Summary by Moomoo AI
TD Bank reported Q4 2024 net income of $3.6 billion, up 26.8% YoY, while adjusted earnings declined 8% to $3.2 billion. Revenue increased 17.7% to $15.5 billion, driven by strong performance across segments. The bank recorded a $1 billion gain from selling Schwab shares, reducing its stake to 10.1%.The bank reached a global resolution of investigations into its U.S. BSA/AML program, resulting in $4.2 billion in total penalties. TD is prioritizing AML remediation and strengthening risk controls, with implementation of major remediation actions expected by end of 2025. Due to elevated remediation costs, TD expects challenging earnings growth in fiscal 2025.TD announced a strategic review of its operations and suspended medium-term financial targets of 7-10% EPS growth, 16%+ ROE and positive operating leverage. The bank expects 5-7% expense growth in fiscal 2025 and plans to provide updated financial targets in second half of 2025. Canadian P&C Banking delivered strong results with 9% earnings growth, while U.S. Retail adjusted earnings declined 14%.
