The Toronto-Dominion Bank (NYSE:TD) Q2 2020 Earnings Conference Call - Final Transcript

May 28, 2020 • 01:30 pm ET


The Toronto-Dominion Bank (NYSE:TD) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen. Welcome to the TD Bank Group Q2 2020 Earnings Conference Call.

I would like to turn the meeting over to Ms. Gillian Manning, Head of Investor Relations. Please go ahead, Ms. Manning.

Gillian Manning

Thank you, operator. Good afternoon and welcome to TD Bank Group's second quarter 2020 investor presentation. We will begin today's presentation with remarks from Bharat Masrani, the Bank's CEO; after which Riaz Ahmed, the Bank's CFO, will present our second quarter operating results. Ajai Bambawale, Chief Risk Officer, will then offer comments on credit quality, after which we will invite questions from pre-qualified analysts and investors on the phone. Also present today to answer your questions are Teri Currie, Group Head, Canadian Personal Banking; Greg Braca, President and CEO, TD Bank, America's Most Convenient Bank; and Bob Dorrance, Group Head, Wholesale Banking.

Please turn to Slide 2. At this time, I would like to caution our listeners that this presentation contains forward-looking statements that there are risks that actual results could differ materially from what is discussed, and that certain material factors or assumptions were applied in making these forward-looking statements. Any forward-looking statements contained in this presentation represent the views of management and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance. Forward-looking statements may not be appropriate for other purposes.

I would also like to remind listeners that the Bank uses non-GAAP financial measures to arrive at adjusted results to assess each of its businesses and to measure overall Bank performance. The Bank believes that adjusted results provide readers with a better understanding of how management views the Bank's performance. Bharat will be referring to adjusted results in his remarks. Additional information on items of note, the Bank's reported results and factors and assumptions related to forward-looking information are all available in our Q2 2020 Report to Shareholders.

With that, let me turn the presentation over to Bharat.

Bharat Masrani

Thank you, Gillian, and thank you everyone for joining us today. The last few months have been an extraordinary time for all of us. On April 2nd, we conducted our first ever virtual Annual Meeting. It's hard to believe that with June 1st just around the corner, the sweeping restrictions and economic and social activity implemented to contain the COVID-19 pandemic are still largely in place, though it is encouraging to see reopening measures beginning to take shape in some geographies.

Before I turn to our Q2 results, I want to talk about how we are meeting the COVID-19 challenge at TD. The toll exacted by this crisis and lives lost and activity disrupted will reverberate for years to come. Economies around the world have been plunged into recession and unemployment rates have risen to levels not seen in decades. But while the scale of this crisis still has the power to shock, the response it had elicited is inspiring; from dedicated front-line workers in so many different