Toronto-Dominion Bank’s (TD) goals for 2013 include reaching 7% to 10% growth in the bottom line and delivering $1.6 billion in U.S. earnings, and are a reflection of the company’s improved productivity and valuable U.S. investment, says Colleen Johnston, CFO of TD Bank Group.
“We’re still aiming for about 7% to 10% growth in the bottom line; a lot of that in a slowing revenue environment has to be achieved by improved productivity, and we’re also seeing a steady credit environment, which is positive,” Johnston said. “Businesses that are growing at more of a double-digit rate for us are our wealth management business and our insurance business, where we have lots of opportunity to penetrate relationships and grow that business.”
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TD has also made a large investment in the U.S. and is seeing tremendous growth in the fundamentals of its business there, with growth on its balance sheet for lending and deposits far exceeding TD‘s peer group, positioning the company to set a goal of $1.6 billion in U.S. earnings for 2013, Johnston says.
“Low interest rates are affecting margins in the United States, but again, we’re focusing on productivity to make sure we can deliver a good bottom line. This year our goal in the United States is to deliver $1.6 billion in earnings, which will mean an increase in the double-digit territory versus 2012, so we’re very pleased by the growth and the quality of that growth in the United States,” Johnston said.
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