01:56 PM EST, 03/07/2024 (MT Newswires) -- Kelvin Tran (Group Head and Chief Financial Officer, The Toronto-Dominion Bank ( MLWIQXX )) joined RBC's Global Financial Institutions

Conference.

Key takeaways: TD continues to target a medium-term ROE of 16%+, and the bank cited revenue growth, volume growth, the

integration with TD Securities and Cowen, expenses, and its NCIB as factors that will help the bank achieve this target.

TD suggested that the Consumer Financial Protection Bureau (CFPB) cap on late fees will have little impact on revenues as credit card fees are not a significant proportion of its revenues. On expenses, TD reiterated its mid-single-digit expense growth target (RBC models ~7% growth in 2024) which includes the impact from the investments the bank is making in risk and control infrastructure as well as regular course investments.

TD views a CET 1 ratio of 12% as reasonable, though RBC is modeling a capital ratio of 13.4% by the end of the year.

TD is rated Outperform, with an $87 target at RBC.

Price: 81.85, Change: +0.18, Percent Change: +0.22