We have some additional comments posted today as well. EPS of $1.72 missed estimates of $1.83. Revenue of $12.55B matched estimates. The dividend was raised. TD doesn't see a path to 2025 earnings growth, even as business units outside of US banking could expand. As the company invests in AML programs, reduces US assets by 10% and repositions the investment portfolio, business remains challenged. US deposits held steady in 4Q, yet shifts appear likely, given the bank aims to complete adjustment actions by the end of 2025. TD plans to review its strategic priorities, likely focusing on domestic growth, yet Canadian competition is tight. Interest income may be aided by stable net interest margin in Canada, and likely increase in the US. The bank expects 5-7% expense growth in 2025, potentially putting it out of reach of operating leverage. TD's provisions could reach guidance of 45-55 bps in 2025, consistent with consumer pressure across the industry. Fiscal 2026 though is expected to be much better. Sentiment on the stock is extremely low, which can set up positive moves on any good news. But the drop reflects the miss and the weak F2025 forecast.
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