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Management's Discussion and Analysis Consolidated statement of changes in shareholders' equity
Management's responsibility for financial reporting Consolidated statement of cash flows
Auditors' report Notes to the consolidated financial statements
Consolidated balance sheet Consolidated financial statements and notes
Consolidated statement of income Supplementary information

Consolidated statement of income  
For the year ended October 31 (C$ millions)      2003        2002        2001
Interest income
Loans $ 10,150   $ 10,463   $ 12,032  
Trading account securities 1,908   1,945   2,143  
Available for sale securities 832   907   932  
Assets purchased under reverse repurchase agreements 787   651   1,163  
Deposits with banks 374   482   831  
14,051   14,448   17,101  
Interest expense
Deposits 5,467   5,709   8,712  
Other liabilities 1,560   1,405   1,688  
Subordinated debentures 376   406   410  
7,403   7,520   10,810  
Net interest income 6,648   6,928   6,291  
Non-interest income
Insurance premiums, investment and fee income 2,045   1,910   1,695  
Trading revenues 2,009   1,766   1,820  
Investment management and custodial fees 1,143   1,177   1,094  
Securities brokerage commissions 1,108   1,223   1,045  
Deposit and payment service charges 1,078   1,041   887  
Mutual fund revenues 673   723   692  
Underwriting and other advisory fees 671   643   478  
Card service revenues 303   285   290  
Foreign exchange revenues, other than trading 279   274   291  
Credit fees 227   223   237  
Mortgage banking revenues 180   240   206  
Securitization revenues 165   172   125  
Gain (loss) on sale of available for sale securities 19   (112 ) (130 )
Gain from divestitures     445  
Other 399   567   339  
10,299   10,132   9,514  
Total revenues 16,947   17,060   15,805  
Provision for credit losses 715   1,065   1,119  
Insurance policyholder benefits, claims and acquisition expense 1,404   1,330   1,153  
Non-interest expense
Human resources 6,397   6,263   5,696  
Occupancy 767   788   716  
Equipment 766   752   713  
Communications 744   790   679  
Professional fees 466   419   411  
Outsourced item processing 292   306   303  
Amortization of goodwill     252  
Amortization of other intangibles 71   72   36  
Other 733   854   835  
10,236   10,244   9,641  
Net income before income taxes 4,592   4,421   3,892  
Income taxes 1,443   1,415   1,350  
Net income before non-controlling interest 3,149   3,006   2,542  
Non-controlling interest in net income of subsidiaries 113   108   107  
Net income $ 3,036   $ 2,898   $ 2,435  
             
Preferred share dividends 68   98   135  
Net income available to common shareholders $ 2,968   $ 2,800   $ 2,300  
Average number of common shares (in thousands) 662,080   672,571   641,516  
Earnings per share (in dollars) $ 4.48   $ 4.16   $ 3.58  
Average number of diluted common shares (in thousands) 669,625   679,153   647,216  
Diluted earnings per share (in dollars) $ 4.43   $ 4.12   $ 3.55  
Dividends per share (in dollars) $ 1.72   $ 1.52   $ 1.38