Monitor credit rating agencies' reactions to TD's capital strength and progress on AML remediation. The stable CET1 ratio and dividend increase support preferred dividend coverage. No immediate catalyst for preferred price movement beyond general credit trends.
Price Chart
Executive Summary
TD Bank Group reported strong Q2 2026 adjusted results with adjusted diluted EPS up 21% YoY to C$2.38 and adjusted net income up 15% to C$4.2B. Core banking segments showed growth, CET1 capital ratio stands at 14.3%, and the Board increased the common dividend to C$1.12 per share. The bank continues to execute its NCIB share buyback program and make progress on AML remediation. For the preferred stock TDBCP, these results reflect stable credit fundamentals with no material credit events, supporting the ongoing dividend coverage.
Key Facts
- Adjusted diluted EPS of C$2.38 for Q2 2026, up 21% YoY (C$1.97 in Q2 2025).
- Adjusted net income of C$4,168M for Q2 2026, up 15% YoY (C$3,626M).
- Canadian Personal & Commercial Banking net income up 15% YoY to C$1,925M.
- U.S. Banking adjusted net income up 8% (12% in USD) YoY to US$702M.
- Wealth Management & Insurance net income up 18% YoY to C$837M.
- Wholesale Banking net income up 46% YoY to C$612M.
- CET1 capital ratio of 14.3%, well above regulatory minimum of 11.5%.
- Common dividend increased to C$1.12 per share for Q3 2026.
- Bank repurchased C$2.6B of common shares under NCIB in Q2 2026.
- U.S. BSA/AML remediation spend expected to be ~US$500M pre-tax in fiscal 2026.
Financial Impact
Adjusted net income increased C$542M (+15%) YoY in Q2 2026; adjusted EPS rose C$0.41 (+21%) YoY.
Risk Factors
- Continued AML remediation costs and regulatory uncertainty.
- Potential for higher PCLs if economic conditions deteriorate.
- Geopolitical risks impacting energy prices and trade.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000947263-26-000055 |
| Exhibit: ex994.htm | 0000947263-26-000055 |
| Exhibit: ex996.htm | 0000947263-26-000055 |
| Exhibit: ex995.htm | 0000947263-26-000055 |
| Exhibit: ex992.htm | 0000947263-26-000055 |
| Exhibit: ex993.htm | 0000947263-26-000055 |
| Document: 6k20260430.htm | 0000947263-26-000055 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 28, 2026 21w ago | 6-K | $17.50 $17.50 | · 0.00% | ▲ +3.15% | $17.50 (0.00%) |
Apr 23, 2026 26w ago | 6-K | $17.50 $17.50 | · 0.00% | ▼ −4.03% | $17.50 (0.00%) |
Apr 16, 2026 27w ago | 6-K | $17.50 $17.50 | · 0.00% | ▼ −5.37% | $17.50 (0.00%) |
Apr 16, 2026 27w ago | 424B5 | $17.50 $17.50 | · 0.00% | ▼ −5.82% | $17.50 (0.00%) |
Apr 16, 2026 27w ago | 424B5 | $17.50 $17.50 | · 0.00% | ▼ −5.82% | $17.50 (0.00%) |
US Market Status
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