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Apr 30, 2025
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TD Q2 2025 Earnings Report
TD reported strong Q2 results driven by the sale of Schwab shares, despite restructuring and AML-related headwinds.
Key Takeaways
TD Bank Group posted solid Q2 2025 performance with a significant boost from the sale of its Schwab investment. Adjusted earnings were slightly down year-over-year due to higher provisions and restructuring costs, but core Canadian banking and trading businesses remained strong.
Reported net income surged to CAD 11.1B, reflecting an $8.6B gain on the Schwab sale
Adjusted net income was CAD 3.6B, down 4% YoY
Canadian Personal & Commercial Banking saw solid loan and deposit growth
U.S. operations impacted by balance sheet restructuring and AML remediation costs
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TD expects stable Canadian margins, further restructuring progress, and continued AML remediation investment to shape results through the rest of fiscal 2025.
Positive Outlook
- Canadian NIM expected to remain stable in Q3
- Loan and deposit growth continuing in core markets
- Wholesale trading and underwriting momentum
- Strong capital position with CET1 at 14.9%
- Digital banking and client experience investments progressing
Challenges Ahead
- U.S. balance sheet restructuring to weigh on income
- AML remediation costs expected to continue into 2026
- Higher PCL from credit migration and macro overlays
- Non-interest expenses rising due to governance and tech investments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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