FX.co ★ TD Bank Group Suspends Medium-term Financial Targets

TD Bank Group (TD.TO) announced it is currently conducting a strategic review to assess organic growth opportunities, prioritize productivity and efficiency initiatives, and explore alternatives for capital allocation. Consequently, the Bank has decided to suspend its medium-term financial targets, which include 7-10% adjusted earnings per share (EPS) growth, a return on equity of over 16%, and positive operating leverage. TD Bank plans to provide an update on these medium-term financial targets in the latter half of 2025.

For the fiscal year 2025, TD Bank Group anticipates challenges in achieving earnings growth as it undergoes a transitional period. The Bank is focusing on advancing anti-money laundering (AML) remediation efforts, investing in its risk and control infrastructure, and continuing to enhance its business operations.

Raymond Chun, Chief Operating Officer of TD Bank Group, stated, "While 2024 presented us with challenges, we maintain a strong position with well-aligned businesses serving millions of customers. Our foremost priority is AML remediation, and we are dedicated to reinforcing our risk and controls framework to fulfill our commitments."