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TD Bank Group Reports First Quarter 2013 Results



               TD Bank Group Reports First Quarter 2013 Results

PR Newswire

TORONTO, Feb. 28, 2013

This quarterly earnings news release should be read in conjunction with our
unaudited First Quarter 2013 Report to Shareholders for
the three months ended January 31, 2013, prepared in accordance with
International Financial Reporting Standards (IFRS), which is
available on our website at http://www.td.com/investor/. This analysis is
dated February 27, 2013. Unless otherwise indicated, all
amounts are expressed in Canadian dollars, and have been primarily derived
from the Bank's annual or interim Consolidated
Financial Statements prepared in accordance with IFRS. Certain comparative
amounts have been reclassified to conform to the
presentation adopted in the current period. Additional information relating to
the Bank is available on the Bank's website
http://www.td.com, as well as on SEDAR at http://www.sedar.com and on the U.S.
Securities and Exchange Commission's (SEC's)
website at http://www.sec.gov (EDGAR filers section).

Reported results conform to Generally Accepted Accounting Principles (GAAP),
in accordance with IFRS. Adjusted measures are
non-GAAP measures. Refer to the "How the Bank Reports" section of the
Management's Discussion and Analysis (MD&A) for an
explanation of reported and adjusted results.

FIRST QUARTER FINANCIAL HIGHLIGHTS, compared with the first quarter a year
ago:

  * Reported diluted earnings per share were $1.86, compared with $1.55.
  * Adjusted diluted earnings per share were $2.00, compared with $1.86.
  * Reported net income was $1,790 million, compared with $1,478 million.
  * Adjusted net income was $1,916 million, compared with $1,762 million.

FIRST QUARTER ADJUSTMENTS (ITEMS OF NOTE)
The first quarter reported earnings figures included the following items of
note:

  * Amortization of intangibles of $56 million after tax (6 cents per share),
    compared with $60 million after tax (7 cents per share) in the first
    quarter last year.
  * A gain of $24 million after tax (3 cents per share), due to the change in
    fair value of derivatives hedging the reclassified available-for-sale
    securities portfolio, compared with a loss of $45 million after tax (5
    cents per share) in the first quarter last year.
  * Integration charges and direct transaction costs of $24 million after tax
    (3 cents per share) relating to the acquisition of the credit card
    portfolio of MBNA Canada, compared with $24 million after tax (2 cents per
    share) in the first quarter last year.
  * A litigation reserve of $70 million after tax (8 cents per share),
    compared with $171 million after tax (19 cents per share) in the first
    quarter last year.

TORONTO, Feb. 28, 2013 /PRNewswire/ - TD Bank Group (TD or the Bank) today
announced its financial results for the first quarter ended January 31, 2013.
Results for the quarter reflected a record performance, driven by TD's retail
businesses.

"This was a very strong start to the year," said Ed Clark, Group President and
Chief Executive Officer. "Adjusted earnings for the quarter were $1.9 billion,
up 9% from a year ago, demonstrating the earnings power of our
franchise-driven model. The results exceeded our expectations and were
particularly impressive when you consider the challenging operating and
economic environment."

Canadian Personal and Commercial Banking
Canadian Personal and Commercial Banking reported net income was $920 million
in the first quarter. On an adjusted basis, net income was $944 million, up
11% from the same period last year. Results were driven by good loan and
deposit volume growth, favourable credit performance and effective expense
management.

"Canadian Personal and Commercial Banking started 2013 on a strong note," said
Tim Hockey, Group Head, Canadian Banking, Auto Finance, and Credit Cards.
"Looking ahead, we expect the operating environment will remain challenging.
We will continue to invest in a balance of productivity and growth and focus
on our service and convenience model to enhance the customer experience to
drive business growth."

Wealth and Insurance
Wealth and Insurance net income for the quarter was $377 million, up 8% from
the same period last year. The Wealth business grew by 15%, driven by higher
fee-based revenue from increased client assets. The Insurance business grew by
10%, driven by lower weather-related claims and increased revenue from
premiums. TD Ameritrade contributed $47 million in earnings to the segment,
down 15% from the same period last year.

"Strong asset growth is driving earnings growth in our Wealth business,
despite low trading volumes and the low interest rate environment," said Mike
Pedersen, Group Head, Wealth Management, Insurance, and Corporate Shared
Services. "In our Insurance business, our core business fundamentals remain
strong and we expect to build on this good start to the year."

U.S. Personal and Commercial Banking
U.S. Personal and Commercial Banking reported net income was US$316 million in
the first quarter. On an adjusted basis, net income was US$387 million, up 12%
from the same period last year. Results were driven primarily by strong
organic growth in loans and deposits and securities gains.

"TD Bank, America's Most Convenient Bank, had a very good first quarter," said
Bharat Masrani, Group Head, U.S. Personal and Commercial Banking. "We
delivered excellent lending growth, strong earnings and improved productivity
in the face of a challenging operating environment."

Wholesale Banking
Wholesale Banking posted net income of $159 million for the quarter, a
decrease of 18% from the same period last year. The decrease was primarily due
to reduced trading-related revenue from fixed income businesses, partially
offset by improved credit origination fees.

"It was a soft start to the year, despite good client-related activity," said
Bob Dorrance, Group Head, Wholesale Banking. "We expect to capitalize on
increased market activity in originations, M&A and advisory as macroeconomic
conditions stabilize."

Capital
TD's Common Equity Tier 1 ratio on a Basel III "all-in" basis was 8.8%.

Conclusion
"Today we announced a dividend increase of 4 cents per common share, payable
in April, demonstrating the Board's confidence in TD's ability to deliver
sustainable earnings growth and consistent with our stated aim to increase the
dividend payout ratio over time," said Clark. "Overall we were very pleased
with our strong start to 2013, and we're encouraged by signs of improvement in
the global economy. However, we remain cautious as slowing growth and the low
interest rate environment impact our businesses. We will continue to
strategically invest in our businesses while prudently managing our expense
growth."

The foregoing contains forward-looking statements.

Caution Regarding Forward-Looking Statements
From time to time, the Bank makes written and/or oral forward-looking
statements, including in this document, in other filings with Canadian
regulators or the U.S. Securities and Exchange Commission, and in other
communications. In addition, representatives of the Bank may make
forward-looking statements orally to analysts, investors, the media and
others. All such statements are made pursuant to the "safe harbour" provisions
of, and are intended to be forward-looking statements under, applicable
Canadian and U.S. securities legislation, including the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, statements made in this document, the Management's
Discussion and Analysis in the Bank's 2012 Annual Report ("2012 MD&A") under
the headings "Economic Summary and Outlook", for each business segment
"Business Outlook and Focus for 2013" and in other statements regarding the
Bank's objectives and priorities for 2013 and beyond and strategies to achieve
them, and the Bank's anticipated financial performance. Forward-looking
statements are typically identified by words such as "will", "should",
"believe", "expect", "anticipate", "intend", "estimate", "plan", "may", and
"could".

By their very nature, these statements require the Bank to make assumptions
and are subject to inherent risks and uncertainties, general and specific.
Especially in light of the uncertainty related to the financial, economic,
political, and regulatory environments, such risks and uncertainties - many of
which are beyond the Bank's control and the effects of which can be difficult
to predict - may cause actual results to differ materially from the
expectations expressed in the forward-looking statements. Risk factors that
could cause such differences include: credit, market (including equity,
commodity, foreign exchange, and interest rate), liquidity, operational
(including technology), reputational, insurance, strategic, regulatory, legal,
environmental, capital adequacy, and other risks, all of which are discussed
in the 2012 MD&A. Examples of such risk factors include the impact of recent
U.S. legislative developments, as discussed under "Significant Events in 2012"
in the "Financial Results Overview" section of the 2012 MD&A; changes to and
new interpretations of capital and liquidity guidelines and reporting
instructions; changes to the Bank's credit ratings; increased funding costs
for credit due to market illiquidity  and competition for funding; the failure
of third parties to comply with their obligations to the Bank or its
affiliates relating to the care and control of information and disruptions in
the Bank's information technology, internet, network access or other voice or
data communications systems or services; and the overall difficult litigation
environment, including in the United States. We caution that the preceding
list is not exhaustive of all possible risk factors and other factors could
also adversely affect the Bank's results. For more detailed information,
please see the "Risk Factors and Management" section of the 2012 MD&A. All
such factors should be considered carefully, as well as other uncertainties
and potential events, and the inherent uncertainty of forward-looking
statements, when making decisions with respect to the Bank and we caution
readers not to place undue reliance on the Bank's forward-looking statements.

Material economic assumptions underlying the forward-looking statements
contained in this document are set out in the 2012 MD&A under the headings
"Economic Summary and Outlook", as updated in this document; for each business
segment, "Business Outlook and Focus for 2013", as updated in this document
under the headings "Business Outlook".

Any forward-looking statements contained in this document represent the views
of management only as of the date hereof and are presented for the purpose of
assisting the Bank's shareholders and analysts in understanding the Bank's
financial position, objectives and priorities and anticipated financial
performance as at and for the periods ended on the dates presented, and may
not be appropriate for other purposes. The Bank does not undertake to update
any forward-looking statements, whether written or oral, that may be made from
time to time by or on its behalf, except as required under applicable
securities legislation.

This document was reviewed by the Bank's Audit Committee and was approved by
the Bank's Board of Directors, on the Audit Committee's recommendation, prior
to its release.

                                                                              
TABLE 1: FINANCIAL HIGHLIGHTS                                                 
(millions of Canadian dollars,
except as noted)                                  For the three months ended  
                                  January 31     October 31      January 31 
                                        2013           2012            2012 
Results of operations                                                         
Total revenue                   $     5,971    $      5,889    $      5,642   
Provision for credit losses             385             565             404   
Non-interest expenses                 3,495           3,606           3,549   
Net income - reported                 1,790           1,597           1,478   
Net income - adjusted^1               1,916           1,757           1,762   
Economic profit^2                       832             703             782   
Return on common equity -
reported                               15.3  %         14.0  %         14.0  %
Return on common equity -
adjusted^2                             16.4  %         15.5  %         16.8  %
Financial position                                                            
Total assets^3                  $   818,482    $    811,106    $    779,144   
Total equity                         49,780          49,000          45,548   
Total risk-weighted assets^4        274,445         245,875         243,642   
Financial ratios                                                              
Efficiency ratio - reported            58.5  %         61.2  %         62.9  %
Efficiency ratio - adjusted^1          55.6  %         59.0  %         55.3  %
Common Equity Tier 1 capital to
risk weighted assets^5                  8.8  %          n/a             n/a   
Tier 1 capital to risk weighted
assets^4                               10.9  %         12.6  %         11.6  %
Provision for credit losses as
a % of net average loans and
acceptances^6                          0.35  %         0.54  %         0.38  %
Common share information -
reported (dollars)                                                            
Per share earnings                                                            
          Basic                 $      1.87    $       1.67    $       1.56   
          Diluted                      1.86            1.66            1.55   
Dividends per share                    0.77            0.77            0.68   
Book value per share                  48.78           48.17           45.00   
Closing share price                   83.29           81.23           77.54   
Shares outstanding (millions)                                                 
          Average basic               916.8           912.4           901.1   
          Average diluted             922.6           920.0           909.2   
          End of period               920.5           916.1           903.7   
Market capitalization (billions
of Canadian dollars)            $      76.7    $       74.4    $       70.1   
Dividend yield                          3.7  %          3.6  %          3.6  %
Dividend payout ratio                  41.2  %         46.1  %         43.7  %
Price to earnings ratio                11.8            12.0            12.3   
Common share information -
adjusted (dollars)^1                                                          
Per share earnings                                                            
          Basic                 $      2.01    $       1.84    $       1.87   
          Diluted                      2.00            1.83            1.86   
Dividend payout ratio                  38.3  %         41.7  %         36.3  %
Price to earnings ratio                11.0            10.9            11.1   
                                                            

^1       Adjusted measures are non-GAAP measures. Refer to the "How The Bank
         Reports" section for an explanation of reported and adjusted results.
^2       Economic profit and adjusted return on common equity are non-GAAP
         financial measures. Refer to the "Economic Profit and Return on
         Common Equity" section for an explanation.
^3       Certain comparative amounts have been reclassified to conform to the
         presentation adopted in the current period.
^4       Effective Q1 2013, amounts are calculated in accordance with the
         Basel III regulatory framework, and are presented based on the
         "all-in" methodology. Prior to Q1 2013, amounts were calculated in
         accordance with the Basel II regulatory framework.
^5       Effective Q1 2013, the Bank implemented the Basel III regulatory
         framework. As a result, the Bank began reporting the Common Equity
         Tier 1 capital measure, in accordance with the "all-in" methodology.
^6       Excludes acquired credit-impaired loans and debt securities
         classified as loans. For additional information on acquired
         credit-impaired loans, see the "Credit Portfolio Quality" section of
         this document and Note 5 to the Interim Consolidated Financial
         Statements. For additional information on debt securities classified
         as loans, see the "Exposure to Non-agency Collateralized Mortgage
         Obligations" discussion and tables in the "Credit Portfolio Quality"
         section of this document and Note 5 to the Interim Consolidated
         Financial Statements.
          

HOW WE PERFORMED

How the Bank Reports
The Bank prepares its Interim Consolidated Financial Statements in accordance
with IFRS and refers to results prepared in accordance with IFRS as "reported"
results. The Bank also utilizes non-GAAP financial measures to arrive at
"adjusted" results to assess each of its businesses and to measure overall
Bank performance. To arrive at adjusted results, the Bank removes "items of
note", net of income taxes, from reported results. The items of note relate to
items which management does not believe are indicative of underlying business
performance. The Bank believes that adjusted results provide the reader with a
better understanding of how management views the Bank's performance. The items
of note are listed in the table on the following page. As explained, adjusted
results are different from reported results determined in accordance with
IFRS. Adjusted results, items of note, and related terms used in this document
are not defined terms under IFRS and, therefore, may not be comparable to
similar terms used by other issuers.

                                                                              
TABLE 2: OPERATING RESULTS - REPORTED                                         
(millions of Canadian dollars)                   For the three months ended   
                                         January 31  October 31  January 31 
                                               2013        2012        2012   
Net interest income                        $  3,846    $  3,842    $  3,687   
Non-interest income                           2,125       2,047       1,955   
Total revenue                                 5,971       5,889       5,642   
Provision for credit losses                     385         565         404   
Non-interest expenses                         3,495       3,606       3,549   
Income before income taxes and equity in                                      
net income of an                                                            
        investment in associate               2,091       1,718       1,689   
Provision for income taxes                      360         178         272   
Equity in net income of an investment in                                      
associate, net of income taxes                   59          57          61 
Net income - reported                         1,790       1,597       1,478   
Preferred dividends                              49          49          49   
Net income available to common                                                
shareholders and                                                            
        non-controlling interests in          1,741       1,548       1,429   
        subsidiaries                       $           $           $
Attributable to:                                                              
Non-controlling interests                  $     26    $     26    $     26   
Common shareholders                        $  1,715    $  1,522    $  1,403   

The following table provides a reconciliation between the Bank's adjusted and
reported results.

                                                                              
TABLE 3: NON-GAAP FINANCIAL MEASURES - RECONCILIATION OF ADJUSTED TO
REPORTED NET INCOME                                                           
(millions of Canadian dollars)                   For the three months ended   
                                         January 31  October 31  January 31 
                                               2013        2012        2012   
Operating results - adjusted                                                  
Net interest income^1                      $  3,846    $  3,842    $  3,701   
Non-interest income^2                         2,094       2,084       2,009   
Total revenue                                 5,940       5,926       5,710   
Provision for credit losses^3                   385         511         445   
Non-interest expenses^4                       3,300       3,493       3,158   
Income before income taxes and equity in
net income of an                                                              
        investment in associate               2,255       1,922       2,107   
Provision for income taxes^5                    411         236         421   
Equity in net income of an investment in
associate, net of income taxes^6                 72          71          76   
Net income - adjusted                         1,916       1,757       1,762   
Preferred dividends                              49          49          49   
Net income available to common
shareholders and                                                              
        non-controlling interests in                                          
        subsidiaries - adjusted               1,867       1,708       1,713 
Attributable to:                                                              
Non-controlling interests in
subsidiaries, net of income taxes                26          26          26   
Net income available to common
shareholders - adjusted                       1,841       1,682       1,687   
Adjustments for items of note, net of
income taxes                                                                  
Amortization of intangibles^7                   (56)        (60)        (60)  
Fair value of derivatives hedging the
reclassified available-for-sale
securities portfolio^8                           24         (35)        (45)  
Integration charges and direct
transaction costs relating to U.S.
Personal and Commercial Banking                                               
        acquisitions^9                            -           -          (9)  
Fair value of credit default swaps
hedging the corporate loan book, net of
provision for credit losses^10                    -           -          (1)  
Integration charges, direct transaction
costs, and changes in fair value of
contingent consideration                                                      
        relating to the Chrysler                                              
        Financial acquisition^11                  -          (3)         (5)
Integration charges and direct
transaction costs relating to the
acquisition of the credit card portfolio
of                                                                            
        MBNA Canada^12                          (24)        (25)        (24)  
Litigation reserve^13                           (70)          -        (171)  
Reduction of allowance for incurred but
not identified credit losses^14                   -           -          31   
Impact of Superstorm Sandy^15                     -         (37)          -   
Total adjustments for items of note            (126)       (160)       (284)  
Net income available to common
shareholders - reported                    $  1,715    $  1,522    $  1,403   

^1  Adjusted net interest income excludes the following items of note: first
    quarter 2012 - $14 million (net of tax, $10 million) of certain charges
    against revenue related to promotional-rate card origination activities,
    as explained in footnote 12.
^2  Adjusted non-interest income excludes the following items of note: first
    quarter 2013 - $31 million gain due to change in fair value of derivatives
    hedging the reclassified available-for-sale (AFS) securities portfolio, as
    explained in footnote 8; fourth quarter 2012 - $1 million loss due to
    change in fair value of credit default swaps (CDS) hedging the corporate
    loan book, as explained in footnote 10; $33 million loss due to change in
    fair value of derivatives hedging the reclassified AFS securities
    portfolio;  $2 million loss due to change in fair value of contingent
    consideration relating to Chrysler Financial, as explained in footnote 11;
    $1 million loss due to the impact of Superstorm Sandy, as explained in
    footnote 15; first quarter 2012 - $2 million loss due to change in fair
    value of CDS hedging the corporate loan book; $53 million loss due to
    change in fair value of derivatives hedging the reclassified AFS
    securities portfolio; $1 million gain due to change in fair value of
    contingent consideration relating to Chrysler Financial.
^3  Adjusted provision for credit losses (PCL) excludes the following items of
    note: fourth quarter 2012 - $54 million loss due to the impact of
    Superstorm Sandy, as explained in footnote 15; first quarter 2012 - $41
    million in reduction of allowance for incurred but not identified credit
    losses in Canadian Personal and Commercial Banking and Wholesale Banking,
    as explained in footnote 14.
^4  Adjusted non-interest expenses excludes the following items of note: first
    quarter 2013 - $66 million amortization of intangibles, as explained in
    footnote 7; $32 million of integration charges and direct transaction
    costs relating to the acquisition of the credit card portfolio of MBNA
    Canada, as explained in footnote 12; $97 million of charges related to a
    litigation reserve, as explained in footnote 13; fourth quarter 2012 - $69
    million amortization of intangibles; $4 million of integration charges and
    direct transaction costs relating to the Chrysler Financial acquisition,
    as explained in footnote 11; $33 million of integration charges and direct
    transaction costs relating to the acquisition of the credit card portfolio
    of MBNA Canada; $7 million due to the impact of Superstorm Sandy, as
    explained in footnote 15; first quarter 2012 - $70 million amortization of
    intangibles; $11 million of integration charges related to U.S. Personal
    and Commercial Banking acquisitions, as explained in footnote 9; $7
    million of integration charges and direct transaction costs relating to
    the Chrysler Financial acquisition; $18 million of integration charges and
    direct transaction costs relating to the acquisition of the credit card
    portfolio of MBNA Canada; $285 million of charges related to a litigation
    reserve.
^5  For a reconciliation between reported and adjusted provision for income
    taxes, see the "Non-GAAP Financial Measures - Reconciliation of Reported
    to Adjusted Provision for Income Taxes" table in the "Income Taxes"
    section of this document.
^6  Adjusted equity in net income of an investment in associate excludes the
    following items of note: first quarter 2013 - $13 million amortization of
    intangibles, as explained in footnote 7; fourth quarter 2012 - $14 million
    amortization of intangibles; first quarter 2012 - $15 million amortization
    of intangibles.
^7  Amortization of intangibles primarily relates to the TD Banknorth
    acquisition in 2005 and its privatization in 2007, the acquisitions by TD
    Banknorth of Hudson United Bancorp in 2006 and Interchange Financial
    Services in 2007, the Commerce acquisition in 2008, the amortization of
    intangibles included in equity in net income of TD Ameritrade, and the
    acquisition of the credit card portfolio of MBNA Canada in 2012.
    Amortization of software is recorded in amortization of intangibles;
    however, amortization of software is not included for purposes of items of
    note, which only includes amortization of intangibles acquired as a result
    of business combinations.
^8  During 2008, as a result of deterioration in markets and severe
    dislocation in the credit market, the Bank changed its trading strategy
    with respect to certain trading debt securities. Since the Bank no longer
    intended to actively trade in these debt securities, the Bank reclassified
    these debt securities from trading to the AFS category effective August 1,
    2008. As part of the Bank's trading strategy, these debt securities are
    economically hedged, primarily with CDS and interest rate swap contracts.
    This includes foreign exchange translation exposure related to the debt
    securities portfolio and the derivatives hedging it. These derivatives are
    not eligible for reclassification and are recorded on a fair value basis
    with changes in fair value recorded in the period's earnings. Management
    believes that this asymmetry in the accounting treatment between
    derivatives and the reclassified debt securities results in volatility in
    earnings from period to period that is not indicative of the economics of
    the underlying business performance in Wholesale Banking. Commencing in
    the second quarter of 2011, the Bank may from time to time replace
    securities within the portfolio to best utilize the initial, matched fixed
    term funding. As a result, the derivatives are accounted for on an accrual
    basis in Wholesale Banking and the gains and losses related to the
    derivatives in excess of the accrued amounts are reported in the Corporate
    segment. Adjusted results of the Bank exclude the gains and losses of the
    derivatives in excess of the accrued amount.
^9  As a result of U.S. Personal and Commercial Banking acquisitions, the Bank
    incurred integration charges and direct transaction costs. Integration
    charges consist of costs related to information technology, employee
    retention, external professional consulting charges, marketing (including
    customer communication and rebranding), integration-related travel costs,
    employee severance costs, the costs of amending certain executive
    employment and award agreements, contract termination fees and the
    write-down of long-lived assets due to impairment. Direct transaction
    costs are expenses directly incurred in effecting a business combination
    and consist primarily of finders' fees, advisory fees, and legal fees.
    Integration charges were driven by the South Financial and FDIC-assisted
    acquisitions and there were no direct transaction costs recorded. The
    first quarter 2012 was the last quarter U.S. Personal and Commercial
    Banking included any further FDIC-assisted and South Financial related
    integration charges or direct transaction costs as an item of note.
^10 The Bank purchases CDS to hedge the credit risk in Wholesale Banking's
    corporate lending portfolio. These CDS do not qualify for hedge accounting
    treatment and are measured at fair value with changes in fair value
    recognized in current period's earnings. The related loans are accounted
    for at amortized cost. Management believes that this asymmetry in the
    accounting treatment between CDS and loans would result in periodic profit
    and loss volatility which is not indicative of the economics of the
    corporate loan portfolio or the underlying business performance in
    Wholesale Banking. As a result, the CDS are accounted for on an accrual
    basis in Wholesale Banking and the gains and losses on the CDS, in excess
    of the accrued cost, are reported in the Corporate segment. Adjusted
    earnings exclude the gains and losses on the CDS in excess of the accrued
    cost. When a credit event occurs in the corporate loan book that has an
    associated CDS hedge, the PCL related to the portion that was hedged via
    the CDS is netted against this item of note.
^11 As a result of the Chrysler Financial acquisition in Canada and the U.S.,
    the Bank incurred integration charges and direct transaction costs. As
    well, the Bank experienced volatility in earnings as a result of changes
    in fair value of contingent consideration. Integration charges consist of
    costs related to information technology, employee retention, external
    professional consulting charges, marketing (including customer
    communication and rebranding), integration-related travel costs, employee
    severance costs, the cost of amending certain executive employment and
    award agreements, contract termination fees, and the write-down of
    long-lived assets due to impairment. Direct transaction costs are expenses
    directly incurred in effecting a business combination and consist
    primarily of finders' fees, advisory fees, and legal fees. Contingent
    consideration is defined as part of the purchase agreement, whereby the
    Bank is required to pay additional cash consideration in the event that
    amounts realized on certain assets exceed a pre-established threshold.
    Contingent consideration is recorded at fair value on the date of
    acquisition. Changes in fair value subsequent to acquisition are recorded
    in the Consolidated Statement of Income. Adjusted earnings exclude the
    gains and losses on contingent consideration in excess of the acquisition
    date fair value. While integration charges and direct transaction costs
    related to this acquisition were incurred for both Canada and the U.S.,
    the majority of these charges relate to integration initiatives undertaken
    for U.S. Personal and Commercial Banking.
^12 As a result of the acquisition of the credit card portfolio of MBNA
    Canada, as well as certain other assets and liabilities, the Bank incurred
    integration charges and direct transaction costs. Integration charges
    consist of costs related to information technology, employee retention,
    external professional consulting charges, marketing (including customer
    communication, rebranding and certain charges against revenue related to
    promotional-rate card origination activities), integration-related travel
    costs, employee severance costs, the cost of amending certain executive
    employment and award agreements, contract termination fees, and the
    write-down of long-lived assets due to impairment. The Bank's integration
    charges related to the acquisition of the credit card portfolio of MBNA
    Canada were higher than anticipated when the transaction was first
    announced. The elevated spending was primarily due to additional costs
    incurred (other than the amounts capitalized) to build out technology
    platforms for the business.  Direct transaction costs are expenses
    directly incurred in effecting the business combination and consist
    primarily of finders' fees, advisory fees and legal fees. Integration
    charges and direct transaction costs related to this acquisition were
    incurred by Canadian Personal and Commercial Banking.
^13 The Bank took prudent steps to determine in accordance with applicable
    accounting standards that litigation provisions were required in the
    following relevant periods. In the first quarter of 2012, the Bank
    determined that the litigation provision of $285 million ($171 million
    after tax) was required as a result of certain adverse judgments in the
    U.S. during the quarter as well as settlements reached following the
    quarter. In the current quarter, the Bank further reassessed its
    litigation provisions and determined that an additional increase in the
    litigation provision of $97 million ($70 million after tax) was required
    as a result of recent developments and settlements reached in the U.S.,
    having considered these factors as well as other related or analogous
    litigation cases.
^14 Excluding the impact related to the credit card portfolio of MBNA Canada
    and other consumer loan portfolios (which is recorded in Canadian Personal
    and Commercial Banking), "Reduction of allowance for incurred but not
    identified credit losses", formerly known as "General allowance increase
    (release) in Canadian Personal and Commercial Banking and Wholesale
    Banking" was $41 million (net of tax, $31 million) in the first quarter
    2012, which was attributable to the Wholesale Banking and non-MBNA related
    Canadian Personal and Commercial Banking loan portfolios. Beginning in
    2013, the change in the "allowance for incurred but not identified credit
    losses" in the normal course of business will be included in Corporate
    segment net income and will no longer be recorded as an item of note.
^15 The Bank provided $62 million (net of tax, $37 million) in the fourth
    quarter 2012 for certain estimated losses resulting from Superstorm Sandy
    which primarily relate to an increase in PCL, fixed asset impairments and
    charges against revenue relating to fee reversals.
     

                                                                              
TABLE 4: RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE (EPS)^1    
(Canadian dollars)                               For the three months ended   
                                     January 31     October 31   January 31 
                                           2013           2012         2012   
Basic earnings per share - reported    $   1.87      $    1.67     $   1.56   
Adjustments for items of note^2            0.14           0.17         0.31   
Basic earnings per share - adjusted    $   2.01      $    1.84     $   1.87   
                                                                              
Diluted earnings per share -                                                  
reported                               $   1.86      $    1.66     $   1.55 
Adjustments for items of note^2            0.14           0.17         0.31   
Diluted earnings per share -                                                  
adjusted                               $   2.00      $    1.83     $   1.86 

^1   EPS is computed by dividing net income available to common shareholders
     by the weighted-average number of shares outstanding during the period.
     For explanation of items of note, see the "Non-GAAP Financial Measures -
^2   Reconciliation of Adjusted to Reported Net Income" table in the "How We
     Performed" section of this document.

                                                                              
TABLE 5: NON-GAAP FINANCIAL MEASURES - RECONCILIATION OF REPORTED TO
ADJUSTED PROVISION FOR INCOME TAXES                                           
(millions of Canadian dollars,
except as noted)                                 For the three months ended   
                                     January 31    October 31    January 31 
                                           2013          2012          2012   
Provision for income taxes -                      
reported                               $    360      $    178      $    272   
Adjustments for items of note:                    
Recovery of (provision for) income
taxes^1,2                                                                     
Amortization of intangibles                  23            23            25   
Fair value of derivatives hedging                 
the reclassified available-for-sale
securities portfolio                         (7)           (2)            8   
Integration charges and direct                    
transaction costs relating to U.S.
Personal and Commercial Banking                                               
        acquisitions                          -             -             2   
Fair value of credit default swaps                
hedging the corporate loan book, net
of provision for credit losses                -             1             1   
Integration charges, direct                       
transaction costs, and changes in
fair value of contingent
consideration                                                                 
        relating to the Chrysler              -                               
        Financial acquisition                               3             1 
Integration charges and direct                    
transaction costs relating to the
acquisition of the credit card                                                
        portfolio of MBNA Canada              8             8             8   
Litigation reserve                           27             -           114   
Reduction to allowance for incurred               
but not identified credit losses              -             -           (10)  
Impact of Superstorm Sandy                    -            25             -   
Total adjustments for items of note          51            58           149   
Provision for income taxes -                      
adjusted                               $    411      $    236      $    421   
Effective income tax rate -                      %
adjusted^3                                 18.2          12.3  %       20.0  %

^1 For explanations of items of note, see the "Non-GAAP Financial Measures -
   Reconciliation of Adjusted to Reported Net Income" table in the "How We
   Performed" section of this document.
^2 The tax effect for each item of note is calculated using the effective
   statutory income tax rate of the applicable legal entity.
^3 Adjusted effective income tax rate is the adjusted provision for income
   taxes before other taxes as a percentage of adjusted net income before
   taxes.

Economic Profit and Return on Common Equity
The Bank's methodology for allocating capital to its business segments is
aligned with the common equity capital requirements under Basel III at a 7%
Common Equity Tier 1 (CET1) ratio. The return measures for business segments
reflect a return on common equity methodology.

The Bank utilizes economic profit as a tool to measure shareholder value
creation. Economic profit is adjusted net income available to common
shareholders less a charge for average common equity. The rate used in the
charge for average common equity is the equity cost of capital calculated
using the capital asset pricing model. The charge represents an assumed
minimum return required by common shareholders on the Bank's common equity.
The Bank's goal is to achieve positive and growing economic profit.

Adjusted return on common equity (ROE) is adjusted net income available to
common shareholders as a percentage of average common equity. ROE is a
percentage rate and is a variation of economic profit which is a dollar
measure. When ROE exceeds the equity cost of capital, economic profit is
positive. The Bank's goal is to maximize economic profit by achieving ROE that
exceeds the equity cost of capital.

Economic profit and adjusted ROE are non-GAAP financial measures as these are
not defined terms under IFRS. Readers are cautioned that earnings and other
measures adjusted to a basis other than IFRS do not have standardized meanings
under IFRS and, therefore, may not be comparable to similar terms used by
other issuers.

                                                                              
TABLE 6: ECONOMIC PROFIT AND RETURN ON COMMON EQUITY                          
(millions of Canadian dollars) ^                 For the three months ended   
                                     January 31    October 31    January 31 
                                           2013          2012          2012   
Average common equity                 $  44,488     $  43,256     $  39,999   
Rate charged for average common                  %             %
equity                                      9.0           9.0           9.0  %
Charge for average common equity      $   1,009     $     979     $     905   
Net income available to common                                  
shareholders - reported               $   1,715     $   1,522     $   1,403   
Items of note impacting income, net                             
of income taxes^1                           126           160           284   
Net income available to common                                  
shareholders - adjusted               $   1,841     $   1,682     $   1,687   
Economic profit^2                     $     832     $     703     $     782   
Return on common equity - adjusted         16.4  %       15.5  %       16.8  %

^1     For explanations of items of note, see the "Non-GAAP Financial Measures
       - Reconciliation of Adjusted to Reported Net Income" table in the "How
       We Performed" section of this document.
^2     Economic profit is calculated based on average common equity.

Significant Events in 2013

Acquisition of Target's U.S. Credit Card Portfolio
On October 23, 2012, the Bank announced that it entered into an agreement with
Target Corporation (Target) under which the Bank will acquire Target's
existing U.S. Visa and private label credit card portfolio, totalling
approximately US$5.9 billion. The Bank also entered into a seven-year program
agreement under which it will become the exclusive issuer of Target-branded
Visa and private label consumer credit cards to Target's U.S. customers. The
Bank will acquire over 5 million active Visa and private label accounts and
will fund the receivables for existing Target Visa accounts and all existing
and newly issued Target private label accounts in the U.S. Subject to
regulatory approvals and the satisfaction of customary closing conditions, the
transaction is expected to close in the second quarter of 2013.

Acquisition of Epoch
On December 6, 2012, the Bank announced that it entered into an agreement
under which Epoch Holding Corporation, including its subsidiary Epoch
Investment Partners, Inc. (Epoch), will be acquired by the Bank for
approximately US$669 million, in an all-cash transaction. Epoch Holding
Corporation shareholders will receive US$28.00 in cash per share. As at
January 31, 2013, Epoch's reported assets under management were US$25.8
billion. Subject to regulatory approvals and the satisfaction of customary
closing conditions, the transaction is expected to close in the second quarter
of 2013.

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank's operations and activities are
organized around four key business segments operating in a number of locations
in key financial centres around the globe: Canadian Personal and Commercial
Banking, Wealth and Insurance, U.S. Personal and Commercial Banking, and
Wholesale Banking. The Bank's other activities are grouped into the Corporate
segment. Effective December 1, 2011, results of the acquisition of the credit
card portfolio of MBNA Canada (MBNA) are reported primarily in the Canadian
Personal and Commercial Banking and Wealth and Insurance segments. Integration
charges and direct transaction costs relating to the acquisition of MBNA are
reported in Canadian Personal and Commercial Banking. The results of TD Auto
Finance Canada are reported in Canadian Personal and Commercial Banking. The
results of TD Auto Finance U.S. are reported in U.S. Personal and Commercial
Banking. Integration charges, direct transaction costs, and changes in fair
value of contingent consideration related to the Chrysler Financial
acquisition are reported in the Corporate segment.

Results of each business segment reflect revenue, expenses, assets, and
liabilities generated by the businesses in that segment. The Bank measures and
evaluates the performance of each segment based on adjusted results where
applicable, and for those segments the Bank notes that the measure is
adjusted. Net income for the operating business segments is presented before
any items of note not attributed to the operating segments. For further
details, see the "How the Bank Reports" section, the "Business Focus" section
in the MD&A of the Bank's 2012 Annual Report, and Note 28 to the 2012
Consolidated Financial Statements. For information concerning the Bank's
measures of economic profit and adjusted return on common equity, which are
non-GAAP financial measures, see the "How We Performed" section of this
document.

Net interest income within Wholesale Banking is calculated on a taxable
equivalent basis (TEB), which means that the value of non-taxable or
tax-exempt income, including dividends, is adjusted to its equivalent
before-tax value. Using TEB allows the Bank to measure income from all
securities and loans consistently and makes for a more meaningful comparison
of net interest income with similar institutions. The TEB increase to net
interest income and provision for income taxes reflected in Wholesale Banking
results is reversed in the Corporate segment. The TEB adjustment for the
quarter was $75 million, compared with $70 million in the first quarter last
year, and $112 million in the prior quarter.

The Bank continues to securitize retail loans and receivables, however under
IFRS, the majority of these loans and receivables remain on-balance sheet.

                                                                              
TABLE 7: CANADIAN PERSONAL AND COMMERCIAL BANKING                             
(millions of Canadian dollars,
except as noted)                                 For the three months ended   
                                   January 31      October 31    January 31 
                                         2013            2012          2012   
Net interest income                 $   2,058       $   2,071     $   1,930   
Non-interest income                       665             678           640   
Total revenue - reported                2,723           2,749         2,570   
Total revenue - adjusted                2,723           2,749         2,584   
Provision for credit losses               244             306           283   
Non-interest expenses - reported        1,226           1,343         1,160   
Non-interest expenses - adjusted        1,194           1,310         1,142   
Net income - reported               $     920       $     806     $     826   
Adjustments for items of note, net
of income taxes^1                                                             
Integration charges and direct
transaction costs relating to the                                             
       acquisition of the credit                                              
       card portfolio of MBNA
       Canada                              24              25            24 
Net income - adjusted               $     944       $     831     $     850   
Selected volumes and ratios                                                   
Return on common equity - reported       47.5  %         41.9  %       43.7  %
Return on common equity - adjusted       48.7  %         43.1  %       44.9  %
Margin on average earning assets
(including securitized assets) -
reported                                 2.79  %         2.83  %       2.77  %
Margin on average earning assets
(including securitized assets) -
adjusted                                 2.79  %         2.83  %       2.79  %
Efficiency ratio - reported              45.0  %         48.9  %       45.1  %
Efficiency ratio - adjusted              43.8  %         47.7  %       44.2  %
Number of Canadian retail stores        1,166           1,168         1,150   
Average number of full-time
equivalent staff                       28,385          28,449        30,696   

^1     For explanations of items of note, see the "Non-GAAP Financial Measures
       − Reconciliation of Adjusted to Reported Net Income" table in the "How
       We Performed" section of this document.
        

Quarterly comparison - Q1 2013 vs. Q1 2012
Canadian Personal and Commercial Banking net income for the quarter on a
reported basis was $920 million, an increase of $94 million, or 11%, compared
with the first quarter last year. Adjusted net income for the quarter was a
record $944 million, an increase of $94 million, or 11%, compared with the
first quarter last year. The increase in adjusted earnings was primarily
driven by good loan and deposit volume growth, favourable credit performance,
and effective cost management. The reported annualized return on common equity
for the quarter was 47.5%, while the adjusted annualized return on common
equity was 48.7%, compared with 43.7% and 44.9% respectively, in the first
quarter last year.

Canadian Personal and Commercial Banking revenue is derived from personal and
business banking, auto lending and credit cards. Reported revenue for the
quarter was $2,723 million, an increase of $153 million, or 6%, compared with
the first quarter last year. Adjusted revenue for the quarter was $2,723
million, an increase of $139 million, or 5% compared with the first quarter
last year, or an increase of $74 million, or 3% excluding MBNA. Net interest
income growth was driven by portfolio volume growth and the inclusion of an
additional month of MBNA. The personal banking business generated solid
lending volume growth of 5% reflecting a slowing housing market and continued
consumer deleveraging. Business lending posted strong double-digit volume
growth of 13%. Compared with the first quarter last year, average real estate
secured lending volume increased $10 billion, or 5%. Auto lending average
volume increased $0.4 billion, or 3%, while all other personal lending average
volumes increased $0.9 billion or 3%. Business loans and acceptances average
volume increased $5 billion, or 13%. Average personal deposit volumes
increased $10 billion, or 7%, while average business deposit volumes increased
$5 billion, or 8%. Margin on average earning assets was 2.79%, a 2 bps
increase on a reported basis or flat on an adjusted basis. Non-interest income
growth was up primarily due to volume-related fee growth and the inclusion of
an additional month of MBNA.

PCL for the quarter was $244 million, a decrease of $39 million, or 14%,
compared with the first quarter last year. Personal banking PCL was $236
million, or $175 million excluding MBNA, a decrease of $14 million due
primarily to better credit performance, enhanced collection strategies, and
record low bankruptcies. Business banking PCL was $8 million, a decrease of
$13 million, compared with the first quarter last year. Annualized PCL as a
percentage of credit volume was 0.32%, a decrease of 7 bps, compared with the
first quarter last year. Net impaired loans were $914 million, a decrease of
$36 million, or 4%, compared with the first quarter last year. Net impaired
loans as a percentage of total loans were 0.30%, compared with 0.33% as at
January 31, 2012.

Reported non-interest expenses for the quarter were $1,226 million, an
increase of $66 million, or 6%, compared with the first quarter last year.
Adjusted non-interest expenses for the quarter were $1,194 million, an
increase of $52 million, or 5%, compared with the first quarter last year.
Excluding MBNA, expenses increased $15 million, or 1% as volume growth, merit
increases, and investment in initiatives to grow the business were largely
offset by initiatives to increase productivity.

The average full-time equivalent (FTE) staffing levels decreased by 2,311, or
8%, compared with the first quarter last year, primarily due to a transfer of
FTEs to the Corporate segment. Operating FTE declined by over 1% due to
volume-related reductions and productivity initiatives. The reported
efficiency ratio for the quarter was 45.0%, while the adjusted efficiency
ratio was 43.8%, compared with 45.1% and 44.2% respectively, in the first
quarter last year.

Quarterly comparison - Q1 2013 vs. Q4 2012
Canadian Personal and Commercial Banking net income for the quarter on a
reported basis increased $114 million, or 14%, compared with the prior
quarter. Adjusted net income for the quarter increased $113 million, or 14%,
compared with the prior quarter. The increase in earnings was primarily due to
lower non-interest expenses, volume growth and better credit performance. The
reported annualized return on common equity for the quarter was 47.5%, while
the adjusted annualized return on common equity was 48.7%, compared with 41.9%
and 43.1% respectively, in the prior quarter.

Revenue for the quarter decreased $26 million, or 1%, compared with the prior
quarter, reflecting an elevated MBNA contribution in the prior quarter from
better credit performance on acquired loans partially offset by higher volume
related revenue growth. Compared with the prior quarter, average real estate
secured lending volume increased $2 billion, or 1%. All other personal lending
average volumes remained relatively stable. Business loans and acceptances
average volumes increased $1 billion, or 2%. Average personal deposit volumes
increased $1 billion, or 1%, while average business deposit volumes increased
$1 billion, or 1%. Excluding the impact from the elevated MBNA contribution
related to better credit performance in the prior quarter, margin on average
earning assets was relatively flat at 2.79%.

PCL for the quarter decreased $62 million, or 20%, compared with the prior
quarter. Personal banking PCL for the quarter decreased $53 million compared
with the prior quarter driven by the prior quarter adjustments related to past
due accounts and record low credit card personal bankruptcies. Business
banking PCL decreased $9 million due to fewer new provisions in the quarter.
Net impaired loans decreased $86 million, or 9%, compared with the prior
quarter. Net impaired loans as a percentage of total loans were 0.30%,
compared with 0.33% as at October 31, 2012.

Reported non-interest expenses for the quarter decreased $117 million, or 9%,
compared with the prior quarter. Adjusted non-interest expenses for the
quarter decreased $116 million, or 9%, compared with the prior quarter largely
due to the timing of business investments and marketing initiatives.

The average FTE staffing levels decreased by 64, compared with the prior
quarter primarily due to volume-related FTE productivity gains. The reported
efficiency ratio for the quarter improved to 45.0%, compared with 48.9% in the
prior quarter, while the adjusted efficiency ratio improved to 43.8%, compared
with 47.7% in the prior quarter.

Business Outlook
We will continue to build on our industry-leading customer service and
convenience offering to deliver a better customer experience. The operating
environment will remain challenging in 2013. We forecast moderate revenue
growth reflecting a low interest rate environment and slowing demand for
retail loans. However, we will strive to generate positive operating leverage
by maintaining our focus on increasing productivity and tightly managing
expense growth. Credit loss rates are expected to remain fairly stable.

                                                                              
TABLE 8: WEALTH AND INSURANCE                                                 
(millions of Canadian dollars,
except as noted)                               For the three months ended  ^  
                                     January 31    October 31    January 31 
                                           2013          2012          2012   
Net interest income                   $     148     $     147     $     144   
Insurance revenue, net of claims and
related expenses^1                          325           232           281   
Income from financial instruments
designated at fair value through
profit or loss                               (5)           (6)           10   
Non-interest income - other                 609           590           564   
Total revenue                             1,077           963           999   
Non-interest expenses                       670           676           639   
Net income                                  330           242           294   
Wealth                                      165           148           144   
Insurance                                   165            94           150   
TD Ameritrade                                47            51            55   
Total Wealth and Insurance            $     377     $     293     $     349   
Selected volumes and ratios                                                   
Assets under administration - Wealth
(billions of Canadian dollars)^2      $     270     $     258     $     245   
Assets under management - Wealth
(billions of Canadian dollars)              211           207           196   
Gross originated insurance premiums         807           943           763   
Return on common equity                    25.3  %       17.9  %       21.4  %
Efficiency ratio                           62.2  %       70.2  %       64.0  %
Average number of full-time
equivalent staff                         11,583        11,839        11,898   

^1     Insurance revenue, net of claims and related expenses is included in
       the non-interest income line on the Bank's Consolidated Statement of
       Income. For the three months ended January 31, 2013, the claims and
       related expenses were $596 million (for the three months ended October
       31, 2012 - $688 million; January 31, 2012 - $579 million).
^2     The January 31, 2012 result for Wealth assets under administration was
       restated to conform with the presentation adopted in Q4 2012.
        

Quarterly comparison - Q1 2013 vs. Q1 2012
Wealth and Insurance net income for the quarter was $377 million, an increase
of $28 million, or 8%, compared with the first quarter last year. The increase
in earnings was mostly due to growth in client assets, lower weather-related
claims and higher growth in premiums. Wealth and Insurance net income
excluding TD Ameritrade was $330 million, an increase of $36 million, or 12%,
compared with the first quarter last year. The Bank's reported investment in
TD Ameritrade generated net income for the quarter of $47 million, a decrease
of $8 million, or 15%, compared with the first quarter last year, mainly
driven by taxes on higher dividend distribution, lower TD Ameritrade earnings,
and a stronger Canadian dollar. For its first quarter ended December 31, 2012,
TD Ameritrade reported net income was US$147 million, a decrease of US$5
million, or 3%, compared with the first quarter last year, primarily driven by
tax related items, partially offset by lower expenses. The annualized return
on common equity for the quarter was 25.3% compared with 21.4% in the first
quarter last year.

Wealth and Insurance revenue is derived from direct investing, advice-based
business, asset management services, life and health insurance, and property
and casualty insurance. Revenue for the quarter was $1,077 million, an
increase of $78 million, or 8%, compared to the first quarter last year. In
the Wealth business, revenue increased mainly from higher fee-based revenue
from asset growth and higher net interest income driven by improved net
interest margins. In the Insurance business, revenue increased due to lower
claims from weather-related events and premium volume growth, partially offset
by decreased revenue due to the sale of the U.S. Insurance business.

Non-interest expenses for the quarter were $670 million, an increase of $31
million, or 5%, compared with the first quarter last year, primarily due to
increased costs to support business growth in Wealth and Insurance and higher
variable expenses in the Wealth business driven by increased revenue,
partially offset by decreased expenses resulting from the sale of the U.S.
Insurance business.

Assets under administration of $270 billion as at January 31, 2013, increased
$25 billion, or 10%, compared with January 31, 2012. Assets under management
of $211 billion as at January 31, 2013 increased $15 billion, or 8%, compared
with January 31, 2012. These increases were mainly driven by net new client
assets.

Gross originated insurance premiums were $807 million, an increase of $44
million, or 6%, compared with the first quarter last year. The increase was
primarily due to organic business growth.

The average FTE staffing levels decreased by 315, or 3%, compared to the first
quarter last year, primarily due to the sale of the U.S. Insurance business
and lower support required due to a decrease in trading volumes in the Wealth
business, partially offset by an increase in staffing from business growth.
The efficiency ratio for the current quarter improved to 62.2%, compared with
64.0% in the first quarter last year.

Quarterly comparison - Q1 2013 vs. Q4 2012
Wealth and Insurance net income for the quarter increased $84 million, or 29%,
compared with the prior quarter. The increase in earnings was mainly due to
unfavourable prior years claims development in the Ontario auto insurance
market recorded in the prior quarter and growth in client assets in the
current quarter. Wealth and Insurance net income excluding TD Ameritrade was
$330 million, an increase of $88 million, or 36%. The Bank's reported
investment in TD Ameritrade reflected a decrease in net income of $4 million,
or 8%, compared with the prior quarter, mainly due to taxes on higher dividend
distribution. For its first quarter ended December 31, 2012, TD Ameritrade
reported net income increased US$4 million, or 3%, compared with the prior
quarter, primarily driven by lower expenses, partially offset by tax related
items. The annualized return on common equity for the quarter was 25.3%,
compared with 17.9% in the prior quarter.

Revenue for the quarter increased $114 million, or 12%, compared with the
prior quarter. In the Insurance business, revenue increased due to the
inclusion of unfavourable prior years claims development in the Ontario auto
insurance market in the prior quarter. In the Wealth business, revenue
increased mainly due to higher fee-based revenue from asset growth and higher
trading revenue mainly from increased trading volume.

Non-interest expenses for the quarter decreased $6 million, or 1%, compared to
the prior quarter, primarily due to the sale of the U.S. Insurance business,
partially offset by higher variable expenses in the Wealth business driven by
increased revenue.

Assets under administration of $270 billion as at January 31, 2013 increased
by $12 billion, or 5%, compared with October 31, 2012. Assets under management
of $211 billion as at January 31, 2013 increased $4 billion, or 2%, compared
with October 31, 2012. The increases were driven by an increase in the market
value of assets and net new client assets.

Gross originated insurance premiums decreased $136 million, or 14%, compared
with the prior quarter due largely to seasonality.

The average FTE staffing levels for the current quarter decreased by 256, or
2%, compared with prior quarter primarily due to the sale of the U.S.
Insurance business. The efficiency ratio for the current quarter improved to
62.2%, compared with 70.2% in the prior quarter.

Business Outlook
Building upon our market leadership positions in Wealth and Insurance and good
underlying business fundamentals, we expect good growth for the segment
overall in 2013.

In our Wealth business, in a continuing challenging operating environment of
low trading volumes and low interest rates, we remain focused on gaining net
new client assets in the advice-based and asset management businesses and
managing expenses prudently.

In our Insurance business, we continue to expect our core business
fundamentals including premium growth to remain strong despite continued
pressure on the demand for credit-related insurance products from lower
lending volumes.

                                                                                             
TABLE 9: U.S. PERSONAL AND COMMERCIAL
BANKING                                                                                      
(millions of
dollars, except
as noted)                                                        For the three months ended  
                                                                                       U.S.
                                      Canadian dollars                             dollars   
                                  October                   January     October     January
                  January 31          31    January 31          31          31          31 
                        2013        2012          2012        2013        2012        2012   
Net interest
income             $   1,102    $  1,148     $   1,157    $  1,110    $  1,164    $  1,134   
Non-interest
income                   426         375           338         429         380         331   
Total revenue -
reported               1,528       1,523         1,495       1,539       1,544       1,465   
Total revenue -
adjusted               1,528       1,524         1,495       1,539       1,545       1,465   
Provision for
credit losses -
loans                    151         231           114         151         234         112   
Provision for
credit losses -
debt securities                                                                              
  classified as                                                                              
  loans                    3           3             3           3           3           3 
Provision for
credit losses -
acquired                                                                                     
  credit-impaired                                                                            
  loans^1                 22          20            41          23          20          40 
Provision for
credit losses -
reported                 176         254           158         177         257         155   
Provision for
credit losses -
adjusted                 176         200           158         177         202         155   
Non-interest
expenses -
reported                 993         929         1,185       1,001         941       1,166   
Non-interest
expenses -
adjusted                 896         922           889         903         934         870   
Net income -
reported           $     315    $    316     $     172    $    316    $    321    $    165   
Adjustments for
items of note^2                                                                              
Integration
charges and
direct
transaction                                                                                  
  costs relating                                                                             
  to U.S.
  Personal and                                                                             
  Commercial                                                                                 
  Banking
  acquisitions             -           -             9           -           -           9 
Litigation
reserve                   70           -           171          71           -         171   
Impact of
Superstorm Sandy           -          37             -           -          37           -   
Net income -
adjusted           $     385    $    353     $     352    $    387    $    358    $    345   
Selected volumes
and ratios                                                                                   
Return on common
equity - reported        7.0  %      7.2  %        3.9  %      7.0  %      7.2  %      3.9  %
Return on common
equity - adjusted        8.6  %      8.1  %        7.9  %      8.6  %      8.1  %      7.9  %
Margin on average
earning assets
(TEB)^3                 3.28  %     3.48  %       3.61  %     3.28  %     3.48  %     3.61  %
Efficiency ratio
- reported              65.0  %     61.0  %       79.3  %     65.0  %     61.0  %     79.3  %
Efficiency ratio
- adjusted              58.6  %     60.5  %       59.5  %     58.6  %     60.5  %     59.5  %
Number of U.S.
retail stores          1,325       1,315         1,284       1,325       1,315       1,284   
Average number of
full-time
equivalent staff      25,202      25,304        25,092      25,202      25,304      25,092   

^1     Includes all FDIC covered loans and other acquired credit-impaired
       loans.
       For explanations of items of note, see the "Non-GAAP Financial Measures
^2     − Reconciliation of Adjusted to Reported Net Income" table in the "How
       We Performed" section of this document.
^3     Margin on average earning assets exclude the impact related to the TD
       Ameritrade insured deposit accounts (IDA).
        

Quarterly comparison - Q1 2013 vs. Q1 2012
U.S. Personal and Commercial Banking reported net income, in Canadian dollar
terms, for the quarter was $315 million, an increase of $143 million, or 83%,
compared with the first quarter last year. Adjusted net income for the quarter
was $385 million, an increase of $33 million, or 9%, compared with the first
quarter last year. In U.S. dollar terms, reported net income for the quarter
was US$316 million, an increase of US$151 million, or 92%, and adjusted net
income was US$387 million, an increase of US$42 million, or 12%, compared with
the first quarter last year. The increase in adjusted earnings was primarily
due to strong volume and fee growth, gains on sales of securities reflecting
the execution of our strategy to shorten the duration of our balance sheet and
crystallize unrealized gains, a lower effective tax rate, and positive
operating leverage partially offset by lower net interest margin. The reported
and adjusted annualized return on common equity for the quarter were 7.0% and
8.6%, respectively, compared with 3.9% and 7.9%, respectively, in the first
quarter last year.

U.S. Personal and Commercial Banking revenue is derived from personal banking,
business banking, investments, auto lending and credit cards. In U.S. dollar
terms, revenue for the quarter was US$1,539 million, an increase of US$74
million, or 5%, primarily due to strong organic loan and deposit growth and
gains on sales of securities, partially offset by lower net interest margins.
Gains on sales of securities were US$82 million for the quarter. There were no
sales of securities in the first quarter last year. Average loans increased by
US$13 billion, or 16%, compared with the first quarter last year. Average
personal loans increased US$8 billion, or 23% and average business loans
increased US$4 billion, or 10%. Average deposits increased US$14 billion, or
8%, compared with the first quarter last year, including a US$6 billion
increase in average deposits of TD Ameritrade IDAs. Excluding the impact of TD
Ameritrade IDAs and government deposits, average deposit volume increased by
US$7 billion, or 9%, driven by 10% growth in personal deposit volume and 6%
growth in business deposit volume. Margin on average earning assets decreased
by 33 bps to 3.28%, compared with the first quarter last year. The decrease in
margin was primarily due to the low interest rate environment, lower accretion
on acquired loans and securities and the impact of security sales.

Total PCL for the quarter was US$177 million, an increase of US$22 million, or
14%, compared with the first quarter last year. The increase in PCL was due
primarily to strong loan growth in the residential mortgage and auto loan
portfolios, partially offset by a decrease in the acquired credit-impaired
portfolio PCL. Personal banking PCL, excluding debt securities classified as
loans was US$112 million, an increase of US$22 million, or 24%, from the first
quarter last year. Business banking PCL, excluding debt securities classified
as loans was US$62 million, flat to the first quarter last year. PCL on loans
excluding acquired credit-impaired loans and debt securities classified as
loans increased by US$39 million, or 35%, to US$151 million, due primarily to
organic loan growth, partially offset by improved asset quality. Annualized
PCL as a percentage of credit volume for loans excluding debt securities
classified as loans was 0.74%, a decrease of 1 bp, compared with the first
quarter last year. Net impaired loans, excluding acquired credit-impaired
loans and debt securities classified as loans, were US$1,099 million, a
decrease of US$42 million, or 4%, compared with the first quarter last year.
Net impaired loans, excluding acquired credit-impaired loans and debt
securities classified as loans, as a percentage of total loans were 1.2%,
compared with 1.5% as at January 31, 2012. Net impaired debt securities
classified as loans were US$1,300 million, a decrease of US$87 million, or 6%,
compared with the first quarter last year.

Reported non-interest expenses for the quarter were US$1,001 million, a
decrease of US$165 million, or 14%, compared to the first quarter last year
due to lower litigation reserves. Adjusted non-interest expenses were US$903
million, an increase of US$33 million, or 4%, compared with the first quarter
last year due primarily to new stores and technology projects.

The average FTE staffing levels increased by 110, reflecting costs to support
growth and regulation, offset by productivity gains compared with the first
quarter last year. The efficiency ratio for the quarter improved to 65.0% on a
reported basis, and 58.6% on an adjusted basis, compared with 79.3% and 59.5%,
respectively, in the first quarter last year.

Quarterly comparison - Q1 2013 vs. Q4 2012
U.S. Personal and Commercial Banking reported net income, in Canadian dollar
terms, for the quarter decreased $1 million, compared with the prior quarter.
Adjusted net income for the quarter increased $32 million, or 9%, compared
with the prior quarter. In U.S. dollar terms, reported net income for the
quarter decreased US$5 million, or 2%, and adjusted net income for the quarter
increased US$29 million, or 8%, compared with the prior quarter. The increase
in adjusted net income was primarily due to higher gains on sales of
securities, reduced non-interest expenses and reduced PCL, partially offset by
lower net interest margins. Increased net interest income and fee income from
organic loan and deposit growth was largely offset by a decline in net margin.
The reported and adjusted annualized return on common equity for the quarter
were 7.0% and 8.6%, respectively, compared with 7.2% and 8.1%, respectively,
in the prior quarter.

In U.S. dollar terms, adjusted revenue for the quarter decreased US$6 million
compared with the prior quarter, due primarily to lower net interest margin,
partially offset by strong organic growth and gains on sales of securities.
Gains on sale of securities were US$82 million, up US$36 million from last
quarter, reflecting the execution of our planned capital management strategy.
Average loans increased by US$3 billion, or 3%, compared with the prior
quarter with an increase of US$2 billion, or 4% in average personal loans and
an increase of US$1 billion, or 2% in average business loans. Average deposits
increased US$5 billion, or 3%, compared with the prior quarter, including a
US$4 billion increase in average deposits of TD Ameritrade. Excluding the
impact of TD Ameritrade IDAs, average deposit volume increased by US$1
billion, or 1%. Margin on average earning assets decreased by 20 bps to 3.28%,
compared with the prior quarter primarily due to the low interest rate
environment coupled with lower accretion on acquired loans and securities and
the impact of security sales.

Reported PCL for the quarter decreased US$80 million, or 31%, compared with
the prior quarter. The decline in reported PCL was due primarily to the
provisions related to the impact of Superstorm Sandy and regulatory guidance
on loans discharged in bankruptcies in the prior quarter. Adjusted PCL for the
quarter decreased US$25 million, or 12%, compared with the prior quarter due
to the provision related to the new regulatory guidance on loans discharged in
bankruptcies in the prior quarter. Excluding the provision related to the new
regulatory guidance, PCL increased by US$5 million reflecting growth in
residential mortgage and auto loans. Personal banking PCL, excluding debt
securities classified as loans decreased US$16 million, or 13%, from the prior
quarter. Business banking PCL, excluding debt securities classified as loans
decreased US$9 million, or 13%, compared with prior quarter. Adjusted PCL on
loans excluding acquired credit-impaired loans and debt securities classified
as loans decreased by US$28 million, or 16%, to US$151 million, primarily due
to the implementation of the regulatory guidance in the prior quarter.
Annualized adjusted PCL as a percentage of credit volume for loans excluding
debt securities classified as loans was 0.74%, a decrease of 14 bps, compared
with the prior quarter. Net impaired loans, excluding acquired credit-impaired
loans and debt securities classified as loans, were US$1,099 million, an
increase of US$40 million, or 4%, compared with the prior quarter primarily
due to increased delinquencies in residential mortgage and home equity loans
as a result of Superstorm Sandy. Net impaired loans, excluding acquired
credit-impaired and debt securities classified as loans, as a percentage of
total loans were 1.2%, flat compared with October 31, 2012. Net impaired debt
securities classified as loans were US$1,300 million, a decrease of US$43
million, or 3%, compared with the prior quarter.

Reported non-interest expenses for the quarter increased US$60 million, or 6%,
compared with the prior quarter, due primarily to the litigation reserve
recognized in the current quarter. Adjusted non-interest expenses decreased
US$31 million, or 3%, compared with the prior quarter due primarily to an
elevated level of expenses incurred in the prior quarter related to growth
initiatives.

The average FTE staffing levels decreased by 102 compared with the prior
quarter due primarily to seasonality and productivity improvements. The
reported efficiency ratio for the quarter worsened to 65.0%, compared with
61.0% in the prior quarter, while the adjusted efficiency ratio improved to
58.6%, compared with 60.5% in the prior quarter.

Business Outlook
We will continue to build on our strength of industry-leading convenience
banking, providing superior customer service through efficient, local
decision-making and evolving the product offering to our customers. We expect
to open over 30 new stores in fiscal 2013. We intend to continue to execute
our capital management strategy which includes the sale of securities,
reinvestment into growth of high quality loans and shortening the duration of
our balance sheet. The previously announced acquisition of Target's U.S.
credit card portfolio, which is planned to close during the second quarter of
2013, is expected to increase both net interest margins and PCL during the
remainder of fiscal 2013. Excluding the Target acquisition, we anticipate net
interest margins to remain compressed and the underlying credit quality of the
loan portfolio to continue to improve. We expect regulatory and legislative
actions to continue to impact the operating environment resulting in higher
compliance costs. Despite these increased compliance costs, adjusted for
acquisitions, the rate of expense growth is expected to be lower than last
year due to productivity improvements.

                                                                              
TABLE 10: WHOLESALE BANKING                                                   
(millions of Canadian dollars,
except as noted)                                 For the three months ended   
                                   January 31      October 31    January 31 
                                         2013            2012          2012   
Net interest income (TEB)        $        483    $        481      $    443   
Non-interest income                       116             244           240   
Total revenue                             599             725           683   
Provision for credit losses                (5)              8            12   
Non-interest expenses                     393             374           406   
Net income                       $        159    $        309      $    194   
Selected volumes and ratios                                                   
Trading-related revenue          $        291    $        316      $    380   
Risk-weighted assets (billions
of dollars)^1                              50              43            51   
Return on common equity^2                15.0  %         30.3  %       18.7  %
Efficiency ratio                         65.6  %         51.6  %       59.4  %
Average number of full-time
equivalent staff                        3,470           3,545         3,538   

^1     Effective Q1 2013, amounts are calculated in accordance with the Basel
       III regulatory framework, excluding Credit Valuation Adjustment (CVA)
       capital in accordance with OSFI guidance and are presented based on the
       "all-in" methodology. In 2012, amounts were calculated in accordance
       with the Basel II regulatory framework inclusive of Market Risk
       Amendments.
^2     Effective Q1 2012, the Bank revised its methodology for allocating
       capital to its business segments to align with the common equity
       capital requirements under Basel III inclusive of CVA capital at a 7%
       Common Equity Tier 1 ratio.
        

Quarterly comparison - Q1 2013 vs. Q1 2012
Wholesale Banking net income for the quarter was $159 million, a decrease of
$35 million, or 18%, compared with the first quarter last year. The decrease
in earnings was primarily due to lower trading-related revenue, partially
offset by lower non-interest expenses and a PCL recovery. The annualized
return on common equity for the quarter was 15.0%, compared with 18.7% in the
first quarter last year.

Wholesale Banking revenue is derived primarily from capital markets services
and corporate lending. The capital markets businesses generate revenue from
advisory, underwriting, trading, facilitation, and trade execution services.
Revenue for the quarter was $599 million, a decrease of $84 million, or 12%,
compared with the first quarter last year. This was primarily due to lower
fixed income trading in a moderated market environment and was impacted by
negative valuation adjustments on derivatives. Investment banking fees
decreased from strong levels in the first quarter last year due to lower
financial advisory volumes. Partially offsetting these decreases were higher
equity trading revenue and credit origination fees.

PCL for the quarter was a net recovery of $5 million, an improvement of $17
million, compared to the first quarter last year. Recoveries in the current
quarter of previously recorded provisions were partially offset by the accrual
cost of credit protection. In the same quarter last year, PCL was related to a
provision against a single merchant banking exposure and the accrual cost of
credit protection.

Non-interest expenses for the quarter were $393 million, a decrease of $13
million, or 3%, compared with the first quarter last year due to lower
variable compensation commensurate with reduced revenue.

Risk-weighted assets were $50 billion as at January 31, 2013, a decrease of $1
billion, or 2%,  compared with January 31, 2012. The decrease was primarily
due to the reduction in exposures and tightening credit spreads, partially
offset by the implementation of the Basel III regulatory framework.

Quarterly comparison - Q1 2013 vs. Q4 2012
Wholesale Banking net income for the quarter decreased by $150 million, or
49%, compared with the prior quarter. The decrease was largely due to reduced
security gains in the investment portfolio. The annualized return on common
equity for the quarter was 15.0%, compared with 30.3% in the prior quarter.

Revenue for the quarter decreased $126 million, or 17%, compared with the
prior quarter, primarily due to lower securities gains in the investment
portfolio and was impacted by negative valuation adjustments on derivatives.
The decrease was partially offset by higher revenue in fixed income, currency
and credit trading on improved client flows and higher volatility in the
latter half of the quarter. Investment banking saw good results in both
quarters due to strong debt underwriting volumes.

PCL for the quarter was a recovery of $5 million, compared with an $8 million
provision in the prior quarter. PCL in the prior quarter included a single
name in the investment portfolio and the accrual cost of credit protection.

Non-interest expenses for the quarter increased by $19 million, or 5%,
compared with the prior quarter, due to higher variable compensation expense
as a result of improved capital markets revenue, partially offset by lower
operating expenses.

Risk-weighted assets as at January 31, 2013 increased by $7 billion, or 16%,
compared with October 31, 2012, primarily due to the implementation of the
Basel III framework and increased exposures.

Business Outlook
We are encouraged by the early signs of improvement in capital markets and the
economy, but remain cautious given the complexity of the risks and challenges
that continue. A combination of fiscal challenges in Europe and the U.S.,
increased competition and the impact of regulatory and legislative actions
will affect trading conditions in 2013. As economic conditions stabilize, we
expect improved mergers and acquisitions and advisory revenue. We remain
focused on growing our franchise, leveraging our capabilities and reducing our
expenses in 2013.

                                                                              
TABLE 11: CORPORATE                                                           
(millions of Canadian dollars)                   For the three months ended   
                                      January 31     October 31   January 31
                                           2013            2012        2012   
Net income (loss) - reported            $    19      $    (127)    $    (63)  
Adjustments for items of note:
Decrease (increase) in net income^1                                           
Amortization of intangibles                  56             60           60   
Fair value of derivatives hedging the
reclassified available-for-sale
securities portfolio                        (24)            35           45   
Fair value of credit default swaps
hedging the corporate loan book, net
of provision for credit losses                -              -            1   
Integration charges, direct
transaction costs, and changes in
fair value of contingent
consideration                                                                 
         relating to the Chrysler                                             
         Financial acquisition                -              3            5 
Reduction to allowance for incurred
but not identified credit losses^2            -              -          (31)  
Total adjustments for items of note          32             98           80   
Net income (loss) - adjusted            $    51      $     (29)    $     17   
Decomposition of items included in
net gain (loss) - adjusted                                                    
Net corporate expenses                  $  (134)     $    (191)    $    (92)  
Other                                       159            136           83   
Non-controlling interests                    26             26           26   
Net income (loss) - adjusted            $    51      $     (29)    $     17   

^1      For explanations of items of note, see the "Non-GAAP Financial
        Measures - Reconciliation of Adjusted to Reported Net Income" table in
        the "How We Performed" section of this document.
^2      Beginning in 2013, the change in the "allowance for incurred but not
        identified credit losses" in the normal course of business relating to
        Canadian Personal and Commercial Banking and Wholesale Banking will be
        included in Corporate segment adjusted net income and will no longer
        be recorded as an item of note.
         

Quarterly comparison - Q1 2013 vs. Q1 2012
Corporate segment's reported net income for the quarter was $19 million,
compared with a reported net loss of $63 million in the first quarter last
year. Adjusted net income was $51 million, compared with an adjusted net
income of $17 million in the first quarter last year. The increased income was
due to gains in treasury and other hedging activities and the reduction of the
allowance for incurred but not identified credit losses relating to the
Canadian loan portfolio, partially offset by higher net corporate expenses
driven by increased employee benefit and strategic initiative costs.

Quarterly comparison - Q1 2013 vs. Q4 2012
Corporate segment's reported net income for the quarter was $19 million,
compared with a reported net loss of $127 million in the prior quarter.
Adjusted net income was $51 million, compared with an adjusted net loss of $29
million in the prior quarter. The increased income was due to lower net
corporate expenses and favourable other items. Expenses declined from the
elevated level last quarter which included higher strategic and cost reduction
initiative expenses and the timing of charges to the segments. Favourable
other items include gains in treasury and other hedging activities and the
reduction of the allowance for incurred but not identified credit losses
relating to the Canadian loan portfolio.

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such as a bank, a      reinvestment plan and
trust company, a       mailings of
securities broker or   shareholder materials
other nominee

For all other shareholder inquiries, please contact TD Shareholder Relations
at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com. Please note that
by leaving us an e-mail or voicemail message you are providing your consent
for us to forward your inquiry to the appropriate party for response.

General Information
Contact Corporate & Public Affairs:
416-982-8578

Products and services: Contact TD Canada Trust, 24 hours a day, seven days a
week:
1-866-567-8888
French: 1-866-233-2323
Cantonese/Mandarin: 1-800-328-3698
Telephone device for the hearing impaired (TTY): 1-800-361-1180

Internet website: http://www.td.com
Internet e-mail:  customer.service@td.com

Access to Quarterly Results Materials
Interested investors, the media and others may view this first quarter
earnings news release, results slides, supplementary financial information,
and the Report to Shareholders on the TD website at www.td.com/investor/.

Quarterly Earnings Conference Call
TD Bank Group will host an earnings conference call in Toronto, Ontario on
February 28, 2013. The call will be webcast live via TD's website at 3 p.m.
ET. The call and webcast will feature presentations by TD executives on the
Bank's financial results for the first quarter, discussions of related
disclosures, and will be followed by a question-and-answer period with
analysts. The presentation material referenced during the call will be
available on the TD website at www.td.com/investor/qr_2013.jsp on February 28,
2013, before 12 p.m. ET. A listen-only telephone line is available at
416-644-3416 or 1-800-814-4860 (toll free).

The webcast and presentations will be archived at
www.td.com/investor/qr_2013.jsp. Replay of the teleconference will be
available from 6 p.m. ET on February 28, 2013, until March 28, 2013, by
calling 416-640-1917 or 1-877-289-8525 (toll free). The passcode is 4591674,
followed by the pound key.

Annual Meeting
Thursday, April 4, 2013 Fairmont Château Laurier
Ottawa, Ontario

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD
Bank Group (TD). TD is the sixth largest bank in North America by branches and
serves approximately 22 million customers in four key businesses operating in
a number of locations in key financial centres around the globe: Canadian
Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance
Canada; Wealth and Insurance, including TD Waterhouse, an investment in TD
Ameritrade, and TD Insurance; U.S. Personal and Commercial Banking, including
TD Bank, America's Most Convenient Bank, and TD Auto Finance U.S.; and
Wholesale Banking, including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 9 million online
customers. TD had CDN$818 billion in assets on January 31, 2013.The
Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York
Stock Exchanges. 

  

SOURCE TD Bank Group

Contact:

Rudy Sankovic, Senior Vice President, Investor Relations, 416-308-9030
Stephen Knight, Manager, Media Relations, 416-983-5804
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