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Regulatory Capital | 12 Months Ended
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Oct. 31, 2025
Regulatory Capital [Abstract] |
Regulatory Capital | NOTE 30: REGULATORY CAPITAL The Bank manages its capital in accordance with guidelines established by OSFI. The regulatory capital guidelines measure capital in relation to credit, market, and operational risks. The Bank has various capital policies, procedures, and controls which it utilizes to achieve its goals and objectives. The Bank is designated as a domestic systemically important bank (D-SIB) and a global systemically important bank (G-SIB). The Bank’s capital management objectives are: ● To maintain an adequate level of capital based on the Bank’s risk profile as determined by: – the Bank’s Risk Appetite Statement; – capital requirements defined by relevant regulatory authorities; and – the Bank’s internal assessment of capital requirements, including stress test analysis, consistent with the Bank’s risk profile and risk tolerance levels. ● Manage capital levels, in order to: – insulate the Bank from unexpected loss events; – maintain stakeholder confidence in the Bank; – establish that the Bank has adequate capital under a severe but plausible stress event; and – facilitate business growth and/or strategic deployment consistent with the Bank’s strategy and risk appetite. ● To have the most economic weighted-average cost of capital achievable, while preserving the appropriate mix of capital instruments to meet targeted capitalization levels and provide a satisfactory return on shareholders’ equity. ● To support strong external debt ratings, in order to manage the Bank’s overall cost of funds and to maintain access to required funding (in the event of unexpected loss or business growth). ● To maintain a robust capital planning process and framework to support capital funding decisions such as issuances, redemptions and distributions which in turn support the Bank’s capital adequacy. These objectives are applied in a manner consistent with the Bank’s overall objective of providing a satisfactory return on shareholders’ equity. Basel III Capital Framework Capital requirements of the Basel Committee on Banking Supervision are commonly referred to as Basel III. Under Basel III, Total Capital consists of three components, namely Common Equity Tier 1 (CET1), Additional Tier 1, and Tier 2 Capital. Risk sensitive regulatory capital ratios are calculated by dividing CET1, Tier 1, and Total Capital by risk-weighted assets (RWA), inclusive of any minimum requirements outlined under the regulatory floor. Basel III also implemented a non-risk sensitive leverage ratio to act as a supplementary measure to the risk-sensitive capital requirements. The leverage ratio is calculated by dividing Tier 1 Capital by leverage exposure which is primarily comprised of on-balance sheet assets with adjustments made to derivative and securities financing transaction exposures, and credit equivalent amounts of off-balance sheet exposures. TD manages its regulatory capital in accordance with OSFI’s implementation of the Basel III Capital Framework. Capital Position and Capital Ratios The Basel framework allows qualifying banks to determine capital levels consistent with the way they measure, manage, and mitigate risks. It specifies methodologies for the measurement of credit, trading market, and operational risks. The Bank uses the Internal Ratings-Based approaches to credit risk for all material portfolios. For accounting purposes, IFRS is followed for consolidation of subsidiaries and joint ventures. For regulatory capital purposes, all subsidiaries of the Bank are consolidated except for insurance subsidiaries which are deconsolidated and follow prescribed treatment per OSFI’s CAR guidelines. Insurance subsidiaries are subject to their own capital adequacy reporting, such as OSFI’s Minimum Capital Test for General Insurance and Life Insurance Capital Adequacy Test for Life and Health. Some of the Bank’s subsidiaries are individually regulated by either OSFI or other regulators. Many of these entities have minimum capital requirements which may limit the Bank’s ability to extract capital or funds for other uses. Canadian banks designated as D-SIBs are required to comply with OSFI’s minimum targets for risk-based capital and leverage ratios. The minimum targets include a D-SIB surcharge and Domestic Stability Buffer (DSB) for CET1, Tier 1, Total Capital and risk-based Total Loss Absorbing Capacity (TLAC) ratios. The DSB level was increased to 3.5 % as of November 1, 2023, and as a result the published regulatory minimum targets are set at 11.5 %, 13.0 %, 15.0 % and 25.0 %, respectively. The OSFI target includes the greater of the D-SIB or G-SIB surcharge, both of which are currently 1 % for the Bank. The OSFI target for leverage requires D-SIBs to hold a leverage ratio buffer of 0.50 % in addition to the existing minimum requirement. This sets the published regulatory minimum targets for leverage and TLAC leverage ratios at 3.5 % and 7.25 %, respectively. The Bank complied with all minimum risk-based capital and leverage ratio requirements set by OSFI during the year ended October 31, 2025. The following table summarizes the Bank’s regulatory capital position as at October 31, 2025 and October 31, 2024. Regulatory Capital Position (millions of Canadian dollars, except as noted) As at October 31 October 31 2025 2024 Capital Common Equity Tier 1 Capital $ 93,579 $ 82,714 Tier 1 Capital 104,502 93,248 Total Capital 116,866 105,745 Risk-weighted assets used in the calculation of capital ratios 636,424 630,900 Capital and leverage ratios Common Equity Tier 1 Capital ratio 14.7 % 13.1 % Tier 1 Capital ratio 16.4 14.8 Total Capital ratio 18.4 16.8 Leverage ratio 4.6 4.2 TLAC Ratio 31.8 28.7 TLAC Leverage Ratio 8.9 8.1

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