2024 was a challenging year – for the Bank, our colleagues, and our shareholders. While adapting to a changing and dynamic macroeconomic environment, the Bank also reached a resolution with U.S. authorities and regulators regarding our U.S. Bank Secrecy Act/Anti-Money Laundering (AML) program.

Our U.S. AML program failed, and the consequences were serious. We have identified the issues and significant effort is underway to strengthen our risk and control environment and meet our obligations. This includes new talent, data-driven technology solutions, improvements to transaction monitoring, and additional training for colleagues. We expect the majority of the management remediation actions to be implemented by the end of calendar 2025, followed by a multi-year effort to test, refine, and complete the required work. We are moving with speed and purpose to make the needed changes.

Despite these difficult events, your Bank remains strong. TD ended the year with deep liquidity and a strong capital position, including a Common Equity Tier 1 Ratio of 13.1 per cent. With winning franchises and deep relationships, TD continued to deliver for our nearly 28 million customers and clients, invested in new capabilities to improve the customer experience, and extended our leadership in key customer segments.

In fiscal 2024, TD reported earnings of $8.8 billion ($14.3 billion on an adjusted basis). This was down 17 per cent compared to 2023 (5 per cent on an adjusted basis) largely reflecting the impact of the charges for the global resolution of the investigations into our U.S. AML program. At the same time, our performance and financial strength enabled the Bank to pay a higher dividend in 2024. Our confidence in the earnings power of our franchise enabled us to declare a $0.03 increase to dividends, effective in the first quarter of fiscal 2025.

Throughout fiscal 2024, our more than 95,000 colleagues built deeper relationships with our customers and clients. We proudly serve one in three Canadians and more than 10 million customers in the United States and are a leading Wholesale bank with offices around the world.

The Canadian Personal Bank is Canada’s premier banking franchise and continues to deliver trusted advice to households across the country. Since 2022, we have grown New to Canada customer acquisition by 50 per cent, while in 2024 we delivered year-over-year market share gains in Real Estate Secured Lending, and expanded our reach as Canada’s largest credit card provider.

The Canadian Business Bank continues to support the backbone of the Canadian economy, backed by more specialists, and closer collaboration with our market-leading branch network. A key contributor to our OneTD strategy, the Business Bank helps entrepreneurs and business owners grow, achieve their goals, and build strong businesses across Canada.

In Wealth Management and Insurance, we are Canada’s largest asset manager, leading direct insurer and we operate the country’s top-ranked direct investing¹ platform. We continue to gain market share with our next generation trading platform, TD Active Trader. Since its launch in Q2 this year, we’ve seen a 38 per cent increase in new and existing clients using the platform. This year, TD Direct Investing also introduced partial shares trading, enabling investors to buy and sell a fraction of stocks and exchange-traded funds. And in TD Insurance, over 40 per cent of eligible customers now buy their insurance online from end-to-end, extending our digital leadership as Canada’s number-one direct insurer.

In the U.S., TD Bank, America’s Most Convenient Bank, is successfully competing in some of the country’s top banking markets. This year, J.D. Power awarded TD Bank, America’s Most Convenient Bank, the highest ranking in online banking satisfaction among national banks, according to its U.S. Online Banking Satisfaction Study. And for the 8th year in a row, TD Bank, America’s Most Convenient Bank, ranked number one in Small Business Administration (SBA) lending in its footprint, and second in SBA loans nationally.

In Wholesale Banking, we completed the integration of TD Cowen and advanced our TD Securities strategy to build a fully integrated North American investment bank with global reach. The power of our combined organizations has been transformative, enhancing our global capabilities and providing scale and growth potential for clients and colleagues. In fact, we have received terrific feedback from clients who say that the combined platform delivers for them in a way that they need – and we are confident that there is more opportunity ahead.

Throughout the year, TD supported progress toward a more sustainable and inclusive future, as we delivered on our purpose to enrich the lives of our customers, colleagues, and communities. In 2024, we reported $69.5 billion in eligible business activities toward our Sustainable and Decarbonization Finance Target of $500 billion by 2030. In the U.S., we advanced the US$20 billion Community Impact Plan that we announced in 2023 to support community investment, lending, financial education, philanthropy, and banking access in diverse and underserved communities across our footprint. And through the TD Ready Commitment, in 2024 we contributed more than $169 million – $854 million since the program’s inception – towards our 2030 target of $1 billion in community giving.

TD’s people are our greatest asset. They make a meaningful impact in the communities we serve and keep the customer at the centre of everything we do. We continue to build on this strength by caring for our colleagues’ well-being, prioritizing professional growth, and fostering an inclusive workplace.

In 2024, TD was named one of Canada’s top 100 Employers for the 18th consecutive year and America’s Best Employers for Diversity by Forbes for the third year in a row. In addition, TD once again achieved the Great Place to Work certification in both Canada and the U.S.

Our colleagues also advanced programs that build on our capabilities to innovate. TD Invent, the Bank’s enterprise approach to innovation, surpassed 10,000 implemented ideas from colleagues across the Bank. And our patent portfolio reached over 2,500 patents, with more than 800 pertaining to artificial intelligence. Driven by colleague ideation, TD is the top patent filer among Canadian financial institutions and top three across all Canadian companies.

In September, I announced my intention to retire, and the Board appointed TD’s next Group President and CEO, Raymond Chun, effective at our Annual Meeting on April 10, 2025.

Ray’s commitment to drive change and progress will serve the Bank well in its next chapter. I am confident that he will leverage his decades of experience leading some of our most important businesses to help meet our current challenges, and serve our customers even better.

It has been a privilege to lead this great institution for the past decade. TD’s foundation is strong, and I am confident that we will continue to deliver for all our stakeholders.

I want to thank our more than 95,000 colleagues around the world for delivering every day for our customers, communities and shareholders.