This might not impress bank customers who think their fees are too high, but it's great news for investors. U.S. operations TD is widely known for its Canadian operations, and the retail banking business in its home country accounts for about two-thirds of the profits, but TD also has a strong presence in the United States. Over the past decade or so, TD has spent billions to build a large American business, with branches running right down the east coast from Maine to Florida. The U.S. segment provides a nice hedge against a potential downturn in the Canadian economy and contributes more than 30% of TD's net income. Risk Some investors might be concerned the Canadian banks will be hurt by a downturn in the housing market. A major crash would certainly be negative, but most analysts predict a soft landing, and TD's mortgage portfolio is cable of riding out a pullback in house prices. Insured mortgages represent 39% of the portfolio and the loan-to-value ratio on the uninsured mortgages is 52%.