TD Bank confirms it has not increased loan loss provisions for fourth fiscal quarter
TORONTO, Nov 01, 2001 (Canada NewsWire via COMTEX) -- The Toronto-Dominion Bank (TD Bank, NYSE/TSE: TD) confirmed today that, in its fourth fiscal quarter which ended October 31, 2001, it has not increased its loan loss provisions.
TD last increased its loan loss provisions during its third fiscal quarter, from $480 million to $620 million ($190 million charged in each of the last two quarters). At that time, TD conducted a rigorous review of its credit portfolio and has managed through the end of the fiscal year within the forecast $620 million level.
Although it is still early in the 2002 fiscal year, at this point TD anticipates that its credit losses for 2002 would be approximately 10-15% higher than its current run rate of $190 million per quarter. TD will be in a better position to make a further assessment at the end of the first fiscal quarter of 2002, which ends January 31.
TD has made this disclosure in response to inquiries from investors, and is doing so via news release in order to ensure broad and uniform dissemination of this information.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca
CONTACT: For further information: please contact: Dan Marinangeli, EVP and Chief
Financial Officer, TD Bank Financial Group, (416) 982-8002; Scott Lamb, VP,
Investor Relations, TD Bank Financial Group, (416) 982-5075
News release via Canada NewsWire, Toronto 416-863-9350
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