192,082
LIABILITIES
Trading deposits	9,045			16,145
Derivatives	4,458			6,195
Financial liabilities designated at fair value through profit or loss	18,809			10
Deposits
Personal	4,615			4,330
Banks	5,422			6,499
Business and government	17,638			18,840
Total deposits, other than trading	27,675			29,669
Acceptances	13,703			14,986
Obligations related to securities sold short	75			2,621
Obligations related to securities sold under repurchase agreements	92,452			73,759
Securitization liabilities at amortized cost				22
Amounts payable to brokers, dealers, and clients	19,323			28,385
Insurance-related liabilities	255			213
Other liabilities	3,905			2,916
Total liabilities and equity	189,700			174,921
Off-balance sheet commitments
Total off-balance sheet commitments	19,400			18,466
Not later than one month [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	19,270			18,341
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	49			46
Later than one month and not later than three months [member]
ASSETS
Cash and due from banks	2			2
Interest-bearing deposits with banks	299			924
Trading loans, securities, and other	3,675			5,244
Non-trading financial assets at fair value through profit or loss	27			12
Derivatives	6,008			9,263
Financial assets designated at fair value through profit or loss	141			95
Financial assets at fair value through other comprehensive income	5,541			4,214
Debt securities at amortized cost, net of allowance for credit losses	2,219			2,577
Securities purchased under reverse repurchase agreements	26,640			30,047
Loans
Residential mortgages	6,540			3,234
Consumer instalment and other personal	2,192			1,332
Business and government	4,640			4,320
Total loans	13,372			8,886
Loans, net of allowance for loan losses	13,372			8,886
Customers' liability under acceptances	2,340			2,145
Other assets	916			854
Total assets	61,180			64,263
LIABILITIES
Trading deposits	10,551			37,337
Derivatives	5,896			8,684
Securitization liabilities at fair value	703			981
Financial liabilities designated at fair value through profit or loss	15,496			5
Deposits
Personal	7,483			7,094
Banks	1,599			1,941
Business and government	21,795			19,337
Total deposits, other than trading	30,877			28,372
Acceptances	2,340			2,145
Obligations related to securities sold short	856			3,679
Obligations related to securities sold under repurchase agreements	13,642			15,508
Securitization liabilities at amortized cost	503			1,240
Insurance-related liabilities	318			294
Other liabilities	1,050			2,631
Total liabilities and equity	82,232			100,876
Off-balance sheet commitments
Total off-balance sheet commitments	24,748			18,133
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	23,417			16,732
Later than one month and not later than three months [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	164			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	116			163
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	1,051			1,079
Over 3 months to 6 months [member]
ASSETS
Interest-bearing deposits with banks	385			154
Trading loans, securities, and other	2,919			2,111
Non-trading financial assets at fair value through profit or loss	467			99
Derivatives	3,097			5,275
Financial assets designated at fair value through profit or loss	52			535
Financial assets at fair value through other comprehensive income	4,252			4,150
Debt securities at amortized cost, net of allowance for credit losses	4,396			3,010
Securities purchased under reverse repurchase agreements	14,251			14,426
Loans
Residential mortgages	10,680			6,614
Consumer instalment and other personal	3,416			2,628
Business and government	6,602			5,539
Total loans	20,698			14,781
Loans, net of allowance for loan losses	20,698			14,781
Customers' liability under acceptances	130			132
Other assets	348			1,926
Total assets	50,995			46,599
LIABILITIES
Trading deposits	18,936			31,081
Derivatives	3,534			4,230
Securitization liabilities at fair value	272			194
Financial liabilities designated at fair value through profit or loss	15,286
Deposits
Personal	8,992			7,541
Banks	765			255
Business and government	14,680			7,033
Total deposits, other than trading	24,437			14,829
Acceptances	130			132
Obligations related to securities sold short	1,069			1,500
Obligations related to securities sold under repurchase agreements	1,169			3,516
Securitization liabilities at amortized cost	572			625
Insurance-related liabilities	334			353
Other liabilities	1,283			538
Total liabilities and equity	67,022			56,998
Off-balance sheet commitments
Total off-balance sheet commitments	18,321			18,533
Over 3 months to 6 months [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	17,106			17,222
Over 3 months to 6 months [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	245			240
Over 3 months to 6 months [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	144			131
Over 3 months to 6 months [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	826			940
Later than six months and not later than nine months [member]
ASSETS
Interest-bearing deposits with banks				21
Trading loans, securities, and other	2,392			3,653
Non-trading financial assets at fair value through profit or loss				460
Derivatives	3,312			3,276
Financial assets designated at fair value through profit or loss	98			243
Financial assets at fair value through other comprehensive income	2,927			5,354
Debt securities at amortized cost, net of allowance for credit losses	3,391			3,594
Securities purchased under reverse repurchase agreements	5,243			3,807
Loans
Residential mortgages	8,658			11,166
Consumer instalment and other personal	3,270			3,724
Business and government	7,342			7,131
Total loans	19,270			22,021
Loans, net of allowance for loan losses	19,270			22,021
Customers' liability under acceptances	10			6
Other assets	130			120
Total assets	36,773			42,555
LIABILITIES
Trading deposits	6,883			12,954
Derivatives	3,323			3,103
Securitization liabilities at fair value	587			661
Financial liabilities designated at fair value through profit or loss	7,903
Deposits
Personal	7,594			6,245
Banks	1,387			24
Business and government	6,582			9,984
Total deposits, other than trading	15,563			16,253
Acceptances	10			6
Obligations related to securities sold short	1,000			387
Obligations related to securities sold under repurchase agreements	499			428
Securitization liabilities at amortized cost	511			503
Insurance-related liabilities	268			309
Other liabilities	1,120			1,326
Total liabilities and equity	37,667			35,930
Off-balance sheet commitments
Total off-balance sheet commitments	15,087			13,799
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	14,662			13,105
Later than six months and not later than nine months [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	244			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	181			128
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				329
Later than nine months and not later than one year [member]
ASSETS
Interest-bearing deposits with banks				16
Trading loans, securities, and other	3,338			3,998
Non-trading financial assets at fair value through profit or loss	61			906
Derivatives	1,882			2,321
Financial assets designated at fair value through profit or loss	111			90
Financial assets at fair value through other comprehensive income	5,451			3,962
Debt securities at amortized cost, net of allowance for credit losses	1,820			4,059
Securities purchased under reverse repurchase agreements	3,242			1,458
Loans
Residential mortgages	10,025			11,061
Consumer instalment and other personal	3,838			4,131
Business and government	6,489			9,269
Total loans	20,352			24,461
Loans, net of allowance for loan losses	20,352			24,461
Customers' liability under acceptances	6
Other assets	2,669			142
Total assets	38,932			41,413
LIABILITIES
Trading deposits	1,123			11,739
Derivatives	1,810			2,263
Securitization liabilities at fair value	413			272
Financial liabilities designated at fair value through profit or loss	284
Deposits
Personal	7,653			7,718
Banks				54
Business and government	6,264			11,299
Total deposits, other than trading	13,917			19,071
Acceptances	6
Obligations related to securities sold short	1,512			904
Obligations related to securities sold under repurchase agreements	40			108
Securitization liabilities at amortized cost	1,277			575
Insurance-related liabilities	267			310
Other liabilities	1,618			1,394
Total liabilities and equity	22,267			36,636
Off-balance sheet commitments
Total off-balance sheet commitments	14,039			9,519
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	13,522			9,159
Later than nine months and not later than one year [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	242			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	178			127
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	97
Over 1 year to 2 years [member]
ASSETS
Trading loans, securities, and other	9,466			9,683
Non-trading financial assets at fair value through profit or loss	1,227			227
Derivatives	5,890			7,130
Financial assets designated at fair value through profit or loss	334			297
Financial assets at fair value through other comprehensive income	20,887			19,777
Debt securities at amortized cost, net of allowance for credit losses	5,886			8,103
Securities purchased under reverse repurchase agreements	6			29
Loans
Residential mortgages	42,282			43,063
Consumer instalment and other personal	15,628			14,313
Business and government	22,820			19,637
Total loans	80,730			77,013
Loans, net of allowance for loan losses	80,730			77,013
Other assets	206			136
Total assets	124,632			122,395
LIABILITIES
Trading deposits	1,732			1,183
Derivatives	5,068			5,510
Securitization liabilities at fair value	1,479			1,822
Deposits
Personal	10,521			10,222
Business and government	31,181			21,345
Total deposits, other than trading	41,702			31,567
Obligations related to securities sold short	6,920			4,330
Obligations related to securities sold under repurchase agreements	57			43
Securitization liabilities at amortized cost	1,976			2,496
Insurance-related liabilities	928			937
Other liabilities	3,678			2,205
Total liabilities and equity	63,540			50,093
Off-balance sheet commitments
Total off-balance sheet commitments	28,769			27,089
Over 1 year to 2 years [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	26,311			25,720
Over 1 year to 2 years [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	928			902
Over 1 year to 2 years [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	532			460
Over 1 year to 2 years [member] | Unconsolidated structured entity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	998			7
Later than two years and not later than five years [member]
ASSETS
Trading loans, securities, and other	25,282			25,772
Non-trading financial assets at fair value through profit or loss	792			841
Derivatives	9,330			12,436
Financial assets designated at fair value through profit or loss	1,769			1,532
Financial assets at fair value through other comprehensive income	50,072			57,922
Debt securities at amortized cost, net of allowance for credit losses	39,035			34,032
Loans
Residential mortgages	112,590			113,852
Consumer instalment and other personal	57,159			56,632
Business and government	71,468			67,922
Total loans	241,217			238,406
Loans, net of allowance for loan losses	241,217			238,406
Other assets	226			301
Total assets	367,723			371,242
LIABILITIES
Trading deposits	4,371			3,260
Derivatives	7,578			9,282
Securitization liabilities at fair value	6,993			6,719
Deposits
Personal	9,868			9,876
Banks	3			3
Business and government	49,869			54,780
Total deposits, other than trading	59,740			64,659
Obligations related to securities sold short	10,666			13,771
Obligations related to securities sold under repurchase agreements	26			27
Securitization liabilities at amortized cost	5,911			6,232
Insurance-related liabilities	1,608			1,624
Other liabilities	1,125			2,308
Total liabilities and equity	98,018			107,882
Off-balance sheet commitments
Total off-balance sheet commitments	109,108			104,704
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	105,994			101,210
Later than two years and not later than five years [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	2,320			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	794			898
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	21,519			25,895
Non-trading financial assets at fair value through profit or loss	878			848
Derivatives	10,117			9,952
Financial assets designated at fair value through profit or loss	767			796
Financial assets at fair value through other comprehensive income	32,021			31,936
Debt securities at amortized cost, net of allowance for credit losses	53,199			50,990
Loans
Residential mortgages	35,399			35,293
Consumer instalment and other personal	26,956			26,321
Business and government	61,667			59,251
Total loans	124,022			120,865
Loans, net of allowance for loan losses	124,022			120,865
Other assets	97			90
Total assets	242,620			241,372
LIABILITIES
Trading deposits	1,333			1,005
Derivatives	10,532			9,003
Securitization liabilities at fair value	2,291			1,969
Financial liabilities designated at fair value through profit or loss	5			1
Deposits
Personal	30			38
Banks	7			8
Business and government	5,770			8,000
Total deposits, other than trading	5,807			8,046
Obligations related to securities sold short	13,507			11,474
Securitization liabilities at amortized cost	3,270			2,990
Insurance-related liabilities	916			903
Other liabilities	148			152
Subordinated notes and debentures	8,968			8,740
Total liabilities and equity	46,777			44,283
Off-balance sheet commitments
Total off-balance sheet commitments	9,017			9,013
Over 5 years [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	4,726			5,260
Over 5 years [member] | Operating lease commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	3,553			3,229
Over 5 years [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	738			524
No specific maturity [member]
ASSETS
Interest-bearing deposits with banks	444			1,273
Trading loans, securities, and other	61,697			49,570
Non-trading financial assets at fair value through profit or loss	737			622
Financial assets at fair value through other comprehensive income	1,880			2,174
Debt securities at amortized cost, net of allowance for credit losses	(1)			(75)
Loans
Consumer instalment and other personal	61,272			62,245
Credit card	36,004			35,018
Business and government	20,822			21,533
Total loans	118,098			118,796
Allowance for loan losses	(3,778)			(3,549)
Loans, net of allowance for loan losses	114,320			115,247
Goodwill	17,232			16,536
Other intangibles	2,623			2,459
Land, buildings, equipment, and other depreciable assets	5,500			5,324
Deferred tax assets	2,136			2,812
Other assets	9,235			8,595
Total assets	224,830			212,982
Deposits
Personal	432,927			424,580
Banks	10,486			7,928
Business and government	212,212			206,465
Total deposits, other than trading	655,625			638,973
Obligations related to securities sold short	760			812
Insurance-related liabilities	1,750			1,755
Other liabilities	6,332			5,704
Equity	84,898			80,040
Total liabilities and equity	749,365			727,284
Off-balance sheet commitments
Total off-balance sheet commitments	1,374			1,293
No specific maturity [member] | TD Ameritrade [member]
Loans
Investment in TD Ameritrade	9,027			8,445
No specific maturity [member] | Credit and liquidity commitments [member]
Off-balance sheet commitments
Total off-balance sheet commitments	1,316			$ 1,293
No specific maturity [member] | Other purchase obligations [member]
Off-balance sheet commitments
Total off-balance sheet commitments	$ 58

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IFRS 7 - Disclosure - Liquidity Risk - Summary of Remaining Contractual Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	$ 39,000	$ 36,000
Capital lease commitments	92	60
Commitments to extend credit to private equity investments	316	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	2,000	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	1,000	3,000
Capital lease commitments	5	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	2,000	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	23,000	22,000
Capital lease commitments	47	17
Over 5 years [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	2,000	3,000
Capital lease commitments	3	$ 5
Less than one month [member]
Disclosure of assets and liabilities according to their remaining contractual maturities [line items]
Covered bonds	$ 3,000

XML

Current and Future Changes in Accounting Policies - Additional Information (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Nov. 01, 2018	Oct. 31, 2018	Apr. 30, 2018
Disclosure of changes in accounting policies [line items]
Equity	$ 84,898		$ 80,040	$ 76,662
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	Apr. 30, 2019	Oct. 31, 2018
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	$ 111,544	$ 107,171
Total loans, net of allowance for loan losses	663,615	646,393
FINANCIAL LIABILITIES
Securitization liabilities at amortized cost	14,020	14,683
Subordinated notes and debentures	8,968	8,740
Carrying value [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	111,544	107,171
Total loans, net of allowance for loan losses	663,615	646,393
Total financial assets not carried at fair value	775,159	753,564
FINANCIAL LIABILITIES
Total deposits, other than trading	875,343	851,439
Securitization liabilities at amortized cost	14,020	14,683
Subordinated notes and debentures	8,968	8,740
Total financial liabilities not carried at fair value	898,331	874,862
Carrying value [member] | Government and government-related securities [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	63,183	60,535
Carrying value [member] | Other debt securities [member]
FINANCIAL ASSETS
Debt securities at amortized cost, net of allowance for credit losses	48,361	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	111,359	106,264
Total loans, net of allowance for loan losses	665,018	642,542
Total financial assets not carried at fair value	776,377	748,806
FINANCIAL LIABILITIES
Total deposits, other than trading	875,840	846,148
Securitization liabilities at amortized cost	14,147	14,654
Subordinated notes and debentures	9,478	9,027
Total financial liabilities not carried at fair value	899,465	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	63,073	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	$ 48,286	$ 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	Apr. 30, 2019	Oct. 31, 2018
Trading loans, securities, and other
Trading loans, securities, and other	$ 132,805	$ 127,897
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	4,202	4,015
Derivatives
Derivative financial assets	43,624	56,996
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,379	3,618
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	125,109	130,600
Securities purchased under reverse repurchase agreements	149,949	127,379
FINANCIAL LIABILITIES
Trading deposits	53,974	114,704
Derivatives
Derivative financial liabilities	42,199	48,270
Securitization liabilities at fair value	12,738	12,618
Financial liabilities designated at fair value through profit or loss	57,783	16
Obligations related to securities sold short	36,365	39,478
Obligations related to securities sold under repurchase agreements	107,885	93,389
Recurring fair value measurement [member]
Trading loans, securities, and other
Trading loans, securities, and other	132,805	127,897
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	4,202	4,015
Derivatives
Derivative financial assets	43,624	56,996
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,379	3,618
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	125,109	130,600
Securities purchased under reverse repurchase agreements	4,796	3,920
FINANCIAL LIABILITIES
Trading deposits	53,974	114,704
Derivatives
Derivative financial liabilities	42,199	48,270
Securitization liabilities at fair value	12,738	12,618
Financial liabilities designated at fair value through profit or loss	57,783	16
Obligations related to securities sold short	36,365	39,478
Obligations related to securities sold under repurchase agreements	1,893	3,797
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	62,176	49,399
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	190	176
Derivatives
Derivative financial assets	199	201
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	292	544
Derivatives
Derivative financial liabilities	170	176
Obligations related to securities sold short	787	1,142
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	70,563	78,478
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	3,545	3,412
Derivatives
Derivative financial assets	42,866	56,303
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,379	3,618
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	123,212	127,643
Securities purchased under reverse repurchase agreements	4,796	3,920
FINANCIAL LIABILITIES
Trading deposits	50,295	111,680
Derivatives
Derivative financial liabilities	40,581	46,943
Securitization liabilities at fair value	12,738	12,618
Financial liabilities designated at fair value through profit or loss	57,770	2
Obligations related to securities sold short	35,578	38,336
Obligations related to securities sold under repurchase agreements	1,893	3,797
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member]
Trading loans, securities, and other
Trading loans, securities, and other	66	20
Non-trading financial assets at fair value through profit or loss
Non-trading financial assets at fair value through profit or loss	467	427
Derivatives
Derivative financial assets	559	492
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	1,605	2,413
FINANCIAL LIABILITIES
Trading deposits	3,679	3,024
Derivatives
Derivative financial liabilities	1,448	1,151
Financial liabilities designated at fair value through profit or loss	13	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	9,913	14,462
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	11,009	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	7,911	7,538
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	11,763	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	16,050	19,732
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	45,252	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	4,149	3,324
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	18,177	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	2,054	2,029
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	6,096	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	786	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	9,127	14,335
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	11,009	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	7,865	7,535
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	11,763	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	16,050	19,732
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	45,252	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	4,149	3,324
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	18,177	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	2,054	2,029
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	6,096	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	46	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		200
Recurring fair value measurement [member] | Other debt securities [member] | Canadian issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	5,975	5,631
Recurring fair value measurement [member] | Other debt securities [member] | Other issuers [member]
Trading loans, securities, and other
Trading loans, securities, and other	13,596	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	20,036	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	311	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	8,268	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	5,973	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	13,578	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	20,036	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	311	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	8,245	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	2	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	18	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		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	49,915	43,752
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	1,618	1,804
Recurring fair value measurement [member] | Equity securities [member] | Preferred shares [member]
Trading loans, securities, and other
Trading loans, securities, and other	57	59
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	261	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	49,784	43,699
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	84	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	57	33
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	208	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	131	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		26
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	3
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	1,532	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	50	135
Recurring fair value measurement [member] | Trading loans [member]
Trading loans, securities, and other
Trading loans, securities, and other	11,335	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	11,335	10,990
Recurring fair value measurement [member] | Commodities [member]
Trading loans, securities, and other
Trading loans, securities, and other	11,828	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	11,549	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	279	340
Recurring fair value measurement [member] | Retained interests [member]
Trading loans, securities, and other
Trading loans, securities, and other	22	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	22	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	3,204	2,679
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,379	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	190	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	2,567	2,095
Financial assets designated at fair value through profit or loss
Financial assets designated at fair value through profit or loss	3,379	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	447	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	998	1,336
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	2,318	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	978	1,317
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income	2,318	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	20	19
Recurring fair value measurement [member] | Interest rate contracts [member]
Derivatives
Derivative financial assets	11,806	12,398
Derivatives
Derivative financial liabilities	10,525	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	28	24
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	11,775	12,365
Derivatives
Derivative financial liabilities	10,420	9,646
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial liabilities	77	63
Recurring fair value measurement [member] | Foreign exchange contracts [member]
Derivatives
Derivative financial assets	28,800	39,675
Derivatives
Derivative financial liabilities	26,158	34,918
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 1 of fair value hierarchy [member]
Derivatives
Derivative financial assets	41	24
Derivatives
Derivative financial liabilities	29	18
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	28,753	39,647
Derivatives
Derivative financial liabilities	26,121	34,897
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	6	4
Derivatives
Derivative financial liabilities	8	3
Recurring fair value measurement [member] | Credit Derivative Contracts [member]
Derivatives
Derivative financial assets	14	9
Derivatives
Derivative financial liabilities	418	386
Recurring fair value measurement [member] | Credit Derivative Contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	14	9
Derivatives
Derivative financial liabilities	418	386
Recurring fair value measurement [member] | Equity contracts [member]
Derivatives
Derivative financial assets	1,830	3,623
Derivatives
Derivative financial liabilities	4,144	2,396
Recurring fair value measurement [member] | Equity contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	1,305	3,170
Derivatives
Derivative financial liabilities	2,794	1,319
Recurring fair value measurement [member] | Equity contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	525	453
Derivatives
Derivative financial liabilities	1,350	1,077
Recurring fair value measurement [member] | Commodity contracts [member]
Derivatives
Derivative financial assets	1,174	1,291
Derivatives
Derivative financial liabilities	954	837
Recurring fair value measurement [member] | Commodity contracts [member] | Level 1 of fair value hierarchy [member]
Derivatives
Derivative financial assets	127	144
Derivatives
Derivative financial liabilities	113	134
Recurring fair value measurement [member] | Commodity contracts [member] | Level 2 of fair value hierarchy [member]
Derivatives
Derivative financial assets	1,019	1,112
Derivatives
Derivative financial liabilities	828	695
Recurring fair value measurement [member] | Commodity contracts [member] | Level 3 of fair value hierarchy [member]
Derivatives
Derivative financial assets	28	35
Derivatives
Derivative financial liabilities	$ 13	$ 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		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Trading deposits [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	$ 3,465	$ 2,875	$ 3,024	$ 2,521
Total realized and unrealized (gains) losses included in income	188	(40)	287	(7)
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements purchases	(315)	(69)	(391)	(210)
Movements issuances	397	463	769	1,099
Movements others	(56)	(285)	(10)	(449)
Transfer Into Level 3		4		4
Transfers Out of Level 3		(8)		(18)
Fair value ending balance	3,679	2,940	3,679	2,940
Change in Unrealized gain (losses) on instruments still held	189	(20)	255	(28)
Derivative financial liabilities [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	769	884	659	960
Total realized and unrealized (gains) losses included in income	168	(62)	316	(95)
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements purchases	(21)	(28)	(40)	(47)
Movements issuances	58	64	115	102
Movements others	(89)	(102)	(165)	(166)
Transfer Into Level 3	4		4
Transfers Out of Level 3				2
Fair value ending balance	889	756	889	756
Change in Unrealized gain (losses) on instruments still held	167	(70)	293	(94)
Derivative financial liabilities [member] | Interest rate contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	64	51	63	70
Total realized and unrealized (gains) losses included in income	12	17	16
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements others	1	1	(2)	(1)
Fair value ending balance	77	69	77	69
Change in Unrealized gain (losses) on instruments still held	11	20	15	1
Derivative financial liabilities [member] | Foreign exchange contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	(2)	(1)	(1)	(1)
Total realized and unrealized (gains) losses included in income		1	1
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements others		(1)	(2)
Transfer Into Level 3	4		4
Fair value ending balance	2	(1)	2	(1)
Derivative financial liabilities [member] | Equity contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	699	842	624	893
Total realized and unrealized (gains) losses included in income	190	(62)	295	(70)
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements purchases	(21)	(28)	(40)	(47)
Movements issuances	58	64	115	102
Movements others	(101)	(105)	(169)	(169)
Transfers Out of Level 3				2
Fair value ending balance	825	711	825	711
Change in Unrealized gain (losses) on instruments still held	179	(73)	281	(74)
Derivative financial liabilities [member] | Commodity contracts [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	8	(8)	(27)	(2)
Total realized and unrealized (gains) losses included in income	(34)	(18)	4	(25)
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements others	11	3	8	4
Fair value ending balance	(15)	(23)	(15)	(23)
Change in Unrealized gain (losses) on instruments still held	(23)	(17)	(3)	(21)
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	3	29	14	7
Total realized and unrealized (gains) losses included in income	(18)	(13)	(40)	19
Total realized and unrealized (gains) losses included in OCI	0	0	0	0
Movements issuances	32	34	49	59
Movements others	(4)	(34)	(10)	(69)
Fair value ending balance	13	16	13	16
Change in Unrealized gain (losses) on instruments still held	(14)	(14)	(30)	12
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	0	0
Transfer Into Level 3		4		4
Fair value ending balance		4		4
Trading loans, securities, and other [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Fair value beginning balance	10	122	20	14
Total realized and unrealized gains (losses) included in income	(1)	(1)		(1)
Movements purchases				2
Movements issuances	0	0	0	0
Movements others	(9)	5	(20)
Transfer Into Level 3	66	24	67	146
Transfers Out of Level 3			(1)	(11)
Fair value ending balance	66	150	66	150
Change in Unrealized gain (losses) on instruments still held	(1)	4	(1)	4
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	0		3
Total realized and unrealized gains (losses) included in income	(1)		(1)
Movements issuances	0	0	0	0
Movements others			(3)
Transfer Into Level 3	47		47
Fair value ending balance	46		46
Change in Unrealized gain (losses) on instruments still held	(1)		(1)
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	1	1	6
Movements issuances	0	0	0	0
Movements others				(4)
Transfer Into Level 3	1		1	1
Transfers Out of Level 3				(2)
Fair value ending balance	2	1	2	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	9	121	16	8
Total realized and unrealized gains (losses) included in income		(1)	1	(1)
Movements purchases				2
Movements issuances	0	0	0	0
Movements others	(9)	5	(17)	4
Transfer Into Level 3	18	24	19	145
Transfers Out of Level 3			(1)	(9)
Fair value ending balance	18	149	18	149
Change in Unrealized gain (losses) on instruments still held		4		4
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	516	342	427	320
Total realized and unrealized gains (losses) included in income	56	12	59	25
Total realized and unrealized gains (losses) included in OCI	1		2
Movements purchases	65	13	137	28
Movements issuances	0	0	0	0
Movements others	(171)	8	(179)	(2)
Transfer Into Level 3			21	4
Fair value ending balance	467	375	467	375
Change in Unrealized gain (losses) on instruments still held	5	12	7	21
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	495	324	408	305
Total realized and unrealized gains (losses) included in income	56	11	58	27
Total realized and unrealized gains (losses) included in OCI	1		2
Movements purchases	65	13	136	26
Movements issuances	0	0	0	0
Movements others	(170)	8	(178)	(2)
Transfer Into Level 3			21
Fair value ending balance	447	356	447	356
Change in Unrealized gain (losses) on instruments still held	5	11	6	23
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	21	18	19	15
Total realized and unrealized gains (losses) included in income		1	1	(2)
Movements purchases			1	2
Movements issuances	0	0	0	0
Movements others	(1)		(1)
Transfer Into Level 3				4
Fair value ending balance	20	19	20	19
Change in Unrealized gain (losses) on instruments still held		1	1	(2)
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	2,344	2,341	2,413	2,428
Total realized and unrealized gains (losses) included in income	14	14	24	8
Total realized and unrealized gains (losses) included in OCI	(9)	8	(12)	21
Movements purchases	15	1	20	7
Movements issuances	0	0	0	0
Movements others	(200)	77	(277)	(23)
Transfers Out of Level 3	(559)		(563)
Fair value ending balance	1,605	2,441	1,605	2,441
Change in Unrealized gain (losses) on instruments still held	(10)	6	(19)	19
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	210	193	200	203
Total realized and unrealized gains (losses) included in income	14	11	24	4
Total realized and unrealized gains (losses) included in OCI				(3)
Movements issuances	0	0	0	0
Movements others	(224)		(224)
Fair value ending balance		204		204
Change in Unrealized gain (losses) on instruments still held		(3)		(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	559	529	562	553
Total realized and unrealized gains (losses) included in OCI		(3)		(1)
Movements issuances	0	0	0	0
Movements others		23		(3)
Transfers Out of Level 3	(559)		(562)
Fair value ending balance		549		549
Change in Unrealized gain (losses) on instruments still held		(3)		(1)
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	23	99	24	95
Total realized and unrealized gains (losses) included in income		3		4
Total realized and unrealized gains (losses) included in OCI		1	(1)	6
Movements issuances	0	0	0	0
Movements others				(2)
Fair value ending balance	23	103	23	103
Change in Unrealized gain (losses) on instruments still held		1	(1)	6
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	1,495	1,404	1,492	1,469
Total realized and unrealized gains (losses) included in OCI	(1)	(3)		(2)
Movements purchases	14	1	19	7
Movements issuances	0	0	0	0
Movements others	24	53	21	(19)
Fair value ending balance	1,532	1,455	1,532	1,455
Change in Unrealized gain (losses) on instruments still held	(1)	(2)	(1)	(4)
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	57	116	135	108
Total realized and unrealized gains (losses) included in OCI	(8)	13	(11)	21
Movements purchases	1		1
Movements issuances	0	0	0	0
Movements others		1	(74)	1
Transfers Out of Level 3			(1)
Fair value ending balance	50	130	50	130
Change in Unrealized gain (losses) on instruments still held	$ (9)	$ 13	$ (17)	$ 21

XML

Fair Value Measurements - Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Feb. 01, 2019	Nov. 01, 2018	Oct. 31, 2018	Apr. 30, 2018	Feb. 01, 2018	Nov. 01, 2017
Disclosure of fair value measurement of assets and liabilities [Line Items]
Derivative assets	$ 43,624			$ 56,996
Derivative liabilities	42,199			$ 48,270
Netted Derivatives [member] | Level 3 of fair value hierarchy [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Derivative assets	600	$ 500	$ 500		$ 700	$ 900	$ 900
Derivative liabilities	$ 1,500	$ 1,300	$ 1,200		$ 1,400	$ 1,800	$ 1,900

XML

Securities - Summary of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Financial assets at fair value through other comprehensive income	$ 125,109	$ 130,600
Government and government-related securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	92,091	94,649
Gross unrealized gains	363	502
Gross unrealized (losses)	(157)	(418)
Financial assets at fair value through other comprehensive income	92,297	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	10,978	12,740
Gross unrealized gains	34	38
Gross unrealized (losses)	(3)	(47)
Financial assets at fair value through other comprehensive income	11,009	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	11,705	9,443
Gross unrealized gains	78	75
Gross unrealized (losses)	(20)	(11)
Financial assets at fair value through other comprehensive income	11,763	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	45,226	45,857
Gross unrealized gains	156	265
Gross unrealized (losses)	(130)	(356)
Financial assets at fair value through other comprehensive income	45,252	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	18,131	20,034
Gross unrealized gains	50	65
Gross unrealized (losses)	(4)	(3)
Financial assets at fair value through other comprehensive income	18,177	20,096
Government and government-related securities [member] | Mortgage- backed securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	6,051	6,575
Gross unrealized gains	45	59
Gross unrealized (losses)		(1)
Financial assets at fair value through other comprehensive income	6,096	6,633
Other debt securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	28,568	30,906
Gross unrealized gains	97	119
Gross unrealized (losses)	(50)	(77)
Financial assets at fair value through other comprehensive income	28,615	30,948
Other debt securities [member] | Asset-backed financings [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	20,000	21,901
Gross unrealized gains	61	87
Gross unrealized (losses)	(25)	(19)
Financial assets at fair value through other comprehensive income	20,036	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	311	471
Gross unrealized gains		1
Financial assets at fair value through other comprehensive income	311	472
Other debt securities [member] | Corporate and other debt [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	8,257	8,534
Gross unrealized gains	36	31
Gross unrealized (losses)	(25)	(58)
Financial assets at fair value through other comprehensive income	8,268	8,507
Debt securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	120,659	125,555
Gross unrealized gains	460	621
Gross unrealized (losses)	(207)	(495)
Financial assets at fair value through other comprehensive income	120,912	125,681
Equity securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	1,921	2,101
Gross unrealized gains	35	138
Gross unrealized (losses)	(77)	(65)
Financial assets at fair value through other comprehensive income	1,879	2,174
Equity securities [member] | Common shares [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	1,616	1,725
Gross unrealized gains	30	118
Gross unrealized (losses)	(28)	(39)
Financial assets at fair value through other comprehensive income	1,618	1,804
Equity securities [member] | Preferred shares [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	305	376
Gross unrealized gains	5	20
Gross unrealized (losses)	(49)	(26)
Financial assets at fair value through other comprehensive income	261	370
Securities [member]
Disclosure Of Contractual Repricing And Maturity Schedule [line items]
Cost/amortized cost	122,580	127,656
Gross unrealized gains	495	759
Gross unrealized (losses)	(284)	(560)
Financial assets at fair value through other comprehensive income	$ 122,791	$ 127,855

XML

Securities - Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Fair value	$ 1,879		$ 1,879		$ 2,174
Dividend Income recognized	23	$ 21	47	$ 41
Common shares [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Fair value	1,618		1,618		1,804
Dividend Income recognized	20	17	40	33
Preferred shares [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Fair value	261		261		$ 370
Dividend Income recognized	$ 3	$ 4	$ 7	$ 8

XML

Securities - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Dividend Income recognized	$ 23	$ 21	$ 47	$ 41
Allowance for credit losses on debt securities	3,778	3,549	3,778	3,549
Provision for credit losses	(633)	(556)	(1,483)	(1,249)
Debt securities [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for credit losses on debt securities	4		4		$ 80
Debt securities at amortized cost [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for credit losses on debt securities	1		1		75
Provision for credit losses		(2)		(2)
Debt securities FVOCI [member]
Disclosure of detailed information about financial instruments [line items]
Allowance for credit losses on debt securities	3		3		$ 5
Provision for credit losses	(2)	16	(2)	20
Securities disposed [member] | Securities [member]
Disclosure of detailed information about financial instruments [line items]
Disposal of equity securities	133	10	312	14
Gain loss on sale of equity securities measured at fair value	44		68	2
Dividend Income recognized	$ 1		$ 3

XML

Securities - Summary of Net Securities Gains (Losses) (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Disclosure of financial assets [line items]
Net realized gains (losses)	$ 35	$ 33	$ 24	$ 36
Debt securities [member] | Financial assets amortized cost [member]
Disclosure of financial assets [line items]
Net realized gains (losses)		30	44	30
Debt securities [member] | Financial assets at fair value through other comprehensive income, category [member]
Disclosure of financial assets [line items]
Net realized gains (losses)	$ 35	$ 3	$ (20)	$ 6

XML

Securities - Summary of Debt Securities by Risk Rating (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of financial assets [line items]
Debt securities	$ 232,457	$ 232,927
Allowance for credit losses on debt securities at amortized cost	1	75
Debt securities, net of allowance	232,456	232,852
Investment grade [member]
Disclosure of financial assets [line items]
Debt securities	230,279	230,488
Non investment grade [member]
Disclosure of financial assets [line items]
Debt securities	2,178	2,194
Watch and classified [member]
Disclosure of financial assets [line items]
Debt securities		11
Default [member]
Disclosure of financial assets [line items]
Debt securities		234
Stage 1 [member]
Disclosure of financial assets [line items]
Debt securities	232,417	232,628
Allowance for credit losses on debt securities at amortized cost	1	1
Debt securities, net of allowance	232,416	232,627
Stage 1 [member] | Investment grade [member]
Disclosure of financial assets [line items]
Debt securities	230,279	230,488
Stage 1 [member] | Non investment grade [member]
Disclosure of financial assets [line items]
Debt securities	2,138	2,140
Stage 2 [member]
Disclosure of financial assets [line items]
Debt securities	40	65
Allowance for credit losses on debt securities at amortized cost		4
Debt securities, net of allowance	40	61
Stage 2 [member] | Non investment grade [member]
Disclosure of financial assets [line items]
Debt securities	$ 40	54
Stage 2 [member] | Watch and classified [member]
Disclosure of financial assets [line items]
Debt securities		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	Apr. 30, 2019	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Total loans excluding acquired credit-impaired loans	$ 685,518	$ 669,501
Allowance for loan losses	3,762	3,531
Loans, net of allowance	681,756	665,970
Acquired credit-impaired loans	382	453
Allowance for loan losses	16	18
Loans, net of allowance	366	435
Total loans	685,900	669,954
Allowance for loan losses	3,778	3,549
Loans, net of allowance	682,122	666,405
Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	174,669	172,033
Allowance for loan losses	1,157	1,101
Loans, net of allowance	173,512	170,932
Consumer instalment and other personal [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	92,843	88,889
Consumer instalment and other personal [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	44,483	49,198
Consumer instalment and other personal [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	26,832	24,071
Consumer instalment and other personal [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	9,995	9,361
Consumer instalment and other personal [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	516	514
Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	575,559	550,000
Allowance for off balance sheet credit instruments	1,105	1,029
Total off balance sheet credit instruments, net of allowance	574,454	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	262,158	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	52,851	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	13,441	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	2,649	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	176,875	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	65,517	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	2,068	1,962
Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	227,046	224,957
Allowance for loan losses	106	105
Loans, net of allowance	226,940	224,852
Residential mortgages [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	174,363	168,722
Residential mortgages [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	42,947	47,997
Residential mortgages [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	6,640	5,373
Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	2,681	2,473
Residential mortgages [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	415	392
Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	36,004	35,018
Allowance for loan losses	1,091	1,003
Loans, net of allowance	34,913	34,015
Credit card [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	7,048	7,245
Credit card [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	10,069	9,846
Credit card [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	12,096	11,593
Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	6,669	6,213
Credit card [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	122	121
Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	247,799	237,493
Allowance for loan losses	1,408	1,322
Loans, net of allowance	246,391	236,171
Business and government [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	925	563
Business and government [member] | Investment grade or low/normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	119,779	118,471
Business and government [member] | Non investment grade or medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	121,664	113,950
Business and government [member] | Watch and classified or high risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	5,431	4,509
Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Total loans excluding acquired credit-impaired loans	662,801	648,143
Allowance for loan losses	1,691	1,628
Loans, net of allowance	661,110	646,515
Total loans	662,801	648,143
Allowance for loan losses	1,691	1,628
Loans, net of allowance	661,110	646,515
Stage 1 [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	168,124	165,080
Allowance for loan losses	621	574
Loans, net of allowance	167,503	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	91,848	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	43,448	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	25,812	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	7,016	6,158
Stage 1 [member] | Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	568,143	540,607
Allowance for off balance sheet credit instruments	580	550
Total off balance sheet credit instruments, net of allowance	567,563	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	261,329	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	52,244	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	13,073	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	1,754	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	176,875	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	62,865	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	3	13
Stage 1 [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	224,155	222,509
Allowance for loan losses	27	24
Loans, net of allowance	224,128	222,485
Stage 1 [member] | Residential mortgages [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	174,308	168,690
Stage 1 [member] | Residential mortgages [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	42,707	47,821
Stage 1 [member] | Residential mortgages [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	6,156	5,106
Stage 1 [member] | Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	984	892
Stage 1 [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	33,580	32,796
Allowance for loan losses	400	379
Loans, net of allowance	33,180	32,417
Stage 1 [member] | Credit card [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	7,033	7,234
Stage 1 [member] | Credit card [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	9,987	9,780
Stage 1 [member] | Credit card [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	11,791	11,347
Stage 1 [member] | Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	4,769	4,435
Stage 1 [member] | Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	236,942	227,758
Allowance for loan losses	643	651
Loans, net of allowance	236,299	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	119,732	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	116,478	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	732	666
Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Total loans excluding acquired credit-impaired loans	19,421	18,204
Allowance for loan losses	1,297	1,217
Loans, net of allowance	18,124	16,987
Total loans	19,421	18,204
Allowance for loan losses	1,297	1,217
Loans, net of allowance	18,124	16,987
Stage 2 [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	5,453	5,622
Allowance for loan losses	357	349
Loans, net of allowance	5,096	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	995	983
Stage 2 [member] | Consumer instalment and other personal [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,035	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	1,020	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	2,403	2,386
Stage 2 [member] | Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	7,416	9,393
Allowance for off balance sheet credit instruments	525	479
Total off balance sheet credit instruments, net of allowance	6,891	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	829	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	607	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	368	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	895	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	2,652	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	2,065	1,949
Stage 2 [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	2,172	1,739
Allowance for loan losses	32	34
Loans, net of allowance	2,140	1,705
Stage 2 [member] | Residential mortgages [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	55	32
Stage 2 [member] | Residential mortgages [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	240	176
Stage 2 [member] | Residential mortgages [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	484	267
Stage 2 [member] | Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,393	1,264
Stage 2 [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,968	1,768
Allowance for loan losses	309	283
Loans, net of allowance	1,659	1,485
Stage 2 [member] | Credit card [member] | Low risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	15	11
Stage 2 [member] | Credit card [member] | Normal risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	82	66
Stage 2 [member] | Credit card [member] | Medium risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	305	246
Stage 2 [member] | Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,566	1,445
Stage 2 [member] | Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	9,828	9,075
Allowance for loan losses	599	551
Loans, net of allowance	9,229	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	47	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	5,186	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	4,595	3,746
Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Total loans excluding acquired credit-impaired loans	3,296	3,154
Allowance for loan losses	774	686
Loans, net of allowance	2,522	2,468
Acquired credit-impaired loans	382	453
Allowance for loan losses	16	18
Loans, net of allowance	366	435
Total loans	3,678	3,607
Allowance for loan losses	790	704
Loans, net of allowance	2,888	2,903
Stage 3 [member] | Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,092	1,331
Allowance for loan losses	179	178
Loans, net of allowance	913	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	576	817
Stage 3 [member] | Consumer instalment and other personal [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	516	514
Stage 3 [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	719	709
Allowance for loan losses	47	47
Loans, net of allowance	672	662
Stage 3 [member] | Residential mortgages [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	304	317
Stage 3 [member] | Residential mortgages [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	415	392
Stage 3 [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	456	454
Allowance for loan losses	382	341
Loans, net of allowance	74	113
Stage 3 [member] | Credit card [member] | High risk [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	334	333
Stage 3 [member] | Credit card [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	122	121
Stage 3 [member] | Business and government [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	1,029	660
Allowance for loan losses	166	120
Loans, net of allowance	863	540
Stage 3 [member] | Business and government [member] | Default [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	925	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	$ 104	$ 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	Apr. 30, 2019	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Total loans	$ 685,900	$ 669,954
Financial assets at fair value through other comprehensive income	125,109	130,600
Customers' liability under acceptances	16,189	17,267
Business and government and Residential Mortgage [member] | Insured [member] | Mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	91,000	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	138	124
Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Total loans	174,669	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
Loans [member]
Disclosure of detailed information about financial instruments [line items]
Financial assets at fair value through other comprehensive income	2,000	3,000
Off-balance sheet credit risks [member]
Disclosure of detailed information about financial instruments [line items]
Off balance sheet credit instruments	575,559	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	307,000	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	39,000	$ 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
Non-trading loans at fair value	$ 1,000

XML

Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Allowances for Loan Losses (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Disclosure of detailed information about financial instruments [line items]
Balance at end of period	$ 3,778	$ 3,549	$ 3,778	$ 3,549
Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Balance at end of period	1,691	1,567	1,691	1,567
Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Balance at end of period	1,297	1,250	1,297	1,250
Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Balance at end of period	774	708	774	708
Acquired credit-impaired loans [member]
Disclosure of detailed information about financial instruments [line items]
Balance at end of period	16	24	16	24
Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Balance at beginning of period	107	91	110	107
Net remeasurement due to transfers		(2)	(3)	(4)
New originations or purchases	2	2	5	6
Net repayments		(1)	(1)	(6)
Derecognition of financial assets (excluding disposals and write-offs)	(5)	(2)	(11)	(3)
Changes to risk, parameters, and models	12	10	23	8
Write-offs	(6)	(7)	(13)	(14)
Recoveries		1		2
Foreign exchange and other adjustments		3		(1)
Balance at end of period	110	95	110	95
Residential mortgages [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Balance at beginning of period	25	23	24	24
Net remeasurement due to transfers	(2)	(3)	(6)	(7)
New originations or purchases	2	2	5	6
Net repayments				(1)
Derecognition of financial assets (excluding disposals and write-offs)		(1)	(1)	(1)
Changes to risk, parameters, and models	(1)	(2)	(9)	(7)
Balance at end of period	27	23	27	23
Residential mortgages [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	4	5	17	11
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)	(2)	(2)
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]
Balance at beginning of period	30	22	34	26
Net remeasurement due to transfers	2	1	3	3
Net repayments			(1)	(1)
Derecognition of financial assets (excluding disposals and write-offs)	(1)		(2)	(1)
Changes to risk, parameters, and models	4	5	12	9
Foreign exchange and other adjustments		1		(1)
Balance at end of period	32	24	32	24
Residential mortgages [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(4)	(5)	(16)	(11)
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	6	4
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)	(4)	(4)
Residential mortgages [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Balance at beginning of period	48	39	47	45
Derecognition of financial assets (excluding disposals and write-offs)	(4)	(1)	(8)	(1)
Changes to risk, parameters, and models	9	7	21	8
Write-offs	(6)	(7)	(13)	(14)
Recoveries		1		2
Foreign exchange and other adjustments		1		(1)
Balance at end of period	47	41	47	41
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)	(4)	(2)
Residential mortgages [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	2	2	5	4
Residential mortgages [member] | Acquired credit-impaired loans [member]
Disclosure of detailed information about financial instruments [line items]
Balance at beginning of period	4	7	5	12
Net repayments		(1)		(4)
Changes to risk, parameters, and models			(1)	(2)
Foreign exchange and other adjustments		1		1
Balance at end of period	4	7	4	7
Consumer instalment and other personal [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	1,194	1,100	1,171	1,055
Net remeasurement due to transfers	6		15	14
New originations or purchases	73	72	139	142
Net repayments	(33)	(27)	(64)	(35)
Derecognition of financial assets (excluding disposals and write-offs)	(62)	(60)	(123)	(121)
Changes to risk, parameters, and models	250	222	537	472
Write-offs	(280)	(263)	(586)	(528)
Recoveries	68	62	128	131
Foreign exchange and other adjustments	13	22	12	(2)
Balance, including off-balance sheet instruments, at end of period	1,229	1,128	1,229	1,128
Less: Allowance for off-balance sheet instruments	70	71	70	71
Balance at end of period	1,159	1,057	1,159	1,057
Consumer instalment and other personal [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	598	535	599	529
Net remeasurement due to transfers	(34)	(31)	(68)	(59)
New originations or purchases	73	72	139	142
Net repayments	(22)	(13)	(43)	(13)
Derecognition of financial assets (excluding disposals and write-offs)	(18)	(29)	(38)	(54)
Changes to risk, parameters, and models	(7)	(14)	(48)	(46)
Foreign exchange and other adjustments	5	11	5
Balance, including off-balance sheet instruments, at end of period	647	572	647	572
Less: Allowance for off-balance sheet instruments	26	25	26	25
Balance at end of period	621	547	621	547
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	84	77	167	146
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	(28)	(27)	(57)	(60)
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	(4)	(9)	(9)	(13)
Consumer instalment and other personal [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	413	381	392	355
Net remeasurement due to transfers	38	29	78	68
Net repayments	(8)	(7)	(15)	(13)
Derecognition of financial assets (excluding disposals and write-offs)	(26)	(20)	(52)	(47)
Changes to risk, parameters, and models	74	70	180	166
Foreign exchange and other adjustments	5	7	4	(1)
Balance, including off-balance sheet instruments, at end of period	401	382	401	382
Less: Allowance for off-balance sheet instruments	44	46	44	46
Balance at end of period	357	336	357	336
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	(80)	(73)	(158)	(138)
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	38	78	80
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	(54)	(43)	(106)	(88)
Consumer instalment and other personal [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	181	179	178	166
Net remeasurement due to transfers	2	2	5	5
Net repayments	(3)	(6)	(6)	(6)
Derecognition of financial assets (excluding disposals and write-offs)	(18)	(11)	(33)	(20)
Changes to risk, parameters, and models	183	167	405	351
Write-offs	(280)	(263)	(586)	(528)
Recoveries	68	61	128	130
Foreign exchange and other adjustments	3	4	3	(1)
Balance, including off-balance sheet instruments, at end of period	179	170	179	170
Balance at end of period	179	170	179	170
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	(4)	(4)	(9)	(8)
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	(11)	(11)	(21)	(20)
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	58	52	115	101
Consumer instalment and other personal [member] | Acquired credit-impaired loans [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	2	5	2	5
Net repayments		(1)		(3)
Changes to risk, parameters, and models		(1)		1
Recoveries		1		1
Balance, including off-balance sheet instruments, at end of period	2	4	2	4
Balance at end of period	2	4	2	4
Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	1,889	1,663	1,740	1,605
Net remeasurement due to transfers	29	17	66	61
New originations or purchases	35	45	65	112
Net repayments	3	18	9	63
Derecognition of financial assets (excluding disposals and write-offs)	(191)	(175)	(296)	(250)
Changes to risk, parameters, and models	465	406	995	749
Disposals		(10)		(18)
Write-offs	(443)	(385)	(861)	(757)
Recoveries	78	68	149	129
Foreign exchange and other adjustments	24	47	22
Balance, including off-balance sheet instruments, at end of period	1,889	1,694	1,889	1,694
Less: Allowance for off-balance sheet instruments	798	657	798	657
Balance at end of period	1,091	1,037	1,091	1,037
Credit card [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	865	737	819	763
Net remeasurement due to transfers	(55)	(46)	(111)	(91)
New originations or purchases	35	45	65	112
Net repayments	(1)	13	38	84
Derecognition of financial assets (excluding disposals and write-offs)	(27)	(31)	(47)	(57)
Changes to risk, parameters, and models	(50)	(52)	(130)	(173)
Disposals		(4)		(8)
Foreign exchange and other adjustments	12	19	10	(3)
Balance, including off-balance sheet instruments, at end of period	880	764	880	764
Less: Allowance for off-balance sheet instruments	480	393	480	393
Balance at end of period	400	371	400	371
Credit card [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	164	130	363	254
Credit card [member] | Stage 1 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(55)	(39)	(111)	(93)
Credit card [member] | Stage 1 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(8)	(8)	(16)	(24)
Credit card [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	635	585	580	521
Net remeasurement due to transfers	75	54	154	113
Net repayments	(1)	(12)	1	(4)
Derecognition of financial assets (excluding disposals and write-offs)	(33)	(27)	(54)	(57)
Changes to risk, parameters, and models	176	150	409	343
Disposals		(4)		(7)
Foreign exchange and other adjustments	7	15	6	3
Balance, including off-balance sheet instruments, at end of period	627	582	627	582
Less: Allowance for off-balance sheet instruments	318	264	318	264
Balance at end of period	309	318	309	318
Credit card [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(155)	(120)	(296)	(234)
Credit card [member] | Stage 2 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	72	54	143	126
Credit card [member] | Stage 2 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(149)	(113)	(316)	(222)
Credit card [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	389	341	341	321
Net remeasurement due to transfers	9	9	23	39
Net repayments	5	17	(30)	(17)
Derecognition of financial assets (excluding disposals and write-offs)	(131)	(117)	(195)	(136)
Changes to risk, parameters, and models	339	308	716	579
Disposals		(2)		(3)
Write-offs	(443)	(385)	(861)	(757)
Recoveries	78	68	149	129
Foreign exchange and other adjustments	5	13	6
Balance, including off-balance sheet instruments, at end of period	382	348	382	348
Balance at end of period	382	348	382	348
Credit card [member] | Stage 3 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(9)	(10)	(67)	(20)
Credit card [member] | Stage 3 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(17)	(15)	(32)	(33)
Credit card [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	157	121	332	246
Businesses and government [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	1,608	1,458	1,557	1,525
Net remeasurement due to transfers	14	7	22	17
New originations or purchases	104	119	213	205
Net repayments	(18)	(18)	(27)	(40)
Derecognition of financial assets (excluding disposals and write-offs)	(172)	(215)	(388)	(403)
Changes to risk, parameters, and models	123	124	309	244
Disposals				(5)
Write-offs	(40)	(41)	(75)	(74)
Recoveries	13	17	24	35
Foreign exchange and other adjustments	23	46	20	(7)
Balance, including off-balance sheet instruments, at end of period	1,655	1,497	1,655	1,497
Less: Allowance for off-balance sheet instruments	237	137	237	137
Balance at end of period	1,418	1,360	1,418	1,360
Businesses and government [member] | Stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	725	663	736	706
Net remeasurement due to transfers	(14)	(11)	(27)	(18)
New originations or purchases	104	119	213	205
Net repayments	(5)	(5)	2	(6)
Derecognition of financial assets (excluding disposals and write-offs)	(74)	(102)	(168)	(194)
Changes to risk, parameters, and models	(31)	9	(64)	(3)
Foreign exchange and other adjustments	11	23	11	(4)
Balance, including off-balance sheet instruments, at end of period	717	696	717	696
Less: Allowance for off-balance sheet instruments	74	70	74	70
Balance at end of period	643	626	643	626
Businesses and government [member] | Stage 1 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	41	38	85	66
Businesses and government [member] | Stage 1 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(38)	(36)	(68)	(52)
Businesses and government [member] | Stage 1 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(2)	(2)	(3)	(4)
Businesses and government [member] | Stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	711	628	690	627
Net remeasurement due to transfers	27	17	47	32
Net repayments	(10)	(12)	(22)	(22)
Derecognition of financial assets (excluding disposals and write-offs)	(73)	(95)	(183)	(184)
Changes to risk, parameters, and models	127	95	280	226
Foreign exchange and other adjustments	9	18	8	(2)
Balance, including off-balance sheet instruments, at end of period	762	639	762	639
Less: Allowance for off-balance sheet instruments	163	67	163	67
Balance at end of period	599	572	599	572
Businesses and government [member] | Stage 2 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(40)	(37)	(82)	(64)
Businesses and government [member] | Stage 2 [member] | Transfer to stage 2 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	40	38	72	55
Businesses and government [member] | Stage 2 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(29)	(13)	(48)	(29)
Businesses and government [member] | Stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	162	153	120	174
Net remeasurement due to transfers	1	1	2	3
Net repayments	(4)	(2)	(8)	(11)
Derecognition of financial assets (excluding disposals and write-offs)	(25)	(17)	(37)	(24)
Changes to risk, parameters, and models	31	23	101	26
Disposals				(5)
Write-offs	(40)	(41)	(75)	(73)
Recoveries	11	16	19	32
Foreign exchange and other adjustments	2	4		(1)
Balance, including off-balance sheet instruments, at end of period	166	149	166	149
Balance at end of period	166	149	166	149
Businesses and government [member] | Stage 3 [member] | Transfer to stage 1 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	(1)	(1)	(3)	(2)
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)	(2)	(4)	(3)
Businesses and government [member] | Stage 3 [member] | Transfer to stage 3 [member]
Disclosure of detailed information about financial instruments [line items]
Transfer to Stage	31	15	51	33
Businesses and government [member] | Acquired credit-impaired loans [member]
Disclosure of detailed information about financial instruments [line items]
Balance, including off-balance sheet instruments, at beginning of period	10	14	11	18
Net repayments	1	1	1	(1)
Derecognition of financial assets (excluding disposals and write-offs)		(1)		(1)
Changes to risk, parameters, and models	(4)	(3)	(8)	(5)
Write-offs				(1)
Recoveries	2	1	5	3
Foreign exchange and other adjustments	1	1	1
Balance, including off-balance sheet instruments, at end of period	10	13	10	13
Balance at end of period	$ 10	$ 13	$ 10	$ 13

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Loans, Impaired Loans, and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions	Apr. 30, 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	$ 87	$ 81

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Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Loans Past Due but Not Impaired (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Gross Loans	$ 667,393	$ 649,942
Financial assets past due but not impaired [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	12,712	12,712
Financial assets past due but not impaired [member] | Residential mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	2,079	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	6,965	7,040
Financial assets past due but not impaired [member] | Credit card [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	1,803	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	1,865	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	10,261	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	1,620	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	5,972	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	1,291	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	1,378	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	1,805	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	342	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	738	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	304	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	421	444
61 - 89 days [member] | Financial assets past due but not impaired [member]
Disclosure of detailed information about financial instruments [line items]
Gross Loans	646	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	117	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	255	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	208	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	$ 66	$ 28

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Investment in Associates and Joint Ventures - Additional Information (Detail) - TD Ameritrade [member] $ / shares in Units, shares in Millions, $ in Billions, $ in Billions	6 Months Ended	12 Months Ended
	Apr. 30, 2019 CAD ($) shares	Oct. 31, 2018 CAD ($) shares	Apr. 30, 2019 USD ($) $ / shares	Oct. 31, 2018 USD ($) $ / shares
Disclosure of investments in associates and joint ventures [line items]
Equity investment percentage	42.32%	41.61%
Fair value of outstanding shares	$ 16	$ 16	$ 12	$ 12
Closing price of shares | $ / shares			$ 52.58	$ 51.72
Stock repurchased | shares	10.2	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	Apr. 30, 2019	Mar. 31, 2019	Oct. 31, 2018	Sep. 30, 2018	Apr. 30, 2018
ASSETS
Other assets, net	$ 17,238		$ 15,596
Total assets	1,356,588		1,334,903		$ 1,283,836
LIABILITIES
Other liabilities	20,259		19,174
Total liabilities	1,271,690		1,254,863
Stockholders' equity	84,898		80,040		$ 76,662
Total liabilities and stockholders' equity	$ 1,356,588		$ 1,334,903
TD Ameritrade [member]
ASSETS
Receivables from brokers, dealers, and clearing organizations		$ 2,178		$ 1,809
Receivables from clients, net		27,836		29,773
Other assets, net		21,804		17,811
Total assets		51,818		49,393
LIABILITIES
Payable to brokers, dealers, and clearing organizations		3,313		3,923
Payable to clients		31,135		30,126
Other liabilities		6,220		4,809
Total liabilities		40,668		38,858
Stockholders' equity		11,150		10,535
Total liabilities and stockholders' equity		$ 51,818		$ 49,393

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Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Statements of Income (Detail) - CAD ($) $ / shares in Units, $ in Millions		3 Months Ended				6 Months Ended
		Apr. 30, 2019	Mar. 31, 2019	Apr. 30, 2018	Mar. 31, 2018	Apr. 30, 2019	Mar. 31, 2019	Apr. 30, 2018	Mar. 31, 2018
Revenues
Net interest revenue	[1]	$ 10,273		$ 8,609		$ 20,817		$ 16,917
Fee-based and other revenue		37		126		105		180
Total revenue		10,228		9,482		20,226		18,857
Operating expenses
Employee compensation and benefits		2,799		2,497		5,651		5,057
Provision for income taxes		773		746		1,276		1,786
Net income	[2]	$ 3,172		$ 2,916		$ 5,582		$ 5,269
Earnings per share - basic (Canadian dollars)		$ 1.70		$ 1.54		$ 2.97		$ 2.78
Earnings per share - diluted (Canadian dollars)		$ 1.70		$ 1.54		$ 2.97		$ 2.78
TD Ameritrade [member]
Revenues
Net interest revenue			$ 481		$ 390		$ 978		$ 741
Fee-based and other revenue			1,447		1,400		2,953		2,647
Total revenue			1,928		1,790		3,931		3,388
Operating expenses
Employee compensation and benefits			452		583		871		1,111
Other			539		706		1,071		1,349
Total operating expenses			991		1,289		1,942		2,460
Other expense (income)			49		30		73		72
Pre-tax income			888		471		1,916		856
Provision for income taxes			225		128		455		136
Net income			$ 663		$ 343		$ 1,461		$ 720
Earnings per share - basic (Canadian dollars)			$ 1.18		$ 0.60		$ 2.60		$ 1.27
Earnings per share - diluted (Canadian dollars)			$ 1.18		$ 0.60		$ 2.59		$ 1.26

[1] Includes $8,554 million and $17,239 million, respectively, for the three and six months ended April 30, 2019 (three and six months ended April 30, 2018 - $7,310 million and $14,411 million, respectively) which have been calculated based on the effective interest rate method. 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) - 6 months ended Apr. 30, 2018 $ in Millions, $ in Millions	CAD ($)	USD ($)
TD Ameritrade [member] | U.S. Tax Act [member]
Disclosure of general information about financial statements [line items]
Deferred income tax benefit	$ 41	$ 32

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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

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Significant Acquisitions and Disposals - Additional Information (Detail) - CAD ($) shares in Millions, $ in Millions	Apr. 30, 2019	Nov. 01, 2018	Oct. 31, 2018	Oct. 31, 2017
Disclosure of detailed information about business combination [line items]
Goodwill	$ 17,232		$ 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
Common shares issued		4.7

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Goodwill - Summary of Goodwill by Segment (Detail) - CAD ($) $ in Millions	6 Months Ended	12 Months Ended
	Apr. 30, 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	263	298
Ending balance	17,232	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	15	18
Ending balance	2,851	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	248	280
Ending balance	14,221	13,973
Wholesale Banking [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance	160	160
Ending balance	$ 160	$ 160

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Goodwill - Summary of Goodwill by Segment (Parenthetical) (Detail) - CAD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Disclosure of reconciliation of changes in goodwill [abstract]
Impairment losses	$ 0	$ 0	$ 0	$ 0
Accumulated impairment	$ 0		$ 0		$ 0

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Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of other assets [abstract]
Accounts receivable and other items	$ 9,310	$ 8,938
Accrued interest	2,446	2,343
Current income tax receivable	2,503	1,614
Defined benefit asset	10	113
Insurance-related assets, excluding investments	1,561	1,638
Prepaid expenses	1,408	950
Total	$ 17,238	$ 15,596

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Deposits - Additional Information (Detail) - CAD ($)	Apr. 30, 2019	Oct. 31, 2018
Disclosure Of Deposits [line items]
Aggregate amount of term deposits in denominations of $100,000 or more	$ 297,000,000,000	$ 293,000,000,000
Deposits designated at fair value through profit or loss [member]
Disclosure Of Deposits [line items]
Notional amounts	$ 177,000,000

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Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of deposits from customers [line items]
Demand	$ 101,666
Notice	552,844
Term	332,573
Total	987,083	$ 966,143
Personal [member]
Disclosure of deposits from customers [line items]
Demand	13,714
Notice	419,240
Term	56,729
Total	489,683	477,644
Bank Deposits [member]
Disclosure of deposits from customers [line items]
Demand	9,163
Notice	155
Term	10,351
Total	19,669	16,712
Business and government [member]
Disclosure of deposits from customers [line items]
Demand	78,789
Notice	133,449
Term	153,753
Total	365,991	357,083
Trading deposits [member]
Disclosure of deposits from customers [line items]
Term	53,974
Total	53,974	114,704
Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Term	57,766
Total	57,766
Canada [member]
Disclosure of deposits from customers [line items]
Total	562,513
Canada [member] | Personal [member]
Disclosure of deposits from customers [line items]
Total	225,858
Canada [member] | Bank Deposits [member]
Disclosure of deposits from customers [line items]
Total	12,811
Canada [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Total	266,014
Canada [member] | Trading deposits [member]
Disclosure of deposits from customers [line items]
Total	26,119
Canada [member] | Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Total	31,711
United States [member]
Disclosure of deposits from customers [line items]
Total	398,634
United States [member] | Personal [member]
Disclosure of deposits from customers [line items]
Total	263,795
United States [member] | Bank Deposits [member]
Disclosure of deposits from customers [line items]
Total	74
United States [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Total	96,320
United States [member] | Trading deposits [member]
Disclosure of deposits from customers [line items]
Total	16,270
United States [member] | Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Total	22,175
International [member]
Disclosure of deposits from customers [line items]
Total	25,936
International [member] | Personal [member]
Disclosure of deposits from customers [line items]
Total	30
International [member] | Bank Deposits [member]
Disclosure of deposits from customers [line items]
Total	6,784
International [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Total	3,657
International [member] | Trading deposits [member]
Disclosure of deposits from customers [line items]
Total	11,585
International [member] | Deposits designated at fair value through profit or loss [member]
Disclosure of deposits from customers [line items]
Total	3,880
Domestic Offices [member] | Non interest bearing deposits [member]
Disclosure of deposits from customers [line items]
Total	40,562	42,402
Domestic Offices [member] | Interest bearing deposits 1 [member]
Disclosure of deposits from customers [line items]
Total	521,951	505,295
Foreign Offices [member] | Non interest bearing deposits [member]
Disclosure of deposits from customers [line items]
Total	53,524	54,488
Foreign Offices [member] | Interest bearing deposits 1 [member]
Disclosure of deposits from customers [line items]
Total	370,365	362,890
US federal funds deposited [member] | Interest bearing deposits 1 [member]
Disclosure of deposits from customers [line items]
Total	$ 681	$ 1,068

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Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of deposits from customers [line items]
Deposits subject to bank recapitalization Bail-in	$ 6,586	$ 53
Deposits	365,991	357,083
Financial liabilities designated at fair value through profit or loss	57,783	16
Total deposits	987,083	966,143
Business and government [member]
Disclosure of deposits from customers [line items]
Total deposits	365,991	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	17	16
U.S. Dollar [member]
Disclosure of deposits from customers [line items]
Total deposits	559,000	548,000
Other Currency [member]
Disclosure of deposits from customers [line items]
Total deposits	56,000	55,000
Covered Bondholders [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Deposits	39,000	36,000
TD Capital Trust IV [member] | Business and government [member]
Disclosure of deposits from customers [line items]
Deposits	$ 2,000	$ 2,000

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Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Disclosure of financial liabilities [abstract]
Accounts payable, accrued expenses, and other items	$ 4,842	$ 4,958
Accrued interest	1,373	1,283
Accrued salaries and employee benefits	2,538	3,344
Cheques and other items in transit	964	454
Current income tax payable	149	84
Deferred tax liabilities	192	175
Defined benefit liability	2,230	1,747
Liabilities related to structured entities	6,449	5,627
Provisions	1,522	1,502
Total	$ 20,259	$ 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		6 Months Ended		12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Disclosure of classes of share capital [line items]
Balance at beginning of period			$ 80,040
Balance at end of period	$ 84,898	$ 76,662	$ 84,898	$ 76,662	$ 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			1.0		2.9
Shares issued as a result of dividend reinvestment plan, Number of shares			2.7		5.0
Shares issued in connection with acquisitions			5.0
Purchase of shares for cancellation and other, Number of Shares			(10.0)		(20.0)
Ending balance, Number of shares	1,829.1		1,829.1		1,830.4
Balance at beginning of period	$ 21,661	21,094	$ 21,221	$ 20,931	$ 20,931
Proceeds from shares issued on exercise of stock options, Amount	24	24	52	96	152
Shares issued as a result of dividend reinvestment plan			197		366
Shares issued in connection with acquisitions			366
Purchase of shares for cancellation and other, Amount	(65)	(7)	(118)	(7)	(228)
Balance at end of period	$ 21,718	$ 21,203	$ 21,718	$ 21,203	$ 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	6 Months Ended		12 Months Ended
	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Disclosure of classes of share capital [line items]
Balance at beginning of period		$ 80,040
Balance at end of period	$ 76,662	$ 84,898	$ 76,662	$ 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	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	4,750	$ 5,000	$ 4,750	$ 4,750
Shares issued, Amount	350	350	350	750
Shares redeemed, Amount				(500)
Balance at end of period	$ 5,100	$ 5,350	$ 5,100	$ 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		6 Months Ended		12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Disclosure of classes of share capital [line items]
Balance at beginning of period			$ 80,040
Balance at end of period	$ 84,898	$ 76,662	$ 84,898	$ 76,662	$ 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			71.5		110.6
Sale of shares, Number of shares			(72.9)		(111.4)
Ending balance, Number of shares	0.7		0.7		2.1
Balance at beginning of period	$ (139)	(92)	$ (144)	$ (176)	$ (176)
Purchase of shares, Amount	(2,855)	(1,691)	(5,198)	(3,590)	(8,295)
Sale of shares, Amount	2,945	1,675	5,293	3,658	8,327
Balance at end of period	$ (49)	(108)	$ (49)	$ (108)	$ (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			3.0		5.2
Sale of shares, Number of shares			(3.0)		(5.2)
Ending balance, Number of shares	0.3		0.3		0.3
Balance at beginning of period	$ (3)	(9)	$ (7)	$ (7)	$ (7)
Purchase of shares, Amount	(36)	(48)	(69)	(79)	(129)
Sale of shares, Amount	33	52	70	81	129
Balance at end of period	$ (6)	$ (5)	$ (6)	$ (5)	$ (7)

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Equity - Summary of Classes of Share Capital - Common Shares (Parenthetical) (Detail) - Greystone Capital Management Inc. [member] - Common shares [member] shares in Millions, $ in Millions	Nov. 01, 2018 CAD ($) shares
Disclosure of classes of share capital [line items]
Common shares issued | shares	4.7
Purchase consideration paid in shares, value | $	$ 342
Stock based compensation [member]
Disclosure of classes of share capital [line items]
Common shares issued | shares	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]	6 Months Ended
	Apr. 30, 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	6 Months Ended	12 Months Ended
	May 22, 2019	Apr. 12, 2019	Dec. 31, 2018	Apr. 30, 2019	Apr. 30, 2019	Oct. 31, 2018
Normal Course Issuer Bid [member]
Disclosure of classes of share capital [line items]
Maximum number of shares approved for repurchase	20,000,000
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		30,000,000		5,500,000	10,000,000	20,000,000
Repurchased average price per share		$ 74.29		$ 75.30	$ 72.75	$ 75.07
Repurchases amount		$ 2,200		$ 414	$ 727	$ 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		6 Months Ended
	Apr. 30, 2019 CAD ($)	Apr. 30, 2018 CAD ($)	Apr. 30, 2019 CAD ($)	Apr. 30, 2018 CAD ($)
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Compensation expense	$ 3,000,000	$ 3,400,000	$ 6,300,000	$ 6,500,000
Granted	0.0	0.0	2.2	1.9
Weighted average fair value of options granted	$ 0.00	$ 0.00	$ 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]	6 Months Ended
	Apr. 30, 2019 CAD ($) yr	Apr. 30, 2018 CAD ($) 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		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Service cost - benefits earned	$ 82	$ 101	$ 163	$ 203
Net interest cost on net defined benefit liability	(3)	2	(6)	4
Defined benefit administrative expenses	2	3	5	5
Total expense	81	106	162	212
Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Service cost - benefits earned	3	4	7	8
Net interest cost on net defined benefit liability	5	5	10	9
Total expense	8	9	17	17
Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Service cost - benefits earned	3	2	5	5
Net interest cost on net defined benefit liability	8	8	16	15
Past service cost (credit)	2		2	(3)
Defined benefit administrative expenses	1	1	3	2
Total expense	$ 14	$ 11	$ 26	$ 19

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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		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 109	$ 82	$ 205	$ 213
Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	95	71	178	190
Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	4	4	8	7
Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 10	$ 7	$ 19	$ 16

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Employee Benefits - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 109	$ 82	$ 205	$ 213
Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	95	71	178	190
Principal non-pension post-retirement benefit plan [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	4	4	8	7
Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan	$ 10	$ 7	19	$ 16
Expected additional contribution for remainder of year [member] | Principal pension plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan			175
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			8
Expected additional contribution for remainder of year [member] | Other pension and retirement plans [member]
Disclosure of defined benefit plans [line items]
Contributions to plan			$ 24

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Income Taxes - Additional Information (Detail) $ in Millions	6 Months Ended
	Apr. 30, 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		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Basic earnings per share
Net income attributable to common shareholders	$ 3,110	$ 2,846	$ 5,442	$ 5,129
Weighted-average number of common shares outstanding (millions)	1,826.6	1,843.6	1,829.9	1,842.6
Basic earnings per share (Canadian dollars)	$ 1.70	$ 1.54	$ 2.97	$ 2.78
Diluted earnings per share
Net income attributable to common shareholders	$ 3,110	$ 2,846	$ 5,442	$ 5,129
Net income available to common shareholders including impact of dilutive securities	$ 3,110	$ 2,846	$ 5,442	$ 5,129
Weighted-average number of common shares outstanding (millions)	1,826.6	1,843.6	1,829.9	1,842.6
Stock options potentially exercisable (millions)1	3.4	3.9	3.3	4.2
Weighted-average number of common shares outstanding - diluted (millions)	1,830.0	1,847.5	1,833.2	1,846.8
Diluted earnings per share (Canadian dollars)1	$ 1.70	$ 1.54	$ 2.97	$ 2.78

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Earnings Per Share - Summary of Earnings Per Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Earnings per share [abstract]
Average outstanding options excluded from calculation of diluted earnings per share	0	0	0	0

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Contingent Liabilities - Additional Information (Detail) - Litigation [member] - CAD ($)	Apr. 30, 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	$ 602,000,000	$ 763,000,000

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Segmented Information - Summary of Results by Business Segment (Detail) - CAD ($) $ in Millions		3 Months Ended				6 Months Ended
		Apr. 30, 2019	Mar. 31, 2019	Apr. 30, 2018	Mar. 31, 2018	Apr. 30, 2019	Mar. 31, 2019	Apr. 30, 2018	Mar. 31, 2018	Oct. 31, 2018	Sep. 30, 2018
Disclosure of operating segments [line items]
Net interest income (loss)		$ 5,872		$ 5,398		$ 11,732		$ 10,828
Non-interest income (loss)		4,356		4,084		8,494		8,029
Total revenue		10,228		9,482		20,226		18,857
Provision for (recovery of) credit losses		633		556		1,483		1,249
Insurance claims and related expenses		668		558		1,370		1,133
Total non-interest expenses		5,248		4,837		11,103		9,698
Income before income taxes and equity in net income of an investment in TD Ameritrade		3,679		3,531		6,270		6,777
Provision for (recovery of) income taxes		773		746		1,276		1,786
Net income (loss)	[1]	3,172		2,916		5,582		5,269
Total assets		1,356,588		1,283,836		1,356,588		1,283,836		$ 1,334,903
TD Ameritrade [member]
Disclosure of operating segments [line items]
Total revenue			$ 1,928		$ 1,790		$ 3,931		$ 3,388
Provision for (recovery of) income taxes			225		128		455		136
Equity in net income of an investment in TD Ameritrade		266		131		588		278
Net income (loss)			663		$ 343		1,461		$ 720
Total assets			$ 51,818				$ 51,818				$ 49,393
Canadian Retail [member]
Disclosure of operating segments [line items]
Net interest income (loss)		3,010		2,781		6,054		5,606
Non-interest income (loss)		2,949		2,731		5,893		5,456
Total revenue		5,959		5,512		11,947		11,062
Provision for (recovery of) credit losses		280		219		590		489
Insurance claims and related expenses		668		558		1,370		1,133
Total non-interest expenses		2,481		2,232		5,565		4,543
Income before income taxes and equity in net income of an investment in TD Ameritrade		2,530		2,503		4,422		4,897
Provision for (recovery of) income taxes		681		670		1,194		1,307
Net income (loss)		1,849		1,833		3,228		3,590
Total assets		439,485		415,518		439,485		415,518
U.S. Retail [member]
Disclosure of operating segments [line items]
Net interest income (loss)		2,231		1,977		4,478		3,917
Non-interest income (loss)		677		654		1,378		1,357
Total revenue		2,908		2,631		5,856		5,274
Provision for (recovery of) credit losses		226		204		532		451
Total non-interest expenses		1,527		1,488		3,138		2,935
Income before income taxes and equity in net income of an investment in TD Ameritrade		1,155		939		2,186		1,888
Provision for (recovery of) income taxes		150		94		252		197
Net income (loss)		1,263		979		2,503		1,931
Total assets		426,143		405,115		426,143		405,115
U.S. Retail [member] | TD Ameritrade [member]
Disclosure of operating segments [line items]
Equity in net income of an investment in TD Ameritrade		258		134		569		240
Wholesale Banking [member]
Disclosure of operating segments [line items]
Net interest income (loss)		262		272		435		601
Non-interest income (loss)		625		615		1,034		1,176
Total revenue		887		887		1,469		1,777
Provision for (recovery of) credit losses		(5)		16		2		9
Total non-interest expenses		597		516		1,199		1,042
Income before income taxes and equity in net income of an investment in TD Ameritrade		295		355		268		726
Provision for (recovery of) income taxes		74		88		64		181
Net income (loss)		221		267		204		545
Total assets		424,360		403,775		424,360		403,775
Corporate [member]
Disclosure of operating segments [line items]
Net interest income (loss)		369		368		765		704
Non-interest income (loss)		105		84		189		40
Total revenue		474		452		954		744
Provision for (recovery of) credit losses		132		117		359		300
Total non-interest expenses		643		601		1,201		1,178
Income before income taxes and equity in net income of an investment in TD Ameritrade		(301)		(266)		(606)		(734)
Provision for (recovery of) income taxes		(132)		(106)		(234)		101
Net income (loss)		(161)		(163)		(353)		(797)
Total assets		66,600		59,428		66,600		59,428
Corporate [member] | TD Ameritrade [member]
Disclosure of operating segments [line items]
Equity in net income of an investment in TD Ameritrade		$ 8		$ (3)		$ 19		$ 38

[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		6 Months Ended
		Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Disclosure of Interest Income Expense [line items]
Interest income	[1]	$ 10,273	$ 8,609	$ 20,817	$ 16,917
Interest expense		4,401	3,211	9,085	6,089
Financial assets amortized cost [member]
Disclosure of Interest Income Expense [line items]
Interest income		7,289	6,214	14,669	12,274
Interest expense		2,823	2,157	5,751	4,107
Financial assets at fair value through other comprehensive income [member]
Disclosure of Interest Income Expense [line items]
Interest income		1,265	1,096	2,570	2,137
Financial instruments measure at amortized cost and FVOCI [member]
Disclosure of Interest Income Expense [line items]
Interest income		8,554	7,310	17,239	14,411
Interest expense		2,823	2,157	5,751	4,107
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		1,719	1,299	3,578	2,506
Interest expense		$ 1,578	$ 1,054	$ 3,334	$ 1,982

[1] Includes $8,554 million and $17,239 million, respectively, for the three and six months ended April 30, 2019 (three and six months ended April 30, 2018 - $7,310 million and $14,411 million, respectively) which have been calculated based on the effective interest rate method. Refer to Note 20.

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Regulatory Capital - Additional Information (Detail) - Basel III [member]	Apr. 30, 2019	Apr. 30, 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	1.75%
Target Common Equity tier 1 Capital Ratio including Domestic Stability Buffer	9.75%

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Regulatory Capital - Summary of Regulatory Capital Position (Detail) - CAD ($) $ in Millions	Apr. 30, 2019	Oct. 31, 2018
Capital
Common Equity Tier 1 Capital	$ 54,269	$ 52,389
Tier 1 Capital	61,008	59,735
Total Capital	71,620	70,434
Risk-weighted assets used in the calculation of capital ratios
Common Equity Tier 1 Capital	452,267	435,632
Tier 1 Capital	452,267	435,780
Total Capital	$ 452,267	$ 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	15.80%	16.20%
Leverage ratio	4.20%	4.20%

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Regulatory Capital - Summary of Regulatory Capital Position (Parenthetical) (Detail) - Credit valuation adjustment (CVA) capital charge [Member]	Apr. 30, 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%

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Subsequent Events - Additional Information (Detail)	May 22, 2019 shares
Normal Course Issuer Bid [member]
Disclosure of non-adjusting events after reporting period [line items]
Maximum number of shares approved for repurchase	20,000,000