The Toronto-Dominion Bank (TD) 6-K 2021 Q2 TD Bank Group Reports Second Quarter 2021 Results

Exhibit 99.3

  RETURN ON ASSETS, DIVIDEND PAYOUTS, AND EQUITY TO ASSETS RATIOS^1,2

	For the three months ended						For the year ended
	April 30, 2021			January 31, 2021			October 31, 2020
Return on Assets – reported3		0.86	%		0.73	%		0.72	%
Return on Assets – adjusted4		0.88			0.75			0.60
Dividend Payout Ratio – reported5		39.5			44.6			48.4
Dividend Payout Ratio – adjusted6		38.7			43.2			57.9
Equity to Asset Ratio7		5.4			5.4			5.7

¹  Calculated pursuant to the U.S. Securities and Exchange Commission Industry Guide 3.

²  TD Bank Group (“TD” or the “Bank”) financial results prepared in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), are referred to as “reported” results. The Bank also utilizes non-GAAP financial measures referred to as “adjusted” results (reported results excluding “items of note”, net of income taxes) to assess each of its businesses and measure overall Bank performance. Refer to the “How We Performed” section in the Bank’s second quarter 2021 Report to Shareholders (www.td.com/investor) for further explanation, reported basis results, a list of the items of note, and a reconciliation of non-GAAP measures.

³  Calculated as reported net income available to common shareholders and non-controlling interests (NCI) in subsidiaries divided by average total assets.

⁴  Calculated as adjusted net income available to common shareholders and NCI in subsidiaries divided by average total assets.

⁵  Calculated as dividends declared per common share divided by reported basic earnings per share.

⁶  Calculated as dividends declared per common share divided by adjusted basic earnings per share.

⁷  Calculated as average total equity (including NCI in subsidiaries) divided by average total assets.