Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after credit losses. Net interest income decreased $92 million, or 3%, reflecting lower margins, partially offset by volume growth and the effect of more days in the third quarter. TORONTO, Aug. 27, 2020 (Canada NewsWire via COMTEX) --
"The improved performance in our Canadian and U.S. Retail segments, and the record contribution from our Wholesale Banking segment, demonstrate the resilience of our diversified business model and the power of our customer-centric strategy." Net corporate expenses increased $17 million as compared to the same period last year. Loans issued under the program are not recognized on the Bank's Interim Consolidated Balance Sheet, as the Bank transfers substantially all risks and rewards in respect of the loans to the Government of Canada.
The increase reflects higher claims from severe weather-related events, less favourable prior years' claims development and a $52 million increase in the fair value of investments supporting claims liabilities which resulted in a similar increase to non-interest income, partially offset by more favourable current year claims.
Average deposit volumes increased US$37 billion, or 12%, reflecting a 21% increase in business deposits, a 9% increase in sweep deposits, and an 8% increase in personal deposits.
Where possible, TD continues to provide colleagues with the flexibility to adapt work schedules and access additional paid leave to meet caregiving demands resulting from the disruption. The reported and adjusted annualized ROE for the quarter was 28.3% and 28.8%, respectively, compared with 41.7% and 42.2%, respectively, in the third quarter last year.
Similarly, central banks' quick and comprehensive response has proved effective in stabilizing financial markets, but the magnitude of the shock and slow pace of recovery suggest monetary policy will remain at stimulative levels for some time.
Average deposit volumes increased $59 billion, or 18%, reflecting 14% growth in personal deposits, 20% growth in business deposits, and 36% growth in wealth deposits. ET.
Retail net income for the nine months ended July 31, 2020, was $2,155 million (US$1,620 million), a decrease of $1,635 million (US$1,230 million), or 43% (43% in U.S. dollars), compared with the same period last year.
Non-interest expenses for the quarter increased $53 million, or 9%, reflecting higher variable compensation, partially offset by lower volume related expenses and lower impact of foreign exchange translation. Adjusted ROE is adjusted net income available to common shareholders as a percentage of average common equity.
The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to TD under the agreements. Under the CEBA Program, eligible businesses receive a $40,000 interest-free loan until December 31, 2022. Maintaining the Bank's Financial and Operational ResilienceCredit risk continues to be monitored actively across all the Bank's portfolios. Non-interest expenses were $1,937 million, an increase of $144 million, or 8%, reflecting higher variable compensation, higher volume related expenses, and the impact of foreign exchange translation.
PCL - performing was $71 million, primarily related to a significant deterioration in the economic outlook, including the impact of credit migration. TD Economics expects policy interest rate increases to commence only in early calendar 2023 and to proceed at a very gradual pace thereafter, reflecting both the scale of the economic shock and the challenges associated with high private debt levels. PCL for the quarter decreased US$159 million, compared with the prior quarter. The audio webcast and presentations will be archived at www.td.com/investor.
PCL - performing was $216 million, primarily related to a significant deterioration in the economic outlook, including the impact of credit migration. PCL for the quarter was US$655 million, an increase of US$464 million, compared with the third quarter last year.
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