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TD Bank Group Reports First Quarter 2020 Results

Published

5 years ago

February 27, 2020

TD Bank Group (“TD” or the “Bank”) today announced its financial results for the first quarter ended January 31, 2020. First quarter reported earnings were $3 billion, up 24% on a reported basis and 4% on an adjusted basis, compared with the same quarter last year.

“TD started the year with a solid quarter, reflecting volume growth on both sides of the border in our Retail businesses and strong revenues and earnings in our Wholesale business,” said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group. “Our strong performance demonstrates the advantages of our strategy and proven business model, as we continued to acquire new customers and engage with them in more innovative and personalized ways.”

The Bank also announced a dividend increase of five cents per common share for the quarter ending in April, an increase of 7%.

Canadian Retail
Canadian Retail reported net income was $1,789 million, up 30% from the first quarter last year, primarily reflecting charges related to the Air Canada agreement in the first quarter of 2019. Adjusted net income was $1,813 million, a decrease of 2% compared with the same quarter last year. Revenue growth of 4%, reflecting volume-based increases in net interest and other income across the businesses, was more than offset by higher non-interest expenses, provisions for credit losses, and insurance claims.

Canadian Retail continued to invest in its business and capabilities, further strengthening its position as Canada’s leading credit card issuer with the introduction of a new line of business cards that give business customers added flexibility and choice. In addition, TD Direct Investing was ranked highest among the banks in The Globe and Mail’s annual review of online brokers, reflecting continued investments in its WebBroker and mobile platforms and resources to help customers achieve their financial goals.

U.S. Retail
U.S. Retail net income was $1,146 million (US$869 million), a decrease of 8% (7% in U.S. dollars), compared with the same quarter last year. TD Ameritrade contributed $201 million (US$152 million) in earnings to the segment, a decrease of 35% (35% in U.S. dollars) compared to the same quarter last year, primarily due to reduced trading commissions.

The U.S. Retail Bank, which excludes the Bank’s investment in TD Ameritrade, contributed $945 million (US$717 million), up 2% (2% in U.S. dollars) from the same quarter last year. Revenue was down 2% as loan and deposit volume growth was offset by reduced margins given the lower interest rate environment. Provision for income taxes benefitted from changes in estimates. The U.S. Retail Bank continued to invest in its digital capabilities and this quarter, increased its number of mobile active customers by 12%. TD Bank, America’s Most Convenient Bank^®, also recorded a milestone achievement in the quarter, ranking “highest in customer satisfaction”, among the national banks, according to the J.D. Power 2019 U.S. National Banking Satisfaction Study¹ that evaluated banks from across the country.

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¹ Advertisement	TD Bank received the highest score in the J.D. Power 2019 U.S. National Banking Satisfaction Study of customers’ satisfaction with bank products and services among national banks. Visit jdpower.com/awards.

Wholesale
Wholesale Banking reported net income of $281 million this quarter, an increase of $298 million, compared to the same quarter last year. Revenue for the quarter was $1,046 million, an increase of $464 million, compared with the first quarter last year, reflecting higher trading-related revenue and underwriting fees compared with the first quarter last year when the business experienced challenging market conditions. The Wholesale Bank continued to grow its banking and corporate lending relationships and gain market share, reflecting the investments made in its U.S. dollar strategy.

Capital
TD’s Common Equity Tier 1 Capital ratio on a Basel lll fully phased-in basis was 11.7%.

Innovation
“We continued to enhance our digital capabilities to provide customers with personalized and connected experiences and the ability to manage their finances across all of our channels,” continued Masrani. “Since launching our artificial intelligence-powered chatbot TD Clari last year, we have seen more than 90% of mobile chat interactions handled instantly. These and other investments are extending our competitive advantage and deepening our customer relationships across the Bank.”

Conclusion
“We are building for the future and are making strategic investments to extend our market differentiation and create lasting, trusted customer relationships across our businesses,” added Masrani. “While macroeconomic conditions may fluctuate, our strategy is clear, and our more than 85,000 colleagues are focused with passion and commitment on the work ahead.”

The foregoing contains forward-looking statements. Please refer to the “Caution Regarding Forward-Looking Statements”.

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management’s Discussion and Analysis (“2019 MD&A”) in the Bank’s 2019 Annual Report under the heading “Economic Summary and Outlook”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments under headings “Business Outlook and Focus for 2020”, and for the Corporate segment, “Focus for 2020”, and in other statements regarding the Bank’s objectives and priorities for 2020 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank’s anticipated financial performance. Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “goal”, “target”, “may”, and “could”.

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), liquidity, operational (including technology, cyber security, and infrastructure), model, reputational, insurance, strategic, regulatory, legal, conduct, environmental, capital adequacy, and other risks. Examples of such risk factors include the general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; the ability of the Bank to attract, develop, and retain key executives; disruptions in or attacks (including cyber-attacks or data security breaches) on the Bank’s information technology, internet, network access or other voice or data communications systems or services; fraud or other criminal activity to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization “bail-in” regime; exposure related to significant litigation and regulatory matters; increased competition from incumbents and non-traditional competitors, including Fintech and big technology competitors; changes to the Bank’s credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results. For more detailed information, please refer to the “Risk Factors and Management” section of the 2019 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings “Significant and Subsequent Events, and Pending Transactions” and “Significant Events and Pending Transactions” in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank’s forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2019 MD&A under the headings “Economic Summary and Outlook”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Business Outlook and Focus for 2020”, and for the Corporate segment, “Focus for 2020”, each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

This document was reviewed by the Bank‘s Audit Committee and was approved by the Bank‘s Board of Directors, on the Audit Committee‘s recommendation, prior to its release.


TABLE 1: FINANCIAL HIGHLIGHTS
(millions of Canadian dollars, except as noted)	As at or for the three months ended
		January 31			October 31			January 31
		2020			2019			2019
Results of operations Advertisement
Total revenue – reported	$	10,609		$	10,340		$	9,998
Total revenue – adjusted		10,609			10,340 Advertisement			9,998
Provision for credit losses		919			891			850
Insurance claims and related expenses		780			705			702
Non-interest expenses – reported Advertisement		5,467			5,543			5,855
Non-interest expenses – adjusted¹		5,397			5,463			5,161
Net income – reported		2,989			2,856 Advertisement			2,410
Net income – adjusted¹		3,072			2,946			2,953
Financial position (billions of Canadian dollars)
Total loans net of allowance for loan losses	$	693.2		$ Advertisement	684.6		$	648.5
Total assets		1,457.4			1,415.3			1,322.5
Total deposits		908.4			887.0 Advertisement			849.3
Total equity		88.8			87.7			81.7
Total risk-weighted assets		476.0			456.0			439.3
Financial ratios Advertisement
Return on common equity (ROE) – reported		14.2	%		13.6	%		12.2	%
Return on common equity – adjusted²		14.6			14.0 Advertisement			15.0
Return on tangible common equity (ROTCE)²		19.6			18.9			17.5
Return on tangible common equity – adjusted²		19.7			19.1			21.0
Efficiency ratio – reported Advertisement		51.5			53.6			58.6
Efficiency ratio – adjusted¹		50.9			52.8			51.6
Provision for credit losses as a % of net average loans
and acceptances³		0.52 Advertisement			0.51			0.50
Common share information – reported (Canadian dollars)
Per share earnings
Basic	$	1.61		$	1.54		$ Advertisement	1.27
Diluted		1.61			1.54			1.27
Dividends per share		0.74			0.74			0.67
Book value per share Advertisement		45.91			45.20			41.69
Closing share price⁴		73.14			75.21			74.00
Shares outstanding (millions)
Average basic		1,810.9 Advertisement			1,811.7			1,833.1
Average diluted		1,813.6			1,814.5			1,836.2
End of period		1,808.2			1,811.9			1,830.8 Advertisement
Market capitalization (billions of Canadian dollars)	$	132.3		$	136.3		$	135.5
Dividend yield⁵		4.0	% Advertisement		4.0	%		3.8	%
Dividend payout ratio		45.8			48.0			52.6
Price-earnings ratio		11.1 Advertisement			12.0			12.3
Total shareholder return (1 year)⁶		2.8			7.1			2.6
Common share information – adjusted (Canadian dollars)¹
Per share earnings
Basic	$ Advertisement	1.66		$	1.59		$	1.57
Diluted		1.66			1.59			1.57
Dividend payout ratio Advertisement		44.6	%		46.5	%		42.7	%
Price-earnings ratio		10.8			11.2			11.4 Advertisement
Capital ratios
Common Equity Tier 1 Capital ratio		11.7	%		12.1	%		12.0	%
Tier 1 Capital ratio		13.1 Advertisement			13.5			13.5
Total Capital ratio		15.7			16.3			15.9
Leverage ratio		4.0			4.0			4.1 Advertisement

¹	Adjusted measures are non-GAAP measures. Refer to the “How the Bank Reports” section of this document for an explanation of reported and adjusted results.
²	Metrics are non-GAAP financial measures. Refer to the “Return on Common Equity” and “Return on Tangible Common Equity” sections of this document for an explanation.
³	Excludes acquired credit-impaired (ACI) loans.
⁴	Toronto Stock Exchange (TSX) closing market price.
⁵	Dividend yield is calculated as the annualized dividend per common share paid divided by daily average closing stock price in the relevant period. Dividend per common share is derived as follows: a) for the quarter – by annualizing the dividend per common share paid during the quarter; and b) for the year-to-date – by annualizing the year-to-date dividend per common share paid. Advertisement
⁶	Total shareholder return (TSR) is calculated based on share price movement and dividends reinvested over a trailing one-year period.

HOW WE PERFORMED

How the Bank Reports
The Bank prepares its Interim Consolidated Financial Statements in accordance with IFRS, the current GAAP, and refers to results prepared in accordance with IFRS as “reported” results. The Bank also utilizes non-GAAP financial measures referred to as “adjusted” results to assess each of its businesses and to measure the Bank’s overall performance. To arrive at adjusted results, the Bank removes “items of note” from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The Bank believes that adjusted results provide the reader with a better understanding of how management views the Bank’s performance. The items of note are disclosed in Table 3. As explained, adjusted results differ from reported results determined in accordance with IFRS. Adjusted results, items of note, and related terms used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

The Bank’s U.S. strategic cards portfolio comprises agreements with certain U.S. retailers pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit cards to their U.S. customers. Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after credit losses. Under IFRS, TD is required to present the gross amount of revenue and provisions for credit losses related to these portfolios in the Bank’s Interim Consolidated Statement of Income. At the segment level, the retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to TD under the agreements.

The following table provides the operating results on a reported basis for the Bank.


TABLE 2: OPERATING RESULTS – Reported
(millions of Canadian dollars)	For the three months ended
	January 31 Advertisement		October 31		January 31
	2020		2019		2019
Net interest income	$	6,301	$	6,175 Advertisement	$	5,860
Non-interest income		4,308		4,165		4,138
Total revenue		10,609		10,340		9,998 Advertisement
Provision for credit losses		919		891		850
Insurance claims and related expenses		780		705		702
Non-interest expenses		5,467 Advertisement		5,543		5,855
Income before income taxes and equity in net income of an
investment in TD Ameritrade		3,443		3,201		2,591
Provision for income taxes		659		646 Advertisement		503
Equity in net income of an investment in TD Ameritrade		205		301		322
Net income – reported		2,989		2,856		2,410
Preferred dividends Advertisement		67		68		60
Net income available to common shareholders and non-controlling
interests in subsidiaries	$	2,922	$	2,788	$ Advertisement	2,350
Attributable to:
Common shareholders	$	2,922	$	2,788	$	2,332
Non-controlling interests Advertisement		–		–		18

The following table provides a reconciliation between the Bank’s adjusted and reported results.


TABLE 3: NON-GAAP FINANCIAL MEASURES – Reconciliation of Adjusted to Reported Net Income
(millions of Canadian dollars)	For the three months ended
	January 31		October 31		January 31 Advertisement
	2020		2019		2019
Operating results – adjusted
Net interest income	$	6,301	$	6,175	$ Advertisement	5,860
Non-interest income		4,308		4,165		4,138
Total revenue		10,609		10,340		9,998
Provision for credit losses Advertisement		919		891		850
Insurance claims and related expenses		780		705		702
Non-interest expenses¹		5,397		5,463 Advertisement		5,161
Income before income taxes and equity in net income of an
investment in TD Ameritrade		3,513		3,281		3,285
Provision for income taxes		670		660		678 Advertisement
Equity in net income of an investment in TD Ameritrade²		229		325		346
Net income – adjusted		3,072		2,946		2,953
Preferred dividends		67 Advertisement		68		60
Net income available to common shareholders and non-controlling
interests in subsidiaries – adjusted		3,005		2,878		2,893
Attributable to:
Non-controlling interests in subsidiaries, net of income taxes		– Advertisement		–		18
Net income available to common shareholders – adjusted		3,005		2,878		2,875
Pre-tax adjustments for items of note
Amortization of intangibles³		(70)		(74) Advertisement		(80)
Charges related to the long-term loyalty agreement with Air Canada⁴		–		–		(607)
Charges associated with the acquisition of Greystone⁵		(24)		(30)		(31)
Less: Impact of income taxes Advertisement
Amortization of intangibles		(11)		(12)		(13)
Charges related to the long-term loyalty agreement with Air Canada		–		–		(161)
Charges associated with the acquisition of Greystone		– Advertisement		(2)		(1)
Total adjustments for items of note		(83)		(90)		(543)
Net income available to common shareholders – reported	$	2,922	$ Advertisement	2,788	$	2,332

¹	Adjusted Non-interest expenses exclude the following items of note: Amortization of intangibles, as explained in footnote 3 – first quarter 2020 – $46 million, fourth quarter 2019 – $50 million, first quarter 2019 – $56 million, these amounts were reported in the Corporate segment. Charges related to the long-term loyalty agreement with Air Canada, as explained in footnote 4 – first quarter 2019 – $607 million; this amount was reported in the Canadian Retail segment. Charges associated with the acquisition of Greystone, as explained in footnote 5 – first quarter 2020 – $24 million, fourth quarter 2019 – $30 million, first quarter 2019 – $31 million; this amount was reported in the Canadian Retail segment.
²	Adjusted Equity in net income of an investment in TD Ameritrade excludes the following items of note: Amortization of intangibles, as explained in footnote 3 – first quarter 2020 – $24 million, fourth quarter 2019 – $24 million, first quarter 2019 – $24 million. The earnings impact of this item was reported in the Corporate segment.
³	Amortization of intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of intangibles relating to the Equity in net income of the investment in TD Ameritrade. Although the amortization of software and asset servicing rights are recorded in amortization of intangibles, they are not included for purposes of the items of note.
⁴ Advertisement	On January 10, 2019, the Bank’s long-term loyalty program agreement with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the “Transaction”). In connection with the Transaction, the Bank recognized an expense of $607 million ($446 million after-tax) in the Canadian Retail segment.
⁵	On November 1, 2018, the Bank acquired Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. (“Greystone”). The Bank incurred acquisition related charges including compensation to employee shareholders issued in common shares in respect of the purchase price, direct transaction costs, and certain other acquisition related costs. These amounts have been recorded as an adjustment to net income and were reported in the Canadian Retail segment.


TABLE 4: RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE (EPS)¹
(Canadian dollars)			For the three months ended
	January 31		October 31		January 31
	2020 Advertisement		2019		2019
Basic earnings per share – reported	$	1.61	$	1.54	$	1.27
Adjustments for items of note² Advertisement		0.05		0.05		0.30
Basic earnings per share – adjusted	$	1.66	$	1.59	$	1.57 Advertisement

Diluted earnings per share – reported	$	1.61	$	1.54	$	1.27
Adjustments for items of note²		0.05		0.05 Advertisement		0.30
Diluted earnings per share – adjusted	$	1.66	$	1.59	$	1.57


¹	EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the period. Advertisement
²	For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

Return on Common Equity
The Bank’s methodology for allocating capital to its business segments is aligned with the common equity capital requirements under Basel III. Capital allocated to the business segments is based on 10.5% Common Equity Tier 1 (CET1) Capital in fiscal 2020 and 10% in fiscal 2019.
Adjusted ROE is adjusted net income available to common shareholders as a percentage of average common equity.
Adjusted ROE is a non-GAAP financial measure as it is not a defined term under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.


TABLE 5: RETURN ON COMMON EQUITY
(millions of Canadian dollars, except as noted)			For the three months ended
	January 31			October 31			January 31
	2020 Advertisement			2019			2019
Average common equity	$	81,933		$	81,286		$	75,873
Net income available to common shareholders – reported Advertisement		2,922			2,788			2,332
Items of note, net of income taxes¹		83			90			543
Net income available to common shareholders – adjusted		3,005			2,878 Advertisement			2,875
Return on common equity – reported		14.2	%		13.6	%		12.2	%
Return on common equity – adjusted		14.6 Advertisement			14.0			15.0


¹	For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

Return on Tangible Common Equity
Tangible common equity (TCE) is calculated as common shareholders’ equity less goodwill, imputed goodwill and intangibles on an investment in TD Ameritrade and other acquired intangible assets, net of related deferred tax liabilities. ROTCE is calculated as reported net income available to common shareholders after adjusting for the after‑tax amortization of acquired intangibles, which are treated as an item of note, as a percentage of average TCE. Adjusted ROTCE is calculated using reported net income available to common shareholders, adjusted for items of note, as a percentage of average TCE. Adjusted ROTCE provides a useful measure of the performance of the Bank’s income producing assets, independent of whether or not they were acquired or developed internally. TCE, ROTCE, and adjusted ROTCE are each non-GAAP financial measures and are not defined terms under IFRS. Readers are cautioned that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings under IFRS and, therefore, may not be comparable to similar terms used by other issuers.


TABLE 6: RETURN ON TANGIBLE COMMON EQUITY
(millions of Canadian dollars, except as noted)			For the three months ended
	January 31			October 31 Advertisement			January 31
	2020			2019			2019
Average common equity	$	81,933		$	81,286		$ Advertisement	75,873
Average goodwill		16,971			17,046			17,021
Average imputed goodwill and intangibles on an
investment in TD Ameritrade		4,089			4,119			4,170 Advertisement
Average other acquired intangibles¹		564			613			676
Average related deferred tax liabilities		(261)			(267)			(238)
Average tangible common equity		60,570 Advertisement			59,775			54,244
Net income available to common shareholders – reported		2,922			2,788			2,332
Amortization of acquired intangibles, net of income taxes²		59			62			67 Advertisement
Net income available to common shareholders after
adjusting for after-tax amortization of acquired intangibles		2,981			2,850			2,399
Other items of note, net of income taxes²		24			28			476
Net income available to common shareholders – adjusted Advertisement	$	3,005		$	2,878		$	2,875
Return on tangible common equity		19.6	%		18.9 Advertisement	%		17.5	%
Return on tangible common equity – adjusted		19.7			19.1			21.0


¹	Excludes intangibles relating to software and asset servicing rights.
² Advertisement	For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

SIGNIFICANT EVENTS AND PENDING TRANSACTIONS

TD Ameritrade Holding Corporation and The Charles Schwab Corporation
On November 25, 2019, the Bank announced its support for the acquisition of TD Ameritrade, of which the Bank is a major shareholder, by The Charles Schwab Corporation, through a definitive agreement announced by those companies. The transaction is expected to close in the second half of calendar 2020, subject to all applicable closing conditions having been satisfied. Refer to the “Financial Results Overview – Significant and Subsequent Events, and Pending Transactions” section of the Bank’s 2019 MD&A for a discussion of the announced transaction.

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking, wealth, and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, wealth management services, and the Bank’s investment in TD Ameritrade; and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. Where applicable, the Bank measures and evaluates the performance of each segment based on adjusted results and ROE, and for those segments the Bank indicates that the measure is adjusted. For further details, refer to the “How the Bank Reports” section of this document, the “Business Focus” section in the Bank’s 2019 MD&A, and Note 29 Segmented Information of the Bank’s Consolidated Financial Statements for the year ended October 31, 2019. For information concerning the Bank’s measure of ROE, which is a non-GAAP financial measure, refer to the “How We Performed” section of this document.

PCL related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees is recorded within the respective segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including certain dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB increase to net interest income and provision for income taxes reflected in Wholesale Banking’s results are reversed in the Corporate segment. The TEB adjustment for the quarter was $38 million, compared with $21 million in the first quarter last year and $36 million in the prior quarter.


TABLE 7: CANADIAN RETAIL
(millions of Canadian dollars, except as noted) Advertisement	For the three months ended
	January 31			October 31			January 31
	2020			2019			2019
Net interest income	$	3,167 Advertisement		$	3,173		$	3,044
Non-interest income		3,088			2,960			2,944
Total revenue		6,255 Advertisement			6,133			5,988
Provision for credit losses – impaired		320			324			264
Provision for credit losses – performing		71			76			46 Advertisement
Total provision for credit losses		391			400			310
Insurance claims and related expenses		780			705			702
Non-interest expenses – reported		2,636 Advertisement			2,637			3,084
Non-interest expenses – adjusted¹		2,612			2,607			2,446
Provision for (recovery of) income taxes – reported		659			646			513 Advertisement
Provision for (recovery of) income taxes – adjusted¹		659			648			675
Net income – reported		1,789			1,745			1,379
Net income – adjusted¹	$ Advertisement	1,813		$	1,773		$	1,855

Selected volumes and ratios
Return on common equity – reported²		37.1	%		37.9 Advertisement	%		31.6	%
Return on common equity – adjusted^1,2		37.6			38.5			42.5
Net interest margin (including on securitized assets)		2.94			2.96 Advertisement			2.94
Efficiency ratio – reported		42.1			43.0			51.5
Efficiency ratio – adjusted		41.8			42.5			40.8
Assets under administration (billions of Canadian dollars) Advertisement	$	439		$	422		$	396
Assets under management (billions of Canadian dollars)		365			353			332 Advertisement
Number of Canadian retail branches		1,088			1,091			1,099
Average number of full-time equivalent staff		41,394			41,650			39,997


¹	Adjusted non-interest expenses excludes the following items of note: Charges related to the long-term loyalty agreement with Air Canada in the first quarter 2019 – $607 million ($446 million after-tax); and charges associated with the acquisition of Greystone in the first quarter 2020 – $24 million ($24 million after-tax), fourth quarter 2019 – $30 million ($28 million after-tax), first quarter 2019 – $31 million ($30 million after-tax). For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document. Advertisement
²	Capital allocated to the business segment was increased to 10.5% CET1 effective fiscal 2020 compared to 10% in fiscal 2019.

Quarterly comparison – Q1 2020 vs. Q1 2019
Canadian Retail reported net income for the quarter was $1,789 million, an increase of $410 million, or 30%, compared with the first quarter last year, primarily due to charges related to the agreement with Air Canada in the prior year. On an adjusted basis, net income for the quarter was $1,813 million, a decrease of $42 million, or 2%, reflecting higher adjusted non-interest expenses, PCL, and insurance claims, partially offset by revenue growth. The reported and adjusted annualized ROE for the quarter was 37.1% and 37.6%, respectively, compared with 31.6% and 42.5%, respectively, in the first quarter last year.

Canadian Retail revenue is derived from Canadian personal and commercial banking, wealth, and insurance businesses. Revenue for the quarter was $6,255 million, an increase of $267 million, or 4%, compared with the first quarter last year.

Net interest income was $3,167 million, an increase of $123 million, or 4%, reflecting volume growth. Average loan volumes increased $19 billion, or 4%, reflecting 4% growth in personal loans and 8% growth in business loans. Average deposit volumes increased $24 billion, or 7%, reflecting 7% growth in both personal and business deposits, and an 8% increase in wealth deposits. Net interest margin was 2.94%, consistent with the first quarter last year, reflecting competitive pricing and the impact of interest expense relating to lease liabilities recorded upon adoption of IFRS 16, Leases (IFRS 16), offset by favourable balance sheet mix from growth in deposits.

Non-interest income was $3,088 million, an increase of $144 million, or 5%, reflecting higher revenues from the insurance business and higher fee-based revenue in the wealth business.

Assets under administration (AUA) were $439 billion as at January 31, 2020, an increase of $43 billion, or 11%, compared with the first quarter last year, reflecting increases in market value and new asset growth. Assets under management (AUM) were $365 billion as at January 31, 2020, an increase of $33 billion, or 10%, compared with the first quarter last year, reflecting increases in market value.

PCL was $391 million, an increase of $81 million, or 26%, compared with the first quarter last year. PCL – impaired for the quarter was $320 million, an increase of $56 million, or 21%, reflecting lower prior year provisions in commercial, higher insolvencies in consumer lending, and volume growth. PCL – performing was $71 million, an increase of $25 million, reflecting credit migration in the commercial and auto portfolios. Total PCL as an annualized percentage of credit volume was 0.36%, or an increase of 7 basis points (bps).

Insurance claims and related expenses for the quarter were $780 million, an increase of $78 million, or 11%, compared with the first quarter last year reflecting higher current year claims primarily from business growth.

Reported non-interest expenses for the quarter were $2,636 million, a decrease of $448 million, or 15%, compared with the first quarter last year, primarily due to prior year charges related to the agreement with Air Canada. On an adjusted basis, non-interest expenses were $2,612 million, an increase of $166 million, or 7%, reflecting higher spend supporting business growth, volume-driven expenses, and changes in pension costs, partially offset by a reduction in operating expense due to the adoption of IFRS 16.

The reported and adjusted efficiency ratio for the quarter was 42.1% and 41.8%, respectively, compared with 51.5% and 40.8%, respectively, in the first quarter last year.

Quarterly comparison – Q1 2020 vs. Q4 2019
Canadian Retail reported net income for the quarter increased $44 million, or 3%, compared with the prior quarter, reflecting revenue growth, partially offset by higher insurance claims. On an adjusted basis, net income increased $40 million, or 2%. The reported and adjusted annualized ROE for the quarter was 37.1% and 37.6%, respectively, compared with 37.9% and 38.5%, respectively, in the prior quarter.

Revenue increased $122 million, or 2%, compared with the prior quarter. Net interest income decreased $6 million, relatively flat compared with the prior quarter. Average loan volumes increased $4 billion, or 1%, reflecting 1% growth in both personal and business loans. Average deposit volumes increased $10 billion, or 3%, reflecting 2% growth in personal deposits, 4% in business deposits, and 5% in wealth deposits. Net interest margin was 2.94%, a decrease of 2 bps, reflecting seasonality and the impact of interest expense relating to lease liabilities recorded upon adoption of IFRS 16.

Non-interest income increased $128 million, or 4%, reflecting higher revenues from the insurance business and higher fee-based revenue in the banking and wealth businesses. The increase in non-interest income also includes $54 million related to higher fair value of investments supporting claims liabilities, which resulted in a similar increase to insurance claims.

AUA increased $17 billion, or 4%, compared with the prior quarter, reflecting increases in market value and new asset growth. AUM increased $12 billion, or 3%, reflecting increases in market value.

PCL decreased $9 million, or 2%, compared with the prior quarter. PCL – impaired decreased by $4 million. PCL – performing decreased $5 million. Total PCL as an annualized percentage of credit volume was 0.36%, or a decrease of 1 basis point.

Insurance claims and related expenses for the quarter increased $75 million, or 11%, compared with the prior quarter. The increase reflects less favourable prior years’ claims development and changes in the fair value of investments supporting claims liabilities, partially offset by lower current year claims and less severe weather-related events.

Reported non-interest expenses decreased $1 million, relatively flat, compared with the prior quarter. On an adjusted basis, non-interest expenses increased $5 million.

The reported and adjusted efficiency ratio for the quarter was 42.1% and 41.8%, respectively, compared with 43.0% and 42.5%, respectively, in the prior quarter.


TABLE 8: U.S. RETAIL Advertisement
(millions of dollars, except as noted)	For the three months ended
	January 31			October 31			January 31
Canadian Dollars		2020			2019			2019
Net interest income Advertisement	$	2,196		$	2,232		$	2,247
Non-interest income		706			717			701 Advertisement
Total revenue		2,902			2,949			2,948
Provision for credit losses – impaired		273			268			285
Provision for credit losses – performing		46 Advertisement			27			21
Total provision for credit losses		319			295			306
Non-interest expenses		1,593			1,669			1,611 Advertisement
Provision for (recovery of) income taxes		45			85			102
U.S. Retail Bank net income		945			900			929
Equity in net income of an investment in TD Ameritrade¹		201 Advertisement			291			311
Net income	$	1,146		$	1,191		$	1,240

U.S. Dollars Advertisement
Net interest income	$	1,668		$	1,687		$	1,688
Non-interest income		536			543 Advertisement			528
Total revenue – reported		2,204			2,230			2,216
Provision for credit losses – impaired		208			203			214
Provision for credit losses – performing Advertisement		35			20			16
Total provision for credit losses		243			223			230
Non-interest expenses		1,210			1,261 Advertisement			1,209
Provision for (recovery of) income taxes		34			65			77
U.S. Retail Bank net income		717			681			700
Equity in net income of an investment in TD Ameritrade¹ Advertisement		152			219			235
Net income	$	869		$	900		$	935 Advertisement

Selected volumes and ratios
Return on common equity²		11.1	%		11.8	%		12.6	%
Net interest margin³		3.07 Advertisement			3.18			3.42
Efficiency ratio		54.9			56.5			54.6
Assets under administration (billions of U.S. dollars)	$	22		$ Advertisement	21		$	19
Assets under management (billions of U.S. dollars)		44			44			46
Number of U.S. retail stores		1,220			1,241 Advertisement			1,240
Average number of full-time equivalent staff		26,261			26,513			26,864


¹	The after-tax amounts for amortization of intangibles relating to the Equity in net income of the investment in TD Ameritrade is recorded in the Corporate segment with other acquired intangibles.
²	Capital allocated to the business segment was increased to 10.5% CET1 effective fiscal 2020 compared to 10% in fiscal 2019.
³ Advertisement	Net interest margin excludes the impact related to the TD Ameritrade insured deposit accounts (IDA) and the impact of intercompany deposits and cash collateral. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value.

Quarterly comparison – Q1 2020 vs. Q1 2019
U.S. Retail net income for the quarter was $1,146 million (US$869 million), a decrease of $94 million (US$66 million), or 8% (7% in U.S. dollars), compared with the first quarter last year. The annualized ROE for the quarter was 11.1%, compared with 12.6% in the first quarter last year.

U.S. Retail net income includes contributions from the U.S. Retail Bank and the Bank’s investment in TD Ameritrade. Net income for the quarter from the U.S. Retail Bank and the Bank’s investment in TD Ameritrade were $945 million (US$717 million) and $201 million (US$152 million), respectively.

The contribution from TD Ameritrade was US$152 million, a decrease of US$83 million, or 35%, compared with the first quarter last year, primarily reflecting the reduced trading commissions and higher operating expenses, partially offset by higher trading volumes.

U.S. Retail Bank net income of US$717 million for the quarter increased US$17 million, or 2%, compared with the first quarter last year, reflecting loan and deposit growth and a lower provision for income taxes, partially offset by lower deposit margins and higher PCL.

U.S. Retail Bank revenue is derived from personal and business banking, and wealth management. Revenue for the quarter was US$2,204 million, a decrease of US$12 million, or 1%, compared with the first quarter last year. Net interest income decreased US$20 million, or 1%, as lower deposit margins and the impact of interest expense relating to lease liabilities recorded upon adoption of IFRS 16 in the quarter were partially offset by growth in loan and deposit volumes. Net interest margin was 3.07%, a decrease of 35 bps, reflecting lower deposit margins, balance sheet mix, and the impact of interest expense relating to lease liabilities recorded upon adoption of IFRS 16. Non-interest income increased US$8 million, or 2%, reflecting higher personal and commercial banking volumes.

Average loan volumes increased US$8 billion, or 5%, compared with the first quarter last year reflecting growth in business and personal loans of 2% and 8%, respectively. Average deposit volumes increased US$13 billion, or 5%, reflecting 10% growth in business deposit volumes, 5% growth in personal deposit volumes, and 2% increase in sweep deposit volume from TD Ameritrade.

AUA were US$22 billion as at January 31, 2020, an increase of US$3 billion, or 16%, compared with the first quarter last year. AUM were US$44 billion as at January 31, 2020, a decrease of US$2 billion, or 4%, compared with the first quarter last year.

PCL for the quarter was US$243 million, an increase of US$13 million, or 6%, compared with the first quarter last year. PCL – impaired was US$208 million, a decrease of US$6 million, or 3%. PCL – performing was US$35 million, an increase of US$19 million, primarily reflecting higher provisions in the commercial portfolio. U.S. Retail PCL including only the Bank’s contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.59%, flat, compared with the first quarter last year.

Non-interest expenses for the quarter were US$1,210 million, an increase of US$1 million, compared with the first quarter last year, primarily reflecting higher employee-related and volume-driven expenses, partially offset by productivity savings and a reduction in operating expense reflecting the adoption of IFRS 16.

Provision for income taxes for the quarter was US$34 million, a decrease of US$43 million, or 56%, compared with the first quarter last year, primarily reflecting changes to the estimated liability for uncertain tax positions.

The efficiency ratio for the quarter was 54.9%, compared with 54.6% in the first quarter last year.

Quarterly comparison – Q1 2020 vs. Q4 2019
U.S. Retail net income of $1,146 million (US$869 million) decreased $45 million (US$31 million), or 4% (3% in U.S. dollars), compared with the prior quarter. The annualized ROE for the quarter was 11.1%, compared with 11.8% in the prior quarter.

The contribution from TD Ameritrade was US$152 million, a decrease of US$67 million, or 31%, compared with the prior quarter, primarily reflecting the reduced trading commissions, partially offset by higher trading volumes and lower operating expenses.

U.S. Retail Bank net income for the quarter was US$717 million, an increase of US$36 million or 5%, compared with prior quarter, reflecting lower expenses and a lower provision for income taxes, partially offset by lower revenue and higher PCL.

Revenue for the quarter decreased US$26 million, or 1%, compared with the prior quarter. Net interest income decreased US$19 million, or 1%, reflecting lower deposit margins and the impact of interest expense relating to lease liabilities recorded upon adoption of IFRS 16, partially offset by growth in loan and deposit volumes. Net interest margin was 3.07%, a decrease of 11 bps, primarily reflecting lower deposit margins and the impact of interest expense relating to lease liabilities recorded upon adoption of IFRS 16. Non-interest income decreased US$7 million, or 1%, compared with the prior quarter.

Average loan volumes increased US$1 billion, or 1%, compared with prior quarter, reflecting growth in personal loans of 3% and decline in business loans of 1%. Average deposit volumes increased US$8 billion, or 3%, reflecting 2% growth in both personal and business deposit volumes, respectively, and a 5% increase in sweep deposit volume from TD Ameritrade.

AUA were US$22 billion as at January 31, 2020, an increase of US$1 billion, or 4%, compared to prior quarter. AUM were US$44 billion as at January 31, 2020, relatively flat to prior quarter.

PCL for the quarter increased US$20 million, or 9%, compared with the prior quarter. PCL – impaired increased US$5 million, or 2%. PCL – performing increased US$15 million, or 75%, primarily reflecting higher provisions in the commercial portfolio. U.S. Retail PCL including only the Bank’s contractual portion of credit losses in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.59%, or an increase of 4 bps.

Non-interest expenses for the quarter were US$1,210 million, a decrease of US$51 million, or 4% compared with the prior quarter, primarily reflecting prior quarter restructuring charges and a reduction in operating expense reflecting the adoption of IFRS 16, partially offset by a prior quarter adjustment in post-retirement benefit costs.

Provision for income taxes for the quarter was US$34 million, a decrease of US$31 million, or 48%, compared with the prior quarter, primarily reflecting changes to the estimated liability for uncertain tax positions.

The efficiency ratio for the quarter was 54.9%, compared with 56.5% in the prior quarter.


TABLE 9: WHOLESALE BANKING
(millions of Canadian dollars, except as noted)		For the three months ended
	January 31			October 31			January 31
	2020			2019 Advertisement			2019
Net interest income (TEB)	$	357		$	278		$	173
Non-interest income		689 Advertisement			570			409
Total revenue		1,046			848			582
Provision for (recovery of) credit losses – impaired		52			8			– Advertisement
Provision for (recovery of) credit losses – performing		(35)			33			7
Total provision for (recovery of) credit losses		17			41			7
Non-interest expenses		652 Advertisement			600			602
Provision for (recovery of) income taxes (TEB)		96			47			(10)
Net income (loss)	$	281		$ Advertisement	160		$	(17)

Selected volumes and ratios
Trading-related revenue (TEB)	$	612		$	411		$ Advertisement	251
Average gross lending portfolio (billions of Canadian dollars)¹		55.1			52.5			48.9
Return on common equity²		14.0	%		8.5	% Advertisement		(0.9)	%
Efficiency ratio		62.3			70.8			103.4
Average number of full-time equivalent staff		4,517			4,570			4,478 Advertisement


¹	Includes gross loans and bankers’ acceptances relating to Wholesale Banking, excluding letters of credit, cash collateral, credit default swaps (CDS), and allowance for credit losses.
²	Capital allocated to the business segment was increased to 10.5% CET1 effective fiscal 2020 compared to 10% in fiscal 2019.

Quarterly comparison – Q1 2020 vs. Q1 2019
Wholesale Banking net income for the quarter was $281 million, an increase in net income of $298 million, compared with net loss of $17 million in the first quarter last year, reflecting higher revenue, partially offset by higher non-interest expenses.

Wholesale Banking revenue is derived primarily from capital markets and corporate and investment banking services provided to corporate, government, and institutional clients. Wholesale Banking generates revenue from corporate lending, advisory, underwriting, sales, trading and research, client securitization, trade finance, cash management, prime services, and trade execution services. Revenue for the quarter was $1,046 million, an increase of $464 million, or 80%, compared with the first quarter last year, reflecting higher trading-related revenue and underwriting fees compared with the first quarter last year when the business experienced challenging market conditions.

PCL for the quarter was $17 million, an increase of $10 million compared with the first quarter last year. PCL – impaired was $52 million reflecting credit migration. PCL – performing decreased $42 million, reflecting migration from performing to impaired.

Non-interest expenses were $652 million, an increase of $50 million, or 8%, compared with the first quarter last year. This increase reflects higher variable compensation, securities lending fees, and underwriting costs.

Quarterly comparison – Q1 2020 vs. Q4 2019
Wholesale Banking net income for the quarter was $281 million, an increase in net income of $121 million, or 76%, compared with net income of $160 million in the prior quarter, reflecting higher revenue and lower PCL, partially offset by higher non-interest expenses.

Revenue for the quarter increased $198 million, or 23%, compared with the prior quarter, reflecting higher trading-related revenue, advisory and loan fees, and higher derivative valuation charges in the prior quarter.

PCL for the quarter decreased by $24 million, compared with the prior quarter. PCL – impaired increased by $44 million reflecting credit migration. PCL – performing decreased $68 million, reflecting migration from performing to impaired.

Non-interest expenses for the quarter increased $52 million, or 9%, compared with the prior quarter, reflecting higher securities lending fees, underwriting costs, and variable compensation, partially offset by restructuring charges in the prior quarter.


TABLE 10: CORPORATE
(millions of Canadian dollars)	For the three months ended
	January 31		October 31		January 31
	2020		2019 Advertisement		2019
Net income (loss) – reported	$	(227)	$	(240)	$	(192)
Adjustments for items of note¹
Amortization of intangibles before income taxes Advertisement		70		74		80
Less: impact of income taxes		11		12		13
Net income (loss) – adjusted	$	(168) Advertisement	$	(178)	$	(125)

Decomposition of items included in net income (loss) – adjusted
Net corporate expenses	$	(179)	$	(201) Advertisement	$	(182)
Other		11		23		39
Non-controlling interests		–		–		18 Advertisement
Net income (loss) – adjusted	$	(168)	$	(178)	$	(125)

Selected volumes
Average number of full-time equivalent staff		17,458 Advertisement		17,316		16,229


¹	For explanations of items of note, refer to the “Non-GAAP Financial Measures – Reconciliation of Adjusted to Reported Net Income” table in the “How We Performed” section of this document.

Quarterly comparison – Q1 2020 vs. Q1 2019
Corporate segment’s reported net loss for the quarter was $227 million, compared with a reported net loss of $192 million in the first quarter last year. Reported net loss increased primarily reflecting lower contribution from other items and non-controlling interests. Other items decreased primarily reflecting an unfavourable adjustment relating to hedge accounting, partially offset by higher revenue from other treasury and balance sheet management activities recognized in the first quarter this year. Adjusted net loss was $168 million compared with an adjusted net loss of $125 million in the first quarter last year.

Quarterly comparison – Q1 2020 vs. Q4 2019
Corporate segment’s reported net loss for the quarter was $227 million, compared with a reported net loss of $240 million in the prior quarter. Reported net loss decreased primarily reflecting lower net corporate expenses in the current quarter, partially offset by lower contribution from other items in the current quarter. Other items decreased primarily reflecting an unfavourable adjustment relating to hedge accounting, partially offset by higher revenue from other treasury and balance sheet management activities recognized in the first quarter this year. Net corporate expenses decreased largely due to restructuring charges incurred in the prior quarter. Adjusted net loss was $168 million compared with an adjusted net loss of $178 million in the prior quarter.

SHAREHOLDER AND INVESTOR INFORMATION

Shareholder Services

If you:	And your inquiry relates to: Advertisement	Please contact:
Are a registered shareholder (your name appears on your TD share certificate)	Missing dividends, lost share certificates, estate questions, address changes to the share register, dividend bank account changes, the dividend reinvestment plan, eliminating duplicate mailings of shareholder materials or stopping (or resuming) receiving annual and quarterly reports	Transfer Agent: AST Trust Company (Canada) P.O. Box 700, Station B Montréal, Québec H3B 3K3 1-800-387-0825 (Canada and U.S. only) or 416-682-3860 Facsimile: 1-888-249-6189 inquiries@astfinancial.com or www.astfinancial.com/ca-en Advertisement
Hold your TD shares through the Direct Registration System in the United States	Missing dividends, lost share certificates, estate questions, address changes to the share register, eliminating duplicate mailings of shareholder materials or stopping (or resuming) receiving annual and quarterly reports	Co-Transfer Agent and Registrar: Computershare P.O. Box 505000 Louisville, KY 40233, or Computershare 462 South 4^th Street, Suite 1600 Louisville, KY 40202 Advertisement 1-866-233-4836 TDD for hearing impaired: 1-800-231-5469 Shareholders outside of U.S.: 201-680-6578 TDD shareholders outside of U.S.: 201-680-6610 www.computershare.com/investor
Beneficially own TD shares that are held in the name of an intermediary, such as a bank, a trust company, a securities broker or other nominee	Your TD shares, including questions regarding the dividend reinvestment plan and mailings of shareholder materials	Your intermediary

For all other shareholder inquiries, please contact TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com. Please note that by leaving us an e-mail or voicemail message, you are providing your consent for us to forward your inquiry to the appropriate party for response.

Normal Course Issuer Bid
On December 19, 2019, the Bank announced that the TSX and OSFI approved the Bank’s Normal Course Issuer Bid (NCIB) to repurchase for cancellation up to 30 million of the Bank’s common shares. Pursuant to the Notice of Intention filed with the TSX, the NCIB ends on December 23, 2020, such earlier date as the Bank may determine or such earlier date as the Bank may complete its purchases. A copy of the Notice may be obtained without charge by contacting TD Shareholder Relations by phone at 416-944-6367 or 1-866-756-8936 or by e-mail at tdshinfo@td.com.

Access to Quarterly Results Materials
Interested investors, the media and others may view the first quarter earnings news release, results slides, supplementary financial information, and the Report to Shareholders on the TD Investor Relations website at www.td.com/investor.

Quarterly Earnings Conference Call
TD Bank Group will host an earnings conference call in Toronto, Ontario on February 27, 2020. The call will be audio webcast live through TD’s website at 2:00 p.m. ET. The call and audio webcast will feature presentations by TD executives on the Bank’s financial results for the first quarter, discussions of related disclosures, and will be followed by a question-and-answer period with analysts. The presentation material referenced during the call will be available on the TD website at www.td.com/investor on February 27, 2020, by approximately 12:00 p.m. ET. A listen-only telephone line is available at 416‑641‑6150 or 1-866-696-5894 (toll free) and the passcode is 2727354.

The audio webcast and presentations will be archived at www.td.com/investor. Replay of the teleconference will be available from 5:00 p.m. ET on February 27, 2020, until 11:59 p.m. ET on March 6, 2020, by calling 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 3336790.

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Why Are There No New Users in the Crypto Market? How Multi-Asset Trading Wallet BiyaPay Is Finding New Solutions Amidst Fierce Competition and User Confusion ？

Published

1 hour ago

April 1, 2025

CISION (PR Newswire)

why-are-there-no-new-users-in-the-crypto-market?-how-multi-asset-trading-wallet-biyapay-is-finding-new-solutions-amidst-fierce-competition-and-user-confusion-？

SINGAPORE, March 31, 2025 /PRNewswire/ —

Introduction

In recent years, the cryptocurrency market has undergone a dramatic shift from euphoria to calm. At one point, Bitcoin and Ethereum prices hit new highs, and concepts like NFTs and the Metaverse rapidly gained traction, attracting a flood of new users. However, as the market cooled down, the growth of new users slowed significantly, even showing signs of stagnation. This phenomenon has caused concern within the industry: why is the crypto market struggling to attract new participants? Despite continuous technological innovation and an abundance of new projects, public interest has not kept pace. The challenges faced by the crypto market are rooted in increasing competition and a more complex ecosystem, which has left new users confused. This article will explore why the crypto market is experiencing a lack of significant new user growth and discuss how, in the midst of intense competition and user confusion, companies like BiyaPay, a leading multi-asset trading wallet, are finding new ways to drive growth in the crypto industry.

Market Situation Analysis

The competition in the crypto market has intensified, and the ecosystem has become increasingly saturated. From public chains to sidechains, to Layer 2 networks and various decentralized applications (dApps), the number of projects has exploded. According to statistics, over 350 active blockchain networks exist worldwide, and the number of new tokens issued each day reaches tens of thousands. The fragmentation of the market has intensified, and users are now faced with an overwhelming number of choices. However, despite the continuous increase in projects, user growth has not followed suit. Indicators like Total Value Locked (TVL) show that the current cycle has not surpassed previous market highs. The decline in search interest for the term “crypto” on Google Trends also reflects the cyclical decrease in public interest. For beginners, entering the crypto world is far from simple: hundreds of blockchains, wallets, and various protocols and applications make the decision process overwhelming, and the sheer number of options raises the cognitive and usability barriers.

The stagnation in new user growth is driven by multiple factors. First, the user experience of crypto products is significantly more complex than that of traditional internet applications. New users must not only install digital wallets, back up recovery phrases, purchase digital currencies, and pay miner fees but also switch between different blockchain networks, which is particularly daunting for those with no prior exposure to crypto technology. Second, market fragmentation is severe. The ecosystems of various public chains are isolated, making asset interoperability a challenge. This means users need to switch between platforms, for example, dApps on Ethereum have high transaction fees, and users seeking cheaper alternatives often have to learn new wallets and operational logic. The lack of unified standards and interoperability creates friction in user experiences. Lastly, information overload exacerbates user confusion. With thousands of token projects, new users often struggle to distinguish valuable projects from fraudulent ones. The complexity of the experience and the overload of information discourage potential users from entering the market.

Beyond the complexity of the user experience, external factors also contribute to the hesitation of new users entering the crypto market. One significant challenge is regulatory uncertainty. Different countries have vastly differing attitudes toward cryptocurrencies, and their regulations are subject to frequent changes. Some countries have welcomed crypto innovation only to suddenly impose strict regulations, while others have yet to define clear regulations. This uncertainty makes it difficult for crypto companies to operate compliantly, and users feel uneasy about investing in crypto due to the risk of sudden regulatory crackdowns. Another challenge is the frequent occurrence of security incidents, which has damaged the public image of the industry. Events such as exchange bankruptcies, project founders running off with funds, and hacking incidents have shaken user confidence in the safety of crypto platforms. The media’s coverage of crypto scams, money laundering, and other criminal activities has further exacerbated the industry’s reputation crisis. These events make ordinary users wary of entering the crypto space, as they fear losing their funds or getting caught up in illegal activities. Trust issues have become the most significant psychological barrier preventing new users from entering the market.

Core Barriers to User Growth

The target audience for the crypto industry is not homogeneous but highly diversified. Developers, ordinary users, investors, and institutions all have different needs, contributing to the fragmentation of the market. For example, public chain projects primarily target developers, as only developers can build applications that attract end users and grow the ecosystem. Therefore, public chains need to focus on “developer marketing” and technical documentation to encourage developers to adopt their chains. However, these efforts may not directly translate into growth for the average user base. For dApp applications, which should ideally focus on end users, many instead focus on attracting token holders and speculative funds. Sometimes token holders are not actual users of the product but engage in speculative arbitrage, which does not contribute to real user growth. Venture capitalists and institutional investors are primarily focused on return on investment (ROI), and they invest in projects with the expectation that token prices will appreciate. This often leads projects to prioritize token price management and exchange partnerships over improving the product’s appeal to everyday users. Meanwhile, retail speculators are more concerned with short-term price fluctuations and lack patience for long-term value, which makes it difficult to cultivate a loyal user base. Technical partners, such as cross-chain bridges and wallet plugins, form another isolated group. The diverse interests of these stakeholders contribute to the fragmentation of the market, making it harder to target and grow a unified user base.

The high technical complexity of crypto technology is another significant barrier to user adoption. Many ordinary people have heard of Bitcoin but find it difficult to understand blockchain principles, private key signing, or how to manage a string of characters on their own. The high technical threshold leads to mistakes or discomfort when users first experience the technology. For example, a user might accidentally enter the wrong address during a transaction, resulting in the loss of their assets. The high transaction fees, especially during Ethereum’s peak, also discourage small investors and beginners from participating in the market. These issues highlight that blockchain infrastructure is still far from being ready for large-scale commercial adoption. At the same time, the lack of trust has worsened the problem. The 2021 bull market attracted a wave of mainstream users, especially with celebrities endorsing NFTs, but many new users withdrew after the market crash in 2022. Exchange collapses and project failures have left people with negative perceptions of the industry. When the media frequently reports on Bitcoin’s “death” or the collapse of major crypto projects, it reinforces this negative view. Therefore, when technical complexity and trust issues are combined, convincing new users to enter the market becomes an uphill battle. They are either discouraged by the high barriers to entry or deterred by security concerns.

The high cost and complex entry process are additional hurdles for new users. For many newcomers, buying cryptocurrencies is already a significant barrier. Fiat-to-crypto channels are limited, and transaction fees can be high. Through third-party payment methods, users might face additional fees of 2-5%, discouraging small-scale users. Additionally, the volatility of crypto asset prices often causes new users to fear that they will “get stuck” as soon as they enter the market, adding to the psychological cost. Transaction costs are also significant, including high fees for blockchain Gas and additional charges for withdrawal and exchange transactions. Furthermore, the onboarding process is complex. Traditional financial account opening may only require identification documents, but in the crypto world, new users often face multiple steps: registering on exchanges, completing KYC (Know Your Customer) verification, linking bank accounts or wallets, depositing fiat currency to purchase USDT or BTC, and finally transferring funds to personal wallets. This process involves several platforms, and each step introduces new concepts (KYC, wallet addresses, private keys) that users need to understand. Some users may abandon the process midway or fall victim to phishing sites that steal recovery phrases. In comparison, Web2 applications have far simpler onboarding processes. The cumbersome entry process further reduces the attractiveness of crypto products to new users.

Where Is the Breakthrough?

To overcome these barriers, the crypto industry must focus on lowering entry barriers, building trust, and enhancing practical functionality. One company leading the way in this regard is BiyaPay, a global multi-asset trading wallet that offers potential solutions through its product features and service model.

BiyaPay’s standout feature is its multi-asset trading function, which allows users to manage various financial assets, including digital currencies, U.S. stocks, Hong Kong stocks, and more, all within a single platform. This “one-stop” design significantly reduces the entry barrier for new users. Firstly, new users no longer need to download multiple apps or switch between platforms. Traditionally, users needed to open a securities account to trade stocks and register with a crypto exchange for digital currencies. With BiyaPay, users can trade both stocks and crypto assets in one wallet, greatly simplifying the process. For traditional investors, they can now access digital currencies through a familiar stock trading platform, while crypto users can easily engage in traditional asset trading. Secondly, this multi-asset integration makes cross-market operations much more convenient. Users can exchange stablecoins for U.S. dollars and trade U.S. or Hong Kong stocks without the need for complex cross-border transfers or opening offshore accounts. BiyaPay supports converting USDT or other digital assets into fiat currencies and then using them to buy and sell U.S. or Hong Kong stocks, all without the hassle of opening offshore bank accounts. The platform allows for rapid account opening in just five minutes and seamless asset exchange, making global financial markets easily accessible. This simplified experience greatly reduces the psychological barriers for new users, making them more likely to engage with different features.

Another breakthrough offered by BiyaPay is its global payment and remittance services, which solve the difficulties associated with cross-border transactions. The platform supports real-time exchange and remittance for over twenty fiat currencies and more than ten major cryptocurrencies at very low costs. For example, a user working overseas can easily send funds to their family by exchanging digital assets into the local fiat currency on BiyaPay and transferring the funds to a recipient’s account. The low fees (around 0.5%) and the elimination of complex intermediary steps provide a significant advantage over traditional remittance services, which can take days to process and have high fees. This service meets real-world financial needs, attracting users who may not be interested in crypto technology itself but need a convenient cross-border payment solution. For instance, in countries experiencing high inflation, residents can use BiyaPay to convert their local currency into stablecoins for value preservation and then exchange them back into fiat currency when needed. This new use case for crypto is a major breakthrough for the industry, as it shifts the focus from speculative trading to practical financial solutions, making the crypto world more accessible.

BiyaPay also builds user trust by operating in a fully compliant and secure manner. It is headquartered in Singapore, with subsidiaries in the U.S., Canada, and Hong Kong, holding comprehensive financial licenses to ensure legal and compliant operations. BiyaPay emphasizes its “complete licensing, safe and reliable” credentials, which help build trust, especially during times of regulatory uncertainty. Users are more likely to trust a regulated platform with legitimate licenses rather than an anonymous underground exchange. In addition to regulatory compliance, BiyaPay also focuses on security, using bank-grade encryption and multi-factor authentication mechanisms to safeguard user assets and data. This focus on security and risk management ensures that users can make secure transactions without worrying about their funds being frozen or confiscated, a common concern among crypto users.

BiyaPay’s multi-asset strategy not only lowers entry barriers but also broadens its potential user base. By offering both traditional financial assets and cryptocurrencies on the same platform, BiyaPay appeals to a diverse range of investors. Traditional investors who are interested in global markets can use BiyaPay to access cryptocurrency markets easily, while crypto investors can use the platform to diversify their portfolios into traditional assets. This cross-pollination between the “stock” and “crypto” communities significantly expands BiyaPay’s user base.

Future Trends and Outlook

Looking ahead, the emergence of Web3 technologies offers new growth opportunities for the crypto market. Social finance, NFTs, and the Metaverse are emerging fields that could drive the next wave of user growth. BiyaPay can tap into these trends by supporting features such as NFT asset management and Metaverse payment solutions, which would cater to users’ needs in these new areas.

In addition to technological innovation, the crypto industry needs to invest in branding and user education to truly reach new audiences. Clear marketing messages and user education efforts can break down existing barriers to entry. By promoting simple, relatable messages such as “blockchain makes cross-border payments as easy as texting,” crypto platforms like BiyaPay can resonate with mainstream users and reduce the cognitive hurdles new users face.

Conclusion

The slowdown in new user growth in the crypto market is due to a combination of factors, including technological complexity, market fragmentation, and trust issues. However, by improving the user experience, strengthening compliance and security, and expanding practical use cases, the market can overcome these barriers. BiyaPay, as a leading multi-asset trading wallet, demonstrates a successful approach by offering integrated services, global payment solutions, and strong regulatory compliance. The future of the crypto industry looks promising, with the potential to attract new users through innovative products and improved user experiences.

About BiyaPay

BiyaPay is a global multi-asset trading wallet that supports instant exchange of more than 30 fiat currencies and more than 200 digital currencies, and provides USDT direct advertising US stocks, Hong Kong stocks and digital currency spot and contract trading services. Its compliance withdrawal channel and one-stop financial ecosystem are trusted by users around the world.

Learn more information

BiyaPay official website: www.biyapay.com

Customer service email: service@biyapay.com

Telegram supports: https://t.me/biyapay001

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Fintech

Fintech Pulse: Your Daily Industry Brief – March 29, 2025 Featuring: Charlie Javice, Rabobank, Mollie, Ivy, Barclays, and more

Published

5 hours ago

March 31, 2025

Peter Tolan

fintech-pulse:-your-daily-industry-brief-–-march-29,-2025-featuring:-charlie-javice,-rabobank,-mollie,-ivy,-barclays,-and-more

In the rapidly evolving world of financial technology, staying ahead of the latest trends, regulatory shifts, and market disruptions is critical for industry insiders and observers alike. Today, we delve deep into the most pressing news shaping fintech and banking—from high-stakes legal verdicts and strategic acquisitions to growth strategies and innovative payment solutions. This op-ed-style briefing offers detailed analysis, expert commentary, and an engaging narrative that not only recounts the day’s developments but also reflects on the broader implications for the industry.

In our exploration today, we break down five major stories that have captured headlines, examining each piece from multiple angles to understand its impact on fintech innovation and market dynamics. We explore the legal ramifications of a controversial verdict involving one of fintech’s notable entrepreneurs, the strategic moves by a Kazakh fintech giant in acquiring operations in Turkey, and provide insights on building trust and scaling within fintech from industry-leading voices. Additionally, we weigh the perspectives of former banking executives on the changing landscape and review how partnerships in payments are reshaping European banking.

Below, we present our detailed daily briefing, with each section meticulously referencing the original sources as “Source: [Name of source or publication]” to maintain journalistic integrity and clarity. Read on to uncover our comprehensive analysis, expert insights, and opinions that are essential for anyone keen to understand the intricacies of the fintech pulse.

I. The Charlie Javice Verdict: A Wake-Up Call for Fintechs and Banking

A. Overview of the Verdict and Its Implications

A landmark verdict, centered on the actions and business practices of Charlie Javice, has sent shockwaves across the fintech and banking sectors. The case, widely discussed in a detailed Forbes analysis, marks a pivotal moment for industry regulation and ethical standards. As we break down the case, it is important to consider both the immediate legal implications and the long-term message it sends to fintech startups and established financial institutions.

The verdict not only scrutinizes individual accountability but also questions the broader frameworks governing fintech innovation. Industry experts warn that the case could lead to tighter regulatory oversight, impacting venture capital flows, operational transparency, and risk management. The narrative around this verdict is not simply one of legal adjudication; it also serves as a clarion call for enhanced due diligence and compliance across the board.

B. Analysis and Commentary

The significance of the verdict lies in its potential to redefine corporate governance within the fintech ecosystem. In an industry that prides itself on rapid innovation and disruption, the outcome of such high-profile cases forces companies to balance growth ambitions with robust risk management practices. The verdict underscores the importance of ethical conduct, urging fintech firms to reassess their internal policies and governance structures. The legal proceedings, as reported in Forbes, have ignited a debate on the appropriate balance between innovation and regulation.
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C. Broader Industry Reactions

The broader fintech community has been abuzz with discussions on forums, industry conferences, and social media. Many believe that while the verdict might slow down some innovative processes, it is ultimately a necessary measure to instill greater accountability. Banking institutions, traditionally burdened by strict regulatory oversight, now find themselves in a unique position to lead by example, leveraging their established compliance frameworks to navigate these turbulent times.

Regulators, for their part, are watching closely to gauge whether the verdict will set a precedent for future cases. The conversation extends beyond legal circles; investors, too, are reassessing risk profiles in light of these developments. The jury is still out on the long-term impact, but one thing is clear: the fintech sector must evolve to meet a new era of accountability and ethical business conduct.

D. Reflections on Innovation Versus Regulation

This case opens a larger discussion about how fintech companies can innovate responsibly while meeting increasingly rigorous regulatory standards. A balance must be struck between pursuing groundbreaking ideas and ensuring that such innovations do not come at the expense of ethical practices. Industry veterans suggest that this might be the beginning of a more mature phase in fintech—one where compliance and innovation are not seen as mutually exclusive but as complementary forces that drive sustainable growth.

As companies adapt to these new expectations, partnerships between fintech firms and traditional banks may become even more critical. The blending of agile fintech innovation with the robust compliance mechanisms of established banks could pave the way for a more resilient and secure financial ecosystem.

II. Strategic Acquisitions: Kazakh Fintech Giant’s Bold Move in Turkey

A. The Acquisition Explained

In a move that has captured significant attention in global business circles, a leading Kazakh fintech company has acquired the Turkish operations of Rabobank. This strategic acquisition, reported by Daily Sabah, is not only a testament to the growing influence of Central Asian fintech players but also a signal of the increasing cross-border collaborations shaping the fintech landscape.

The acquisition involves the takeover of Rabobank’s Turkish operations, a deal that is expected to expand the Kazakh company’s footprint and significantly boost its market presence. With Turkey being a vibrant market with a burgeoning fintech scene, this deal is seen as a critical step towards consolidating market share and driving innovation in financial services across the region.

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B. Rationale Behind the Acquisition

The rationale behind this acquisition is multifaceted. Firstly, it allows the Kazakh fintech firm to diversify its portfolio by tapping into a market with high growth potential. Secondly, by absorbing the Turkish operations of a well-established institution like Rabobank, the firm gains access to a wealth of experience, operational know-how, and an expanded customer base.

From an operational standpoint, the acquisition is likely to streamline processes, enhance technological capabilities, and create synergies that benefit both entities. The deal is indicative of a broader trend in fintech where consolidation is becoming a favored strategy for overcoming market fragmentation and achieving scale.

C. Market Dynamics and Competitive Landscape

The Turkish fintech market is characterized by a dynamic blend of innovation, regulatory evolution, and a tech-savvy customer base. In recent years, Turkish fintech has seen robust growth driven by increased mobile penetration, supportive regulatory reforms, and an evolving digital economy. The acquisition is expected to position the Kazakh firm as a key player in this competitive environment.

Moreover, this deal comes at a time when traditional banks are increasingly under pressure from agile fintech startups that are rewriting the rules of customer engagement and digital payments. The strategic move by the Kazakh company is both a defensive and offensive tactic—defensive in protecting market share and offensive in capturing new growth opportunities.

D. Future Prospects and Strategic Implications

Looking ahead, this acquisition could serve as a blueprint for future cross-border deals in the fintech industry. It highlights the importance of geographical diversification and the benefits of merging different operational strengths. For the Turkish market, this could mean improved services, more innovative products, and a higher standard of operational excellence.

In the broader context, such strategic acquisitions underscore the shifting dynamics in global fintech, where emerging players are not just challenging traditional banks but are actively reshaping the competitive landscape through calculated, strategic moves. The industry will be closely monitoring the integration process and its outcomes, which could provide valuable insights for similar future transactions.

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III. Scaling Trust: Lessons from Fintech’s Growth Strategies

A. Insights on Building Trust at Scale

In a detailed discussion featured by Sifted, industry leaders provided a guide on how fintech companies can build and maintain trust as they scale. This piece serves as an essential primer for startups and established firms alike, offering practical advice on sustaining customer confidence amid rapid growth.

The article emphasizes that trust is the cornerstone of success in fintech. As companies scale, maintaining the delicate balance between rapid expansion and reliable, secure service delivery becomes a daunting challenge. The key takeaway from Sifted’s analysis is that transparency, robust security measures, and customer-centric practices are paramount in winning and retaining customer trust.

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B. Strategies for Sustainable Growth

The Sifted guide outlines several strategies for fostering trust at scale, including:

Investing in Cybersecurity: In an era marked by increasing cyber threats, ensuring that robust security protocols are in place is non-negotiable. Companies must not only protect sensitive customer data but also communicate their security measures effectively to build confidence.
Enhancing Transparency: Open communication about product offerings, fee structures, and data usage practices can go a long way in cultivating trust. Fintech companies that prioritize transparency are more likely to build long-lasting relationships with their customers.
Prioritizing Customer Experience: As fintech companies grow, maintaining a seamless and user-friendly customer experience remains critical. This includes timely customer support, intuitive interfaces, and personalized services that cater to the evolving needs of a diverse customer base.

C. The Role of Leadership and Culture

A significant point raised in the Sifted analysis is the influence of leadership and company culture on trust-building. Leaders in fintech must embody transparency, ethical behavior, and a relentless commitment to customer service. This not only sets the tone for the entire organization but also reassures customers that the company is both reliable and accountable.

By fostering an internal culture that prioritizes ethical conduct and customer satisfaction, fintech companies can ensure that their growth does not come at the expense of trust. Instead, every expansion effort should reinforce the firm’s commitment to protecting and empowering its customer base.

D. Industry Implications and Future Trends

The emphasis on trust-building is likely to be a defining factor for the future success of fintech companies. As the market becomes increasingly crowded, those firms that can consistently demonstrate reliability, security, and customer focus will have a distinct competitive advantage. This focus on trust not only benefits customers but also attracts investment, as stakeholders are more inclined to support businesses that exhibit a robust, trustworthy operational model.

The insights from Sifted are particularly valuable for fintech startups navigating the tumultuous waters of growth and expansion. By integrating these strategies, companies can build resilient business models that thrive even in challenging market conditions.

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IV. Industry Voices: Former Barclays Chief Jenkins Weighs In

A. The Perspective of a Banking Veteran

In an insightful op-ed featured on Yahoo, former Barclays chief Jenkins offered his perspective on the current state of the fintech industry. With decades of experience at the helm of one of the world’s most storied financial institutions, Jenkins provides a unique and authoritative voice on the ongoing evolution of banking.

Jenkins’ commentary reflects a deep understanding of both traditional banking practices and the disruptive innovations introduced by fintech startups. He draws parallels between the challenges faced by established banks in adapting to digital transformation and the inherent risks associated with rapid technological disruption.

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B. Analysis of His Key Points

One of the core arguments put forth by Jenkins is that the fintech revolution, while undeniably transformative, must be tempered with the lessons of the past. Traditional banks have honed risk management and customer service over centuries, and these principles remain relevant in today’s digital age. According to Jenkins, fintech companies must learn to integrate these time-tested practices with their innovative approaches to create a balanced financial ecosystem.

Jenkins also highlights the importance of collaboration over competition. In his view, the future of finance lies in a hybrid model where fintech startups and established banks work together, leveraging each other’s strengths to offer superior services to customers. This collaborative spirit could pave the way for groundbreaking innovations that benefit the entire industry.

C. The Call for a New Paradigm

The call from Jenkins is clear: the fintech industry must evolve beyond the current dichotomy of disruptor versus incumbent. Instead, there is a pressing need for a new paradigm where innovation is matched with responsibility. By adopting a more inclusive approach that draws on the best practices of both fintech and traditional banking, the industry can build a more robust, secure, and customer-centric financial ecosystem.

His remarks resonate strongly with current trends in the industry, where regulatory pressures and market uncertainties are pushing companies to rethink their business models. The emphasis on collaboration and shared expertise could be the key to unlocking the next phase of fintech evolution, one that is as sustainable as it is innovative.

D. Reflecting on the Broader Implications

Jenkins’ op-ed is not merely a commentary on the state of fintech; it is a call to action. His seasoned perspective invites industry leaders to reflect on their strategies and to consider how a more collaborative approach might mitigate risks and drive long-term success. For investors and regulators, his insights serve as a reminder that while fintech innovation is essential, it must be underpinned by a commitment to stability, transparency, and ethical conduct.

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V. Payment Innovation in Europe: Mollie and Ivy’s Strategic Rollout

A. The Partnership That’s Turning Heads

In one of the day’s most exciting developments, Mollie, a prominent player in the payment solutions space, has chosen to collaborate with payments fintech Ivy to roll out its “Pay by Bank” solution across Europe. As detailed by Open Banking Expo, this strategic partnership is set to redefine payment processes and enhance the overall customer experience across the continent.

The collaboration between Mollie and Ivy is seen as a critical step towards streamlining digital payments. By integrating Ivy’s innovative platform with Mollie’s robust infrastructure, the partnership aims to deliver a seamless, secure, and efficient payment solution that caters to the evolving needs of European consumers and businesses alike.

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B. Key Benefits of the Pay by Bank Rollout

The “Pay by Bank” solution offers numerous benefits that could potentially transform the way transactions are conducted:

Enhanced Security: By leveraging advanced authentication and encryption protocols, the solution aims to reduce fraud and protect sensitive financial data.
Streamlined Processes: The integration of banking services with payment processing promises faster, more efficient transactions that eliminate the friction associated with traditional payment methods.
Improved Customer Experience: With a user-centric design and a focus on simplicity, the solution is expected to drive higher customer satisfaction and loyalty.

The rollout is being closely monitored by industry analysts, who see it as a harbinger of further integration between fintech innovations and traditional banking systems.

C. Industry Impact and Future Prospects

The partnership between Mollie and Ivy is more than just a commercial transaction; it represents a shift in the financial landscape towards more integrated and agile solutions. This move is expected to spur further innovation across the payment sector, encouraging other companies to explore similar partnerships and technological integrations.

Moreover, the success of the “Pay by Bank” solution could pave the way for broader adoption of digital banking services across Europe, ultimately leading to more efficient, secure, and customer-friendly financial ecosystems. For fintech companies, this represents a valuable opportunity to innovate and differentiate themselves in an increasingly competitive market.

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VI. Synthesis: The Interplay Between Regulation, Innovation, and Collaboration

A. An Industry at a Crossroads

The stories we’ve examined today converge on one central theme: the need for balance. On one hand, fintech continues to push the boundaries of what is possible in digital finance. On the other hand, the sector faces mounting pressure from regulators, traditional banks, and market forces to maintain stability and trust.

Whether it’s the legal wake-up call delivered by the Charlie Javice verdict, the strategic consolidation evident in the Kazakh fintech giant’s acquisition, or the calls for greater transparency and collaboration voiced by industry veterans like former Barclays chief Jenkins, the message is clear: innovation must be matched with responsibility. The fintech sector stands at a crossroads, where the path forward requires a harmonious blend of cutting-edge technology and time-tested principles.

B. The Role of Strategic Collaborations

One of the most encouraging trends in the current landscape is the increasing prevalence of strategic partnerships. The alliance between Mollie and Ivy exemplifies how collaboration can lead to groundbreaking solutions that benefit the entire financial ecosystem. Such partnerships not only drive technological innovation but also help bridge the gap between traditional banking and modern fintech practices.

Collaboration is emerging as a critical lever for growth. Companies that can effectively combine their strengths—whether it be technological prowess, regulatory expertise, or customer-centric approaches—will be well-positioned to succeed in a market that is becoming increasingly competitive and complex.

C. Regulatory Evolution and Its Impact

Regulatory bodies around the world are grappling with the rapid pace of fintech innovation. The recent legal developments underscore the challenges that regulators face in balancing the need for innovation with the imperative of protecting consumers and ensuring market stability. As governments and regulatory agencies refine their frameworks, fintech companies must remain agile and proactive in their compliance strategies.

This evolving regulatory environment is likely to drive further consolidation in the industry. Companies that can effectively navigate these changes by integrating robust compliance measures into their growth strategies will be better equipped to thrive in the long run.

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VII. Expert Opinions and Future Outlook

A. Voices from Within the Industry

Across the spectrum, industry experts are weighing in on what these developments mean for the future of fintech. While opinions differ on the precise trajectory, a common thread is the recognition that the current phase is one of both challenge and opportunity. Many experts advocate for a more integrative approach—one that combines the disruptive power of fintech with the stability and trustworthiness of traditional banking.

In forums and conferences, thought leaders emphasize that the road ahead is not about choosing between regulation and innovation, but about finding a way to harmonize the two. The insights shared by veterans like Jenkins, coupled with the strategic moves observed in recent news, point to an industry that is evolving towards a more balanced and sustainable model.

B. The Path Forward for Fintech Innovators

For fintech innovators, the lessons of the day are clear:

Adopt a Holistic Approach: Innovation must go hand in hand with robust risk management and compliance.
Embrace Collaboration: Strategic partnerships with traditional banks and other fintech players can provide the necessary support and credibility to scale effectively.
Prioritize Customer Trust: In an era of data breaches and cyber threats, safeguarding customer information and maintaining transparency are paramount.

Looking ahead, these guiding principles are likely to shape the next wave of fintech advancements. Companies that can successfully integrate these strategies will not only navigate the current challenges but also set the stage for a future characterized by sustainable growth and mutual benefit.

C. Reflecting on the Current Landscape

Today’s fintech landscape is a microcosm of broader societal and economic trends. The rapid digitization of financial services, accelerated by technological advancements and changing consumer behaviors, is rewriting the rules of banking. However, with great innovation comes great responsibility. As we reflect on the events of the day—from landmark legal decisions to strategic acquisitions and visionary collaborations—the need for balance becomes ever more apparent.

The future of fintech will likely be defined by how well companies can manage this delicate equilibrium. For stakeholders ranging from investors to regulators and end users, the ability to adapt, collaborate, and innovate responsibly will be the ultimate measure of success.

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VIII. In-Depth Analysis: Economic, Social, and Technological Dimensions

A. Economic Impacts

The fintech sector is a key driver of economic growth, fostering innovation, creating jobs, and reshaping how financial services are delivered worldwide. The legal and strategic developments discussed today have significant economic implications. For instance, the legal verdict involving Charlie Javice has introduced an element of uncertainty that may influence investor sentiment and capital allocation. At the same time, the acquisition in Turkey represents a strategic investment in growth markets, potentially leading to job creation, increased technological adoption, and enhanced market efficiency.

Economic experts argue that the short-term disruptions caused by regulatory tightening can pave the way for long-term stability and growth. By fostering an environment of trust and accountability, the fintech sector is likely to attract more institutional investment, which in turn can spur further innovation and economic development.

B. Social Considerations

The rapid evolution of fintech has not only economic but also profound social ramifications. As digital banking and payment systems become more widespread, they are transforming the ways in which people interact with financial institutions. Greater accessibility to financial services can empower individuals and communities, reducing barriers to entry and promoting financial inclusion.

However, the social impact is not uniformly positive. Issues such as data privacy, cybersecurity, and the digital divide remain critical challenges. The evolving regulatory frameworks, influenced by cases like the Charlie Javice verdict, are part of a broader societal effort to ensure that technological advancements benefit all stakeholders equitably.

C. Technological Advancements

Technology remains at the heart of fintech innovation. Whether it is advanced cybersecurity measures, data analytics, or user-friendly digital interfaces, technological advancements are the driving force behind the evolution of financial services. The discussions on scaling trust and the integration of “Pay by Bank” solutions underscore the importance of technology in delivering secure, efficient, and customer-focused services.

Innovators in the fintech space are continually exploring new frontiers—from blockchain and artificial intelligence to quantum computing. These technologies hold the promise of transforming every aspect of financial services, from risk assessment and fraud prevention to personalized banking experiences.

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IX. Reflections and Strategic Takeaways

A. Key Lessons for Fintech Leaders

After a thorough examination of today’s headlines, several strategic takeaways emerge for fintech leaders:

Prioritize Compliance and Risk Management: Legal challenges such as the Charlie Javice verdict serve as stark reminders of the importance of robust internal controls and compliance frameworks.
Embrace Strategic Acquisitions: The move by the Kazakh fintech giant to acquire Turkish operations highlights the benefits of expanding market reach through well-planned acquisitions.
Invest in Trust-Building Measures: As underscored in the Sifted guide, building trust through transparency, cybersecurity, and customer-centric practices is essential for sustainable growth.
Foster Collaborative Partnerships: The Mollie-Ivy partnership exemplifies how collaborative efforts can lead to innovative solutions that benefit the entire ecosystem.
Balance Innovation with Responsibility: Industry leaders like former Barclays chief Jenkins remind us that long-term success requires a careful balance between disruptive innovation and time-tested risk management.

B. Future Trends to Watch

Looking forward, several trends are poised to shape the fintech landscape in the coming years:

Increased Regulatory Scrutiny: As fintech companies continue to innovate, regulators are likely to impose stricter compliance standards, driving the need for robust governance and risk management.
Cross-Border Consolidation: Strategic acquisitions and cross-border partnerships will become more common as companies seek to expand their market presence and leverage diverse operational strengths.
Technological Integration: Emerging technologies such as blockchain, artificial intelligence, and advanced data analytics will further transform how financial services are delivered, enhancing both security and efficiency.
Customer-Centric Innovations: As competition intensifies, firms that prioritize customer experience and transparency will differentiate themselves, building lasting trust and loyalty.
Collaborative Ecosystems: The future of fintech may well lie in integrated ecosystems where traditional banks and fintech startups collaborate to offer holistic, innovative solutions.

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X. Conclusion: Navigating the Fintech Future with Insight and Agility

As we wrap up today’s briefing, it is evident that the fintech landscape is characterized by rapid change, fierce competition, and the constant interplay between innovation and regulation. Each news story we examined—whether it be the consequential Charlie Javice verdict, a bold cross-border acquisition, insights into building trust, or the strategic rollout of innovative payment solutions—adds a critical piece to the complex puzzle that is modern fintech.

The underlying message is clear: in an industry defined by constant evolution, adaptability, and strategic foresight are paramount. Fintech leaders, regulators, and investors alike must remain agile, continuously refining their approaches to manage risk, seize opportunities, and ultimately drive the future of finance.

Our in-depth analysis today serves not only as a news briefing but also as a call to action for all stakeholders. By embracing the dual imperatives of innovation and responsibility, the fintech community can build a more resilient, inclusive, and forward-thinking financial ecosystem—one that not only meets the challenges of today but also anticipates the opportunities of tomorrow.

As the day’s developments continue to unfold, one thing remains certain: the future of fintech is bright, dynamic, and full of promise. The journey ahead will undoubtedly be complex, but with informed insights and strategic collaboration, the industry can navigate these waters with confidence and purpose.

XI. Additional Perspectives and Global Context

A. International Relevance

Fintech is not a phenomenon confined to any one region; it is a global revolution. Today’s stories, though rooted in specific geographies—from the United States and Europe to Central Asia and Turkey—reflect trends that have universal relevance. Financial technology is democratizing access to services worldwide, challenging traditional norms and fostering a culture of innovation that transcends borders.

The implications of regulatory actions, strategic acquisitions, and collaborative initiatives resonate far beyond the immediate markets. International investors, policymakers, and technology leaders are all watching these developments closely, drawing lessons that may inform policies and strategies in their own regions.

B. Comparative Analysis: East vs. West

The evolving narratives from different parts of the world illustrate the varied approaches to fintech innovation. While Western markets often emphasize consumer protection and regulatory compliance, emerging markets are frequently characterized by rapid innovation and a willingness to take bold risks. The acquisition of Rabobank’s Turkish operations by a Kazakh fintech giant, for example, highlights how emerging players are not only catching up but also setting new benchmarks for strategic growth and cross-border collaboration.

Such comparative analyses underscore the importance of contextual understanding when it comes to implementing fintech strategies. What works in one region may need to be adapted for another, and global best practices must be carefully balanced with local realities.

C. The Role of Thought Leadership

The insights offered by seasoned professionals, such as former Barclays chief Jenkins, serve as invaluable guides in this landscape of disruption and opportunity. Their voices remind us that while technological innovation is crucial, the human element—ethics, experience, and empathy—remains irreplaceable. Their commentary encourages both startups and established institutions to pursue innovation that is as responsible as it is groundbreaking.

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XII. Final Thoughts: Embracing the Future of Fintech

As we conclude this extensive briefing, we invite our readers to reflect on the myriad ways in which fintech is reshaping the world of finance. Each story, each strategic move, and each regulatory development is part of a larger narrative—a narrative that tells the story of an industry in flux, one that is constantly reinventing itself.

For industry leaders, investors, and consumers alike, the lessons of today are clear. Embracing change, fostering collaboration, and balancing innovation with responsibility are not just buzzwords—they are the guiding principles that will define the future of financial technology.

As the fintech sector continues to expand its horizons, the insights shared in this briefing will serve as both a roadmap and a source of inspiration. With every challenge comes an opportunity, and with every breakthrough, the promise of a more inclusive, secure, and efficient financial ecosystem grows ever closer.

Let this daily briefing be a reminder that the pulse of fintech is not just in the numbers or the headlines—it is in the ideas, the innovations, and the visionary strategies that drive the industry forward. As we look to tomorrow, we remain confident that by harnessing the power of technology and human ingenuity, the future of finance is destined to be both dynamic and transformative.

XIII. Comprehensive Recap and Strategic Blueprint

A. Recap of Key Developments

Legal and Regulatory Evolution:
The Charlie Javice verdict is a stark reminder of the importance of compliance and ethical conduct in fintech. It sets a precedent that may influence future regulatory actions and investor behavior.
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Strategic Acquisitions and Global Expansion:
The acquisition of Rabobank’s Turkish operations by a Kazakh fintech giant demonstrates the growing trend of cross-border consolidation. This move is expected to bolster market presence and drive technological innovation in new regions.
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Building Trust and Scaling Operations:
Insights from the Sifted guide reveal that trust is the cornerstone of scaling fintech operations. By prioritizing cybersecurity, transparency, and customer experience, companies can create sustainable growth models that stand the test of time.
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Industry Veteran Perspectives:
Former Barclays chief Jenkins’ op-ed underscores the need for a balanced approach that marries the agility of fintech with the stability of traditional banking. His insights serve as a clarion call for collaboration and responsible innovation.
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Innovative Payment Solutions:
The partnership between Mollie and Ivy, which is rolling out the “Pay by Bank” solution across Europe, illustrates how strategic alliances are paving the way for next-generation payment technologies that promise enhanced security and user experience.
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B. Strategic Blueprint for Stakeholders

For Fintech Companies:

Invest in robust compliance and risk management systems.
Explore strategic partnerships to expand market reach and enhance technological capabilities.
Focus on building and maintaining trust through transparency and superior customer service.

For Investors:

Monitor regulatory developments and legal precedents as key indicators of industry stability.
Look for opportunities in cross-border acquisitions and strategic alliances that signal growth potential.
Prioritize investments in companies that demonstrate a commitment to ethical practices and sustainable innovation.

For Regulators:

Develop adaptive regulatory frameworks that balance the need for innovation with the imperative of consumer protection.
Engage with industry leaders to ensure that policies remain relevant and supportive of sustainable growth.
Encourage collaboration between traditional banks and fintech startups to create a more resilient financial ecosystem.

For Consumers:

Stay informed about the latest technological advancements and regulatory changes affecting your financial services.
Choose financial providers that are transparent about their practices and demonstrate a strong commitment to security.
Embrace the benefits of digital banking while remaining vigilant about data privacy and cybersecurity.

XIV. In-Depth Case Studies and Future Scenarios

A. Case Study 1: The Impact of Legal Precedents on Fintech Innovation

The Charlie Javice verdict is not an isolated incident—it is emblematic of the broader legal challenges facing fintech companies today. In this case study, we explore how legal precedents are influencing innovation strategies, investor confidence, and regulatory policies. By examining the fallout from high-profile legal battles, companies can learn valuable lessons on the importance of internal governance, risk management, and the need for a proactive approach to compliance.

This case study reveals that while legal challenges may introduce short-term uncertainties, they also serve as catalysts for positive change, prompting companies to fortify their operational frameworks and adopt best practices that benefit the entire industry.

B. Case Study 2: Cross-Border Acquisitions as Engines of Growth

The acquisition of Rabobank’s Turkish operations by a Kazakh fintech giant provides a compelling example of how cross-border deals can drive growth and innovation. This case study examines the strategic rationale behind such acquisitions, the operational synergies that can be achieved, and the broader market implications for regional and global fintech landscapes.

By analyzing this acquisition, we gain insights into how companies can leverage geographical diversification to mitigate risk, access new markets, and enhance their technological capabilities. This strategy, if executed effectively, can set a new standard for growth in the fintech sector.

C. Future Scenarios and Projections

Looking ahead, we can envision several future scenarios for the fintech industry:

Scenario 1: A More Regulated but Stable Environment:
Increased regulatory oversight, inspired by high-profile legal cases, may lead to a more stable and secure fintech landscape. While this could slow down some innovative processes, it would also foster a more trustworthy and resilient industry.
Scenario 2: Consolidation and Strategic Alliances:
Cross-border acquisitions and strategic partnerships could become the norm, driving consolidation in the fintech sector and enabling companies to scale rapidly while maintaining operational excellence.
Scenario 3: Technological Breakthroughs and Customer-Centric Innovation:
As fintech companies continue to invest in emerging technologies and prioritize customer experience, we may witness a new era of personalized, secure, and efficient financial services that redefine the way consumers interact with their banks.

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XV. Final Reflections and Call to Action

Today’s fintech pulse is not merely a collection of headlines—it is a dynamic narrative of transformation, innovation, and strategic evolution. The developments we have examined in this briefing highlight both the challenges and the opportunities that define the fintech landscape. From landmark legal verdicts to bold strategic acquisitions, and from trust-building initiatives to visionary industry voices, every story contributes to a broader conversation about the future of finance.

For fintech leaders, investors, regulators, and consumers alike, the call to action is clear: embrace change, foster collaboration, and commit to building a financial ecosystem that is as secure as it is innovative. As we navigate this transformative era, let us remain steadfast in our pursuit of excellence, transparency, and responsible innovation.

In closing, this daily briefing serves as both a detailed account of today’s events and a strategic blueprint for shaping the future of fintech. With each new development, we are reminded that the journey ahead is as exciting as it is challenging. The key to success lies in our ability to adapt, collaborate, and innovate with integrity.

Thank you for joining us on this comprehensive exploration of today’s fintech landscape. Stay informed, stay engaged, and let the pulse of fintech inspire you to drive meaningful change in the world of finance.

The post Fintech Pulse: Your Daily Industry Brief – March 29, 2025 Featuring: Charlie Javice, Rabobank, Mollie, Ivy, Barclays, and more appeared first on News, Events, Advertising Options.

Fintech PR

ITG and Sundogs partner to transform creative efficacy through AI

Published

8 hours ago

March 31, 2025

CISION (PR Newswire)

itg-and-sundogs-partner-to-transform-creative-efficacy-through-ai

LONDON, March 31, 2025 /PRNewswire/ — Inspired Thinking Group (ITG), the AI-enabled, agile content business, has announced a strategic partnership with creative intelligence startup Sundogs, leveraging AI to deliver greater creative performance for its global clients.

The partnership harnesses Sundogs’ deep expertise in AI-driven consumer understanding, combining AI with data and creative capabilities to see inside ads and maximize creative performance. This methodology directly feeds and influences ITG’s own AI-enabled, agile content model.

Joining forces with Sundogs empowers ITG to know what content to create to resonate most effectively with different audience segments, on different channels, and in different markets — ensuring that content is crafted to maximize creative performance, from the point of production.

“This feels like a very natural meeting of our two companies, given Sundogs’ unique ability to enhance creative effectiveness through AI, which marries perfectly with our own AI-enabled, agile content model,” said Andrew Swinand, ITG CEO. “Partnering with Sundogs makes us better and smarter in the way we craft content, equipping our clients with a deeper understanding of their audience, and the ability to deliver intelligent creative campaigns at speed — with each asset tailored to meet the requirements of every possible customer interaction.”

Already working with global clients such as Microsoft, Jaguar Land Rover (JLR), PUMA, KFC and more, ITG’s partnership with Sundogs will uncover new opportunities for creative effectiveness, including the development of a scoring system to identify assets most likely to drive performance, and enhanced templates for content automation through its Gartner-recognized Storyteq platform.

Storyteq was named a Leader in the 2025 Gartner® Magic Quadrant™ for both Content Marketing Platforms and Digital Asset Management — the only vendor worldwide to be recognized as a Leader in both categories.

Ben Jones, Sundogs CEO & Founder, commented, “What’s happening inside of video content is the new frontier of performance. We know more about how people take in information, what moves them, and what creates lasting business impact than ever before. Making sure that is applied at scale and speed is what makes this partnership with ITG so exciting.”

About Inspired Thinking Group (ITG)
ITG is the leading Halo content partner to businesses around the world. It eliminates marketing complexity and delivers AI-enabled, agile content at speed and scale to drive business growth and reduce marketing costs. Clients include Heineken, Microsoft, Samsung, Haleon, KFC, John Lewis Partnership and more. ITG employs over 2,000 people throughout its global offices and its Storyteq platform is recognized by Gartner as a global Leader.

About Sundogs
Sundogs was founded by Ben Jones, who pioneered creative guidance as the founder of Unskippable Labs at Google, and entrepreneur Jonathan Savitch, who brought rich content to flight shopping at Routehappy, and acquired by ATPCO. Leveraging the power of creative storytelling, data, and AI, Sundogs delivers outstanding creative, backed by its team of Cannes-winning creatives, leading data scientists, and content strategists.