| Consolidated Balance Sheet | Consolidated Statement of Income | Consolidated Statement of Changes in Shareholders’ Equity | Consolidated Statement of Cash Flows |
Consolidated Statement of Cash Flows |
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| For the Year Ended October 31 (Canadian $ in millions) | 2004 | 2003 | 2002 | |||
| Cash Flows from Operating Activities | ||||||
| Net income | $ | 2,351 | $ | 1,825 | $ | 1,417 |
| Adjustments to determine net cash flows provided by (used in) operating activities |
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| Write-down of investment securities | 63 | 153 | 322 | |||
| Net gain on sale of investment securities | (238) | (112) | (176) | |||
| Net increase in trading securities | (449) | (12,692) | (6,227) | |||
| Provision for credit losses | (103) | 455 | 820 | |||
| Gain on sale of securitized loans | (127) | (157) | (168) | |||
| Change in derivative financial instruments | ||||||
| – (Increase) decrease in derivative asset | (4,232) | 892 | 1,207 | |||
| – Increase (decrease) in derivative liability | 3,258 | (1,380) | (1,551) | |||
| Amortization of premises and equipment | 365 | 375 | 396 | |||
| Amortization of intangible assets | 104 | 116 | 100 | |||
| Future income tax expense (benefit) | 157 | (37) | 283 | |||
| Net increase (decrease) in current income taxes | (1,096) | 401 | (256) | |||
| Change in accrued interest | ||||||
| – (Increase) decrease in interest receivable | (30) | 87 | 256 | |||
| – Increase (decrease) in interest payable | 7 | (141) | (189) | |||
| Changes in other items and accruals, net | 2,465 | 1,229 | (1,366) | |||
| Net Cash Provided by (Used in) Operating Activities | 2,495 | (8,986) | (5,132) | |||
| Cash Flows from Financing Activities | ||||||
| Net increase in deposits | 2,205 | 9,713 | 7,548 | |||
| Net increase in securities sold but not yet purchased | 2,186 | 601 | 1,045 | |||
| Net increase (decrease) in securities sold under repurchase agreements |
(2,900) | (1,031) | 7,316 | |||
| Net increase (decrease) in liabilities of subsidiaries | 491 | (157) | (1,313) | |||
| Proceeds from issuance of securities of a subsidiary | 595 | – | – | |||
| Repayment of subordinated debt | (400) | (752) | (850) | |||
| Proceeds from issuance of preferred shares | – | – | 478 | |||
| Redemption of preferred shares | (400) | – | – | |||
| Proceeds from issuance of common shares | 240 | 175 | 81 | |||
| Proceeds from sale of treasury shares | 149 | – | – | |||
| Share issue expense, net of applicable income taxes | – | – | (7) | |||
| Common shares repurchased for cancellation | (333) | (12) | – | |||
| Dividends paid | (874) | (748) | (668) | |||
| Net Cash Provided by Financing Activities | 959 | 7,789 | 13,630 | |||
| Cash Flows from Investing Activities | ||||||
| Net (increase) decrease in interest bearing deposits with banks |
1,974 | (1,741) | (1,407) | |||
| Purchase of investment securities | (24,773) | (29,348) | (37,437) | |||
| Maturities of investment securities | 12,699 | 18,999 | 27,444 | |||
| Proceeds from sales of investment securities | 16,334 | 9,298 | 9,928 | |||
| Net (increase) decrease in loans, customers' liability under acceptances and loan substitute securities |
(6,417) | 760 | (5,303) | |||
| Proceeds from securitization of loans | 1,382 | – | 519 | |||
| Net (increase) decrease in securities purchased under resale agreements |
(3,872) | 2,388 | (710) | |||
| Proceeds from sale of land (Note 10) | – | – | 122 | |||
| Premises and equipment – net purchases | (305) | (254) | (384) | |||
| Acquisitions (Note 11) | (385) | (91) | (1,028) | |||
| Net Cash Provided by (Used in) Investing Activities | (3,363) | 11 | (8,256) | |||
| Net Increase (Decrease) in Cash and Cash Equivalents | 91 | (1,186) | 242 | |||
| Cash and Cash Equivalents at Beginning of Year | 2,515 | 3,701 | 3,459 | |||
| Cash and Cash Equivalents at End of Year | $ | 2,606 | $ | 2,515 | $ | 3,701 |
| Represented by: | ||||||
| Cash and non-interest bearing deposits with Bank of Canada and other banks |
$ | 1,558 | $ | 1,693 | $ | 1,257 |
| Cheques and other items in transit, net | 1,048 | 822 | 2,444 | |||
| $ | 2,606 | $ | 2,515 | $ | 3,701 | |
| Supplemental Disclosure of Cash Flow Information | ||||||
| Amount of interest paid in the year | $ | 3,728 | $ | 4,169 | $ | 4,495 |
| Amount of income taxes paid in the year | $ | 1,947 | $ | 324 | $ | 393 |
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The accompanying notes to consolidated financial statements are an integral part of these statements. |
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