TD Bank is ahead of its goal to deliver CA$200 million [$144 million] in value from AI efforts. 

The Canadian bank has generated $104 million in value across predictive, generative and agentic AI use cases through its fiscal second quarter, which ended April 30, Chief Executive Raymond Chun said during the bank’s Q2 earnings call today. 

“AI will transform our operations, make our colleagues more efficient, our processes faster and our products and services better,” Chun said. 

The bank said it has seen AI progress across the business: 

• In real estate secured lending, the bank reduced the time it takes to make mortgage decisions from 15 hours to three minutes using agentic AI; 

• 7,000 engineers use AI for software development, with the most active engineers achieving 29% increase in throughput; and 

• 40,000 colleagues use Copilot. 

“TD is increasingly emphasizing AI opportunities that transform end-to-end experiences, drive lower unit costs and are scalable across the enterprise,” Chun said. 

The bank has identified more opportunities to use AI in:

• Credit operations; 

• Contact centers;  

• Fraud prevention; and 

• Frontline productivity. 

Q2 reports

The bank reported Q2 earnings results of: 

• Adjusted net income of $3 billion, up from $2.6 billion during the same period last year; 

• Efficiency ratio of 53%; and 

• Non-interest expenses of $6 billion, up year over year from $5.8 billion. 

Editor’s note: All amounts have been converted to U.S. dollars.  

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