RETURN ON ASSETS, DIVIDEND PAYOUTS, AND EQUITY TO ASSETS RATIOS

Exhibit 99.4

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


	For the three months ended												For the year ended
	October 31 2023			July 31 2023			April 30 2023			January 31 2023			October 31 2023			October 31 2022			October 31 2021
Return on Assets – reported³		0.56	%		0.60	%		0.66	%		0.31	%		0.53	%		0.95	%		0.81	%
Return on Assets – adjusted⁴		0.69			0.76			0.75			0.84			0.76			0.84			0.83
Dividend Payout Ratio – reported⁵		64.5			61.0			55.9			116.6			68.5			37.5			40.9
Dividend Payout Ratio – adjusted⁶		52.4			48.2			49.6			42.9			48.0			42.5			39.9

Equity to Asset Ratio⁷		5.9			6.0			5.9			5.8			5.9			5.6			5.6

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

The Bank prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accordance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e. reported results excluding “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s performance. Non-GAAP financial measures and ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” in the Bank’s 2023 MD&A (available at www.td.com/investor and www.sedar.com), which is incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results.

³	Calculated as reported net income available to common shareholders divided by average total assets.

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