TD Bank released its financial results for the fourth quarter ended October 31, 2019. Q4 reported earnings were C$2.9 billion ($2.2 billion), down 4% on a reported and down 3% on an adjusted basis, compared with the same quarter last year. Results include restructuring charges of C$154 million ($116.8 million) in the current quarter.

“In 2019, we demonstrated the strength and resilience of our franchise as we continued to acquire and serve our customers while increasing loan and deposit volumes,” said Bharat Masrani, group president and CEO, TD Bank Group. “Throughout the year, we generated earnings growth amidst a challenging macroeconomic environment while we made strategic investments to strengthen our business, deliver for our customers, and modernize and simplify our operations.”

U.S. Retail reported and adjusted net income was C$1,191 million ($900 million), an increase of 7% (5% in U.S. dollars) on a reported basis and 5% (3% in U.S. dollars) on an adjusted basis, compared with the same quarter last year. TD Ameritrade contributed $291 million (US$219 million) in reported and adjusted earnings to the segment, an increase of 28% (25% in U.S. dollars) on a reported basis and 15% (13% in U.S. dollars) on an adjusted basis, compared to the same quarter last year.

The U.S. retail bank, which excludes the bank’s investment in TD Ameritrade, contributed $900 million (US$681 million), up 2% (flat in U.S. dollars) from the same quarter last year. Higher loan and deposit volumes were offset by lower margins. This quarter, the U.S. retail bank ranked “Highest in Customer Satisfaction with Small Business Banking in the South Region” according to the J.D. Power Small Business Banking Satisfaction Study, a testament to the investments made to upgrade the Small Business Banking digital platform and the segment’s ongoing dedication to providing legendary customer service and convenience.

“As we enter 2020, we remain focused on our long-term strategy and are proud of the businesses we continue to build. No matter the operating environment, we are guided by our proven business model, purpose-driven brand, and forward-focused approach, all with the aim to deliver for our customers, colleagues, and shareholders each and every day,” said Masrani.