|
 |
 |
|
 |
 |
|
|
|
|
| Consolidated statement of cash flows |
 |
|
|
|
|
|
|
| For the year ended October 31 (C$
millions) |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,036 |
|
$ |
2,898 |
|
$ |
2,435 |
|
|
Adjustments to determine net cash provided by (used
in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
715 |
|
|
1,065 |
|
|
1,119 |
|
|
|
Depreciation |
|
380 |
|
|
388 |
|
|
387 |
|
|
|
Restructuring |
|
– |
|
|
– |
|
|
91 |
|
|
|
Amortization of goodwill and other
intangibles |
|
71 |
|
|
72 |
|
|
288 |
|
|
|
Gain on sale of premises and equipment |
|
(18 |
) |
|
(35 |
) |
|
(42 |
) |
|
|
Gain on divestitures |
|
– |
|
|
– |
|
|
(445 |
) |
|
|
Gain on loan securitizations |
|
(34 |
) |
|
(54 |
) |
|
(29 |
) |
|
|
Loss on investments in associated
corporations |
|
29 |
|
|
– |
|
|
– |
|
|
|
(Gain) loss on sale of available for
sale securities |
|
(19 |
) |
|
112 |
|
|
130 |
|
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Insurance claims and policy benefit liabilities |
|
1,498 |
|
|
866 |
|
|
1,198 |
|
|
|
|
Net change in accrued interest receivable and
payable |
|
123 |
|
|
(166 |
) |
|
(375 |
) |
|
|
|
Current income taxes |
|
672 |
|
|
419 |
|
|
(460 |
) |
|
|
|
Deferred income taxes |
|
120 |
|
|
45 |
|
|
139 |
|
|
|
|
Derivative-related assets |
|
(5,390 |
) |
|
(2,608 |
) |
|
(9,299 |
) |
|
|
|
Derivative-related liabilities |
|
5,690 |
|
|
3,289 |
|
|
10,872 |
|
|
|
|
Trading account securities |
|
(11,556 |
) |
|
(11,044 |
) |
|
(8,707 |
) |
|
|
|
Obligations related to securities sold short |
|
4,753 |
|
|
1,953 |
|
|
3,009 |
|
|
|
|
Other |
|
(6,749 |
) |
|
744 |
|
|
(6,118 |
) |
|
|
|
|
|
| Net cash used in operating activities |
|
(6,679 |
) |
|
(2,056 |
) |
|
(5,807 |
) |
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
Change in interest-bearing deposits
with banks |
|
4,126 |
|
|
(3,035 |
) |
|
(116 |
) |
|
Change in loans, net of loan securitizations |
|
(5,255 |
) |
|
(3,360 |
) |
|
(2,750 |
) |
|
Proceeds from loan securitizations |
|
1,742 |
|
|
1,691 |
|
|
1,720 |
|
|
Proceeds from sale of available for
sale securities |
|
19,575 |
|
|
16,741 |
|
|
12,540 |
|
|
Proceeds from maturity of available
for sale securities |
|
25,438 |
|
|
15,717 |
|
|
14,021 |
|
|
Purchases of available for sale securities |
|
(49,734 |
) |
|
(33,450 |
) |
|
(27,975 |
) |
|
Net acquisitions of premises and equipment |
|
(398 |
) |
|
(390 |
) |
|
(397 |
) |
|
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 |
|
(5,245 |
) |
|
(6,146 |
) |
|
(23,016 |
) |
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
Issue of RBC Trust Capital Securities
(RBC TruCS) |
|
– |
|
|
– |
|
|
750 |
|
|
Change in deposits – Canada |
|
11,564 |
|
|
2,402 |
|
|
2,434 |
|
|
Change in deposits – International |
|
3,045 |
|
|
4,997 |
|
|
15,690 |
|
|
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 |
|
(634 |
) |
|
(464 |
) |
|
(295 |
) |
|
Issuance costs |
|
(15 |
) |
|
(5 |
) |
|
(24 |
) |
|
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 |
|
12,277 |
|
|
8,944 |
|
|
29,668 |
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
