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Bard, provide a summary of $TD earnings report
  • Overall, TD Bank's earnings were down 12% in the second quarter of 2023 compared to the same period last year. This was due to a number of factors, including higher expenses and lower trading revenue. However, adjusted earnings were up 1%, which shows that the bank's underlying business is still strong.

  • The Canadian Personal and Commercial Banking segment saw revenue growth of 11% in the second quarter. This was driven by higher margins and volume growth. The segment also delivered a seventh consecutive quarter of positive operating leverage.

  • The U.S. Retail Bank delivered another strong quarter, with earnings up 3%. This was despite a challenging environment. The segment's loan growth was strong, and it continued to expand its retail network.

  • Wealth Management and Insurance delivered solid performance amid challenging market conditions. Revenue growth of 2% underscored the strength of the segment's diversified business model.

  • Wholesale Banking reported a decrease in net income of 58% in the second quarter. This was due to higher non-interest expenses, which include acquisition and integration costs. However, adjusted earnings were down 41%, which shows that the segment's underlying business is still performing well.

  • TD Bank's Common Equity Tier 1 Capital ratio was 15.3% at the end of the second quarter. This is well above the regulatory requirements, and it provides the bank with a strong financial foundation.

  • For fiscal 2023, TD Bank does not expect to meet its medium-term adjusted EPS growth target range of 7-10%. This is due to the mutual termination of the First Horizon merger agreement, and the deterioration in the macroeconomic environment.

Overall, TD Bank's earnings report showed that the bank's underlying business is still strong. However, the bank is facing some challenges, including higher expenses and a deteriorating macroeconomic environment. These challenges will likely impact the bank's earnings in the near term.

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