The Toronto-Dominion Bank confirmed today that it has not increased its loan loss provisions for the fourth quarter ending October 31.

TD last increased its loan loss provisions during its third fiscal quarter, from $480 million to $620 million ($190 million charged in each of the last two quarters).

At that time, TD says it conducted a rigorous review of its credit portfolio and has managed through the end of the fiscal year within the forecast $620 million level.

Although it is still early in the 2002 fiscal year, at this point TD anticipates that its credit losses for 2002 would be approximately 10-15% higher than its current run rate of $190 million per quarter.

TD says it will be in a better position to make a further assessment at the end of the first fiscal quarter of 2002, which ends January 31.