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Investment Q&A

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Toronto-Dominion Bank (The) (TD)
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Q: Why is TD dropping today?
How long do you expect the Canadian banks to be in the penalty box?

JR

Asked by JR on December 07, 2023

5i Research Answer:

There is no company news; yesterday, Bloomberg had these brief comments: TD provisions could rise 35% in 2024 above pre-pandemic levels, with the related ratio reaching 40-50 bps. TD is a retail-focused bank with a large US operation, yet its commercial exposure is sizable. Cards are 4% of total loans, 2x the peer average, and mortgage exposure is in line. The commercial real estate book has similar share, with a US tilt. commercial loan reserves are among the highest.

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