2023-Q4 Financial SuppPack F EN

Table of Contents
Page Page
Basis of Presentation 1 On-and Off-Balance Sheet
Balance Sheet 15
Financial Overview Assets Under Administration and Management 16
Highlights 2 Change in Accumulated Other Comprehensive Income, Net of Income Taxes 17
Shareholder Value 3 Analysis of Change in Equity 18-19
Analysis of Change in Investment in Schwab 20
Consolidated Results Goodwill and Other Intangibles 20
Adjusted and Reported Net Income and Adjustments for Items of Note 4-5
Net Interest Income and Margin 6 Credit Risk
Non-Interest Income 7 Loans Managed 21
Non-Interest Expenses 8 Gross Loans and Acceptances by Industry Sector and Geographic Location 22-24
Impaired Loans 25
Segmented Information Impaired Loans and Acceptances by Industry Sector and Geographic Location 26-28
Canadian Personal and Commercial Banking Segment 9 Allowance for Credit Losses 29
U.S. Retail Segment – Canadian Dollars 10 Allowance for Credit Losses by Industry Sector and Geographic Location 30-32
– U.S. Dollars 11 Provision for Credit Losses 33
Wealth Management and Insurance Segment 12 Provision for Credit Losses by Industry Sector and Geographic Location 34-36
Wholesale Banking Segment 13
Corporate Segment 14 Acronyms 37
1
Highlights
($ millions, except as noted) LINE 2023 2022 2021 Full Year
For the period ended # Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2023 2022
Income Statement
Net interest income 1 $ 7,494 $ 7,289 $ 7,428 $ 7,733 $ 7,630 $ 7,044 $ 6,377 $ 6,302 $ 6,262 $ 29,944 $ 27,353
Non-interest income 2 5,627 5,490 4,938 4,493 7,933 3,881 4,886 4,979 4,679 20,548 21,679
Total revenue 3 13,121 12,779 12,366 12,226 15,563 10,925 11,263 11,281 10,941 50,492 49,032
Provision for (recovery of) credit losses 4 878 766 599 690 617 351 27 72 (123) 2,933 1,067
Insurance claims and related expenses 5 1,002 923 804 976 723 829 592 756 650 3,705 2,900
Non-interest expenses 6 7,883 7,582 6,987 8,316 6,545 6,096 6,033 5,967 5,947 30,768 24,641
Income (loss) before provision for income taxes 7 3,358 3,508 3,976 2,244 7,678 3,649 4,611 4,486 4,467 13,086 20,424
Provision for (recovery of) income taxes 8 628 727 866 947 1,297 703 1,002 984 910 3,168 3,986
Income before share of net income from investment in Schwab 9 2,730 2,781 3,110 1,297 6,381 2,946 3,609 3,502 3,557 9,918 16,438
Share of net income from investment in Schwab 10 156 182 241 285 290 268 202 231 224 864 991
Net income – reported 11 2,886 2,963 3,351 1,582 6,671 3,214 3,811 3,733 3,781 10,782 17,429
Adjustment for items of note, net of income taxes 12 619 768 401 2,573 (2,606) 599 (97) 100 85 4,361 (2,004)
Net income – adjusted 1 13 3,505 3,731 3,752 4,155 4,065 3,813 3,714 3,833 3,866 15,143 15,425
Preferred dividends and distributions on other equity
instruments 14 196 74 210 83 107 43 66 43 63 563 259
Net income available to common shareholders – adjusted 15 $ 3,309 $ 3,657 $ 3,542 $ 4,072 $ 3,958 $ 3,770 $ 3,648 $ 3,790 $ 3,803 $ 14,580 $ 15,166
Total revenue – adjusted 1 16 $ 13,185 $ 13,013 $ 12,539 $ 13,102 $ 12,247 $ 11,603 $ 11,039 $ 11,281 $ 10,941 $ 51,839 $ 46,170
Non-interest expenses – adjusted 1 17 7,243 6,953 6,693 6,541 6,430 6,033 5,999 5,897 5,898 27,430 24,359
Earnings per Share (EPS) ($) and Weighted-Average 2
Basic earnings: reported 18 $ 1.49 $ 1.57 $ 1.72 $ 0.82 $ 3.62 $ 1.76 $ 2.08 $ 2.03 $ 2.04 $ 5.61 $ 9.48
adjusted 1 19 1.83 1.99 1.94 2.24 2.18 2.09 2.02 2.08 2.09 8.00 8.38
Diluted earnings: reported 20 1.49 1.57 1.72 0.82 3.62 1.75 2.07 2.02 2.04 5.60 9.47
adjusted 1 21 1.83 1.99 1.94 2.23 2.18 2.09 2.02 2.08 2.09 7.99 8.36
Weighted-average number of common shares outstanding
Basic 22 1,806.3 1,834.8 1,828.3 1,820.7 1,812.1 1,804.5 1,804.7 1,820.5 1,820.5 1,822.5 1,810.5
Diluted 23 1,807.8 1,836.3 1,830.3 1,823.1 1,814.4 1,807.1 1,808.3 1,824.1 1,823.2 1,824.4 1,813.6
Balance Sheet ($ billions)
Total assets 24 $ 1,957.0 $ 1,887.1 $ 1,926.5 $ 1,928.3 $ 1,917.5 $ 1,840.8 $ 1,825.3 $ 1,778.6 $ 1,728.7 $ 1,957.0 $ 1,917.5
Total equity 25 112.1 112.7 116.1 111.8 111.4 102.6 99.4 102.0 99.8 112.1 111.4
Risk Metrics ($ billions, except as noted)
Total risk-weighted assets 3 26 $ 571.2 $ 544.9 $ 549.4 $ 531.6 $ 517.0 $ 495.7 $ 489.0 $ 470.9 $ 460.3 $ 571.2 $ 517.0
Common Equity Tier 1 Capital 3 27 82.3 83.0 84.3 82.3 83.7 74.0 71.9 71.5 69.9 82.3 83.7
Common Equity Tier 1 Capital ratio 3 28 14.4 % 15.2 % 15.3 % 15.5 % 16.2 % 14.9 % 14.7 % 15.2 % 15.2 % 14.4 % 16.2 %
Tier 1 Capital3 29 $ 92.8 $ 93.8 $ 95.1 $ 93.1 $ 94.4 $ 80.7 $ 77.8 $ 76.9 $ 75.7 $ 92.8 $ 94.4
Tier 1 Capital ratio 3 30 16.2 % 17.2 % 17.3 % 17.5 % 18.3 % 16.3 % 15.9 % 16.3 % 16.5 % 16.2 % 18.3 %
Total Capital ratio 3 31 18.1 19.6 19.7 19.9 20.7 18.8 18.5 19.0 19.1 18.1 20.7
Leverage ratio 4 32 4.4 4.6 4.6 4.8 4.9 4.3 4.3 4.4 4.8 4.4 4.9
TLAC ratio5 33 32.7 35.0 34.2 36.6 35.2 32.0 30.4 28.6 28.3 32.7 35.2
TLAC leverage ratio 5 34 8.9 9.3 9.0 9.9 9.4 8.5 8.1 7.6 8.2 8.9 9.4
Liquidity coverage ratio (LCR) 6 35 130 133 144 141 128 121 119 124 126 n/a7 n/a
Net stable funding ratio (NSFR) 8 36 117 117 122 125 122 123 122 124 125 n/a n/a
Economic value of shareholders’ equity (EVE) sensitivity
before tax ($ millions)
1% increase in interest rates 37 $ (2,211) $ (1,415) $ (1,682) $ (1,610) $ (1,496) $ (1,329) $ (1,293) $ (1,284) $ (1,368) $ (2,211) $ (1,496)
1% decrease in interest rates 38 1,599 1,003 1,106 1,056 1,102 1,140 1,149 543 338 1,599 1,102
Net interest income sensitivity (NIIS) before tax ($ millions)
1% increase in interest rates 39 920 984 785 1,135 1,213 1,291 1,545 2,000 1,857 920 1,213
1% decrease in interest rates 40 (1,099) (1,155) (910) (1,216) (1,381) (1,431) (1,574) (1,481) (1,101) (1,099) (1,381)
Net impaired loans – personal, business, and government
($ millions)9 41 2,277 1,996 1,803 1,764 1,746 1,632 1,695 1,880 1,782 2,277 1,746
As a % of net loans and acceptances 42 0.25 % 0.22 % 0.21 % 0.21 % 0.20 % 0.20 % 0.22 % 0.25 % 0.24 % 0.25 % 0.20 %
Provision for (recovery of) credit losses as a % of average
net loans and acceptances 43 0.39 0.35 0.28 0.32 0.29 0.17 0.01 0.04 (0.07) 0.34 0.14
Rating of senior debt: 10
Moody’s 44 A1 A1 A1 A1 A1 A1 A1 A1 A1 A1 A1
Standard and Poor’s 45 A A A A A A A A A A A
Rating of legacy senior debt: 11
Moody’s 46 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2
Standard and Poor’s 47 AA- AA- AA- AA- AA- AA- AA- AA- AA- AA- AA-
1 For additional information about the Bank’s use of non-GAAP financial measures, refer to “Basis of Presentation” of this document.
2 For additional information about this metric, refer to the Glossary in the Bank’s 2023 Management’s Discussion and Analysis (MD&A), which is incorporated by reference. The sum of the quarterly EPS figures may not equal year-to-date EPS.
3 These measures have been included in this document in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Capital Adequacy Requirements guideline.
4 The leverage ratio is calculated as Tier 1 Capital divided by leverage exposures and has been included in this document in accordance with OSFI’s Leverage Requirements guideline. Refer to page 6 of the SRD Package for further details.
5 These measures have been included in this document in accordance with OSFI’s Total Loss Absorbing Capacity (TLAC) guideline.
6 OSFI’s Liquidity Adequacy Requirements guideline requires Canadian banks to disclose the LCR based on an average of the daily positions during the quarter. The LCR for the quarters ended October 31, 2023, July 31, 2023, April 30, 2023, January 31, 2023, October 31, 2022,
July 31, 2022, April 30, 2022, January 31, 2022, and October 31, 2021 was calculated as an average of 62, 64, 61, 62, 62, 63, 62, 62, and 61 daily data points, respectively, in the quarter.
7 Not applicable.
8 This measure has been included in this document in accordance with OSFI’s Liquidity Adequacy Requirements.
9 Excludes acquired credit-impaired (ACI) loans.
10 Subject to conversion under the bank recapitalization “bail-in” regime.
11 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.
2
Shareholder Value
Business Performance
Net income available to common shareholders 1 $ 2,690 $ 2,889 $ 3,141 $ 1,499 $ 6,564 $ 3,171 $ 3,745 $ 3,690 $ 3,718 $ 10,219 $ 17,170
Average common equity 2 101,027 102,728 102,686 100,337 98,199 92,963 93,922 95,829 93,936 101,555 95,326
Return on common equity – reported 1 3 10.6 % 11.2 % 12.5 % 5.9 % 26.5 % 13.5 % 16.4 % 15.3 % 15.7 % 10.1 % 18.0 %
Return on common equity – adjusted1,2 4 13.0 14.1 14.1 16.1 16.0 16.1 15.9 15.7 16.1 14.4 15.9
Return on tangible common equity 1,2 5 14.4 15.1 16.8 8.0 35.4 18.4 22.1 20.6 21.3 13.6 24.3
Return on tangible common equity – adjusted 1,2 6 17.2 18.6 18.5 21.1 21.2 21.6 21.2 20.8 21.4 18.9 21.2
Return on risk-weighted assets – reported 3 7 1.91 2.09 2.39 1.13 5.14 2.56 3.20 3.14 3.19 1.88 3.53
Return on risk-weighted assets – adjusted 2,3 8 2.35 2.65 2.69 3.08 3.10 3.04 3.12 3.23 3.26 2.69 3.12
Efficiency ratio – reported1 9 60.1 59.3 56.5 68.0 42.1 55.8 53.6 52.9 54.4 60.9 50.3
Efficiency ratio – adjusted1,2 10 54.9 53.4 53.4 49.9 52.5 52.0 54.3 52.3 53.9 52.9 52.8
Effective tax rate1
Reported 11 18.7 20.7 21.8 42.2 16.9 19.3 21.7 21.9 20.4 24.2 19.5
Adjusted (TEB)2,4 12 20.3 20.6 22.6 22.7 17.3 21.1 22.2 22.6 21.0 21.6 20.8
Net interest margin – reported2,5 13 1.73 1.69 1.76 1.79 1.81 1.74 1.64 1.57 1.58 1.74 1.69
Net interest margin – adjusted2,5 14 1.75 1.70 1.81 1.82 1.80 1.73 1.64 1.57 1.58 1.77 1.69
Average number of full-time equivalent staff 15 103,762 104,268 102,818 99,999 98,272 97,117 93,203 90,823 89,658 103,257 94,867
Common Share Performance

Closing market price ($) 16 $ 77.46 $ 86.96 $ 82.07 $ 92.06 $ 87.19 $ 83.18 $ 92.79 $ 101.81 $ 89.84 $ 77.46 $ 87.19
Book value per common share ($) 1 17 56.58 55.50 57.04 55.01 55.00 52.54 51.49 53.00 51.66 56.58 55.00
Closing market price to book value 18 1.37 1.57 1.44 1.67 1.59 1.58 1.80 1.92 1.74 1.37 1.59
Price-earnings ratio6
Reported 19 13.8 11.3 10.4 11.1 9.2 10.6 11.5 12.8 11.6 13.8 9.2
Adjusted2 20 9.7 10.4 9.7 10.8 10.4 10.0 11.4 12.5 11.3 9.7 10.4
Total shareholder return on common
shareholders’ investment7 21 (6.9) % 9.4 % (7.5) % (5.7) % 0.9 % 4.2 % 13.9 % 45.8 % 58.9 % (6.9) % 0.9 %
Number of common shares
outstanding (millions) 22 1,790.7 1,827.5 1,838.5 1,828.9 1,820.7 1,813.1 1,803.9 1,816.5 1,822.0 1,790.7 1,820.7
Total market capitalization ($ billions) 23 $ 138.7 $ 158.9 $ 150.9 $ 168.4 $ 158.7 $ 150.8 $ 167.4 $ 184.9 $ 163.7 $ 138.7 $ 158.7
Dividend Performance
Dividend per common share ($) 24 $ 0.96 $ 0.96 $ 0.96 $ 0.96 $ 0.89 $ 0.89 $ 0.89 $ 0.89 $ 0.79 $ 3.84 $ 3.56
Dividend yield8 25 4.7 % 4.7 % 4.5 % 4.3 % 4.2 % 4.0 % 3.6 % 3.7 % 3.7 % 4.6 % 3.8 %
Common dividend payout ratio
Reported1 26 64.1 60.9 55.8 116.5 24.6 50.6 42.8 44.0 38.7 68.3 37.5
Adjusted1,2 27 52.1 48.1 49.5 42.9 40.8 42.5 43.9 42.8 37.8 47.9 42.5
1 For additional information about this metric, refer to the Glossary in the Bank’s 2023 MD&A.
2 For additional information about the Bank’s use of non-GAAP financial measures, refer to “Basis of Presentation” in this document.
3 Net income available to common shareholders as a percentage of average risk-weighted assets (RWA). RWA is calculated in accordance with OSFI’s Capital Adequacy Requirements guideline.
4 Adjusted effective tax rate is grossed up for the TEB adjustment shown on page 6. For additional information on TEB, refer to “Basis of Presentation” in this document.
5 Average interest-earning assets used in the calculation of net interest margin is a non-GAAP financial measure. For additional information about these metrics, refer to the Glossary in the Bank’s 2023 MD&A.
6 Price-earnings ratio is calculated based on a trailing four quarters’ EPS.
7 Return is calculated based on share price movement and dividends reinvested over a trailing one-year period.
8 Dividend yield is calculated as the dividend per common share divided by the 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 for the quarter; b) for the year-to-date – by annualizing the year-to-date dividend per common share; and c) for the full year – dividend per common share for the year.
3
Adjusted and Reported Net Income and Adjustments for Items of Note1
Operating results – adjusted
Net interest income7 1 $ 7,558 $ 7,364 $ 7,610 $ 7,862 $ 7,627 $ 7,001 $ 6,377 $ 6,302 $ 6,262 $ 30,394 $ 27,307
Non-interest income2,7 2 5,627 5,649 4,929 5,240 4,620 4,602 4,662 4,979 4,679 21,445 18,863
Total revenue 3 13,185 13,013 12,539 13,102 12,247 11,603 11,039 11,281 10,941 51,839 46,170
Provision for (recovery of) credit losses 4 878 766 599 690 617 351 27 72 (123) 2,933 1,067
Insurance claims and related expenses 5 1,002 923 804 976 723 829 592 756 650 3,705 2,900
Non-interest expenses3 6 7,243 6,953 6,693 6,541 6,430 6,033 5,999 5,897 5,898 27,430 24,359
Income before income taxes and share of net income from
investment in Schwab 7 4,062 4,371 4,443 4,895 4,477 4,390 4,421 4,556 4,516 17,771 17,844
Provision for (recovery of) income taxes 8 791 868 974 1,068 747 892 955 1,001 921 3,701 3,595
Share of net income from investment in Schwab 4 9 234 228 283 328 335 315 248 278 271 1,073 1,176
Net income – adjusted 10 3,505 3,731 3,752 4,155 4,065 3,813 3,714 3,833 3,866 15,143 15,425
Preferred dividends and distributions on other equity instruments 11 196 74 210 83 107 43 66 43 63 563 259
Net income available to common shareholders – adjusted 12 3,309 3,657 3,542 4,072 3,958 3,770 3,648 3,790 3,803 14,580 15,166
Pre-tax adjustments for items of note
Amortization of acquired intangibles 5 13 $ (92) $ (88) $ (79) $ (54) $ (57) $ (58) $ (60) $ (67) $ (74) $ (313) $ (242)
Acquisition and integration charges related to the Schwab transaction 6 14 (31) (54) (30) (34) (18) (23) (20) (50) (22) (149) (111)
Share of restructuring charges from investment in Schwab 6 15 (35) – – – – – – – – (35) –
Restructuring charges3 16 (363) – – – – – – – – (363) –
Acquisition and integration-related charges 3 17 (197) (143) (73) (21) (18) – – – – (434) (18)
Charges related to the terminated First Horizon (FHN) acquisition 3 18 – (84) (154) (106) (67) (29) – – – (344) (96)
Payment related to the termination of the FHN transaction 3 19 – (306) – – – – – – – (306) –
Impact from the terminated FHN acquisition-related capital hedging strategy 7 20 (64) (177) (134) (876) 2,319 (678) – – – (1,251) 1,641
Impact of retroactive tax legislation on payment card clearing services 2 21 – (57) – – – – – – – (57) –
Litigation (settlement)/recovery 2,3 22 – – (39) (1,603) – – 224 – – (1,642) 224
Gain on sale of Schwab shares 2 23 – – – – 997 – – – – – 997
Total 24 $ (782) $ (909) $ (509) $ (2,694) $ 3,156 $ (788) $ 144 $ (117) $ (96) $ (4,894) $ 2,395
Less: Impact of income taxes
Amortization of acquired intangibles 25 $ (9) $ (13) $ (12) $ (8) $ (6) $ (6) $ (6) $ (8) $ (9) $ (42) $ (26)
Acquisition and integration charges related to the Schwab transaction 26 (5) (10) (4) (6) (2) (3) (2) (9) (2) (25) (16)
Restructuring charges 27 (97) – – – – – – – – (97) –
Acquisition and integration-related charges 28 (36) (38) (10) (5) (4) – – – – (89) (4)
Charges related to the terminated FHN acquisition 29 – (21) (38) (26) (16) (7) – – – (85) (23)
Impact from the terminated FHN acquisition-related capital hedging strategy 30 (16) (43) (33) (216) 578 (173) – – – (308) 405
Impact of retroactive tax legislation on payment card clearing services 31 – (16) – – – – – – – (16) –
Litigation (settlement)/recovery 32 – – (11) (445) – – 55 – – (456) 55
Canada Recovery Dividend (CRD) and federal tax rate increase for fiscal 2022 8 33 – – – 585 – – – – – 585 –
Total 34 $ (163) $ (141) $ (108) $ (121) $ 550 $ (189) $ 47 $ (17) $ (11) $ (533) $ 391
Total adjustment for items of note 35 $ (619) $ (768) $ (401) $ (2,573) $ 2,606 $ (599) $ 97 $ (100) $ (85) $ (4,361) $ 2,004
Net Income available to common shareholders – reported 36 $ 2,690 $ 2,889 $ 3,141 $ 1,499 $ 6,564 $ 3,171 $ 3,745 $ 3,690 $ 3,718 $ 10,219 $ 17,170
After-Tax Increase (Decrease) in Diluted Earnings per Share ($) 9

Amortization of acquired intangibles 37 $ 0.04 $ 0.04 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.04 $ 0.15 $ 0.12
Acquisition and integration charges related to the Schwab transaction 38 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.07 0.05
Share of restructuring charges from investment in Schwab 39 0.02 – – – – – – – – 0.02 –
Restructuring charges 40 0.15 – – – – – – – – 0.15 –
Acquisition and integration-related charges 41 0.09 0.06 0.04 0.01 0.01 – – – – 0.19 0.01
Charges related to the terminated FHN acquisition 42 – 0.03 0.06 0.04 0.02 0.01 – – – 0.14 0.04
Payment related to the termination of the FHN transaction 43 – 0.17 – – – – – – – 0.17 –
Impact from the terminated FHN acquisition-related capital hedging strategy 44 0.03 0.08 0.06 0.36 (0.96) 0.28 – – – 0.51 (0.68)
Impact of retroactive tax legislation on payment card clearing services 45 – 0.02 – – – – – – – 0.02 –
Litigation (settlement)/recovery 46 – – 0.02 0.63 – – (0.09) – – 0.65 (0.09)
Gain on sale of Schwab shares 47 – – – – (0.55) – – – – – (0.55)
CRD and federal tax rate increase for fiscal 2022 48 – – – 0.32 – – – – – 0.32 –
Total 49 $ 0.34 $ 0.42 $ 0.22 $ 1.41 $ (1.44) $ 0.33 $ (0.05) $ 0.05 $ 0.05 $ 2.39 $ (1.10)
4
5
Net Interest Income and Margin
Interest Income
Loans 1 $ 12,464 $ 11,517 $ 10,539 $ 9,998 $ 8,637 $ 7,150 $ 6,016 $ 5,918 $ 5,927 $ 44,518 $ 27,721
Reverse repurchase agreements 2 2,945 2,660 2,134 1,781 1,156 524 172 93 82 9,520 1,945
Securities 3 5,789 5,578 5,100 4,851 3,919 2,679 1,710 1,442 1,354 21,318 9,750
Deposits with banks 4 1,178 1,180 1,534 1,426 987 429 131 69 76 5,318 1,616
Total interest income 5 22,376 20,935 19,307 18,056 14,699 10,782 8,029 7,522 7,439 80,674 41,032
Interest Expense
Deposits 6 11,257 10,257 9,042 7,795 5,255 2,670 1,047 776 776 38,351 9,748
Securitization liabilities 7 253 232 208 222 185 164 122 102 88 915 573
Subordinated notes and debentures 8 103 117 105 111 105 101 94 97 93 436 397
Repurchase agreements and short sales 9 2,992 2,790 2,293 2,008 1,413 744 346 203 175 10,083 2,706
Other 10 277 250 231 187 111 59 43 42 45 945 255
Total interest expense 11 14,882 13,646 11,879 10,323 7,069 3,738 1,652 1,220 1,177 50,730 13,679
Net Interest Income 12 7,494 7,289 7,428 7,733 7,630 7,044 6,377 6,302 6,262 29,944 27,353
TEB adjustment 13 44 40 40 57 36 41 34 38 36 181 149
Net Interest Income (TEB) 1 14 $ 7,538 $ 7,329 $ 7,468 $ 7,790 $ 7,666 $ 7,085 $ 6,411 $ 6,340 $ 6,298 $ 30,125 $ 27,502
Average total assets ($ billions) 15 $ 1,911 $ 1,899 $ 1,946 $ 1,933 $ 1,893 $ 1,811 $ 1,778 $ 1,769 $ 1,750 $ 1,922 $ 1,813
Average earning assets ($ billions) 2 16 1,715 1,716 1,728 1,715 1,677 1,609 1,595 1,593 1,574 1,718 1,618
Net interest margin – reported2 17 1.73 % 1.69 % 1.76 % 1.79 % 1.81 % 1.74 % 1.64 % 1.57 % 1.58 % 1.74 % 1.69 %
Net interest margin – adjusted 2 18 1.75 1.70 1.81 1.82 1.80 1.73 1.64 1.57 1.58 1.77 1.69
1
Net Interest Income (TEB) is a non-GAAP financial measure. For additional information on TEB and the Bank’s use of non-GAAP financial measures, refer to “Basis of Presentation” in this document.
2
Average interest-earning assets used in the calculation of net interest margin is a non-GAAP financial measure. Refer to “Basis of Presentation” in this document and the Glossary in the Bank’s 2023 MD&A, for additional information about these
metrics.
6
Non-Interest Income
($ millions) LINE 2023 2022 2021 Full Year
Investment and Securities Services

Broker dealer fees and commissions 1 $ 354 $ 326 $ 353 $ 230 $ 229 $ 230 $ 267 $ 283 $ 266 $ 1,263 $ 1,009
Full-service brokerage and other securities services 2 385 375 377 381 374 354 377 384 355 1,518 1,489
Underwriting and advisory 3 261 324 288 124 113 125 137 183 202 997 558
Investment management fees 4 157 161 156 162 158 161 164 168 166 636 651
Mutual fund management 5 468 479 469 481 482 492 523 560 550 1,897 2,057
Trust fees 6 26 28 28 27 25 27 27 26 26 109 105
Total investment and securities services 7 1,651 1,693 1,671 1,405 1,381 1,389 1,495 1,604 1,565 6,420 5,869
Credit fees 8 472 467 429 428 438 395 382 400 374 1,796 1,615
Trading income (loss) 9 750 700 289 678 (219) (132) (20) 114 (12) 2,417 (257)
Service charges 10 649 665 644 651 719 715 704 733 711 2,609 2,871
Card services 11 754 697 712 769 750 751 682 707 651 2,932 2,890
Insurance revenue1 12 1,491 1,447 1,359 1,374 1,310 1,406 1,347 1,317 1,248 5,671 5,380
Other income
Foreign exchange – non-trading 13 41 69 2 87 44 73 53 78 62 199 248
Financial instruments designated at fair value through profit or loss
related to insurance subsidiaries 1 14 (10) (50) 7 83 (64) (28) (117) (43) (38) 30 (252)
Hedging related activities and other income (loss) from financial
instruments2 15 (193) (270) (187) (1,003) 2,514 (720) 71 4 60 (1,653) 1,869
Fees and other items3 16 22 72 12 21 1,060 32 289 65 58 127 1,446
Total other income (loss) 17 (140) (179) (166) (812) 3,554 (643) 296 104 142 (1,297) 3,311
Total non-interest income 18 $ 5,627 $ 5,490 $ 4,938 $ 4,493 $ 7,933 $ 3,881 $ 4,886 $ 4,979 $ 4,679 $ 20,548 $ 21,679
1
The results of the Bank’s insurance business within the Wealth Management and Insurance segment include insurance revenue and changes in fair value from investments that support policy liabilities which are designated at fair value through profit or loss (FVTPL)
within the Bank’s property and casualty insurance subsidiaries.
2
Effective the third quarter of 2022, includes the impact of the terminated FHN acquisition-related capital hedging strategy. For further details, refer to footnote 7 on page 5.
3
In the fourth quarter of 2022, the result includes the gain on sale of Schwab shares. For further details, refer to footnote 2ii on page 5.
7
Non-Interest Expenses
Salaries and Employee Benefits

Salaries 1 $ 2,448 $ 2,411 $ 2,424 $ 2,276 $ 2,226 $ 2,084 $ 1,919 $ 1,864 $ 1,836 $ 9,559 $ 8,093
Incentive compensation 2 1,147 1,076 933 909 803 777 866 857 751 4,065 3,303
Pension and other employee benefits 3 512 518 526 573 478 466 497 557 464 2,129 1,998
Total salaries and employee benefits 4 4,107 4,005 3,883 3,758 3,507 3,327 3,282 3,278 3,051 15,753 13,394
Occupancy
Depreciation and impairment losses 5 253 258 247 229 243 229 234 219 238 987 925
Rent and maintenance 6 207 202 199 204 190 188 176 181 202 812 735
Total occupancy 7 460 460 446 433 433 417 410 400 440 1,799 1,660
Technology and Equipment

Equipment, data processing and licenses 8 553 542 499 462 448 414 410 388 391 2,056 1,660
Depreciation and impairment losses 9 67 63 62 60 73 56 57 56 58 252 242
Total technology and equipment 10 620 605 561 522 521 470 467 444 449 2,308 1,902
Amortization of Other Intangibles

Software 11 123 117 121 118 123 122 121 127 139 479 493
Other 12 62 58 49 24 24 23 26 33 40 193 106
Total amortization of other intangibles 13 185 175 170 142 147 145 147 160 179 672 599
Communication and Marketing 14 418 335 386 313 403 329 336 287 378 1,452 1,355
Restructuring Charges 15 363 – – – – – – – – 363 –
Brokerage-Related and Sub-Advisory Fees 16 128 125 111 92 97 100 98 113 112 456 408
Professional, Advisory and Outside Services 17 703 589 630 568 692 545 513 440 568 2,490 2,190
Other Expenses1 18 899 1,288 800 2,488 745 763 780 845 770 5,475 3,133
Total non-interest expenses 19 $ 7,883 $ 7,582 $ 6,987 $ 8,316 $ 6,545 $ 6,096 $ 6,033 $ 5,967 $ 5,947 $ 30,768 $ 24,641
1
Includes the retailer program partners’ share of the U.S. strategic cards portfolio.
8
Canadian Personal and Commercial Banking Segment
RESULTS OF OPERATIONS

Non-interest income 2 1,049 999 1,027 1,050 1,066 1,061 1,019 1,044 991 4,125 4,190
Total revenue 3 4,754 4,570 4,404 4,589 4,454 4,260 3,952 3,920 3,854 18,317 16,586
Provision for (recovery of) credit losses 1
Impaired 4 274 285 234 220 184 142 163 150 140 1,013 639
Performing 5 116 94 13 107 45 28 (103) (118) (87) 330 (148)
Total provision for (recovery of) credit losses 6 390 379 247 327 229 170 60 32 53 1,343 491
Income (loss) before income taxes 8 2,325 2,296 2,254 2,399 2,304 2,283 2,133 2,199 2,081 9,274 8,919
Provision for (recovery of) income taxes 9 646 641 629 670 610 605 565 581 552 2,586 2,361
Net income 10 $ 1,679 $ 1,655 $ 1,625 $ 1,729 $ 1,694 $ 1,678 $ 1,568 $ 1,618 $ 1,529 $ 6,688 $ 6,558
Average common equity ($ billions) 2 11 $ 19.0 $ 18.5 $ 17.8 $ 17.2 $ 16.0 $ 15.7 $ 15.4 $ 14.9 $ 13.1 $ 18.2 $ 15.5
Return on common equity3 12 35.1 % 35.4 % 37.4 % 39.9 % 41.9 % 42.3 % 41.8 % 43.0 % 46.4 % 36.8 % 42.3 %
Key Performance Indicators
($ billions, except as noted)
Total risk-weighted assets 4 13 $ 169 $ 161 $ 156 $ 149 $ 145 $ 141 $ 138 $ 135 $ 131 $ 169 $ 145
Average loans – personal
Real estate secured lending
Residential mortgages 14 258.2 250.3 244.2 243.3 243.5 240.4 235.0 231.6 226.9 249.0 237.6
Home Equity Line of Credit (HELOC) – amortizing 5 15 86.3 84.3 82.2 81.7 80.7 78.1 74.1 71.7 69.6 83.6 76.2
Real estate secured lending – amortizing 16 344.5 334.6 326.4 325.0 324.2 318.5 309.1 303.3 296.5 332.6 313.8
HELOC – non-amortizing5 17 30.4 30.8 30.7 31.2 31.6 31.6 30.8 30.9 30.6 30.8 31.2
Indirect auto5 18 28.9 28.2 27.6 27.5 27.4 27.2 27.3 27.7 28.0 28.0 27.4
Other5 19 11.9 11.7 11.4 11.3 11.4 11.4 11.3 11.1 11.3 11.6 11.3
Credit card 20 20.2 19.6 18.7 18.7 18.1 17.5 16.4 16.7 16.4 19.3 17.2
Total average loans – personal 21 435.9 424.9 414.8 413.7 412.7 406.2 394.9 389.7 382.8 422.3 400.9
Average loans and acceptances – business 22 116.5 114.4 112.4 109.9 107.2 104.5 100.9 96.6 93.5 113.3 102.3
Average deposits
Personal 23 288.0 284.3 282.8 278.8 274.9 269.2 261.2 257.2 253.5 283.5 265.7
Business 24 159.1 158.1 157.2 162.1 163.5 167.4 169.9 169.8 167.2 159.2 167.6
Net interest margin including securitized assets 25 2.78 % 2.74 % 2.74 % 2.80 % 2.70 % 2.59 % 2.52 % 2.44 % 2.48 % 2.77 % 2.56 %
Efficiency ratio 26 42.9 41.5 43.2 40.6 43.1 42.4 44.5 43.1 44.6 42.0 43.3
Number of Canadian retail branches at period end 27 1,062 1,060 1,060 1,060 1,060 1,060 1,060 1,062 1,061 1,062 1,060
1 Impaired PCL represents Stage 3 PCL on financial assets. Performing represents Stage 1 and Stage 2 PCL on financial assets, loan commitments, and financial guarantees.
2 For additional information about this metric, refer to the Glossary in Bank’s 2023 MD&A.
3 Capital allocated to the business segments was increased to 11% CET1 Capital effective the first quarter of fiscal 2023 compared with 10.5% in fiscal 2022 and 9% in fiscal 2021.
4 Amounts are calculated in accordance with OSFI’s Capital Adequacy Requirements guideline.
5 HELOC, Indirect auto, and Other are included in Consumer instalment and other personal on the Consolidated Balance Sheet.
9
U.S. Retail Segment – Canadian Dollars
Non-interest income 2 603 648 558 596 638 648 864 671 677 2,405 2,821
Total revenue 3 3,558 3,527 3,592 3,765 3,595 3,101 2,943 2,786 2,780 14,442 12,425
Impaired 4 308 259 186 212 166 135 96 125 68 965 522
Performing 5 (19) (10) 4 (12) 59 (28) (114) (104) (144) (37) (187)
Total provision for (recovery of) credit losses 6 289 249 190 200 225 107 (18) 21 (76) 928 335
Income (loss) before income taxes 8 1,203 1,274 1,352 1,494 1,394 1,279 1,329 1,168 1,239 5,323 5,170
Provision for (recovery of) income taxes 9 120 151 190 206 165 126 186 148 111 667 625
U.S. Retail Bank net income – reported 10 1,083 1,123 1,162 1,288 1,229 1,153 1,143 1,020 1,128 4,656 4,545
Adjustments for items of note, net of income taxes 2
11 – 63 116 80 51 22 (169) – – 259 (96)
U.S. Retail Bank net income – adjusted 12 1,083 1,186 1,278 1,368 1,280 1,175 974 1,020 1,128 4,915 4,449
Share of net income from investment in Schwab 3,4,5
13 197 191 250 301 310 289 224 252 246 939 1,075
Net income – reported 14 1,280 1,314 1,412 1,589 1,539 1,442 1,367 1,272 1,374 5,595 5,620
Net income – adjusted 15 $ 1,280 $ 1,377 $ 1,528 $ 1,669 $ 1,590 $ 1,464 $ 1,198 $ 1,272 $ 1,374 $ 5,854 $ 5,524
Average common equity ($ billions) 16 $ 41.8 $ 41.1 $ 41.1 $ 40.6 $ 39.9 $ 38.8 $ 39.3 $ 40.0 $ 37.6 $ 41.1 $ 39.5
Return on common equity – adjusted 6 18 12.1 13.3 15.3 16.3 15.8 15.0 12.5 12.6 14.5 14.2 14.0
Average loans – personal 8
Consumer instalment and other personal
HELOC 21 10.2 9.9 9.9 9.9 9.5 8.9 8.6 8.8 8.9 10.0 8.9
Indirect auto 22 39.9 37.4 36.7 35.9 35.4 33.5 32.5 32.0 31.8 37.5 33.4
Other 23 0.7 0.6 0.6 0.6 0.7 0.7 0.8 0.8 0.8 0.6 0.8
Credit card 24 19.5 18.8 18.9 19.4 18.1 16.9 16.1 16.7 15.8 19.2 17.0
Total average loans – personal 8 25 125.7 118.9 117.0 114.9 110.3 102.8 98.3 97.3 94.9 119.2 102.3
Average loans and acceptances – business 8 26 129.2 125.6 125.2 121.7 116.4 111.2 107.3 107.3 109.9 125.4 110.5
Average deposits 8
Personal 27 173.0 170.0 175.7 175.4 176.2 172.7 170.2 164.3 158.6 173.5 170.9
Business 28 144.3 138.5 142.7 146.9 148.6 141.8 141.8 144.0 140.1 143.1 144.1
Schwab insured deposit accounts 29 135.9 137.3 148.8 166.1 178.5 184.7 180.8 182.6 177.3 147.0 181.7
Net interest margin 9 30 3.07 % 3.00 % 3.25 % 3.29 % 3.13 % 2.62 % 2.21 % 2.21 % 2.21 % 3.15 % 2.54 %
Assets under administration 10 31 $ 51 $ 48 $ 48 $ 46 $ 46 $ 42 $ 42 $ 41 $ 37 $ 51 $ 46
Assets under management 10 32 45 48 47 47 45 46 47 50 51 45 45
Efficiency ratio – reported 33 58.1 % 56.8 % 57.1 % 55.0 % 55.0 % 55.3 % 55.5 % 57.3 % 58.2 % 56.7 % 55.7 %
Efficiency ratio – adjusted 34 58.1 54.4 52.8 52.2 53.1 54.4 60.0 57.3 58.2 54.3 55.9
Total revenue – adjusted ($ millions) 2 35 3,558 3,527 3,592 3,765 3,595 3,101 2,719 2,786 2,780 14,442 12,201
Non-interest expenses – adjusted ($ millions) 2 36 2,066 1,920 1,896 1,965 1,909 1,686 1,632 1,597 1,617 7,847 6,824
Number of U.S. retail stores as at period end 11 37 1,177 1,171 1,164 1,161 1,160 1,158 1,156 1,152 1,148 1,177 1,160
1 Includes ACI loans. Impaired PCL represents Stage 3 PCL on financial assets. Performing PCL represents Stage 1 and Stage 2 PCL on financial assets, loan commitments, and financial guarantees.
2 The items of note pertain to litigation settlement recovery and charges related to the terminated FHN acquisition. Refer to footnotes 2i and 3iv, respectively, on page 5.
3 Includes the net impact of internal management adjustments which are reclassified to other reporting lines in the Corporate segment.
4 The after-tax amounts for amortization of acquired intangibles, the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade, and the Bank’s share of Schwab’s restructuring charges are recorded in the Corporate segment.
5 The Bank’s share of Schwab’s earnings is reported with a one-month lag. Refer to Note 12 of the 2023 Annual Consolidated Financial Statements for further details.
8 Amounts are presented based on a management reporting view and exclude certain accounting adjustments.
9 Net interest margin is calculated by dividing net interest income by average interest-earning assets. For U.S. Retail segment, this calculation excludes the impact related to sweep deposits arrangements and intercompany deposits and cash collateral. The value of tax-exempt
interest income is adjusted to its equivalent before-tax value. For investment securities, the adjustment to fair value is included in the calculation of average interest-earning assets. Management believes this calculation better reflects segment performance. Net interest income
and average interest-earning assets used in the calculation are non-GAAP financial measures. For additional information about the Bank’s use of non-GAAP financial measures, refer to “Basis of Presentation” of this document.
10 For additional information about this metric, refer to the Glossary in Bank’s 2023 MD&A.
11 Includes full-service retail banking stores.
10
U.S. Retail Segment – U.S. Dollars
(US$ millions, except as noted) LINE 2023 2022 2021 Full Year
Non-interest income 2 444 485 413 442 479 504 682 530 539 1,784 2,195
Total revenue 3 2,622 2,642 2,654 2,791 2,699 2,409 2,323 2,201 2,212 10,709 9,632
Impaired 4 227 193 137 158 125 105 75 99 53 715 404
Performing 5 (14) (8) 3 (9) 44 (22) (90) (82) (115) (28) (150)
Income (loss) before income taxes 8 889 955 1,000 1,107 1,048 994 1,049 923 986 3,951 4,014
U.S. Retail Bank net income – reported 10 800 842 859 955 926 896 902 806 897 3,456 3,530
Adjustments for items of note, net of income taxes 2 11 – 48 85 59 37 17 (133) – – 192 (79)
U.S. Retail Bank net income – adjusted 12 800 890 944 1,014 963 913 769 806 897 3,648 3,451
Share of net income from investment in Schwab 3,4,5 13 146 142 185 222 237 226 177 200 195 695 840
Net income – reported 14 946 984 1,044 1,177 1,163 1,122 1,079 1,006 1,092 4,151 4,370
Net income – adjusted 15 $ 946 $ 1,032 $ 1,129 $ 1,236 $ 1,200 $ 1,139 $ 946 $ 1,006 $ 1,092 $ 4,343 $ 4,291
Average common equity (US$ billions) 16 $ 30.8 $ 30.8 $ 30.3 $ 30.1 $ 30.0 $ 30.2 $ 31.0 $ 31.6 $ 29.9 $ 30.5 $ 30.7
Return on common equity – adjusted 6 18 12.2 13.3 15.3 16.3 15.8 15.0 12.5 12.6 14.5 14.2 14.0
(US$ billions, except as noted)
Average loans – personal 8
HELOC 21 7.5 7.4 7.4 7.3 7.1 6.9 6.8 6.9 7.1 7.4 6.9
Indirect auto 22 29.4 28.0 27.1 26.6 26.6 26.1 25.6 25.3 25.3 27.8 25.9
Other 23 0.5 0.5 0.5 0.4 0.5 0.6 0.6 0.6 0.7 0.5 0.6
Credit card 24 14.4 14.1 14.0 14.4 13.6 13.1 12.7 13.2 12.5 14.2 13.2
Total average loans – personal 8 25 92.6 89.1 86.6 85.1 82.8 80.0 77.5 76.8 75.5 88.4 79.3
Average loans and acceptances – business 8 26 95.1 94.1 92.5 90.3 87.4 86.4 84.7 84.8 87.4 93.0 85.8
Average deposits8
Personal 27 127.4 127.4 129.7 130.1 132.4 134.2 134.4 129.8 126.2 128.6 132.7
Business 28 106.3 103.8 105.3 108.9 111.7 110.2 112.0 113.8 111.5 106.1 111.9
Schwab insured deposit accounts 29 100.1 102.9 109.9 123.2 134.1 143.5 142.8 144.2 141.1 109.0 141.1
Net interest margin9 30 3.07 % 3.00 % 3.25 % 3.29 % 3.13 % 2.62 % 2.21 % 2.21 % 2.21 % 3.15 % 2.54 %
Assets under administration 31 37 36 36 35 34 32 32 32 30 37 34
Assets under management 32 33 37 35 35 33 36 37 40 41 33 33
Total revenue – adjusted (US$ millions) 2 35 2,622 2,642 2,654 2,791 2,699 2,409 2,146 2,201 2,212 10,709 9,455
Non-interest expenses – adjusted (US$ millions) 2 36 1,520 1,439 1,401 1,457 1,432 1,310 1,289 1,261 1,288 5,817 5,292
Number of U.S. retail stores as at period end 10 37 1,177 1,171 1,164 1,161 1,160 1,158 1,156 1,152 1,148 1,177 1,160
1
Includes ACI loans. Impaired PCL represents Stage 3 PCL on financial assets. Performing PCL represents Stage 1 and Stage 2 PCL on financial assets, loan commitments, and financial guarantees.
2
The items of note pertain to the litigation settlement recovery and charges related to the terminated FHN acquisition. Refer to footnotes 2i and 3iv, respectively, on page 5.
3
Includes the net impact of internal management adjustments which are reclassified to other reporting lines in the Corporate segment.
4
The after-tax amounts for amortization of acquired intangibles, the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade, and the Bank’s share of Schwab’s restructuring charges are recorded in the Corporate segment.
5
The Bank’s share of Schwab’s earnings is reported with a one-month lag. Refer to Note 12 of the 2023 Annual Consolidated Financial Statements for further details.
6
Capital allocated to the business segments was increased to 11% CET1 Capital effective the first quarter of fiscal 2023 compared with 10.5% in fiscal 2022 and 9% in fiscal 2021.
7
Amounts are calculated in accordance with OSFI’s Capital Adequacy Requirements guideline.
8
Amounts are presented based on a management reporting view and exclude certain accounting adjustments.
9
Net interest margin is calculated by dividing net interest income by average interest-earning assets. For U.S. Retail segment, this calculation excludes the impact related to sweep deposits arrangements and intercompany deposits and cash collateral. The value of tax-exempt
interest income is adjusted to its equivalent before-tax value. For investment securities, the adjustment to fair value is included in the calculation of average interest-earning assets. Management believes this calculation better reflects segment performance. Net interest income
and average interest-earning assets used in the calculation are non-GAAP financial measures. For additional information about the Bank’s use of non-GAAP financial measures, refer to “Basis of Presentation” of this document.
10
Includes full-service retail banking stores.
11
Wealth Management and Insurance Segment

Net interest income 1 $ 261 $ 256 $ 258 $ 281 $ 272 $ 249 $ 215 $ 209 $ 199 $ 1,056 $ 945
Non-interest income 2 2,603 2,523 2,477 2,621 2,359 2,511 2,456 2,589 2,467 10,224 9,915
Total revenue 3 2,864 2,779 2,735 2,902 2,631 2,760 2,671 2,798 2,666 11,280 10,860
Impaired 4 – – 1 – – – – – – 1 –
Performing 5 – – – – – – – 1 – – 1
Total provision for (recovery of) credit losses 6 – – 1 – – – – 1 – 1 1
Insurance claims and other related expenses 7 1,002 923 804 976 723 829 592 756 650 3,705 2,900
Income (loss) before income taxes 9 671 686 764 744 700 781 906 861 824 2,865 3,248
Net income 11 $ 501 $ 504 $ 563 $ 550 $ 516 $ 575 $ 668 $ 636 $ 608 $ 2,118 $ 2,395
Breakdown of Total Net Income

Wealth Management 12 $ 347 $ 360 $ 328 $ 351 $ 362 $ 393 $ 421 $ 457 $ 410 $ 1,386 $ 1,633
Insurance 13 154 144 235 199 154 182 247 179 198 732 762
Return on common equity2 15 36.1 % 35.3 % 42.6 % 41.3 % 39.5 % 44.6 % 52.9 % 50.2 % 51.4 % 38.7 % 46.7 %

Total risk-weighted assets3 16 $ 17 $ 17 $ 18 $ 16 $ 15 $ 15 $ 15 $ 14 $ 14 $ 17 $ 15
Assets under administration 4 17 531 559 549 541 517 526 537 557 557 531 517
Assets under management 18 405 421 422 414 397 408 411 429 427 405 397
Average loans – personal 19 6.5 6.4 6.5 6.7 7.1 7.4 7.8 7.9 7.2 6.5 7.5
Average deposits 20 28.1 30.0 32.4 35.8 38.8 41.2 42.7 40.5 39.2 31.5 40.8
Insurance premiums ($ millions) 21 $ 1,616 $ 1,658 $ 1,316 $ 1,188 $ 1,428 $ 1,527 $ 1,271 $ 1,116 $ 1,334 $ 5,778 $ 5,342
Efficiency ratio 22 41.6 % 42.1 % 42.6 % 40.7 % 45.9 % 41.7 % 43.9 % 42.2 % 44.7 % 41.7 % 43.4 %
1
Impaired PCL represents Stage 3 PCL on financial assets. Performing represents Stage 1 and Stage 2 PCL on financial assets, loan commitments, and financial guarantees.
2
Capital allocated to the business segments was increased to 11% CET1 Capital effective the first quarter of fiscal 2023 compared with 10.5% in fiscal 2022 and 9% in fiscal 2021.
3
Amounts are calculated in accordance with OSFI’s Capital Adequacy Requirements guideline.
4
Includes assets under administration (AUA) administered by TD Investor Services, which is part of the Canadian Personal and Commercial Banking segment.
12
Wholesale Banking Segment

Net interest income (TEB) 1 $ 245 $ 270 $ 498 $ 525 $ 683 $ 786 $ 759 $ 709 $ 689 $ 1,538 $ 2,937
Non-interest income 2 1,243 1,298 919 820 476 290 491 637 461 4,280 1,894
Total revenue 3 1,488 1,568 1,417 1,345 1,159 1,076 1,250 1,346 1,150 5,818 4,831
Impaired 4 – 10 5 1 24 – (1) (4) (14) 16 19
Performing 5 57 15 7 31 2 25 (8) (1) (63) 110 18
Total provision for (recovery of) credit losses 6 57 25 12 32 26 25 (9) (5) (77) 126 37
Non-interest expenses 7 1,441 1,247 1,189 883 802 691 776 764 658 4,760 3,033
Income (loss) before income taxes 8 (10) 296 216 430 331 360 483 587 569 932 1,761
Provision for (recovery of) income taxes (TEB) 9 (27) 24 66 99 70 89 124 153 149 162 436
Net income – reported 10 17 272 150 331 261 271 359 434 420 770 1,325
Adjustments for items of note, net of income taxes 2 11 161 105 63 16 14 – – – – 345 14
Net income – adjusted 12 $ 178 $ 377 $ 213 $ 347 $ 275 $ 271 $ 359 $ 434 $ 420 $ 1,115 $ 1,339
Revenue
Global Markets 13 $ 891 $ 965 $ 666 $ 743 $ 663 $ 603 $ 762 $ 904 $ 648 $ 3,265 $ 2,932
Corporate and Investment Banking 14 627 648 728 615 473 416 421 448 475 2,618 1,758
Other 15 (30) (45) 23 (13) 23 57 67 (6) 27 (65) 141
Total revenue 16 $ 1,488 $ 1,568 $ 1,417 $ 1,345 $ 1,159 $ 1,076 $ 1,250 $ 1,346 $ 1,150 $ 5,818 $ 4,831
Return on common equity – reported 3,4 18 0.5 % 7.4 % 4.5 % 9.4 % 8.2 % 8.9 % 13.1 % 16.2 % 18.6 % 5.4 % 11.4 %
Return on common equity – adjusted3,4 19 4.9 10.3 6.4 9.9 8.6 8.9 13.1 16.2 18.6 7.9 11.5

Total risk-weighted assets5 20 $ 121 $ 114 $ 119 $ 125 $ 120 $ 117 $ 115 $ 106 $ 100 $ 121 $ 120
Average gross lending portfolio6 21 93.0 93.8 95.2 96.9 85.0 72.2 63.7 59.2 58.1 94.7 70.1
Non-interest expenses – adjusted ($ millions) 2 24 1,244 1,104 1,116 862 784 691 776 764 658 4,326 3,015
Trading-Related Revenue (TEB) 7

Interest rate and credit 26 $ 287 $ 201 $ 86 $ 247 $ 115 $ 174 $ 243 $ 250 $ 200 $ 821 $ 782
Foreign exchange 27 195 245 177 243 277 241 259 232 201 860 1,009
Equity and other 28 108 180 219 172 168 132 178 244 109 679 722
Total trading-related revenue (TEB) 29 $ 590 $ 626 $ 482 $ 662 $ 560 $ 547 $ 680 $ 726 $ 510 $ 2,360 $ 2,513
1 Impaired PCL represents Stage 3 PCL on financial assets. Performing represents Stage 1 and Stage 2 PCL on financial assets, loan commitments, and financial guarantees.
2 The items of note pertain to the acquisition and integration-related charges for the Cowen acquisition. Refer to footnote 3iii on page 5.
4 Credit valuation adjustment is included in accordance with OSFI guidance.
6 Includes gross loans and bankers’ acceptances related to Wholesale Banking, excluding letters of credit, cash collateral, credit default swaps, and allowance for credit losses.
7 Includes net interest income (TEB) and trading income (loss) as disclosed in Table 10 in the Bank’s 2023 MD&A. For additional information about the Bank’s use of non-GAAP financial measures, refer to “Basis of Presentation” in this document.
13
Corporate Segment

Net interest income (loss) 1,2 1 $ 328 $ 313 $ 261 $ 219 $ 330 $ 357 $ 391 $ 393 $ 408 $ 1,121 $ 1,471
Non-interest income (loss) 2 2 129 22 (43) (594) 3,394 (629) 56 38 83 (486) 2,859
Total revenue 3 457 335 218 (375) 3,724 (272) 447 431 491 635 4,330
Provision for (recovery of) credit losses 2,3
Impaired 4 137 109 125 120 80 63 56 58 26 491 257
Performing 5 5 4 24 11 57 (14) (62) (35) (49) 44 (54)
Non-interest expenses3,4 7 1,146 1,266 679 2,317 638 733 693 737 760 5,408 2,801
Income (loss) before income taxes and share of net income from investment
in Schwab 8 (831) (1,044) (610) (2,823) 2,949 (1,054) (240) (329) (246) (5,308) 1,326
Provision for (recovery of) income taxes 1 9 (281) (271) (220) (222) 268 (323) (111) (123) (118) (994) (289)
Share of net income from investment in Schwab 5 10 (41) (9) (9) (16) (20) (21) (22) (21) (22) (75) (84)
Net income (loss) – reported 11 (591) (782) (399) (2,617) 2,661 (752) (151) (227) (150) (4,389) 1,531
Adjustments for items of note, net of income taxes 6 12 458 600 222 2,477 (2,671) 577 72 100 85 3,757 (1,922)
Net income (loss) – adjusted 13 $ (133) $ (182) $ (177) $ (140) $ (10) $ (175) $ (79) $ (127) $ (65) $ (632) $ (391)
Decomposition of Adjustments for Items of Note, Net of Income Taxes 6
Amortization of acquired intangibles 14 $ 83 $ 75 $ 67 $ 46 $ 51 $ 52 $ 54 $ 59 $ 65 $ 271 $ 216

Acquisition and integration charges related to the Schwab transaction 15 26 44 26 28 16 20 18 41 20 124 95
Share of restructuring charges from investment in Schwab 16 35 – – – – – – – – 35 –
Restructuring charges 17 266 – – – – – – – – 266 –
Payment related to the termination of the FHN transaction 18 – 306 – – – – – – – 306 –
Impact from the terminated FHN acquisition-related capital hedging strategy 7 19 48 134 101 660 (1,741) 505 – – – 943 (1,236)
Impact of retroactive tax legislation on payment card clearing services 20 – 41 – – – – – – – 41 –
Litigation (settlement)/recovery 21 – – 28 1,158 – – – – – 1,186 –
Gain on sale of Schwab shares 22 – – – – (997) – – – – – (997)
CRD and federal tax rate increase for fiscal 2022 23 – – – 585 – – – – – 585 –
Total adjustments for items of note 24 $ 458 $ 600 $ 222 $ 2,477 $ (2,671) $ 577 $ 72 $ 100 $ 85 $ 3,757 $ (1,922)
Decomposition of Items included in Net Income (Loss) – Adjusted

Net corporate expenses8 25 $ (227) $ (333) $ (191) $ (191) $ (187) $ (196) $ (161) $ (168) $ (202) $ (942) $ (712)
Other 26 94 151 14 51 177 21 82 41 137 310 321
Net income (loss) – adjusted 27 $ (133) $ (182) $ (177) $ (140) $ (10) $ (175) $ (79) $ (127) $ (65) $ (632) $ (391)
1 Includes the elimination of TEB adjustments reported in Wholesale Banking’s results.

2 Business segment results are presented excluding the impact of asset securitization programs, which are reclassified in the Corporate segment.
3 PCL relates to the Bank’s U.S. strategic cards portfolio. Impaired PCL represents Stage 3 PCL on financial assets. Performing PCL represents Stage 1 and Stage 2 PCL on financial assets, loan commitments, and financial guarantees. The retailer program
partners’ share of revenue and credit losses related to the U.S. strategic cards portfolio 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).
4 Includes the retailer program partners’ share of the U.S. strategic cards portfolio.
5 Includes the after-tax amounts for amortization of acquired intangibles, the Bank’s share of acquisition and integration charges associated with the Schwab transaction, and the Bank’s share of Schwab’s restructuring charges.
6 For detailed footnotes to the items of note, refer to page 5.
7 Prior to May 4, 2023, the impact shown covers periods before the termination of the FHN transaction.
8 For additional information about this metric, refer to the Glossary in the Bank’s 2023 MD&A.
14
Balance Sheet
($ millions) LINE 2023 2022 2021
As at # Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
ASSETS
Cash and due from banks 1 $ 6,721 $ 7,420 $ 6,874 $ 6,988 $ 8,556 $ 5,674 $ 5,633 $ 7,001 $ 5,931
Interest-bearing deposits with banks 2 98,348 81,621 103,324 143,377 137,294 131,325 127,957 165,209 159,962
Trading loans, securities, and other 3 152,090 158,605 157,539 154,077 143,726 148,133 144,390 152,748 147,590
Non-trading financial assets at fair value through profit or loss 4 7,340 7,869 8,546 10,107 10,946 11,426 11,552 9,925 9,390
Derivatives 5 87,382 71,081 75,212 79,351 103,873 75,883 98,798 54,519 54,427
Financial assets designated at fair value through profit or loss 6 5,818 5,440 5,237 5,404 5,039 4,755 4,561 4,762 4,564
Financial assets at fair value through other comprehensive income 7 69,865 69,719 74,009 71,794 69,675 71,240 69,161 75,519 79,066
8 322,495 312,714 320,543 320,733 333,259 311,437 328,462 297,473 295,037
Debt securities at amortized cost, net of allowance for credit losses 9 308,016 304,455 330,891 339,706 342,774 330,086 317,344 295,946 268,939
Securities purchased under reverse repurchase agreements 10 204,333 201,517 198,076 170,365 160,167 161,275 171,738 165,818 167,284
Loans
Residential mortgages 11 320,341 309,689 300,255 294,637 293,924 288,597 281,032 275,029 268,340
Consumer instalment and other personal: HELOC 12 128,209 126,456 124,137 122,836 123,241 120,753 116,344 112,357 110,669
Indirect auto 13 69,837 66,072 64,710 62,904 63,572 60,527 60,146 59,278 59,130
Other 14 19,508 19,172 18,763 18,768 19,339 19,474 20,292 20,361 20,065
Credit card 15 38,660 37,719 36,508 35,901 36,010 33,728 32,064 31,441 30,738
Business and government 16 326,528 315,478 311,889 308,127 301,389 273,806 261,170 251,388 240,070
17 903,083 874,586 856,262 843,173 837,475 796,885 771,048 749,854 729,012
Allowance for loan losses 18 (7,136) (6,784) (6,644) (6,492) (6,432) (6,040) (6,076) (6,239) (6,390)
Loans, net of allowance for loan losses 19 895,947 867,802 849,618 836,681 831,043 790,845 764,972 743,615 722,622
Other
Customers’ liability under acceptances 20 17,569 19,614 19,558 19,992 19,733 20,136 19,515 17,346 18,448
Investment in Schwab 21 8,907 8,758 9,119 8,358 8,088 9,504 9,726 11,186 11,112
Goodwill 22 18,602 17,804 18,183 17,293 17,656 16,730 16,753 16,615 16,232
Other intangibles 23 2,771 2,730 2,715 2,333 2,303 2,194 2,181 2,152 2,123
Land, buildings, equipment, and other depreciable assets 24 9,434 9,191 9,364 9,202 9,400 9,098 9,235 9,289 9,181
Deferred tax assets 25 3,960 3,291 3,065 2,476 2,193 2,105 1,857 2,228 2,265
Amounts receivable from brokers, dealers and clients 26 30,416 23,248 28,036 25,723 19,760 26,727 23,401 24,779 32,357
Other assets 27 29,505 26,910 27,086 25,057 25,302 23,675 26,502 19,931 17,179
28 121,164 111,546 117,126 110,434 104,435 110,169 109,170 103,526 108,897
Total assets 29 $ 1,957,024 $ 1,887,075 $ 1,926,452 $ 1,928,284 $ 1,917,528 $ 1,840,811 $ 1,825,276 $ 1,778,588 $ 1,728,672
LIABILITIES
Trading deposits 30 $ 30,980 $ 28,321 $ 25,077 $ 24,969 $ 23,805 $ 18,604 $ 19,553 $ 20,549 $ 22,891
Derivatives 31 71,640 63,141 63,706 72,175 91,133 72,960 87,879 51,892 57,122
Securitization liabilities at fair value 32 14,422 13,597 12,832 11,940 12,612 12,671 12,602 13,332 13,505
Financial liabilities designated at fair value through profit or loss 33 192,130 183,187 201,061 186,038 162,786 139,805 128,899 135,150 113,988
34 309,172 288,246 302,676 295,122 290,336 244,040 248,933 220,923 207,506
Deposits
Personal: Non-term 35 507,734 511,116 533,224 559,706 591,177 602,819 605,115 601,546 582,417
Term 36 118,862 103,112 95,643 82,638 69,661 62,461 53,337 51,200 51,081
Banks 37 31,225 32,929 49,283 54,513 38,263 30,401 26,062 24,282 20,917
Business and government 38 540,369 512,342 511,220 523,694 530,869 506,055 499,224 482,510 470,710
39 1,198,190 1,159,499 1,189,370 1,220,551 1,229,970 1,201,736 1,183,738 1,159,538 1,125,125
Other
Acceptances 40 17,569 19,614 19,558 19,992 19,733 20,136 19,515 17,346 18,448
Obligations related to securities sold short 41 44,661 45,154 48,797 46,711 45,505 50,068 51,650 47,430 42,384
Obligations related to securities sold under repurchase agreements 42 166,854 163,710 146,959 140,533 128,024 126,946 132,753 145,432 144,097
Securitization liabilities at amortized cost 43 12,710 14,336 14,756 14,813 15,072 15,228 15,234 15,280 15,262
Amounts payable to brokers, dealers and clients 44 30,872 20,337 26,783 22,238 25,195 29,997 27,315 26,895 28,993
Insurance-related liabilities 45 7,605 7,486 7,295 7,549 7,468 7,552 7,398 7,745 7,676
Other liabilities 46 47,664 44,762 42,778 37,593 33,552 31,250 28,077 24,718 28,133
47 327,935 315,399 306,926 289,429 274,549 281,177 281,942 284,846 284,993
Subordinated notes and debentures 48 9,620 11,267 11,366 11,338 11,290 11,266 11,251 11,304 11,230
Total liabilities 49 1,844,917 1,774,411 1,810,338 1,816,440 1,806,145 1,738,219 1,725,864 1,676,611 1,628,854
EQUITY
Shareholders’ Equity
Common shares 50 25,434 25,833 25,852 25,094 24,363 23,744 23,127 23,170 23,066
Preferred shares and other equity instruments 51 10,853 11,253 11,253 11,253 11,253 7,350 6,550 5,700 5,700
Treasury: Common Shares 52 (64) – (99) (103) (91) (104) (243) (188) (152)
Preferred shares and other equity instruments 53 (65) (11) (10) (9) (7) (16) (13) (6) (10)
Contributed surplus 54 155 195 161 185 179 169 154 148 173
Retained earnings 55 73,044 74,659 74,849 73,501 73,698 69,090 67,046 65,621 63,944
Accumulated other comprehensive income (loss) 56 2,750 735 4,108 1,923 1,988 2,359 2,791 7,532 7,097
Total equity 57 112,107 112,664 116,114 111,844 111,383 102,592 99,412 101,977 99,818
Total liabilities and equity 58 $ 1,957,024 $ 1,887,075 $ 1,926,452 $ 1,928,284 $ 1,917,528 $ 1,840,811 $ 1,825,276 $ 1,778,588 $ 1,728,672
15
Assets Under Administration and Management
($ millions) LINE 2023 2022 2021
As at # Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
Assets Under Administration

U.S. Retail 1 $ 50,629 $ 47,811 $ 48,278 $ 46,018 $ 46,424 $ 41,541 $ 41,527 $ 40,884 $ 37,015
Wealth Management and Insurance1 2 530,610 558,941 548,574 540,633 516,839 526,415 536,558 557,186 556,825
Total 3 $ 581,239 $ 606,752 $ 596,852 $ 586,651 $ 563,263 $ 567,956 $ 578,085 $ 598,070 $ 593,840
Assets Under Management

U.S. Retail 4 $ 45,182 $ 48,434 $ 47,269 $ 47,142 $ 44,902 $ 46,036 $ 46,994 $ 50,392 $ 50,621
Wealth Management and Insurance 5 405,321 421,470 421,878 414,178 396,853 408,017 410,610 429,015 426,864
Total 6 $ 450,503 $ 469,904 $ 469,147 $ 461,320 $ 441,755 $ 454,053 $ 457,604 $ 479,407 $ 477,485
1 Includes AUA administered by TD Investor Services, which is part of the Canadian Personal and Commercial Banking segment.
16
Change in Accumulated Other Comprehensive Income, Net of Income Taxes
Unrealized Gains (Losses) on Debt Securities at Fair Value

through Other Comprehensive Income
Balance at beginning of period 1 $ (193) $ (191) $ (305) $ (476) $ (275) $ (280) $ 305 $ 510 $ 610 $ (476) $ 510
Change in unrealized gains (losses) 2 (223) (8) 124 171 (206) 3 (586) (194) (94) 64 (983)
Change in allowance for expected credit losses on debt securities
at fair value through other comprehensive income 3 1 – – (1) (2) (2) 1 (2) 3 – (5)
Reclassification to earnings of losses (gains) 4 2 6 (10) 1 7 4 – (9) (9) (1) 2
Net change for the period 5 (220) (2) 114 171 (201) 5 (585) (205) (100) 63 (986)
Balance at end of period 6 (413) (193) (191) (305) (476) (275) (280) 305 510 (413) (476)
Unrealized Gains (Losses) on Equity Securities at Fair Value

through Other Comprehensive Income
Balance at beginning of period 7 14 (104) 32 23 69 371 245 181 141 23 181
Change in unrealized gains (losses) 8 (144) (125) (140) 7 (76) (104) 122 65 49 (402) 7
Reclassification to retained earnings of losses (gains) 9 3 243 4 2 30 (198) 4 (1) (9) 252 (165)
Net change for the period 10 (141) 118 (136) 9 (46) (302) 126 64 40 (150) (158)
Balance at end of period 11 (127) 14 (104) 32 23 69 371 245 181 (127) 23
Change in Fair Value Due to Credit Risk on Financial Liabilities

Designated at Fair Value Through Profit or Loss
Balance at beginning of period 12 (29) (16) (99) 78 40 3 2 14 – 78 14
Change in fair value due to credit risk on financial liabilities 13 (9) (13) 83 (177) 38 37 1 (12) 14 (116) 64
Net change for the period 14 (9) (13) 83 (177) 38 37 1 (12) 14 (116) 64
Balance at end of period 15 (38) (29) (16) (99) 78 40 3 2 14 (38) 78
Unrealized Foreign Currency Translation Gains (Losses)

on Investments in Foreign Operations, Net of Hedging Activities
Balance at beginning of period 16 9,515 11,304 10,008 12,048 7,713 7,824 6,821 5,230 5,699 12,048 5,230
Investment in foreign operations 17 5,740 (2,971) 1,842 (2,367) 5,921 (159) 1,164 2,354 (699) 2,244 9,280
Hedging activities 18 (3,565) 1,639 (754) 844 (2,152) 65 (218) (1,034) 312 (1,836) (3,339)
Recovery of (provision for) income taxes 19 987 (457) 208 (517) 566 (17) 57 271 (82) 221 877
Net change for the period 20 3,162 (1,789) 1,296 (2,040) 4,335 (111) 1,003 1,591 (469) 629 6,818
Balance at end of period 21 12,677 9,515 11,304 10,008 12,048 7,713 7,824 6,821 5,230 12,677 12,048
Gains (losses) on Derivatives Designated as Cash Flow Hedges

Balance at beginning of period 22 (5,080) (3,617) (3,992) (5,717) (1,941) (2,280) 1,324 1,930 3,284 (5,717) 1,930
Change in gains (losses) 23 740 (3,522) 1,155 1,686 (1,066) (291) (3,652) 490 (1,498) 59 (4,519)
Reclassification to earnings of losses (gains) 24 (1,132) 2,059 (780) 39 (2,710) 630 48 (1,096) 144 186 (3,128)
Net change for the period 25 (392) (1,463) 375 1,725 (3,776) 339 (3,604) (606) (1,354) 245 (7,647)
Balance at end of period 26 (5,472) (5,080) (3,617) (3,992) (5,717) (1,941) (2,280) 1,324 1,930 (5,472) (5,717)
Share of accumulated other comprehensive income (loss) from

investment in Schwab 27 (3,877) (3,492) (3,268) (3,721) (3,968) (3,247) (2,847) (1,165) (768) (3,877) (3,968)
Accumulated Other Comprehensive Income at End of Period 28 $ 2,750 $ 735 $ 4,108 $ 1,923 $ 1,988 $ 2,359 $ 2,791 $ 7,532 $ 7,097 $ 2,750 $ 1,988
17
Analysis of Change in Equity
Common Shares
Balance at beginning of period 1 $ 25,833 $ 25,852 $ 25,094 $ 24,363 $ 23,744 $ 23,127 $ 23,170 $ 23,066 $ 22,945 $ 24,363 $ 23,066
Issued
Options exercised 2 6 6 45 26 23 7 14 76 19 83 120
Dividend reinvestment plan 3 127 175 713 705 596 610 114 122 102 1,720 1,442
Purchase of shares for cancellation and other 4 (532) (200) – – – – (171) (94) – (732) (265)
Preferred Shares and Other Equity Instruments
Issue of shares and other equity instruments 7 – – – – 3,903 800 850 – – – 5,553
Redemption of shares and other equity instruments 8 (400) – – – – – – – (1,000) (400) –
Treasury Shares – Common
Balance at beginning of period 10 – (99) (103) (91) (104) (243) (188) (152) (189) (91) (152)
Purchase of shares 11 (1,943) (1,965) (2,235) (1,816) (2,721) (2,107) (3,088) (2,936) (2,461) (7,959) (10,852)
Sale of shares 12 1,879 2,064 2,239 1,804 2,734 2,246 3,033 2,900 2,498 7,986 10,913
Balance at end of period 13 (64) – (99) (103) (91) (104) (243) (188) (152) (64) (91)
Treasury – Preferred Shares and Other Equity
Instruments
Balance at beginning of period 14 (11) (10) (9) (7) (16) (13) (6) (10) (5) (7) (10)
Purchase of shares 15 (218) (46) (185) (141) (113) (52) (61) (29) (98) (590) (255)
Sale of shares 16 164 45 184 139 122 49 54 33 93 532 258
Balance at end of period 17 (65) (11) (10) (9) (7) (16) (13) (6) (10) (65) (7)
Contributed Surplus
Balance at beginning of period 18 195 161 185 179 169 154 148 173 125 179 173
Net premium (discount) on sale of treasury instruments 19 (39) 26 (11) 3 (19) 11 (3) 8 5 (21) (3)
Stock options expensed 20 7 7 10 12 4 8 8 10 5 36 30
Stock options exercised 21 (1) (1) (5) (2) (2) – (3) (7) (2) (9) (12)
Other 22 (7) 2 (18) (7) 27 (4) 4 (36) 40 (30) (9)
Balance at end of period 23 155 195 161 185 179 169 154 148 173 155 179
Retained Earnings
Net income 25 2,886 2,963 3,351 1,582 6,671 3,214 3,811 3,733 3,781 10,782 17,429
Common dividends 26 (1,724) (1,758) (1,754) (1,746) (1,613) (1,604) (1,603) (1,622) (1,437) (6,982) (6,442)
Preferred dividends and distributions on other equity instruments 27 (196) (74) (210) (83) (107) (43) (66) (43) (63) (563) (259)
Share and other equity instrument issue expenses 28 – – – – (19) (2) (3) – – – (24)
Net premium on repurchase of common shares and other 29 (2,572) (981) – – – – (1,260) (670) – (3,553) (1,930)
Actuarial gains (losses) on employee benefit plans 30 (6) (97) (35) 52 (294) 281 550 278 487 (86) 815
Realized gains (losses) on equity securities
at fair value through other comprehensive income 31 (3) (243) (4) (2) (30) 198 (4) 1 9 (252) 165
Accumulated Other Comprehensive Income (loss)
Balance at beginning of period 33 735 4,108 1,923 1,988 2,359 2,791 7,532 7,097 9,164 1,988 7,097
Change in unrealized gains (losses) on debt securities
at fair value through other comprehensive income 34 (223) (8) 124 171 (206) 3 (586) (194) (94) 64 (983)
Reclassification to earnings of changes in allowance for credit
losses on debt securities at fair value through other
comprehensive income 35 1 – – (1) (2) (2) 1 (2) 3 – (5)
Reclassification to earnings of net losses (gains) in respect
of debt securities at fair value through other comprehensive
income 36 2 6 (10) 1 7 4 – (9) (9) (1) 2
Net change in unrealized gains (losses) on equity securities
at fair value through other comprehensive income 37 (141) 118 (136) 9 (46) (302) 126 64 40 (150) (158)
Change in fair value due to credit risk on financial liabilities
designated at fair value through profit or loss 38 (9) (13) 83 (177) 38 37 1 (12) 14 (116) 64
Net change in unrealized foreign currency translation
gains (losses) on investment in subsidiaries, net of
hedging activities 39 3,162 (1,789) 1,296 (2,040) 4,335 (111) 1,003 1,591 (469) 629 6,818
Net change in gains (losses) on derivatives designated as
cash flow hedges 40 (392) (1,463) 375 1,725 (3,776) 339 (3,604) (606) (1,354) 245 (7,647)
Share of other comprehensive income (loss) from investment in Schwab 41 (385) (224) 453 247 (721) (400) (1,682) (397) (198) 91 (3,200)
Balance at end of period 42 2,750 735 4,108 1,923 1,988 2,359 2,791 7,532 7,097 2,750 1,988
Total Equity 43 $ 112,107 $ 112,664 $ 116,114 $ 111,844 $ 111,383 $ 102,592 $ 99,412 $ 101,977 $ 99,818 $ 112,107 $ 111,383
18
Analysis of Change in Equity (Continued)
NUMBER OF COMMON SHARES

OUTSTANDING (thousands) 1
Balance at beginning of period 44 1,827,457 1,838,454 1,828,873 1,820,662 1,813,128 1,803,850 1,816,531 1,821,977 1,820,027 1,820,662 1,821,977
Issued
Options exercised 45 92 89 684 391 378 24 216 1,133 276 1,256 1,751
Dividend reinvestment plan 46 1,653 2,039 8,887 7,948 6,971 7,555 1,234 1,225 1,139 20,527 16,985
Purchase of shares for cancellation and other 47 (37,780) (14,250) – – – – (13,500) (7,500) – (52,030) (21,000)
Impact of treasury shares 48 (748) 1,125 10 (128) 185 1,699 (631) (304) 535 259 949
Balance at end of period 49 1,790,674 1,827,457 1,838,454 1,828,873 1,820,662 1,813,128 1,803,850 1,816,531 1,821,977 1,790,674 1,820,662
1
The number of treasury common shares has been netted for the purpose of arriving at the total number of common shares considered for the calculation of EPS of the Bank.
19
Analysis of Change in Investment in Schwab
Decrease in reported investment through dividends received 2 (76) (76) (75) (67) (66) (65) (64) (57) (57) (294) (252)
Share of net income, net of income taxes 3 156 182 241 285 290 268 202 231 224 864 991
Share of other comprehensive income (loss), net of income taxes 4 (385) (224) 453 247 (1,089) (400) (1,682) (397) (198) 91 (3,568)
Decrease in reported investment through sale of shares 5 – – – – (1,090) – – – – – (1,090)
Foreign exchange and other adjustments 6 454 (243) 142 (195) 539 (25) 84 297 (88) 158 895
Balance at end of period 7 $ 8,907 $ 8,758 $ 9,119 $ 8,358 $ 8,088 $ 9,504 $ 9,726 $ 11,186 $ 11,112 $ 8,907 $ 8,088
Goodwill and Other Intangibles
Goodwill
Additions (disposals)1 2 – 46 698 – – – – – 5 744 –
Foreign currency translation adjustments and other 3 798 (425) 192 (363) 926 (23) 138 383 (114) 202 1,424
Balance at end of period 4 $ 18,602 $ 17,804 $ 18,183 $ 17,293 $ 17,656 $ 16,730 $ 16,753 $ 16,615 $ 16,232 $ 18,602 $ 17,656
Other Intangibles2
Balance at beginning of period 5 $ 648 $ 713 $ 427 $ 457 $ 465 $ 489 $ 513 $ 538 $ 585 $ 457 $ 538
Additions (disposal)1 6 – (18) 413 – – – – – (5) 395 –
Amortized in the period 7 (62) (58) (49) (24) (24) (23) (26) (33) (40) (193) (106)
Foreign currency translation adjustments and other 8 45 11 (78) (6) 16 (1) 2 8 (2) (28) 25
Balance at end of period 9 $ 631 $ 648 $ 713 $ 427 $ 457 $ 465 $ 489 $ 513 $ 538 $ 631 $ 457
Deferred Tax Liability on Other Intangibles

Balance at beginning of period 10 $ (61) $ (75) $ (15) $ (17) $ (24) $ (27) $ (32) $ (39) $ (44) $ (17) $ (39)
Disposals (additions)1 11 – 4 (101) – – – – – – (97) –
Recognized in the period 12 10 13 11 4 5 6 5 7 8 38 23
Foreign currency translation adjustments and other 13 – (3) 30 (2) 2 (3) – – (3) 25 (1)
Balance at end of period 14 $ (51) $ (61) $ (75) $ (15) $ (17) $ (24) $ (27) $ (32) $ (39) $ (51) $ (17)
Net Other Intangibles Closing Balance 15 $ 580 $ 587 $ 638 $ 412 $ 440 $ 441 $ 462 $ 481 $ 499 $ 580 $ 440
Total Goodwill and Net Other Intangibles Closing Balance 16 $ 19,182 $ 18,391 $ 18,821 $ 17,705 $ 18,096 $ 17,171 $ 17,215 $ 17,096 $ 16,731 $ 19,182 $ 18,096
1
Includes adjustments to the purchase price allocation in connection with the Cowen acquisition.
2
Excludes software and asset servicing rights.
Loans Managed1,2,3,4
($ millions) LINE 2023 2023 2023
As at # Q4 Q3 Q2
Year-to-date Year-to-date Year-to-date

Gross write-offs, Gross write-offs, Gross write-offs,
Gross impaired net of Gross impaired net of Gross impaired net of
Type of Loan loans loans5 recoveries loans loans5 recoveries loans loans5 recoveries
Residential mortgages 1 $ 330,907 $ 618 $ 7 $ 319,797 $ 615 $ 5 $ 310,787 $ 611 $ 4
Consumer instalment and other personal 2 217,541 795 806 211,687 751 576 207,595 723 377
Credit card 3 38,660 514 1,137 37,719 422 815 36,508 410 528
Business and government 6 4 327,332 1,372 262 316,838 1,192 117 314,298 915 89
Total loans managed 5 914,440 3,299 2,212 886,041 2,980 1,513 869,188 2,659 998
Less: Loans securitized and sold to third parties
Residential mortgages7 6 10,626 – – 10,167 – – 10,596 – –
Business and government 7 401 – – 419 – – 440 – –
Total loans securitized and sold to third parties 8 11,027 – – 10,586 – – 11,036 – –
Total loans managed, net of loans securitized 9 $ 903,413 $ 3,299 $ 2,212 $ 875,455 $ 2,980 $ 1,513 $ 858,152 $ 2,659 $ 998
2023 2022 2022

Q1 Q4 Q3

Residential mortgages 10 $ 305,106 $ 606 $ 1 $ 304,789 $ 640 $ 2 $ 298,948 $ 638 $ 1
Credit card 12 35,901 402 245 36,010 349 684 33,728 276 484
Business and government 6 13 310,565 885 32 304,307 801 91 276,337 737 52
Total loans managed 14 856,064 2,591 474 851,241 2,503 1,330 809,751 2,332 912
Total loans managed, net of loans securitized 18 $ 845,042 $ 2,591 $ 474 $ 839,713 $ 2,503 $ 1,330 $ 798,707 $ 2,332 $ 912
2022 2022 2021

Q2 Q1 Q4

Residential mortgages 19 $ 291,338 $ 651 $ – $ 284,998 $ 688 $ 2 $ 277,826 $ 630 $ 10
Credit card 21 32,064 269 307 31,441 259 144 30,738 225 708
Business and government 6 22 263,398 737 29 253,698 829 14 242,395 810 254
Total loans managed 23 783,564 2,397 577 762,113 2,560 285 740,803 2,411 1,503
Total loans managed, net of loans securitized 27 $ 772,506 $ 2,397 $ 577 $ 751,346 $ 2,560 $ 285 $ 730,462 $ 2,411 $ 1,503
1 Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.
2 Excludes ACI loans, debt securities at amortized cost (DSAC), and debt securities at fair value through other comprehensive income (DSOCI).
3 Amounts include securitized mortgages that remain on balance sheet under IFRS.
4 Includes loans that are measured at fair value through other comprehensive income (FVOCI).
5 Loans are considered impaired and migrate to Stage 3 when they are 90 days or more past due for retail exposures (including Canadian government-insured real estate personal loans), rated borrower risk rating (BRR) 9 for non-retail exposures,
or when there is objective evidence that there has been a deterioration of credit quality to the extent the Bank no longer has reasonable assurance as to the timely collection of the full amount of principal and interest.
6 Includes additional securitized commercial loans.
7 Residential mortgages are primarily comprised of loans securitized into mortgage-backed securities through U.S. government-sponsored entities.
21
Gross Loans and Acceptances by Industry Sector and Geographic Location 1,2
($ millions, except as noted) LINE 2023 2023 2023
As at # Q4 Q3 Q2
By Industry Sector United United United

Personal Canada States Int’l Total Canada States Int’l Total Canada States Int’l Total
Residential mortgages3 1 $ 263,733 $ 56,548 $ – $ 320,281 $ 257,752 $ 51,878 $ – $ 309,630 $ 249,311 $ 50,880 $ – $ 300,191
HELOC 2 117,618 10,585 – 128,203 116,615 9,834 – 126,449 114,112 10,018 – 124,130
Indirect auto 3 28,786 41,051 – 69,837 28,295 37,777 – 66,072 27,583 37,127 – 64,710
Other 4 18,587 901 13 19,501 18,335 814 17 19,166 17,914 818 23 18,755
Credit card 5 18,815 19,839 6 38,660 18,741 18,972 6 37,719 17,726 18,777 5 36,508
Total personal 6 447,539 128,924 19 576,482 439,738 119,275 23 559,036 426,646 117,620 28 544,294
Business and Government3
Real estate
Residential 7 27,784 11,958 – 39,742 27,624 11,345 – 38,969 27,708 11,401 – 39,109
Non-residential 8 24,849 28,537 – 53,386 24,535 27,377 – 51,912 23,987 27,627 – 51,614
Total real estate 9 52,633 40,495 – 93,128 52,159 38,722 – 90,881 51,695 39,028 – 90,723
Agriculture 10 9,893 1,173 119 11,185 9,818 1,156 154 11,128 9,656 1,215 132 11,003
Automotive 11 9,402 10,843 163 20,408 8,606 10,452 163 19,221 8,368 10,196 241 18,805
Financial 12 18,873 22,292 4,977 46,142 17,742 21,516 5,575 44,833 15,483 20,781 6,326 42,590
Food, beverage, and tobacco 13 3,078 4,396 37 7,511 3,076 4,070 20 7,166 2,975 4,327 93 7,395
Forestry 14 829 746 – 1,575 868 798 – 1,666 841 799 – 1,640
Government, public sector entities, and education 15 4,198 17,018 742 21,958 3,925 17,192 499 21,616 3,619 16,075 722 20,416
Health and social services 16 9,871 16,205 58 26,134 10,010 15,199 56 25,265 9,857 16,157 55 26,069
Industrial construction and trade contractors 17 5,701 2,414 – 8,115 5,786 2,262 – 8,048 5,651 2,341 – 7,992
Metals and mining 18 2,415 1,854 274 4,543 2,494 1,776 484 4,754 2,366 2,015 413 4,794
Oil and gas 19 2,307 1,599 – 3,906 2,302 1,718 7 4,027 2,157 1,708 – 3,865
Power and utilities 20 8,299 7,831 721 16,851 8,101 6,698 659 15,458 7,486 7,478 662 15,626
Professional and other services 21 5,744 17,526 636 23,906 5,974 15,919 572 22,465 5,812 16,354 630 22,796
Retail sector 22 4,613 6,320 – 10,933 4,617 6,865 – 11,482 4,556 6,944 – 11,500
Sundry manufacturing and wholesale 23 4,085 10,524 90 14,699 4,109 10,537 64 14,710 3,957 9,970 74 14,001
Telecommunications, cable, and media 24 4,294 9,190 1,095 14,579 4,767 8,919 1,018 14,704 4,753 9,461 866 15,080
Transportation 25 3,606 5,083 36 8,725 3,668 4,710 18 8,396 3,651 4,928 16 8,595
Other 26 6,376 2,750 1,076 10,202 6,154 3,038 1,021 10,213 6,059 3,425 1,042 10,526
Total business and government 27 156,217 178,259 10,024 344,500 154,176 171,547 10,310 336,033 148,942 173,202 11,272 333,416
Other Loans
Acquired credit-impaired loans 28 – 91 – 91 – 92 – 92 – 100 – 100
Total Gross Loans and Acceptances 29 $ 603,756 $ 307,274 $ 10,043 $ 921,073 $ 593,914 $ 290,914 $ 10,333 $ 895,161 $ 575,588 $ 290,922 $ 11,300 $ 877,810
Portfolio as a % of Total Gross Loans and

Acceptances
Personal
Residential mortgages3 30 28.6 % 6.1 % –% 34.7 % 28.8 % 5.8 % –% 34.6 % 28.4 % 5.8 % –% 34.2 %
HELOC 31 12.8 1.1 – 13.9 13.0 1.1 – 14.1 13.0 1.1 – 14.1
Indirect auto 32 3.1 4.5 – 7.6 3.2 4.2 – 7.4 3.1 4.3 – 7.4
Other 33 2.0 0.1 – 2.1 2.0 0.1 – 2.1 2.0 0.1 – 2.1
Credit card 34 2.0 2.2 – 4.2 2.1 2.1 – 4.2 2.1 2.1 – 4.2
Total personal 35 48.5 14.0 – 62.5 49.1 13.3 – 62.4 48.6 13.4 – 62.0
Business and Government3 36 17.0 19.4 1.1 37.5 17.2 19.2 1.2 37.6 17.0 19.7 1.3 38.0
Other Loans
Acquired credit-impaired loans 37 – – – – – – – – – – – –
Total Gross Loans and Acceptances 38 65.5 % 33.4 % 1.1 % 100.0 % 66.3 % 32.5 % 1.2 % 100.0 % 65.6 % 33.1 % 1.3 % 100.0 %
1 Primarily based on the geographic location of the customer’s address.

2 Includes loans that are measured at FVOCI.
3 Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.
22
Gross Loans and Acceptances by Industry Sector and Geographic Location (Continued)1,2
As at # Q1 Q4 Q3

HELOC 2 113,036 9,792 – 122,828 113,346 9,887 – 123,233 111,830 8,915 – 120,745
Indirect auto 3 27,219 35,685 – 62,904 27,187 36,385 – 63,572 27,022 33,505 – 60,527
Other 4 17,933 810 17 18,760 18,448 865 17 19,330 18,649 804 13 19,466
Credit card 5 17,126 18,770 5 35,901 17,375 18,629 6 36,010 16,349 17,373 6 33,728
Total personal 6 421,399 113,544 22 534,965 422,562 113,412 23 535,997 419,469 103,504 19 522,992
Business and Government 3
Real estate
Residential 7 27,546 10,640 – 38,186 27,139 10,669 – 37,808 26,961 10,065 – 37,026
Non-residential 8 23,720 26,852 – 50,572 22,529 25,641 – 48,170 21,058 22,499 10 43,567
Total real estate 9 51,266 37,492 – 88,758 49,668 36,310 – 85,978 48,019 32,564 10 80,593
Agriculture 10 9,623 1,143 83 10,849 9,222 1,158 101 10,481 9,203 1,044 104 10,351
Automotive 11 7,818 8,724 233 16,775 7,072 7,779 129 14,980 6,942 6,869 1 13,812
Financial 12 16,579 22,991 9,601 49,171 18,018 22,480 14,512 55,010 16,233 20,898 11,677 48,808
Food, beverage, and tobacco 13 2,951 3,944 54 6,949 3,016 3,644 34 6,694 2,978 3,766 – 6,744
Forestry 14 750 762 – 1,512 635 521 – 1,156 658 616 – 1,274
Government, public sector entities, and education 15 3,644 15,170 855 19,669 3,722 15,830 1,296 20,848 3,203 14,742 197 18,142
Industrial construction and trade contractors 17 5,381 2,109 – 7,490 5,490 1,916 – 7,406 5,329 1,898 – 7,227
Oil and gas 19 2,114 1,624 13 3,751 2,422 1,153 13 3,588 1,790 1,227 – 3,017
Power and utilities 20 7,326 6,785 640 14,751 6,275 5,923 841 13,039 5,321 4,963 653 10,937
Retail sector 22 4,399 6,820 – 11,219 4,284 5,499 – 9,783 4,249 5,320 – 9,569
Telecommunications, cable, and media 24 4,176 10,226 208 14,610 4,154 9,106 206 13,466 2,530 6,173 194 8,897
Transportation 25 3,416 5,048 16 8,480 3,440 5,278 9 8,727 3,470 4,812 9 8,291
Other 26 6,025 3,542 1,061 10,628 6,131 3,092 581 9,804 5,883 2,426 531 8,840
Other Loans

Acceptances
Personal
HELOC 31 13.1 1.1 – 14.2 13.1 1.2 – 14.3 13.6 1.1 – 14.7
Indirect auto 32 3.1 4.2 – 7.3 3.2 4.2 – 7.4 3.3 4.1 – 7.4
Other 33 2.1 0.1 – 2.2 2.1 0.1 – 2.2 2.3 0.1 – 2.4
Credit card 34 2.0 2.1 – 4.1 2.1 2.1 – 4.2 2.1 2.0 – 4.1
Total personal 35 48.7 13.1 – 61.8 49.2 13.2 – 62.4 51.3 12.6 – 63.9
Business and Government 3 36 17.0 19.6 1.6 38.2 16.8 18.6 2.2 37.6 16.6 17.7 1.8 36.1
Other Loans
1
Primarily based on the geographic location of the customer’s address.
2
Includes loans that are measured at FVOCI.
3
Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.
23
Gross Loans and Acceptances by Industry Sector and Geographic Location (Continued)1,2
As at # Q2 Q1 Q4

HELOC 2 107,555 8,780 – 116,335 103,608 8,739 – 112,347 101,933 8,726 – 110,659
Indirect auto 3 26,936 33,210 – 60,146 27,179 32,099 – 59,278 27,580 31,550 – 59,130
Other 4 19,482 776 25 20,283 19,548 774 29 20,351 19,257 769 29 20,055
Credit card 5 15,621 16,438 5 32,064 15,043 16,393 5 31,441 15,149 15,584 5 30,738
Total personal 6 409,953 99,798 30 509,781 401,401 96,927 34 498,362 395,594 93,202 34 488,830
Business and Government 3
Real estate
Residential 7 26,201 9,678 – 35,879 26,283 9,454 – 35,737 24,716 9,242 – 33,958
Non-residential 8 20,241 22,330 – 42,571 19,572 21,803 – 41,375 18,841 21,522 – 40,363
Total real estate 9 46,442 32,008 – 78,450 45,855 31,257 – 77,112 43,557 30,764 – 74,321
Agriculture 10 9,444 1,022 91 10,557 9,381 929 85 10,395 9,060 737 74 9,871
Automotive 11 6,725 5,032 1 11,758 5,862 4,913 – 10,775 4,997 4,210 – 9,207
Financial 12 14,509 18,779 8,801 42,089 16,509 16,245 6,737 39,491 15,134 16,337 5,693 37,164
Food, beverage, and tobacco 13 2,664 3,690 8 6,362 2,649 3,276 – 5,925 2,583 3,017 2 5,602
Forestry 14 691 611 – 1,302 657 596 – 1,253 577 467 – 1,044
Government, public sector entities, and education 15 3,130 14,907 1,557 19,594 3,039 14,042 1,308 18,389 2,892 14,034 1,503 18,429
Industrial construction and trade contractors 17 5,149 2,406 1 7,556 4,697 2,308 – 7,005 4,615 2,366 1 6,982
Oil and gas 19 2,129 1,051 2 3,182 2,622 1,024 51 3,697 2,501 1,130 1 3,632
Power and utilities 20 3,893 4,338 920 9,151 3,652 3,819 939 8,410 3,923 3,739 1,148 8,810
Retail sector 22 4,204 4,988 – 9,192 3,990 4,965 – 8,955 3,705 5,367 – 9,072
Telecommunications, cable, and media 24 2,339 4,665 262 7,266 1,775 4,577 375 6,727 2,694 3,212 381 6,287
Transportation 25 3,403 6,323 7 9,733 3,335 6,477 5 9,817 3,306 6,997 89 10,392
Other 26 5,634 3,291 716 9,641 5,859 2,330 708 8,897 5,321 2,290 750 8,361
Other Loans

Acceptances
Personal
HELOC 31 13.6 1.1 – 14.7 13.5 1.1 – 14.6 13.6 1.2 – 14.8
Indirect auto 32 3.4 4.2 – 7.6 3.5 4.2 – 7.7 3.7 4.2 – 7.9
Other 33 2.5 0.1 – 2.6 2.5 0.1 – 2.6 2.5 0.1 – 2.6
Credit card 34 2.0 2.0 – 4.0 2.0 2.1 – 4.1 2.0 2.1 – 4.1
Total personal 35 51.8 12.6 – 64.4 52.2 12.6 – 64.8 52.7 12.5 – 65.2
Business and Government 3 36 16.3 17.6 1.7 35.6 16.7 17.1 1.4 35.2 16.3 17.1 1.4 34.8
Other Loans
1
Primarily based on the geographic location of the customer’s address.
2
Includes loans that are measured at FVOCI.
3
Excludes loans classified as trading as the Bank intends to sell the loans immediately or in the near term, and loans designated at FVTPL for which no allowance is recorded.
24
Impaired Loans1,2,3
As at # Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2023 2022
CHANGE IN GROSS IMPAIRED LOANS BY SEGMENT

Personal, Business, and Government Loans
Impaired loans at beginning of period 1 $ 2,980 $ 2,659 $ 2,591 $ 2,503 $ 2,332 $ 2,397 $ 2,560 $ 2,411 $ 2,651 $ 2,503 $ 2,411
Classified as impaired during the period 4
Canadian Personal and Commercial Banking 2 678 699 612 620 517 412 425 407 380 2,609 1,761
U.S. Retail – in USD 3 732 632 475 544 483 466 404 613 332 2,383 1,966
– foreign exchange 4 266 213 170 186 171 128 108 166 84 835 573
5 998 845 645 730 654 594 512 779 416 3,218 2,539
Wealth Management and Insurance 6 1 – 2 – – – – 1 – 3 1
Wholesale Banking 7 – 55 – – 38 – – – – 55 38
Total classified as impaired during the period 8 1,677 1,599 1,259 1,350 1,209 1,006 937 1,187 796 5,885 4,339
Transferred to performing during the period 9 (263) (224) (204) (240) (226) (272) (252) (259) (206) (931) (1,009)
Net repayments 10 (332) (324) (334) (361) (363) (300) (382) (373) (359) (1,351) (1,418)
Disposals of loans 11 – – – – – – (1) – – – (1)
Net classified as impaired during the period 12 1,082 1,051 721 749 620 434 302 555 231 3,603 1,911
Amounts written off 13 (855) (687) (679) (625) (587) (498) (462) (447) (459) (2,846) (1,994)
Exchange and other movements 14 92 (43) 26 (36) 138 (1) (3) 41 (12) 39 175
Change during the period 15 319 321 68 88 171 (65) (163) 149 (240) 796 92
Total Gross Impaired Loans – Balance at
End of Period 16 $ 3,299 $ 2,980 $ 2,659 $ 2,591 $ 2,503 $ 2,332 $ 2,397 $ 2,560 $ 2,411 $ 3,299 $ 2,503
GROSS IMPAIRED LOANS BY SEGMENT

Canadian Personal and Commercial Banking 17 $ 1,366 $ 1,310 $ 1,144 $ 1,060 $ 931 $ 847 $ 899 $ 929 $ 928 $ 1,366 $ 931
U.S. Retail – in USD 18 1,330 1,199 1,081 1,113 1,118 1,151 1,160 1,275 1,187 1,330 1,118
20 1,844 1,580 1,464 1,481 1,523 1,475 1,488 1,621 1,469 1,844 1,523
Wealth Management and Insurance 21 5 4 5 3 3 3 3 3 2 5 3
Wholesale Banking 22 84 86 46 47 46 7 7 7 12 84 46
Total Gross Impaired Loans 23 $ 3,299 $ 2,980 $ 2,659 $ 2,591 $ 2,503 $ 2,332 $ 2,397 $ 2,560 $ 2,411 $ 3,299 $ 2,503
NET IMPAIRED LOANS BY SEGMENT

Canadian Personal and Commercial Banking 24 $ 782 $ 743 $ 653 $ 577 $ 474 $ 406 $ 432 $ 488 $ 510 $ 782 $ 474
U.S. Retail – in USD 25 1,051 920 841 882 923 956 983 1,095 1,025 1,051 923
27 1,457 1,212 1,139 1,173 1,257 1,225 1,262 1,392 1,268 1,457 1,257
Wealth Management and Insurance 28 – – – – – – – – – – –
Wholesale Banking 29 38 41 11 14 15 1 1 – 4 38 15
Total Net Impaired Loans 30 $ 2,277 $ 1,996 $ 1,803 $ 1,764 $ 1,746 $ 1,632 $ 1,695 $ 1,880 $ 1,782 $ 2,277 $ 1,746
Net Impaired Loans as a % of Net Loans
and Acceptances 31 0.25 % 0.22 % 0.21 % 0.21 % 0.20 % 0.20 % 0.22 % 0.25 % 0.24 % 0.25 % 0.20 %
1 Includes customers’ liability under acceptances.

2 Excludes ACI loans, DSAC, and DSOCI.
4 Loans are considered impaired and migrate to Stage 3 when they are 90 days or more past due for retail exposures (including Canadian government-insured real estate personal loans), rated BRR 9 for non-retail exposures, or when there is
objective evidence that there has been a deterioration of credit quality to the extent the Bank no longer has reasonable assurance as to the timely collection of the full amount of principal and interest.
25
Impaired Loans and Acceptances by Industry Sector and Geographic Location 1,2
As at # Q4 Q3 Q2

Residential mortgages 1 $ 186 $ 432 $ – $ 618 $ 178 $ 437 $ – $ 615 $ 174 $ 437 $ – $ 611
HELOC 2 148 232 – 380 148 229 – 377 127 233 – 360
Indirect auto 3 95 254 – 349 85 224 – 309 75 226 – 301
Other 4 60 6 – 66 59 6 – 65 55 7 – 62
Credit card3 5 115 399 – 514 101 321 – 422 100 310 – 410
Total personal 6 604 1,323 – 1,927 571 1,217 – 1,788 531 1,213 – 1,744
Business and Government

Real estate
Residential 7 8 81 – 89 7 46 – 53 6 43 – 49
Non-residential 8 91 226 – 317 90 79 – 169 88 26 – 114
Total real estate 9 99 307 – 406 97 125 – 222 94 69 – 163
Agriculture 10 14 3 – 17 8 1 – 9 7 1 – 8
Automotive 11 32 3 – 35 30 3 – 33 23 4 – 27
Financial 12 3 1 – 4 2 1 – 3 1 1 – 2
Food, beverage, and tobacco 13 38 3 – 41 19 3 – 22 12 3 – 15
Forestry 14 2 – – 2 1 – – 1 1 – – 1
Government, public sector entities, and education 15 12 3 – 15 11 3 – 14 10 3 – 13
Health and social services 16 151 40 – 191 165 37 – 202 124 38 – 162
Industrial construction and trade contractors 17 106 19 – 125 101 19 – 120 96 23 – 119
Metals and mining 18 30 1 – 31 36 2 – 38 45 3 – 48
Oil and gas 19 20 6 – 26 24 6 – 30 24 6 – 30
Power and utilities 20 – – – – 5 – – 5 – – – –
Professional and other services 21 52 60 – 112 46 61 – 107 43 35 – 78
Retail sector 22 110 29 – 139 118 29 – 147 119 31 – 150
Sundry manufacturing and wholesale 23 29 56 – 85 24 80 – 104 22 18 – 40
Telecommunications, cable, and media 24 13 33 – 46 8 31 – 39 8 2 – 10
Transportation 25 20 6 – 26 19 8 – 27 19 9 – 28
Other 26 56 15 – 71 54 15 – 69 10 11 – 21
Total business and government 27 787 585 – 1,372 768 424 – 1,192 658 257 – 915
Total Gross Impaired Loans 4 28 $ 1,391 $ 1,908 $ – $ 3,299 $ 1,339 $ 1,641 $ – $ 2,980 $ 1,189 $ 1,470 $ – $ 2,659
Gross Impaired Loans as a % of Gross Loans
and Acceptances
Personal
Residential mortgages 29 0.07 % 0.76 % – % 0.19 % 0.07 % 0.84 % – % 0.20 % 0.07 % 0.86 % – % 0.20 %
HELOC 30 0.13 2.19 – 0.30 0.13 2.33 – 0.30 0.11 2.33 – 0.29
Indirect auto 31 0.33 0.62 – 0.50 0.30 0.59 – 0.47 0.27 0.61 – 0.47
Other 32 0.32 0.67 – 0.34 0.32 0.74 – 0.34 0.31 0.86 – 0.33
Credit card3 33 0.61 2.01 – 1.33 0.54 1.69 – 1.12 0.56 1.65 – 1.12
Total personal 34 0.13 1.03 – 0.33 0.13 1.02 – 0.32 0.12 1.03 – 0.32
Business and Government 35 0.44 0.36 – 0.40 0.44 0.27 – 0.35 0.39 0.16 – 0.27
Total Gross Impaired Loans 4 36 0.22 % 0.66 % – % 0.36 % 0.22 % 0.60 % – % 0.33 % 0.20 % 0.53 % – % 0.30 %
1 Primarily based on the geographic location responsible for recording the transaction.
3 Credit cards are considered impaired when they are 90 days past due and written off at 180 days past due.
26
Impaired Loans and Acceptances by Industry Sector and Geographic Location (Continued)1,2
As at # Q1 Q4 Q3

HELOC 2 109 235 – 344 94 280 – 374 87 277 – 364
Indirect auto 3 76 220 – 296 74 213 – 287 68 203 – 271
Other 4 52 6 – 58 46 6 – 52 41 5 – 46
Credit card3 5 94 308 – 402 87 262 – 349 79 197 – 276
Total personal 6 500 1,206 – 1,706 473 1,229 – 1,702 442 1,153 – 1,595

Real estate
Residential 7 3 43 – 46 3 19 – 22 2 23 – 25
Non-residential 8 66 40 – 106 37 48 – 85 10 54 – 64
Agriculture 10 6 2 – 8 10 1 – 11 6 2 – 8
Automotive 11 2 5 – 7 11 5 – 16 6 3 – 9
Financial 12 1 2 – 3 – 2 – 2 1 2 – 3
Forestry 14 1 – – 1 1 2 – 3 1 53 – 54
Oil and gas 19 24 6 – 30 30 6 – 36 33 5 – 38
Power and utilities 20 – – – – – – – – – – – –
Retail sector 22 114 32 – 146 107 45 – 152 103 39 – 142
Transportation 25 17 8 – 25 18 11 – 29 18 8 – 26
Other 26 7 10 – 17 9 7 – 16 8 6 – 14
Total business and government 27 604 281 – 885 501 300 – 801 410 327 – 737
Total Gross Impaired Loans 4 28 $ 1,104 $ 1,487 $ – $ 2,591 $ 974 $ 1,529 $ – $ 2,503 $ 852 $ 1,480 $ – $ 2,332
and Acceptances
Personal
HELOC 30 0.10 2.40 – 0.28 0.08 2.83 – 0.30 0.08 3.11 – 0.30
Indirect auto 31 0.28 0.62 – 0.47 0.27 0.59 – 0.45 0.25 0.61 – 0.45
Other 32 0.29 0.74 – 0.31 0.25 0.70 – 0.27 0.22 0.63 – 0.24
Credit card3 33 0.55 1.64 – 1.12 0.50 1.41 – 0.97 0.48 1.13 – 0.82
Total personal 34 0.12 1.06 – 0.32 0.11 1.08 – 0.32 0.11 1.11 – 0.30
27
Impaired Loans and Acceptances by Industry Sector and Geographic Location (Continued)1,2
As at # Q2 Q1 Q4

HELOC 2 96 344 – 440 114 360 – 474 121 336 – 457
Indirect auto 3 65 187 – 252 63 200 – 263 51 194 – 245
Other 4 42 6 – 48 41 6 – 47 39 5 – 44
Credit card3 5 86 183 – 269 84 175 – 259 77 148 – 225
Total personal 6 476 1,184 – 1,660 518 1,213 – 1,731 521 1,080 – 1,601

Real estate
Residential 7 1 17 – 18 1 27 – 28 2 50 – 52
Non-residential 8 11 76 – 87 9 73 – 82 3 100 – 103
Agriculture 10 9 1 – 10 10 1 – 11 10 1 – 11
Automotive 11 10 4 – 14 19 9 – 28 18 4 – 22
Financial 12 – 7 – 7 – 9 – 9 – 7 – 7
Forestry 14 1 – – 1 1 – – 1 1 – – 1
Oil and gas 19 33 5 – 38 36 5 – 41 39 8 – 47
Power and utilities 20 – – – – – 7 – 7 – 7 – 7
Retail sector 22 116 40 – 156 118 58 – 176 118 37 – 155
Transportation 25 20 19 – 39 13 22 – 35 13 27 – 40
Other 26 6 8 – 14 7 8 – 15 7 6 – 13
Total Gross Impaired Loans 4 28 $ 904 $ 1,493 $ – $ 2,397 $ 934 $ 1,626 $ – $ 2,560 $ 934 $ 1,477 $ – $ 2,411
and Acceptances
Personal
HELOC 30 0.09 3.92 – 0.38 0.11 4.12 – 0.42 0.12 3.85 – 0.41
Indirect auto 31 0.24 0.56 – 0.42 0.23 0.62 – 0.44 0.18 0.61 – 0.41
Other 32 0.22 0.79 – 0.24 0.21 0.80 – 0.23 0.20 0.68 – 0.22
Credit card3 33 0.55 1.11 – 0.84 0.56 1.07 – 0.82 0.51 0.95 – 0.73
Total personal 34 0.12 1.19 – 0.33 0.13 1.25 – 0.35 0.13 1.16 – 0.33
28
Allowance for Credit Losses
As at # Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2023 2022
STAGE 3 ALLOWANCE FOR LOAN LOSSES (IMPAIRED)
Change in Stage 3 allowance for loan losses (impaired) 1
Allowance at beginning of period 1 $ 986 $ 859 $ 829 $ 760 $ 703 $ 704 $ 682 $ 632 $ 723 $ 760 $ 632
Stage 3 provision for (recovery of) loan losses (impaired)
Transfer to Stage 12 2 (8) (11) (7) (10) (8) (18) (7) (6) (8) (36) (39)
Transfer to Stage 3 4 381 294 261 248 242 246 258 231 196 1,184 977
Net remeasurement due to transfers into Stage 3 3 5 9 8 8 7 8 7 7 6 4 32 28
Net draws (repayments)4 6 (29) (5) (7) (14) 3 (12) (4) (23) (17) (55) (36)
Derecognition of financial assets (excluding disposals and write-offs) 5 7 (131) (223) (182) (191) (183) (177) (145) (129) (168) (727) (634)
Change to risk, parameters, and models 6 8 534 640 518 553 424 329 242 276 238 2,245 1,271
Total Stage 3 provision for (recovery of) loan losses (impaired) 9 716 664 551 555 455 340 316 331 219 2,486 1,442
Write-offs 10 (855) (687) (679) (625) (587) (498) (462) (447) (459) (2,846) (1,994)
Recoveries 11 156 172 155 151 169 163 170 162 158 634 664
Disposals 12 – – – – – – – – – – –
Foreign exchange and other adjustments 13 27 (22) 3 (12) 20 (6) (2) 4 (9) (4) 16
Balance at end of period 14 1,030 986 859 829 760 703 704 682 632 1,030 760
STAGE 2 ALLOWANCE FOR LOAN LOSSES
Change in Stage 2 allowance for loan losses 1
Allowance at beginning of period 15 3,696 3,766 3,620 3,644 3,340 3,458 3,798 3,959 4,297 3,644 3,959
Stage 2 provision for (recovery of) loan losses
Transfer to Stage 12 16 (454) (571) (542) (594) (415) (469) (734) (632) (660) (2,161) (2,250)
Transfer to Stage 2 17 354 290 296 341 314 285 237 219 209 1,281 1,055
Transfer to Stage 3 18 (372) (286) (249) (236) (227) (239) (251) (223) (192) (1,143) (940)
Net remeasurement due to transfers into Stage 2 3 19 231 188 202 211 246 205 174 133 127 832 758
Net draws (repayments)4 20 (42) (27) (51) (33) – (38) (37) (36) (52) (153) (111)
Derecognition of financial assets (excluding disposals) 5
21 (211) (203) (171) (197) (228) (245) (199) (256) (265) (782) (928)
Change to risk, parameters, and models 6 22 685 587 623 532 496 386 451 575 511 2,427 1,908
Total Stage 2 provision for (recovery of) loan losses 23 191 (22) 108 24 186 (115) (359) (220) (322) 301 (508)
Disposals 24 – – – – – – – – – – –
STAGE 1 ALLOWANCE FOR LOAN LOSSES
Change in Stage 1 allowance for loan losses 1
Allowance at beginning of period 27 3,087 3,016 3,025 2,955 2,868 2,745 2,657 2,649 2,685 2,955 2,649
Stage 1 provision for (recovery of) loan losses
Transfer to Stage 12 28 462 582 549 604 423 487 741 638 668 2,197 2,289
Transfer to Stage 2 29 (314) (251) (256) (303) (283) (250) (202) (195) (183) (1,124) (930)
Net remeasurement due to transfers into Stage 1 3 31 (184) (220) (215) (227) (140) (126) (199) (170) (172) (846) (635)
New originations or purchases 7 32 533 475 418 490 455 496 337 387 342 1,916 1,675
Net draws (repayments)4 33 (4) (17) 60 9 (15) (11) (23) (7) (22) 48 (56)
Derecognition of financial assets (excluding disposals) 5 34 (226) (207) (191) (219) (247) (249) (179) (254) (241) (843) (929)
Change to risk, parameters, and models 6 35 (291) (229) (412) (229) (198) (213) (396) (426) (412) (1,161) (1,233)
Total Stage 1 provision for (recovery of) loan losses 36 (33) 125 (59) 113 (20) 127 72 (35) (24) 146 144
Disposals 37 – – – – – – – – – – –
Acquired Credit-Impaired Loans 40 6 3 3 3 4 4 3 4 6 6 4
Allowance for loan losses at end of period 41 8,185 7,772 7,644 7,477 7,363 6,915 6,910 7,141 7,246 8,185 7,363
Consisting of:
Allowance for loan losses
Canada 42 3,142 3,020 2,854 2,842 2,726 2,628 2,609 2,658 2,784 3,142 2,726
United States 43 3,984 3,750 3,777 3,647 3,703 3,408 3,464 3,577 3,604 3,984 3,703
International 44 10 14 13 3 3 4 3 4 2 10 3
Total allowance for loan losses 45 7,136 6,784 6,644 6,492 6,432 6,040 6,076 6,239 6,390 7,136 6,432
Allowance for off-balance sheet instruments 8
46 1,049 988 1,000 985 931 875 834 902 856 1,049 931
Total allowance for loan losses, including off-balance sheet
instruments, at end of period 47 8,185 7,772 7,644 7,477 7,363 6,915 6,910 7,141 7,246 8,185 7,363
Allowance for debt securities 48 4 2 3 2 3 6 7 7 9 4 3
Total allowance for credit losses, including off-balance sheet
instruments, at end of period 49 $ 8,189 $ 7,774 $ 7,647 $ 7,479 $ 7,366 $ 6,921 $ 6,917 $ 7,148 $ 7,255 $ 8,189 $ 7,366
1 Provision for (recovery of) loan losses, write-offs, recoveries, and disposals measured in the functional currency of a foreign operation are translated to Canadian dollars at average exchange rates for the period. This initial foreign currency translation is included
within the respective rows in the table above. Foreign exchange, included in “Foreign exchange and other adjustment” in the table above, reflects the subsequent impact of changes in foreign exchange rates during the period on the allowance for loan losses.
2 Transfers represent stage transfer movements prior to expected credit loss (ECL) remeasurement.
3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of
Note 2, Summary of Significant Accounting Policies and Note 3, Significant Accounting Judgments, Estimates and Assumptions of the Bank’s 2023 Annual Consolidated Financial Statements, holding all other factors impacting the change in ECL constant.
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 changes in the allowance related to current period changes in risk (e.g., Probability of Default) caused by changes to: macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of
Expected Credit Losses”, “Forward Looking Information” and “Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies and Note 3, Significant Accounting Judgments, Estimates and Assumptions of the Bank’s 2023 Annual
Consolidated Financial Statements for further details.
7 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed.
8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Consolidated Balance Sheet.
29
Allowance for Credit Losses by Industry Sector and Geographic Location1,2
As at # Q4 Q3 Q2

Stage 3 allowance for loan losses (impaired) Canada States Int’l Total Canada States Int’l Total Canada States Int’l Total
Personal
HELOC 2 31 19 – 50 29 17 – 46 27 17 – 44
Indirect auto 3 65 39 – 104 58 32 – 90 52 35 – 87
Other 4 39 4 – 43 38 3 – 41 36 3 – 39
Credit card 5 69 243 – 312 64 211 – 275 63 218 – 281
Total personal 6 228 338 – 566 214 294 – 508 198 302 – 500
Real estate
Residential 7 2 2 – 4 2 2 – 4 1 2 – 3
Non-residential 8 29 23 – 52 31 29 – 60 31 4 – 35
Agriculture 10 1 – – 1 1 – – 1 1 – – 1
Automotive 11 18 – – 18 16 – – 16 14 – – 14
Financial 12 – – – – – – – – – – – –
Food, beverage, and tobacco 13 19 – – 19 6 – – 6 4 – – 4
Forestry 14 – – – – – – – – – – – –
Government, public sector entities, and education 15 8 1 – 9 7 – – 7 7 – – 7
Metals and mining 18 15 1 – 16 13 – – 13 17 – – 17
Oil and gas 19 19 5 – 24 19 8 – 27 19 5 – 24
Retail sector 22 49 2 – 51 68 2 – 70 69 2 – 71
Telecommunications, cable, and media 24 – 15 – 15 3 10 – 13 3 – – 3
Transportation 25 4 – – 4 5 – – 5 12 1 – 13
Other 26 31 4 – 35 27 3 – 30 3 4 – 7
Other Loans
Total other loans 29 – 6 – 6 – 3 – 3 – 3 – 3
Total Stage 3 allowance for loan losses (impaired) 30 609 419 – 1,028 593 394 – 987 526 333 – 859
Stage 1 and Stage 2 allowance for loan losses – Performing3

Personal 31 1,838 1,742 – 3,580 1,753 1,636 – 3,389 1,668 1,687 – 3,355
Business and Government 32 695 1,823 10 2,528 674 1,720 14 2,408 660 1,757 13 2,430
Total Stage 1 and Stage 2 allowance for loan losses 33 2,533 3,565 10 6,108 2,427 3,356 14 5,797 2,328 3,444 13 5,785
Allowance for loan losses – On-Balance Sheet Loans 34 3,142 3,984 10 7,136 3,020 3,750 14 6,784 2,854 3,777 13 6,644
Allowance for loan losses – Off-Balance Sheet Instruments 35 354 694 1 1,049 345 641 2 988 351 646 3 1,000
Total allowance for loan losses 36 3,496 4,678 11 8,185 3,365 4,391 16 7,772 3,205 4,423 16 7,644
Allowance for debt securities 37 2 1 1 4 1 1 – 2 1 1 1 3
Total allowance for credit losses 38 $ 3,498 $ 4,679 $ 12 $ 8,189 $ 3,366 $ 4,392 $ 16 $ 7,774 $ 3,206 $ 4,424 $ 17 $ 7,647
Stage 3 allowance for loan losses (impaired)

as a % of Gross Impaired Loans
Personal
HELOC 40 20.9 8.2 – 13.2 19.6 7.4 – 12.2 21.3 7.3 – 12.2
Indirect auto 41 68.4 15.4 – 29.8 68.2 14.3 – 29.1 69.3 15.5 – 28.9
Other 42 65.0 66.7 – 65.2 64.4 50.0 – 63.1 65.5 42.9 – 62.9
Credit card 43 60.0 60.9 – 60.7 63.4 65.7 – 65.2 63.0 70.3 – 68.5
Total personal 44 37.7 25.5 – 29.4 37.5 24.2 – 28.4 37.3 24.9 – 28.7
Total Stage 3 allowance for loan losses (impaired) 46 43.8 % 21.6 % – % 31.0 % 44.3 % 23.8 % – % 33.0 % 44.2 % 22.4 % – % 32.2 %
Total allowance for credit losses as a % of gross loans

and acceptances 47 0.6 % 1.6 % 0.3 % 0.9 % 0.5 % 1.6 % 0.3 % 0.9 % 0.5 % 1.6 % 0.4 % 0.9 %
3 Allowance for loan losses – performing represents Stage 1 and Stage 2 allowance for loan losses on financial assets, loan commitments, and financial guarantees.
30
Allowance for Credit Losses by Industry Sector and Geographic Location (Continued)1,2
As at # Q1 Q4 Q3

Personal
HELOC 2 27 19 – 46 27 20 – 47 25 19 – 44
Indirect auto 3 53 32 – 85 48 26 – 74 44 23 – 67
Other 4 28 3 – 31 30 3 – 33 28 3 – 31
Credit card 5 58 195 – 253 52 155 – 207 52 128 – 180
Total personal 6 185 281 – 466 178 239 – 417 171 200 – 371
Real estate
Residential 7 1 3 – 4 1 1 – 2 1 1 – 2
Non-residential 8 25 5 – 30 17 4 – 21 2 5 – 7
Agriculture 10 1 – – 1 1 – – 1 1 – – 1
Automotive 11 4 – – 4 5 – – 5 5 – – 5
Financial 12 – – – – – – – – – – – –
Food, beverage, and tobacco 13 5 1 – 6 4 1 – 5 4 – – 4
Forestry 14 – – – – – 2 – 2 – 23 – 23
Government, public sector entities, and education 15 19 – – 19 19 1 – 20 23 1 – 24
Metals and mining 18 13 1 – 14 12 1 – 13 2 – – 2
Oil and gas 19 19 5 – 24 19 5 – 24 21 5 – 26
Retail sector 22 70 3 – 73 68 3 – 71 69 3 – 72
Telecommunications, cable, and media 24 5 – – 5 5 – – 5 2 – – 2
Transportation 25 11 1 – 12 13 1 – 14 16 1 – 17
Other 26 2 2 – 4 3 2 – 5 2 4 – 6
Other Loans
Total Stage 3 allowance for loan losses (impaired) 30 514 316 – 830 486 275 – 761 445 259 – 704

Personal 31 1,662 1,660 – 3,322 1,586 1,690 – 3,276 1,524 1,525 – 3,049
Allowance for loan losses – Off-Balance Sheet Instruments 35 342 640 3 985 325 604 2 931 345 527 3 875
Allowance for debt securities 37 – 1 1 2 1 1 1 3 2 1 3 6

Personal
HELOC 40 24.8 8.1 – 13.4 28.7 7.1 – 12.6 28.7 6.9 – 12.1
Indirect auto 41 69.7 14.5 – 28.7 64.9 12.2 – 25.8 64.7 11.3 – 24.7
Other 42 53.8 50.0 – 53.4 65.2 50.0 – 63.5 68.3 60.0 – 67.4
Credit card 43 61.7 63.3 – 62.9 59.8 59.2 – 59.3 65.8 65.0 – 65.2
Total personal 44 37.0 23.3 – 27.3 37.6 19.4 – 24.5 38.7 17.3 – 23.3

and acceptances 47 0.5 % 1.6 % 0.2 % 0.9 % 0.5 % 1.6 % 0.2 % 0.9 % 0.5 % 1.6 % 0.3 % 0.8 %
31
Allowance for Credit Losses by Industry Sector and Geographic Location (Continued)1,2
As at # Q2 Q1 Q4

Personal
HELOC 2 28 25 – 53 29 26 – 55 20 26 – 46
Indirect auto 3 51 19 – 70 45 29 – 74 39 23 – 62
Other 4 29 3 – 32 28 3 – 31 28 3 – 31
Credit card 5 56 119 – 175 52 110 – 162 49 89 – 138
Total personal 6 189 191 – 380 179 188 – 367 169 159 – 328
Real estate
Residential 7 – 1 – 1 1 5 – 6 1 4 – 5
Non-residential 8 1 6 – 7 1 8 – 9 1 9 – 10
Agriculture 10 1 – – 1 1 – – 1 2 – – 2
Automotive 11 7 – – 7 14 – – 14 12 – – 12
Financial 12 – – – – – 1 – 1 – – – –
Food, beverage, and tobacco 13 2 – – 2 2 – – 2 1 3 – 4
Forestry 14 – – – – – – – – – – – –
Oil and gas 19 21 5 – 26 22 5 – 27 22 7 – 29
Retail sector 22 73 8 – 81 69 8 – 77 66 8 – 74
Telecommunications, cable, and media 24 4 – – 4 3 – – 3 2 – – 2
Transportation 25 16 1 – 17 10 2 – 12 11 2 – 13
Other 26 2 1 – 3 3 1 – 4 7 1 – 8
Other Loans
Total Stage 3 allowance for loan losses (impaired) 30 471 234 – 705 446 238 – 684 421 214 – 635

Personal 31 1,495 1,566 – 3,061 1,527 1,630 – 3,157 1,650 1,660 – 3,310
Allowance for loan losses – Off-Balance Sheet Instruments 35 351 479 4 834 382 517 3 902 348 504 4 856
Allowance for debt securities 37 1 1 5 7 2 1 4 7 1 1 7 9

Personal
HELOC 40 29.2 7.3 – 12.0 25.4 7.2 – 11.6 16.5 7.7 – 10.1
Indirect auto 41 78.5 10.2 – 27.8 71.4 14.5 – 28.1 76.5 11.9 – 25.3
Other 42 69.0 50.0 – 66.7 68.3 50.0 – 66.0 71.8 60.0 – 70.5
Credit card 43 65.1 65.0 – 65.1 61.9 62.9 – 62.5 63.6 60.1 – 61.3
Total personal 44 39.7 16.1 – 22.9 34.6 15.5 – 21.2 32.4 14.7 – 20.5

and acceptances 47 0.5 % 1.7 % 0.3 % 0.9 % 0.6 % 1.8 % 0.3 % 0.9 % 0.6 % 1.9 % 0.2 % 1.0 %
32
Provision for Credit Losses1,2
PROVISION FOR (RECOVERY OF) CREDIT LOSSES

Impaired3
Canadian Personal and Commercial Banking 1 $ 274 $ 285 $ 234 $ 220 $ 184 $ 142 $ 163 $ 150 $ 140 $ 1,013 $ 639
U.S. Retail 2 308 259 186 212 166 135 96 125 68 965 522
Wealth Management and Insurance 3 – – 1 – – – – – – 1 –
Wholesale Banking 4 – 10 5 1 24 – (1) (4) (14) 16 19
Corporate 5 137 109 125 120 80 63 56 58 26 491 257
Total Provision for (recovery of) Credit Losses – Impaired 6 719 663 551 553 454 340 314 329 220 2,486 1,437
Performing4
Canadian Personal and Commercial Banking 7 116 94 13 107 45 28 (103) (118) (87) 330 (148)
U.S. Retail 8 (19) (10) 4 (12) 59 (28) (114) (104) (144) (37) (187)
Wealth Management and Insurance 9 – – – – – – – 1 – – 1
Wholesale Banking 10 57 15 7 31 2 25 (8) (1) (63) 110 18
Corporate 11 5 4 24 11 57 (14) (62) (35) (49) 44 (54)
Total Provision for (recovery of) Credit Losses – Performing 12 159 103 48 137 163 11 (287) (257) (343) 447 (370)
Total Provision for (recovery of) Credit Losses 13 $ 878 $ 766 $ 599 $ 690 $ 617 $ 351 $ 27 $ 72 $ (123) $ 2,933 $ 1,067
PROVISION FOR (RECOVERY OF) CREDIT LOSSES BY SEGMENT

Canadian Personal and Commercial Banking 14 $ 390 $ 379 $ 247 $ 327 $ 229 $ 170 $ 60 $ 32 $ 53 $ 1,343 $ 491
U.S. Retail – in USD 15 213 185 140 149 169 83 (15) 17 (62) 687 254
– foreign exchange 16 76 64 50 51 56 24 (3) 4 (14) 241 81
17 289 249 190 200 225 107 (18) 21 (76) 928 335
Wealth Management and Insurance 18 – – 1 – – – – 1 – 1 1
Wholesale Banking 19 57 25 12 32 26 25 (9) (5) (77) 126 37
Corporate
U.S. strategic cards portfolio5 – in USD 20 104 85 110 97 102 38 (5) 18 (18) 396 153
– foreign exchange 21 38 28 39 34 35 11 (1) 5 (5) 139 50
Total Corporate 22 142 113 149 131 137 49 (6) 23 (23) 535 203
Total Provision for (recovery of) Credit Losses 23 $ 878 $ 766 $ 599 $ 690 $ 617 $ 351 $ 27 $ 72 $ (123) $ 2,933 $ 1,067
1 Includes provision for off-balance sheet instruments.

2 Includes loans and debt securities that are measured at FVOCI and debt securities measured at amortized cost.
3 Represents Stage 3 PCL.
4 Represents Stage 1 and Stage 2 PCL.
5 The retailer program partners’ share of the U.S. strategic cards portfolio’s PCL.
33
Provision for Credit Losses by Industry Sector and Geographic Location 1,2,3
For the period ended # Q4 Q3 Q2

Stage 3 provision for (recovery of) credit losses (impaired) Canada States Int’l Total Canada States Int’l Total Canada States Int’l Total
Personal
Residential mortgages 1 $ 3 $ 1 $ – $ 4 $ 4 $ 2 $ – $ 6 $ 3 $ (3) $ – $ –
Consumer Instalment and Other Personal
HELOC 2 2 – – 2 2 2 – 4 2 (3) – (1)
Indirect auto 3 67 68 – 135 57 44 – 101 48 43 – 91
Other 4 53 56 – 109 49 54 – 103 47 51 – 98
Credit card 5 106 240 – 346 94 193 – 287 94 213 – 307
Total personal 6 231 365 – 596 206 295 – 501 194 301 – 495
Real estate
Residential 7 – – – – 1 – – 1 – – – –
Non-residential 8 (1) 52 – 51 – 28 – 28 6 (2) – 4
Total real estate 9 (1) 52 – 51 1 28 – 29 6 (2) – 4
Agriculture 10 1 – – 1 – – – – – – – –
Automotive 11 1 1 – 2 3 1 – 4 10 1 – 11
Financial 12 – (1) – (1) – – – – – – – –
Food, beverage, and tobacco 13 12 (1) – 11 3 – – 3 – – – –
Forestry 14 – – – – – – – – – – – –
Government, public sector entities, and education 15 – – – – – – – – – – – –
Health and social services 16 (1) 3 – 2 23 1 – 24 – 1 – 1
Industrial construction and trade contractors 17 2 2 – 4 5 – – 5 5 – – 5
Metals and mining 18 1 1 – 2 (4) (1) – (5) 1 – – 1
Oil and gas 19 – – – – – – – – – – – –
Retail sector 22 – 3 – 3 3 2 – 5 2 2 – 4
Sundry manufacturing and wholesale 23 5 5 – 10 – 31 – 31 2 1 – 3
Telecommunications, cable, and media 24 1 4 – 5 1 12 – 13 2 – – 2
Transportation 25 2 2 – 4 2 1 – 3 – – – –
Other 26 15 4 – 19 23 8 – 31 15 6 – 21
Other Loans
Acquired credit-impaired loans 28 – 3 – 3 – (1) – (1) – – – –
Total other loans 29 – 3 – 3 – (1) – (1) – – – –
Debt securities at amortized cost and FVOCI 30 – – – – – – – – – – – –
Total Stage 3 provision for (recovery of) credit losses (impaired) 31 $ 273 $ 446 $ – $ 719 $ 276 $ 387 $ – $ 663 $ 240 $ 311 $ – $ 551
Stage 1 and Stage 2 provision for (recovery of) credit losses

Personal, business and government 32 $ 109 $ 53 $ (4) $ 158 $ 94 $ 8 $ 1 $ 103 $ 3 $ 37 $ 9 $ 49
Debt securities at amortized cost and FVOCI 33 – – 1 1 – – – – – – (1) (1)
Total provision for (recovery of) credit losses 34 $ 382 $ 499 $ (3) $ 878 $ 370 $ 395 $ 1 $ 766 $ 243 $ 348 $ 8 $ 599
Stage 3 provision for (recovery of) credit losses (impaired)

as a % of Average Net Loans and Acceptances
Personal
Residential mortgages 35 –% 0.01 % –% –% 0.01 % 0.02 % –% 0.01 % –% (0.02) % –% –%
HELOC 36 0.01 – – 0.01 0.01 0.08 – 0.01 0.01 (0.12) – –
Indirect auto 37 0.95 0.68 – 0.79 0.83 0.47 – 0.62 0.73 0.49 – 0.59
Other 38 1.20 27.00 – 2.36 1.13 28.12 – 2.28 1.13 33.09 – 2.27
Credit card 39 2.33 5.25 – 3.79 2.14 4.42 – 3.27 2.31 5.01 – 3.69
Total personal 40 0.21 1.17 – 0.42 0.19 1.01 – 0.36 0.19 1.08 – 0.38
Total Stage 3 provision for (recovery of) credit losses (impaired) 42 0.18 0.63 – 0.32 0.18 0.57 – 0.30 0.17 0.47 – 0.26
Total Stage 3 provision for (recovery of) credit losses
(impaired) Excluding Other Loans 43 0.18 0.62 – 0.31 0.18 0.57 – 0.30 0.17 0.47 – 0.26
Total Provision for (recovery of) Credit Losses as a % of Average

Net Loans and Acceptances
Total Provision for (recovery of) Credit Losses 44 0.25 % 0.70 % (0.27) % 0.39 % 0.24 % 0.58 % 0.08 % 0.35 % 0.17 % 0.53 % 0.76 % 0.28 %
Total Provision for (recovery of) Credit Losses Excluding Other Loans 45 0.25 0.70 (0.27) 0.38 0.24 0.58 0.08 0.35 0.17 0.53 0.76 0.28
34
Provision for Credit Losses by Industry Sector and Geographic Location (Continued)1,2,3

Personal
Residential mortgages 1 $ (1) $ (2) $ – $ (3) $ 1 $ 6 $ – $ 7 $ (1) $ 1 $ – $ –
HELOC 2 2 (1) – 1 3 – – 3 (2) (8) – (10)
Indirect auto 3 55 50 – 105 50 34 – 84 33 11 – 44
Other 4 39 61 – 100 37 61 – 98 32 56 – 88
Credit card 5 85 210 – 295 73 144 – 217 67 116 – 183
Total personal 6 180 318 – 498 164 245 – 409 129 176 – 305
Real estate
Residential 7 – 2 – 2 – – – – – – – –
Non-residential 8 7 2 – 9 16 1 – 17 – (2) – (2)
Total real estate 9 7 4 – 11 16 1 – 17 – (2) – (2)
Agriculture 10 – – – – – – – – – – – –
Automotive 11 – – – – (1) – – (1) – – – –
Financial 12 – (1) – (1) – (1) – (1) – – – –
Food, beverage, and tobacco 13 1 1 – 2 – 1 – 1 – – – –
Forestry 14 – – – – – (7) – (7) – 23 – 23
Health and social services 16 18 – – 18 – (1) – (1) – (1) – (1)
Industrial construction and trade contractors 17 2 3 – 5 2 1 – 3 (1) 2 – 1
Metals and mining 18 2 (1) – 1 9 – – 9 – – – –
Oil and gas 19 (1) – – (1) – – – – – – – –
Professional and other services 21 2 2 – 4 13 1 – 14 2 (2) – –
Retail sector 22 6 2 – 8 3 3 – 6 2 (3) – (1)
Sundry manufacturing and wholesale 23 1 (1) – – – 3 – 3 – – – –
Telecommunications, cable, and media 24 – – – – – – – – – – – –
Transportation 25 1 1 – 2 1 1 – 2 2 (3) – (1)
Other 26 2 6 – 8 1 – – 1 8 8 – 16
Other Loans
Acquired credit-impaired loans 28 – (2) – (2) – (1) – (1) – – – –
Total other loans 29 – (2) – (2) – (1) – (1) – – – –

Personal, business and government 32 $ 106 $ 30 $ 1 $ 137 $ 38 $ 130 $ (2) $ 166 $ 37 $ (25) $ – $ 12
Debt securities at amortized cost and FVOCI 33 – – – – – (1) (2) (3) – 1 (2) (1)
Total provision for (recovery of) credit losses 34 $ 327 $ 362 $ 1 $ 690 $ 246 $ 375 $ (4) $ 617 $ 179 $ 174 $ (2) $ 351

Personal
Residential mortgages 35 –% (0.02) % –% –% –% 0.05 % –% 0.01 % –% 0.01 % –% –%
HELOC 36 0.01 (0.04) – – 0.01 – – 0.01 (0.01) (0.36) – (0.03)
Indirect auto 37 0.82 0.56 – 0.67 0.74 0.39 – 0.54 0.48 0.13 – 0.29
Other 38 0.90 30.95 – 2.20 0.77 30.91 – 2.00 0.70 29.94 – 1.82
Credit card 39 2.01 4.66 – 3.38 1.83 3.33 – 2.60 1.72 2.95 – 2.34
Total personal 40 0.17 1.13 – 0.37 0.16 0.89 – 0.31 0.12 0.70 – 0.24

Total Provision for (recovery of) Credit Losses 44 0.22 % 0.54 % 0.10 % 0.32 % 0.17 % 0.58 % (0.42) % 0.29 % 0.13 % 0.29 % (0.22) % 0.17 %
Total Provision for (recovery of) Credit Losses Excluding Other Loans 45 0.22 0.54 0.10 0.32 0.17 0.59 (0.42) 0.29 0.13 0.29 (0.22) 0.17
35
Provision for Credit Losses by Industry Sector and Geographic Location (Continued)1,2,3

Personal
Residential mortgages 1 $ 1 $ 2 $ – $ 3 $ (5) $ 1 $ – $ (4) $ (3) $ (5) $ – $ (8)
HELOC 2 – (3) – (3) 11 (1) – 10 – (3) – (3)
Indirect auto 3 37 1 – 38 36 23 – 59 28 10 – 38
Other 4 32 44 – 76 27 49 – 76 30 37 – 67
Credit card 5 71 104 – 175 62 102 – 164 61 55 – 116
Total personal 6 141 148 – 289 131 174 – 305 116 94 – 210
Real estate
Residential 7 – (3) – (3) – 3 – 3 1 2 – 3
Non-residential 8 – (2) – (2) – (2) – (2) – (7) – (7)
Total real estate 9 – (5) – (5) – 1 – 1 1 (5) – (4)
Agriculture 10 – – – – (1) – – (1) (1) – – (1)
Automotive 11 (1) – – (1) – – – – (1) – – (1)
Financial 12 – – – – – – – – – – – –
Food, beverage, and tobacco 13 – – – – 1 (2) – (1) – – – –
Forestry 14 – – – – – – – – – – – –
Health and social services 16 3 1 – 4 – 6 – 6 2 – – 2
Industrial construction and trade contractors 17 2 3 – 5 15 (2) – 13 21 (2) – 19
Metals and mining 18 – 1 – 1 – – – – – (1) – (1)
Oil and gas 19 (1) – – (1) (1) (2) – (3) (9) (1) – (10)
Power and utilities 20 – – – – – – – – – (3) – (3)
Professional and other services 21 9 1 – 10 – (1) – (1) – (1) – (1)
Retail sector 22 6 1 – 7 3 2 – 5 – 1 – 1
Sundry manufacturing and wholesale 23 – – – – – – – – (2) 1 – (1)
Telecommunications, cable, and media 24 – – – – – – – – – – – –
Transportation 25 3 – – 3 1 – – 1 2 1 – 3
Other 26 – 4 – 4 1 5 – 6 – 6 – 6
Total business and government 27 21 6 – 27 19 7 – 26 13 (4) – 9
Other Loans
Acquired credit-impaired loans 28 – (2) – (2) – (2) – (2) – 1 – 1
Total other loans 29 – (2) – (2) – (2) – (2) – 1 – 1

Personal, business and government 32 $ (106) $ (181) $ – $ (287) $ (114) $ (142) $ 1 $ (255) $ (105) $ (243) $ 2 $ (346)
Debt securities at amortized cost and FVOCI 33 – (1) 1 – – – (2) (2) – – 3 3
Total provision for (recovery of) credit losses 34 $ 56 $ (30) $ 1 $ 27 $ 36 $ 37 $ (1) $ 72 $ 24 $ (152) $ 5 $ (123)

Personal
Residential mortgages 35 –% 0.02 % –% –% (0.01) % 0.01 % –% (0.01) % (0.01) % (0.05) % –% (0.01) %
HELOC 36 – (0.14) – (0.01) 0.04 (0.05) – 0.04 – (0.13) – (0.01)
Indirect auto 37 0.57 0.01 – 0.27 0.53 0.29 – 0.40 0.41 0.13 – 0.26
Other 38 0.67 25.24 – 1.54 0.56 27.50 – 1.52 0.64 20.68 – 1.38
Credit card 39 2.02 2.86 – 2.45 1.68 2.62 – 2.16 1.68 1.51 – 1.60
Total personal 40 0.14 0.64 – 0.24 0.13 0.73 – 0.25 0.12 0.41 – 0.17
Business and Government 41 0.06 0.02 – 0.04 0.06 0.02 – 0.04 0.04 (0.01) – 0.01

Total Provision for (recovery of) Credit Losses 44 0.04 % (0.06) % 0.11 % 0.01 % 0.03 % 0.07 % (0.12) % 0.04 % 0.02 % (0.27) % 0.59 % (0.07) %
Total Provision for (recovery of) Credit Losses Excluding Other Loans 45 0.04 (0.05) 0.11 0.02 0.03 0.07 (0.12) 0.04 0.02 (0.28) 0.59 (0.07)
36
Acronyms
Acronym Definition Acronym Definition
ACI Acquired Credit-Impaired HELOC Home Equity Line of Credit
BRR Borrower Risk Rating IFRS International Financial Reporting Standards
CET1 Common Equity Tier 1 LCR Liquidity Coverage Ratio
DSAC Debt Securities at Amortized cost N/A Not Applicable
DSOCI Debt Securities at Fair Value Through Other Comprehensive Income OSFI Office of the Superintendent of Financial Institutions Canada
EPS Earnings Per Share PCL Provision for Credit Loss
ECL Expected Credit Loss ROE Return on Common Equity
FVOCI Fair Value Through Other Comprehensive Income RWA Risk-Weighted Assets
FVTPL Fair Value Through Profit or Loss TEB Taxable Equivalent Basis
GAAP Generally Accepted Accounting Principles TLAC Total Loss Absorbing Capacity
37

2023-Q4 Financial SuppPack F EN

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Table of Contents

Common Share Performance

After-Tax Increase (Decrease) in Diluted Earnings per Share ($) 9

Investment and Securities Services

Salaries and Employee Benefits

Technology and Equipment

Amortization of Other Intangibles

($ millions, except as noted) LINE 2023 2022 2021 Full Year

($ millions, except as noted) LINE 2023 2022 2021 Full Year

Breakdown of Total Net Income

Key Performance Indicators

($ millions, except as noted) LINE 2023 2022 2021 Full Year

Key Performance Indicators

Trading-Related Revenue (TEB) 7

($ millions) LINE 2023 2022 2021 Full Year

Decomposition of Adjustments for Items of Note, Net of Income Taxes 6

Amortization of acquired intangibles 14 $ 83 $ 75 $ 67 $ 46 $ 51 $ 52 $ 54 $ 59 $ 65 $ 271 $ 216

Decomposition of Items included in Net Income (Loss) – Adjusted

1 Includes the elimination of TEB adjustments reported in Wholesale Banking’s results.

Assets Under Administration

Assets Under Management

Unrealized Gains (Losses) on Debt Securities at Fair Value

Unrealized Gains (Losses) on Equity Securities at Fair Value

Change in Fair Value Due to Credit Risk on Financial Liabilities

Unrealized Foreign Currency Translation Gains (Losses)

Gains (losses) on Derivatives Designated as Cash Flow Hedges

Share of accumulated other comprehensive income (loss) from

NUMBER OF COMMON SHARES

Deferred Tax Liability on Other Intangibles

Year-to-date Year-to-date Year-to-date

2023 2022 2022

Year-to-date Year-to-date Year-to-date

2022 2022 2021

Year-to-date Year-to-date Year-to-date

By Industry Sector United United United

Portfolio as a % of Total Gross Loans and

1 Primarily based on the geographic location of the customer’s address.

By Industry Sector United United United

Portfolio as a % of Total Gross Loans and

By Industry Sector United United United

Portfolio as a % of Total Gross Loans and

CHANGE IN GROSS IMPAIRED LOANS BY SEGMENT

GROSS IMPAIRED LOANS BY SEGMENT

NET IMPAIRED LOANS BY SEGMENT

1 Includes customers’ liability under acceptances.

By Industry Sector United United United

Business and Government

By Industry Sector United United United

Business and Government

By Industry Sector United United United

Business and Government

By Industry Sector United United United

Stage 1 and Stage 2 allowance for loan losses – Performing3

Stage 3 allowance for loan losses (impaired)

Total allowance for credit losses as a % of gross loans

By Industry Sector United United United

Stage 1 and Stage 2 allowance for loan losses – Performing3

Stage 3 allowance for loan losses (impaired)