|
 |
 |
|
 |
|
|
 |
|
|
|
|
| Consolidated statement of cash flows |
 |
|
|
|
|
|
|
| For the year ended October 31 (C$
millions) |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
| |
Net income |
$ |
3,005 |
|
$ |
2,762 |
|
$ |
2,411 |
|
|
Adjustments to determine net cash provided by
(used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
721 |
|
|
1,065 |
|
|
1,119 |
|
|
|
Depreciation |
|
398 |
|
|
407 |
|
|
389 |
|
|
|
Restructuring |
|
- |
|
|
- |
|
|
91 |
|
|
|
Amortization of goodwill and other
intangibles |
|
71 |
|
|
72 |
|
|
284 |
|
|
|
Gain on sale of premises and equipment |
|
(15 |
) |
|
(35 |
) |
|
(42 |
) |
|
|
Gain on divestitures |
|
- |
|
|
- |
|
|
(445 |
) |
|
|
Gain on loan securitizations |
|
(34 |
) |
|
(54 |
) |
|
(29 |
) |
|
|
Loss on investments in associated
corporations |
|
34 |
|
|
- |
|
|
- |
|
|
|
(Gain) loss on sale of investment
account securities |
|
(31 |
) |
|
111 |
|
|
130 |
|
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Insurance claims and policy benefit liabilities |
|
46 |
|
|
236 |
|
|
1,062 |
|
|
|
|
Net change in accrued interest receivable
and payable |
|
100 |
|
|
(263 |
) |
|
(142 |
) |
|
|
|
Current income taxes |
|
672 |
|
|
419 |
|
|
(460 |
) |
|
|
|
Deferred income taxes |
|
275 |
|
|
98 |
|
|
(165 |
) |
|
|
|
Derivative-related assets |
|
(5,354 |
) |
|
(3,018 |
) |
|
(8,076 |
) |
|
|
|
Derivative-related liabilities |
|
5,638 |
|
|
3,491 |
|
|
10,070 |
|
|
|
|
Trading account securities |
|
(13,498 |
) |
|
(10,136 |
) |
|
(11,836 |
) |
|
|
|
Obligations related to securities sold short |
|
3,745 |
|
|
2,667 |
|
|
2,869 |
|
|
|
|
Other |
|
(3,345 |
) |
|
(850 |
) |
|
(4,435 |
) |
|
|
|
|
|
| Net cash used in operating activities |
|
(7,572 |
) |
|
(3,028 |
) |
|
(7,205 |
) |
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
Change in interest-bearing deposits
with banks |
|
4,122 |
|
|
(3,046 |
) |
|
(135 |
) |
|
Change in loans, net of loan securitizations |
|
(5,225 |
) |
|
(3,087 |
) |
|
(2,930 |
) |
|
Proceeds from loan securitizations |
|
1,742 |
|
|
1,691 |
|
|
1,720 |
|
|
Proceeds from sale of investment
account securities |
|
19,340 |
|
|
16,393 |
|
|
12,501 |
|
|
Proceeds from maturity of investment
account securities |
|
25,428 |
|
|
15,717 |
|
|
14,021 |
|
|
Purchases of investment account
securities |
|
(49,750 |
) |
|
(33,093 |
) |
|
(27,494 |
) |
|
Decrease in loan substitute securities |
|
69 |
|
|
44 |
|
|
27 |
|
|
Net acquisitions of premises and
equipment |
|
(420 |
) |
|
(419 |
) |
|
(370 |
) |
|
Net proceeds from sale of real estate |
|
- |
|
|
- |
|
|
57 |
|
|
Change in assets purchased under
reverse repurchase agreements |
|
(458 |
) |
|
39 |
|
|
(17,474 |
) |
|
Net cash used in acquisition of
subsidiaries |
|
(281 |
) |
|
(99 |
) |
|
(3,120 |
) |
|
Net proceeds from divestitures |
|
- |
|
|
- |
|
|
478 |
|
|
|
|
|
|
| Net cash used in investing activities |
|
(5,433 |
) |
|
(5,860 |
) |
|
(22,719 |
) |
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
Issue of RBC Trust Capital Securities
(RBC TruCS) |
|
900 |
|
|
- |
|
|
750 |
|
|
Change in deposits |
|
14,790 |
|
|
8,085 |
|
|
19,225 |
|
|
Issue of subordinated debentures |
|
- |
|
|
635 |
|
|
1,025 |
|
|
Repayment of subordinated debentures |
|
(100 |
) |
|
(501 |
) |
|
(580 |
) |
|
Issue of preferred shares |
|
- |
|
|
- |
|
|
250 |
|
|
Redemption of preferred shares for
cancellation |
|
(645 |
) |
|
(468 |
) |
|
(300 |
) |
|
Issuance costs |
|
(4 |
) |
|
(1 |
) |
|
(19 |
) |
|
Issue of common shares |
|
183 |
|
|
168 |
|
|
657 |
|
|
Purchase of common shares for cancellation |
|
(852 |
) |
|
(764 |
) |
|
(509 |
) |
|
Payment of dividends |
|
(1,181 |
) |
|
(1,104 |
) |
|
(972 |
) |
|
Change in obligations related to
assets sold under repurchase agreements |
|
2,626 |
|
|
245 |
|
|
11,629 |
|
|
Change in short-term borrowings
of subsidiaries |
|
(2,359 |
) |
|
3,335 |
|
|
(387 |
) |
|
|
|
|
|
| Net cash provided by financing activities |
|
13,358 |
|
|
9,630 |
|
|
30,769 |
|
|
|
|
|
|
| Net change in cash and due from
banks |
|
353 |
|
|
742 |
|
|
845 |
|
| Cash and due from banks at beginning
of year |
|
2,534 |
|
|
1,792 |
|
|
947 |
|
|
|
|
|
|
| Cash and due from banks at end of year |
$ |
2,887 |
|
$ |
2,534 |
|
$ |
1,792 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
Amount of interest paid in year |
$ |
7,170 |
|
$ |
8,229 |
|
$ |
11,149 |
|
|
Amount of income taxes paid in year |
$ |
1,723 |
|
$ |
738 |
|
$ |
1,443 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
