NOTE 20: SEGMENTED INFORMATION

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

Refer to Note 29 of the Bank’s 2019 Annual Consolidated Financial Statements for additional segment disclosures.

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

Results by Business Segment¹


(millions of Canadian dollars)	Canadian Retail				U.S. Retail					Wholesale Banking²					Corporate²								Total
																					For the three months ended
	April 30 2020		April 30 2019		April 30 2020			April 30 2019		April 30 2020		April 30 2019			April 30 2020			April 30 2019			April 30 2020		April 30 2019
Net interest income (loss)	$	3,002	$	3,010	$	2,311		$	2,231	$	493	$	262		$	654		$	369		$	6,460	$	5,872

Non-interest income (loss)		3,021		2,949		491			677		768		625			(212	)		105			4,068		4,356

Total revenue		6,023		5,959		2,802			2,908		1,261		887			442			474			10,528		10,228
Provision for (recovery of) credit losses		1,153		280		1,137			226		374		(5	)		554			132			3,218		633
Insurance claims and related expenses		671		668		–			–		–		–			–			–			671		668

Non-interest expenses		2,588		2,481		1,680			1,527		616		597			237			643			5,121		5,248

Income (loss) before income taxes		1,611		2,530		(15	)		1,155		271		295			(349	)		(301	)		1,518		3,679
Provision for (recovery of) income taxes		439		681		(117	)		150		62		74			(134	)		(132	)		250		773

Equity in net income of an investment in TD Ameritrade		–		–		234			258		–		–			13			8			247		266
Net income (loss)	$	1,172	$	1,849	$	336		$	1,263	$	209	$	221		$	(202	)	$	(161	)	$	1,515	$	3,172


	For the six months ended
	April 30 2020		April 30 2019		April 30 2020			April 30 2019		April 30 2020		April 30 2019		April 30 2020			April 30 2019			April 30 2020		April 30 2019
Net interest income (loss)	$	6,169	$	6,054	$	4,507		$	4,478	$	850	$	435	$	1,235		$	765		$	12,761	$	11,732

Non-interest income (loss)		6,109		5,893		1,197			1,378		1,457		1,034		(387	)		189			8,376		8,494

Total revenue		12,278		11,947		5,704			5,856		2,307		1,469		848			954			21,137		20,226
Provision for (recovery of) credit losses		1,544		590		1,456			532		391		2		746			359			4,137		1,483
Insurance claims and related expenses		1,451		1,370		–			–		–		–		–			–			1,451		1,370

Non-interest expenses		5,224		5,565		3,273			3,138		1,268		1,199		823			1,201			10,588		11,103

Income (loss) before income taxes		4,059		4,422		975			2,186		648		268		(721	)		(606	)		4,961		6,270
Provision for (recovery of) income taxes		1,098		1,194		(72	)		252		158		64		(275	)		(234	)		909		1,276

Equity in net income of an investment in TD Ameritrade		–		–		435			569		–		–		17			19			452		588
Net income (loss)	$	2,961	$	3,228	$	1,482		$	2,503	$	490	$	204	$	(429	)	$	(353	)	$	4,504	$	5,582
Total assets	$	443,828	$	439,485	$	536,865		$	426,143	$	554,898	$	424,360	$	138,154		$	66,600		$	1,673,745	$	1,356,588

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

²	Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.