The Toronto-Dominion Bank (TD) 40-F 2003 FY Annual report (Canada)

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Exhibit 5

Quarterly Results

Quarterly results — reported basis

	2003												2002
	Quarter ended												Quarter ended
(millions of dollars)
	October 31			July 31			April 30			January 31			October 31			July 31			April 30			January 31
Net interest income	$	1,379		$	1,402		$	1,445		$	1,390		$	1,388		$	1,404		$	1,308		$	1,200
Provision for credit losses		(83	)		59			98			112			950			1,250			400			325
Net interest income after credit loss provision		1,462			1,343			1,347			1,278			438			154			908			875
Other income		1,094			1,193			968			1,169			1,054			1,038			1,189			1,648
Net interest and other income		2,556			2,536			2,315			2,447			1,492			1,192			2,097			2,523
Non-interest expenses		1,960			1,883			2,564			1,957			1,861			1,882			1,944			2,065
Income (loss) before provision for (benefit of) income taxes and non-controlling interest in net income of subsidiaries		596			653			(249	)		490			(369	)		(690	)		153			458
Provision for (benefit of) income taxes		72			129			1			120			(189	)		(298	)		(21	)		63
Non-controlling interest in net income of subsidiaries		23			23			23			23			16			13			18			17
Net income (loss)		501			501			(273	)		347			(196	)		(405	)		156			378
Preferred dividends		21			21			22			23			23			23			24			23
Net income (loss) applicable to common shares	$	480		$	480		$	(295	)	$	324		$	(219	)	$	(428	)	$	132		$	355
(dollars)
Basic net income (loss) per common share	$	.74		$	.74		$	(.46	)	$	.50		$	(.34	)	$	(.67	)	$	.20		$	.56
Diluted net income (loss) per common share		.73			.73			(.46	)		.50			(.34	)		(.67	)		.20			.55
Return on common shareholders' equity		16.7	%		17.1	%		(10.5)	%		11.1	%		(7.4)	%		(13.9)	%		4.4	%		11.5	%
(billions of dollars)
Average earning assets	$	242		$	259		$	259		$	248		$	250		$	257		$	261		$	259
Net interest income as a % of average earning assets		2.26	%		2.15	%		2.29	%		2.22	%		2.20	%		2.17	%		2.06	%		1.84	%

Quarterly results — operating cash basis ¹

	2003												2002
	Quarter ended												Quarter ended
(millions of dollars)
	October 31			July 31			April 30			January 31			October 31			July 31			April 30			January 31
Net interest income (TEB)	$	1,441		$	1,460		$	1,501		$	1,444		$	1,441		$	1,452		$	1,368		$	1,261
Provision for credit losses		(83	)		59			98			112			950			1,250			400			325
Net interest income after credit loss provision		1,524			1,401			1,403			1,332			491			202			968			936
Other income		1,094			1,193			968			1,169			1,054			1,016			1,189			1,630
Net interest and other income		2,618			2,594			2,371			2,501			1,545			1,218			2,157			2,566
Non-interest expenses		1,785			1,697			2,365			1,745			1,635			1,641			1,687			1,791
Income (loss) before provision for (benefit of) income taxes and non-controlling interest in net income of subsidiaries		833			897			6			756			(90	)		(423	)		470			775
Provision for (benefit of) income taxes (TEB)		197			254			129			253			(66	)		(167	)		136			230
Non-controlling interest in net income of subsidiaries		23			23			23			23			16			13			18			17
Net income (loss)		613			620			(146	)		480			(40	)		(269	)		316			528
Preferred dividends		21			21			22			23			23			23			24			23
Net income (loss) applicable to common shares	$	592		$	599		$	(168	)	$	457		$	(63	)	$	(292	)	$	292		$	505
(dollars)
Basic net income (loss) per common share	$	.91		$	.92		$	(.26	)	$	.71		$	(.10	)	$	(.46	)	$	.46		$	.79
Diluted net income (loss) per common share		.90			.91			(.26	)		.70			(.10	)		(.46	)		.45			.78
Return on common shareholders' equity		20.6	%		21.4	%		(6.0)	%		15.6	%		(2.1)	%		(9.5)	%		9.7	%		16.4	%
(billions of dollars)
Average earning assets	$	242		$	259		$	259		$	248		$	250		$	257		$	261		$	259
Net interest income (TEB) as a % of average earning assets		2.36	%		2.24	%		2.38	%		2.31	%		2.29	%		2.25	%		2.15	%		1.93	%

¹ Operating cash basis measurements are defined in the
"How the Bank reports" section on page 10 of this Annual Report.

96        TD BANK FINANCIAL GROUP ANNUAL REPORT 2003

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Quarterly Results