Consolidated Financial Statements
Consolidated Statement of Income
| For the Year Ended October 31 (Canadian $ in millions, except as noted) | 2007 | 2006 | 2005 | |||
|---|---|---|---|---|---|---|
Interest, Dividend and Fee Income |
Restated (see Note 22 PDF) |
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| Loans | $ | 11,557 | $ | 9,985 | $ | 7,728 |
| Securities (Note 3 PDF) | 3,153 | 2,158 | 1,830 | |||
| Deposits with banks | 1,128 | 769 | 606 | |||
| 15,838 | 12,912 | 10,164 | ||||
Interest Expense |
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| Deposits | 7,905 | 5,743 | 3,703 | |||
| Subordinated debt | 180 | 169 | 202 | |||
| Preferred shares and capital trust securities (Notes 19 and 21 PDFs) | 99 | 99 | 97 | |||
| Other liabilities | 2,811 | 2,157 | 1,375 | |||
| 10,995 | 8,168 | 5,377 | ||||
Net Interest Income |
4,843 | 4,744 | 4,787 | |||
| Provision for credit losses (Note 4 PDF) | 353 | 176 | 179 | |||
| Net Interest Income After Provision for Credit Losses | 4,490 | 4,568 | 4,608 | |||
Non-Interest Revenue |
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| Securities commissions and fees | 1,145 | 1,051 | 1,092 | |||
| Deposit and payment service charges | 728 | 729 | 734 | |||
| Trading revenues (losses) | (487) | 718 | 496 | |||
| Lending fees | 406 | 337 | 313 | |||
| Card fees (Note 16 PDF) | 107 | 396 | 334 | |||
| Investment management and custodial fees | 322 | 298 | 305 | |||
| Mutual fund revenues | 576 | 499 | 437 | |||
| Securitization revenues (Note 7 PDF) | 296 | 100 | 113 | |||
| Underwriting and advisory fees | 528 | 407 | 357 | |||
| Securities gains, other than trading (Note 3 PDF) | 246 | 145 | 165 | |||
| Foreign exchange, other than trading | 132 | 102 | 97 | |||
| Insurance income | 230 | 204 | 162 | |||
| Other | 277 | 255 | 447 | |||
| 4,506 | 5,241 | 5,052 | ||||
| Net Interest Income and Non-Interest Revenue | 8,996 | 9,809 | 9,660 | |||
Non-Interest Expense |
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| Employee compensation (Notes 22 and 23 PDFs) | 3,825 | 3,824 | 3,751 | |||
| Premises and equipment (Note 10 PDF) | 1,303 | 1,211 | 1,264 | |||
| Amortization of intangible assets (Note 13 PDF) | 46 | 44 | 94 | |||
| Travel and business development | 287 | 253 | 247 | |||
| Communications | 149 | 131 | 122 | |||
| Business and capital taxes | 47 | 94 | 107 | |||
| Professional fees | 301 | 287 | 243 | |||
| Other | 484 | 509 | 504 | |||
| 6,442 | 6,353 | 6,332 | ||||
| Restructuring Charge (Note 17) | 159 | – | – | |||
Income Before Provision for Income Taxes and Non-Controlling Interest in Subsidiaries |
2,395 | 3,456 | 3,328 | |||
| Income taxes (Note 24 PDF) | 189 | 717 | 874 | |||
| 2,206 | 2,739 | 2,454 | ||||
| Non-controlling interest in subsidiaries (Notes 16 and 19 PDFs) | 75 | 76 | 58 | |||
Net Income |
$ | 2,131 | $ | 2,663 | $ | 2,396 |
| Preferred share dividends (Note 21 PDF) | $ | 43 | $ | 30 | $ | 30 |
| Net income available to common shareholders | $ | 2,088 | $ | 2,633 | $ | 2,366 |
| Average common shares (in thousands) | 499,950 | 501,257 | 500,060 | |||
| Average diluted common shares (in thousands) | 508,614 | 511,173 | 510,845 | |||
Earnings Per Share(Canadian $) (Note 25 PDF) |
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| Basic | $ | 4.18 | $ | 5.25 | $ | 4.73 |
| Diluted | 4.11 | 5.15 | 4.63 | |||
Dividends Declared Per Common Share |
2.71 | 2.26 | 1.85 | |||
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The accompanying notes to consolidated financial statements (PDF, 465 KB) are an integral part of these statements. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
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