How do they make money?

TD is the sixth largest bank in North America (by assets). Per the 2024 annual report, TD serves 27.9 million customers across four key business areas:

Canadian Personal and Commercial Banking (they offer banking services to individuals and businesses across Canada)
- $19.79 billion in revenue in 2024 (34.6% of company revenue)
U.S. Retail (they offer banking services, auto financing, wealth management, etc. to individuals and businesses across the US)
- $13.71 billion in revenue in 2024 (23.9% of company revenue)
Wealth Management and Insurance (TD is a licensed insurance provider)
- $13.54 billion in revenue in 2024 (23.7% of company revenue)
Wholesale Banking (via TD Securities and TD Cowen, serving 12,000+ governments, institutions, and other customers worldwide)
- $10.19 billion in revenue in 2024 (including wholesale banking and corporate revenue) (17.8% of company revenue)

The company reported revenue of $57.223 million in 2024 (an increase of 13% compared to last year) and net income of $8.842 billion (a decrease of 19.36%, due largely to the money laundering fine).

In 2024, TD settled a money laundering case with US regulators (they were allegedly laundering money for drug cartels). TD paid $3.1 billion in the settlement and faces tighter regulations and scrutiny moving forward. However, the stock has been on a tear (up around 30% YTD) ever since.