Consolidated Financial Statements
Consolidated Statement of Income
| For the Year Ended October 31 (Canadian $ in millions, except as noted) | 2008 | 2007 | 2006 | |||
|---|---|---|---|---|---|---|
Interest, Dividend and Fee Income |
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| Loans | $ | 10,614 | $ | 11,557 | $ | 9,985 |
| Securities (Note 3 PDF) | 3,206 | 3,153 | 2,158 | |||
| Deposits with banks | 930 | 1,128 | 769 | |||
| 14,750 | 15,838 | 12,912 | ||||
Interest Expense |
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| Deposits | 7,341 | 7,905 | 5,743 | |||
| Subordinated debt | 222 | 180 | 169 | |||
| Capital trust securities and preferred shares (Notes 19 and 21 PDFs) | 91 | 99 | 99 | |||
| Other liabilities | 2,009 | 2,811 | 2,157 | |||
| 9,663 | 10,995 | 8,168 | ||||
Net Interest Income |
5,087 | 4,843 | 4,744 | |||
| Provision for credit losses (Note 4 PDF) | 1,330 | 353 | 176 | |||
| Net Interest Income After Provision for Credit Losses | 3,757 | 4,490 | 4,568 | |||
Non-Interest Revenue |
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| Securities commissions and fees | 1,105 | 1,145 | 1,051 | |||
| Deposit and payment service charges | 756 | 728 | 729 | |||
| Trading revenues (losses) | 546 | (487) | 718 | |||
| Lending fees | 429 | 406 | 337 | |||
| Card fees (Note 16 PDF) | 291 | 107 | 396 | |||
| Investment management and custodial fees | 339 | 322 | 298 | |||
| Mutual fund revenues | 589 | 576 | 499 | |||
| Securitization revenues (Note 8 PDF) | 513 | 296 | 100 | |||
| Underwriting and advisory fees | 353 | 528 | 407 | |||
| Securities gains (losses), other than trading (Note 3 PDF) | (315) | 246 | 145 | |||
| Foreign exchange, other than trading | 80 | 132 | 102 | |||
| Insurance income | 222 | 230 | 204 | |||
| Other | 210 | 277 | 255 | |||
| 5,118 | 4,506 | 5,241 | ||||
| Net Interest Income and Non-Interest Revenue | 8,875 | 8,996 | 9,809 | |||
Non-Interest Expense |
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| Employee compensation (Notes 23 and 24 PDFs) | 3,976 | 3,825 | 3,824 | |||
| Premises and equipment (Note 11 PDF) | 1,382 | 1,303 | 1,211 | |||
| Amortization of intangible assets (Note 13 PDF) | 42 | 46 | 44 | |||
| Travel and business development | 328 | 287 | 253 | |||
| Communications | 202 | 149 | 131 | |||
| Business and capital taxes | 42 | 47 | 94 | |||
| Professional fees | 384 | 301 | 287 | |||
| Other | 546 | 484 | 509 | |||
| 6,902 | 6,442 | 6,353 | ||||
| Restructuring Charge (Reversal) (Note 17) | (8) | 159 | – | |||
Income Before Provision for (Recovery of) Income Taxes and Non-Controlling Interest in Subsidiaries |
1,981 | 2,395 | 3,456 | |||
| Income taxes (Note 25 PDF) | (71) | 189 | 717 | |||
| 2,052 | 2,206 | 2,739 | ||||
| Non-controlling interest in subsidiaries (Notes 16 and 19 PDFs) | 74 | 75 | 76 | |||
Net Income |
$ | 1,978 | $ | 2,131 | $ | 2,663 |
| Preferred share dividends (Note 21 PDF) | $ | 73 | $ | 43 | $ | 30 |
| Net income available to common shareholders | $ | 1,905 | $ | 2,088 | $ | 2,633 |
| Average common shares (in thousands) | 502,062 | 499,950 | 501,257 | |||
| Average diluted common shares (in thousands) | 506,697 | 508,614 | 511,173 | |||
Earnings Per Share(Canadian $) (Note 26 PDF) |
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| Basic | $ | 3.79 | $ | 4.18 | $ | 5.25 |
| Diluted | 3.76 | 4.11 | 5.15 | |||
Dividends Declared Per Common Share |
2.80 | 2.71 | 2.26 | |||
|
The accompanying notes are an integral part of these statements. |
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