FINANCIAL RESULTS Consolidated Financial Statements

[Pages:97]FINANCIAL RESULTS

Consolidated Financial Statements

PAGE

Management's Responsibility for Financial Information

119

Reports of Independent Registered Public

Accounting Firm

120

Consolidated Financial Statements

Consolidated Balance Sheet

122

Consolidated Statement of Income

123

Consolidated Statement of Comprehensive Income

124

Consolidated Statement of Changes in Equity

125

Consolidated Statement of Cash Flows

126

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE TOPIC

1 Nature of Operations 2 Summary of Significant Accounting Policies 3 Significant Accounting Judgments, Estimates, and Assumptions 4 Current and Future Changes in Accounting Policies 5 Fair Value Measurements 6 Offsetting Financial Assets and Financial Liabilities 7 Securities 8 Loans, Impaired Loans, and Allowance for Credit Losses 9 Transfers of Financial Assets 10 Structured Entities 11 Derivatives 12 Investment in Associates and Joint Ventures 13 Significant Acquisitions and Disposals 14 Goodwill and Other Intangibles 15 Land, Buildings, Equipment, and Other Depreciable Assets 16 Other Assets 17 Deposits

PAGE

127 127

139 142 146 157 159

162 169 171 174 182 183 184

186 186 186

NOTE TOPIC

18 Other Liabilities 19 Subordinated Notes and Debentures 20 Capital Trust Securities 21 Equity 22 Insurance 23 Share-Based Compensation 24 Employee Benefits 25 Income Taxes 26 Earnings Per Share 27 Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral 28 Related Party Transactions 29 Segmented Information 30 Interest Income and Expense 31 Credit Risk 32 Regulatory Capital 33 Risk Management 34 Information on Subsidiaries 35 Significant and Subsequent Events, and Pending Acquisition

PAGE

187 188 189 189 192 194 195 200 202

202 205 206 208 209 211 212 212

214

118 TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION

The management of The Toronto-Dominion Bank and its subsidiaries (the "Bank") is responsible for the integrity, consistency, objectivity, and reliability of the Consolidated Financial Statements of the Bank and related financial information as presented. International Financial Reporting Standards as issued by the International Accounting Standards Board, as well as the requirements of the Bank Act (Canada), and related regulations have been applied and management has exercised its judgment and made best estimates where appropriate.

The Bank's accounting system and related internal controls are designed, and supporting procedures maintained, to provide reasonable assurance that financial records are complete and accurate, and that assets are safeguarded against loss from unauthorized use or disposition. These supporting procedures include the careful selection and training of qualified staff, the establishment of organizational structures providing a well-defined division of responsibilities and accountability for performance, and the communication of policies and guidelines of business conduct throughout the Bank.

Management has assessed the effectiveness of the Bank's internal control over financial reporting as at October 31, 2018, using the framework found in Internal Control ? Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 Framework. Based upon this assessment, management has concluded that as at October 31, 2018, the Bank's internal control over financial reporting is effective.

The Bank's Board of Directors, acting through the Audit Committee which is composed entirely of independent directors, oversees management's responsibilities for financial reporting. The Audit Committee reviews the Consolidated Financial Statements and recommends them to the Board for approval. Other responsibilities of the Audit Committee include monitoring the Bank's system of internal control over the financial reporting process and making recommendations to the Board and shareholders regarding the appointment of the external auditor.

The Bank's Chief Auditor, who has full and free access to the Audit Committee, conducts an extensive program of audits. This program supports the system of internal control and is carried out by a professional staff of auditors.

The Office of the Superintendent of Financial Institutions Canada, makes such examination and enquiry into the affairs of the Bank as deemed necessary to ensure that the provisions of the Bank Act, having reference to the safety of the depositors, are being duly observed and that the Bank is in sound financial condition.

Ernst & Young LLP, the independent auditors appointed by the shareholders of the Bank, have audited the effectiveness of the Bank's internal control over financial reporting as at October 31, 2018, in addition to auditing the Bank's Consolidated Financial Statements as of the same date. Their reports, which expressed an unqualified opinion, can be found on the following pages of the Consolidated Financial Statements. Ernst & Young LLP have full and free access to, and meet periodically with, the Audit Committee to discuss their audit and matters arising there from, such as, comments they may have on the fairness of financial reporting and the adequacy of internal controls.

Bharat B. Masrani Group President and Chief Executive Officer

Toronto, Canada November 28, 2018

Riaz Ahmed Group Head and Chief Financial Officer

TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS 119

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Directors of The Toronto-Dominion Bank

Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of The Toronto-Dominion Bank ("TD"), which comprise the Consolidated Balance Sheet as at October 31, 2018 and 2017, the Consolidated Statements of Income, Comprehensive Income, Changes in Equity, and Cash Flows for each of the years in the three-year period ended October 31, 2018, and the related notes, comprising a summary of significant accounting policies and other explanatory information (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of TD as at October 31, 2018 and October 31, 2017, and its consolidated financial performance and its consolidated cash flows for each of the years in the three-year period ended October 31, 2018, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Adoption of IFRS 9 As discussed in Note 2 to the consolidated financial statements, TD changed its method of accounting for the classification and measurement of financial instruments in 2018 due to the adoption of IFRS 9, Financial Instruments. Our opinion is not qualified with respect to this matter.

Report on Internal Control over Financial Reporting We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), TD's internal control over financial reporting as of October 31, 2018, based on the criteria established in Internal Control ? Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 28, 2018, expressed an unqualified opinion on the effectiveness of TD's internal control over financial reporting.

Basis for Opinion

Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement, whether due to error or fraud. Those standards also require that we comply with ethical requirements, including independence. We are required to be independent with respect to TD in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We are a public accounting firm registered with the PCAOB.

An audit includes performing procedures to assess the risks of material misstatements of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included obtaining and examining, on a test basis, audit evidence regarding the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to TD's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies and principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a reasonable basis for our audit opinion.

We have served as TD's sole auditor since 2006. Prior to 2006, we or our predecessor firm have served as joint auditor with various other firms since 1955.

Ernst & Young LLP Chartered Professional Accountants Licensed Public Accountants

Toronto, Canada November 28, 2018

120 TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Directors of The Toronto-Dominion Bank

Opinion on Internal Control over Financial Reporting We have audited The Toronto-Dominion Bank's ("TD") internal control over financial reporting as of October 31, 2018, based on criteria established in Internal Control ? Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO criteria"). In our opinion, TD maintained, in all material respects, effective internal control over financial reporting as of October 31, 2018, based on the COSO criteria.

We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Consolidated Balance Sheet of TD as at October 31, 2018 and 2017, and the Consolidated Statements of Income, Comprehensive Income, Changes in Equity, and Cash Flows for each of the years in the three-year period ended October 31, 2018, and the related notes, comprising a summary of significant accounting policies and other explanatory information and our report dated November 28, 2018, expressed an unqualified opinion thereon.

Basis for Opinion TD's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting contained in the accompanying Management's Discussion and Analysis. Our responsibility is to express an opinion on TD's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to TD in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Ernst & Young LLP Chartered Professional Accountants Licensed Public Accountants

Toronto, Canada November 28, 2018

TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS 121

Consolidated Balance Sheet

(As at and in millions of Canadian dollars)

October 31 2018

ASSETS

Cash and due from banks $ 4,735

Interest-bearing deposits with banks

30,720

35,455

Trading loans, securities, and other (Notes 5, 7) Non-trading financial assets at fair value through profit or loss (Note 5) Derivatives (Notes 5, 11) Financial assets designated at fair value through profit or loss (Note 5) Financial assets at fair value through other comprehensive income (Notes 5, 7, 8) Available-for-sale securities (Notes 5, 7)

127,897 4,015

56,996 3,618

130,600 n/a

323,126

Debt securities at amortized cost, net of allowance for credit losses (Note 7)

107,171

Held-to-maturity securities (Note 7)

n/a

Securities purchased under reverse repurchase agreements

127,379

Loans (Note 8) Residential mortgages Consumer instalment and other personal Credit card Business and government Debt securities classified as loans

225,191 172,079

35,018 217,654

n/a

649,942

Allowance for loan losses (Note 8)

(3,549)

Loans, net of allowance for loan losses

646,393

Other Customers' liability under acceptances Investment in TD Ameritrade (Note 12) Goodwill (Note 14) Other intangibles (Note 14) Land, buildings, equipment, and other depreciable assets (Note 15) Deferred tax assets (Note 25) Amounts receivable from brokers, dealers, and clients Other assets (Note 16)

17,267 8,445

16,536 2,459 5,324 2,812

26,940 15,596

95,379

Total assets $ 1,334,903

October 31 2017

$ 3,971 51,185 55,156

103,918 n/a 1

56,195 4,032 n/a

146,411 310,556

n/a 71,363 134,429

222,079 157,101

33,007 200,978

3,209 616,374

(3,783) 612,591

17,297 7,784

16,156 2,618 5,313 2,497

29,971 13,264 94,900 $ 1,278,995

LIABILITIES

Trading deposits (Notes 5, 17) $ 114,704

Derivatives (Notes 5, 11)

48,270

Securitization liabilities at fair value (Notes 5, 9)

12,618

175,592

Deposits (Note 17) Personal Banks Business and government

477,644 16,712

357,083

851,439

Other

Acceptances

Obligations related to securities sold short (Note 5)

Obligations related to securities sold under repurchase agreements (Note 5)

Securitization liabilities at amortized cost (Note 9)

Amounts payable to brokers, dealers, and clients

Insurance-related liabilities (Note 22)

Other liabilities (Note 18)

17,269 39,478 93,389 14,683 28,385

6,698 19,190

219,092

Subordinated notes and debentures (Note 19)

8,740

Total liabilities

1,254,863

EQUITY

Shareholders' Equity Common shares (Note 21) Preferred shares (Note 21) Treasury shares ? common (Note 21) Treasury shares ? preferred (Note 21) Contributed surplus Retained earnings Accumulated other comprehensive income (loss)

21,221 5,000 (144) (7) 193

46,145 6,639

79,047

Non-controlling interests in subsidiaries (Note 21)

993

Total equity

80,040

Total liabilities and equity $ 1,334,903

$ 79,940 51,214 12,757

143,911

468,155 25,887

338,782 832,824

17,297 35,482 88,591 16,076 32,851

6,775 20,470 217,542

9,528 1,203,805

20,931 4,750 (176) (7) 214

40,489 8,006

74,207 983

75,190 $ 1,278,995

1 Not applicable.

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

Bharat B. Masrani Group President and Chief Executive Officer

Alan N. MacGibbon Chair, Audit Committee

122 TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS

Consolidated Statement of Income

(millions of Canadian dollars, except as noted)

2018

Interest income1 Loans Securities

Interest Dividends Deposits with banks

$ 27,790

6,685 1,234

713

36,422

Interest expense (Note 30) Deposits Securitization liabilities Subordinated notes and debentures Other

10,489 586 337

2,771

14,183

Net interest income

22,239

Non-interest income Investment and securities services Credit fees Net securities gain (loss) (Note 7) Trading income (loss) Income (loss) from non-trading financial instruments at fair value through profit or loss Income (loss) from financial instruments designated at fair value through profit or loss Service charges Card services Insurance revenue (Note 22) Other income (loss)

4,656 1,210

111 1,052

48 (170) 2,716 2,376 4,045 551

16,595

Total revenue

38,834

Provision for credit losses (Note 8)

2,480

Insurance claims and related expenses (Note 22)

2,444

Non-interest expenses Salaries and employee benefits (Note 24) Occupancy, including depreciation Equipment, including depreciation Amortization of other intangibles Marketing and business development Restructuring charges (recovery) Brokerage-related fees Professional and advisory services Other

10,377 1,765 1,073 815 803 73 306 1,247 3,678

20,137

Income before income taxes and equity in net income of an investment in TD Ameritrade Provision for (recovery of) income taxes (Note 25) Equity in net income of an investment in TD Ameritrade (Note 12)

13,773 3,182 743

Net income Preferred dividends

11,334 214

Net income available to common shareholders and non-controlling interests in subsidiaries

$ 11,120

Attributable to: Common shareholders Non-controlling interests in subsidiaries

Earnings per share (Canadian dollars) (Note 26) Basic Diluted Dividends per common share (Canadian dollars)

$ 11,048 72

$ 6.02 6.01 2.61

For the years ended October 31

2017

2016

$ 23,663

4,595 1,128

446 29,832

$ 21,751

3,672 912 225

26,560

6,615 472 391

1,507

8,985

20,847

4,758 452 395

1,032

6,637

19,923

4,459 1,130

128 303 n/a (254) 2,648 2,388 3,760 740

15,302

36,149

2,216

2,246

4,143 1,048

54 395 n/a (20) 2,571 2,313 3,796

92

14,392

34,315

2,330

2,462

10,018 1,794 992 704 726 2 314 1,165 3,651

19,366

12,321 2,253 449

10,517 193

$ 10,324

9,298 1,825

944 708 743 (18) 316 1,232 3,829

18,877

10,646 2,143 433

8,936 141

$ 8,795

$ 10,203 121

$ 5.51 5.50 2.35

$ 8,680 115

$ 4.68 4.67 2.16

1 Includes $30,639 million, for the year ended October 31, 2018, which has been calculated based on the effective interest rate method (EIRM). Refer to Note 30.

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period.

TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS 123

Consolidated Statement of Comprehensive Income1

(millions of Canadian dollars)

2018

Net income

$ 11,334

Other comprehensive income (loss), net of income taxes Items that will be subsequently reclassified to net income

Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income (available-for-sale securities under IAS 392)

Change in unrealized gains (losses) on available-for-sale securities Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income Reclassification to earnings of net losses (gains) in respect of available-for-sale securities Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income

n/a (261) n/a

(22)

(1)

(284)

Net change in unrealized foreign currency translation gains (losses) on Investments in foreign operations, net of hedging activities

Unrealized gains (losses) on investments in foreign operations Reclassification to earnings of net losses (gains) on investment in foreign operations Net gains (losses) on hedges of investments in foreign operations Reclassification to earnings of net losses (gains) on hedges of investments in foreign operations

1,323 ?

(288) ?

1,035

Net change in gains (losses) on derivatives designated as cash flow hedges Change in gains (losses) on derivatives designated as cash flow hedges Reclassification to earnings of losses (gains) on cash flow hedges

(1,624) (455)

(2,079)

Items that will not be subsequently reclassified to net income

Actuarial gains (losses) on employee benefit plans

622

Change in net unrealized gains (losses) on equity securities designated at fair value through

other comprehensive income

38

Total other comprehensive income (loss), net of income taxes

(668)

Total comprehensive income (loss), net of income taxes

$ 10,666

Attributable to: Common shareholders Preferred shareholders Non-controlling interests in subsidiaries

$ 10,380 214 72

1 The amounts are net of income tax provisions (recoveries) presented in the following table.

2 IAS 39, Financial Instruments: Recognition and Measurement (IAS 39).

Income Tax Provisions (Recoveries) in the Consolidated Statement of Comprehensive Income

(millions of Canadian dollars)

2018

Change in unrealized gains (losses) on available-for-sale securities Change in unrealized gains (losses) on debt securities at fair value through

other comprehensive income Less: Reclassification to earnings of net losses (gains) in respect of available-for-sale securities Less: Reclassification to earnings of net losses (gains) in respect of debt securities at fair value

through other comprehensive income Less: Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value

through other comprehensive income Unrealized gains (losses) on investments in foreign operations Less: Reclassification to earnings of net losses (gains) on investment in foreign operations Net gains (losses) on hedges of investments in foreign operations Less: Reclassification to earnings of net losses (gains) on hedges of investments in foreign operations Change in gains (losses) on derivatives designated as cash flow hedges Less: Reclassification to earnings of losses (gains) on cash flow hedges Actuarial gains (losses) on employee benefit plans Change in net unrealized gains (losses) on equity securities designated at fair value through

other comprehensive income

$ n/a

(139) n/a

13

? ? ? (104) ? (473) 283 243

20

Total income taxes

$ (749)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

For the years ended October 31

2017

2016

$ 10,517

$ 8,936

467 n/a (143)

n/a

n/a 324

(2,534) (17) 659 4

(1,888)

(1,454) (810)

(2,264)

325

n/a (3,503) $ 7,014

$ 6,700 193 121

274 n/a (56)

n/a

n/a 218

1,290 ?

34 ?

1,324

835 (752)

83

(882)

n/a 743 $ 9,679

$ 9,423 141 115

For the years ended October 31

2017

2016

$ 150

$ 125

n/a

n/a

(36)

32

n/a

n/a

n/a ? ?

237 (1)

(789) 258 129

n/a ? ? 9 ?

599 533 (340)

n/a $ (494)

n/a $ (172)

124 TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS

Consolidated Statement of Changes in Equity

(millions of Canadian dollars)

2018

Common shares (Note 21) Balance at beginning of year Proceeds from shares issued on exercise of stock options Shares issued as a result of dividend reinvestment plan Purchase of shares for cancellation

$ 20,931 152 366 (228)

Balance at end of year

21,221

Preferred shares (Note 21) Balance at beginning of year Issue of shares Redemption of shares

4,750 750 (500)

Balance at end of year

5,000

Treasury shares ? common (Note 21) Balance at beginning of year Purchase of shares Sale of shares

(176) (8,295) 8,327

Balance at end of year

(144)

Treasury shares ? preferred (Note 21) Balance at beginning of year Purchase of shares Sale of shares

(7) (129) 129

Balance at end of year

(7)

Contributed surplus Balance at beginning of year Net premium (discount) on sale of treasury shares Issuance of stock options, net of options exercised (Note 23) Other

214 (2)

(12) (7)

Balance at end of year

193

Retained earnings Balance at beginning of year Impact on adoption of IFRS 91 Net income attributable to shareholders Common dividends Preferred dividends Share issue expenses and others Net premium on repurchase of common shares and redemption of preferred shares Actuarial gains (losses) on employee benefit plans Realized gains (losses) on equity securities designated at fair value through other comprehensive income

40,489 53

11,262 (4,786)

(214) (10)

(1,273) 622 2

Balance at end of year

46,145

Accumulated other comprehensive income (loss) Net unrealized gain (loss) on debt securities at fair value through other comprehensive income: Balance at beginning of year Impact on adoption of IFRS 9 Other comprehensive income (loss) Allowance for credit losses

510 19

(283) (1)

Balance at end of year

245

Net unrealized gain (loss) on equity securities designated at fair value through other comprehensive income: Balance at beginning of year Impact on adoption of IFRS 9 Other comprehensive income (loss) Reclassification of loss (gain) to retained earnings

113 (96) 40

(2)

Balance at end of year

55

Net unrealized gain (loss) on available-for-sale securities:

Balance at beginning of year

n/a

Other comprehensive income (loss)

n/a

Balance at end of year

n/a

Net unrealized foreign currency translation gain (loss) on investments in foreign operations, net of hedging activities: Balance at beginning of year Other comprehensive income (loss)

7,791 1,035

Balance at end of year

8,826

Net gain (loss) on derivatives designated as cash flow hedges: Balance at beginning of year Other comprehensive income (loss)

(408) (2,079)

Balance at end of year

(2,487)

Total accumulated other comprehensive income

6,639

Total shareholders' equity

79,047

Non-controlling interests in subsidiaries (Note 21) Balance at beginning of year Net income attributable to non-controlling interests in subsidiaries Redemption of REIT preferred shares Other

983 72 ? (62)

Balance at end of year

993

Total equity

$ 80,040

For the years ended October 31

2017

2016

$ 20,711 148 329 (257)

20,931

$ 20,294 186 335 (104)

20,711

4,400 350 ?

4,750

2,700 1,700

?

4,400

(31) (9,654) 9,509

(176)

(49) (5,769) 5,787

(31)

(5) (175) 173

(7)

(3) (115) 113

(5)

203

214

23

26

(8)

(28)

(4)

(9)

214

203

35,452 n/a

10,396 (4,347)

(193) (4)

(1,140) 325 n/a

40,489

32,053 n/a

8,821 (4,002)

(141) (14)

(383) (882)

n/a

35,452

n/a n/a n/a n/a n/a

n/a n/a n/a n/a n/a

299 324 623

9,679 (1,888) 7,791

1,856 (2,264)

(408) 8,006 74,207

1,650 121 (617) (171) 983

$ 75,190

n/a n/a n/a n/a n/a

n/a n/a n/a n/a n/a

81 218 299

8,355 1,324 9,679

1,773 83

1,856 11,834 72,564

1,610 115 ? (75)

1,650 $ 74,214

1 IFRS 9, Financial Instruments (IFRS 9). The accompanying Notes are an integral part of these Consolidated Financial Statements.

TD BANK GROUP ANNUAL REPORT 2018 FINANCIAL RESULTS 125

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