|
 |
 |
|
 |
|
|
|
|
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|
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|
|
|
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|
CONSOLIDATED STATEMENT OF CASH
FLOWS |
|
 |
|
For the year ended
October 31 (C$ millions) |
|
2004 |
|
|
2003 |
|
|
2002 |
|
 |
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,817 |
|
$ |
3,005 |
|
$ |
2,762 |
|
|
|
Adjustments to determine net cash
provided by (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses |
|
346 |
|
|
721 |
|
|
1,065 |
|
|
|
|
Depreciation |
|
396 |
|
|
398 |
|
|
407 |
|
|
|
|
Business realignment
charges |
|
192 |
|
|
– |
|
|
– |
|
|
|
|
Deferred income taxes |
|
(69 |
) |
|
275 |
|
|
98 |
|
|
|
|
Impairment of goodwill
and amortization of other intangibles |
|
199 |
|
|
71 |
|
|
72 |
|
|
|
|
Writedown of deferred
issuance costs |
|
25 |
|
|
– |
|
|
– |
|
|
|
|
Gain on sale of premises
and equipment |
|
(52 |
) |
|
(15 |
) |
|
(35 |
) |
|
|
|
Gain on loan securitizations |
|
(34 |
) |
|
(34 |
) |
|
(54 |
) |
|
|
|
Loss on investment
in certain associated companies |
|
9 |
|
|
34 |
|
|
– |
|
|
|
|
(Gain) loss on sale
of investment account securities |
|
(23 |
) |
|
(31 |
) |
|
111 |
|
|
|
|
Changes in operating assets and
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance claims and policy
benefit liabilities |
|
(13 |
) |
|
46 |
|
|
236 |
|
|
|
|
|
Net change in accrued interest
receivable and payable |
|
(119 |
) |
|
100 |
|
|
(263 |
) |
|
|
|
|
Current income taxes |
|
(895 |
) |
|
672 |
|
|
419 |
|
|
|
|
|
Derivative-related assets |
|
(3,279 |
) |
|
(5,354 |
) |
|
(3,018 |
) |
|
|
|
|
Derivative-related liabilities |
|
4,426 |
|
|
5,638 |
|
|
3,491 |
|
|
|
|
|
Trading account securities |
|
(1,965 |
) |
|
(11,930 |
) |
|
(10,109 |
) |
|
|
|
|
Net change in brokers and dealers
receivable and payable |
|
(1,883 |
) |
|
272 |
|
|
704 |
|
|
|
|
|
Other |
|
671 |
|
|
(3,410 |
) |
|
(1,463) |
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by (used in) operating activities |
|
749 |
|
|
(9,542 |
) |
|
(5,577 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
|
|
|
|
|
|
|
Change in interest-bearing
deposits with banks |
|
(3,273 |
) |
|
999 |
|
|
327 |
|
|
|
Change in loans,
net of loan securitizations |
|
(20,914 |
) |
|
(6,479 |
) |
|
(4,618 |
) |
|
|
Proceeds from loan
securitizations |
|
3,532 |
|
|
1,742 |
|
|
1,691 |
|
|
|
Proceeds from sale
of investment account securities |
|
18,430 |
|
|
19,340 |
|
|
16,393 |
|
|
|
Proceeds from maturity
of investment account securities |
|
38,088 |
|
|
26,983 |
|
|
12,317 |
|
|
|
Purchases of investment
account securities |
|
(50,911 |
) |
|
(49,750 |
) |
|
(33,093 |
) |
|
|
Change in loan substitute
securities |
|
(376 |
) |
|
69 |
|
|
44 |
|
|
|
Net acquisitions
of premises and equipment |
|
(444 |
) |
|
(420 |
) |
|
(419 |
) |
|
|
Change in assets
purchased under reverse repurchase agreements |
|
1,427 |
|
|
796 |
|
|
1,570 |
|
|
|
Net cash provided
by (used in) acquisition of subsidiaries |
|
438 |
|
|
(281 |
) |
|
(99 |
) |
|
|
|
|
|
|
|
|
|
|
Net
cash used in investing activities |
|
(14,003 |
) |
|
(7,001 |
) |
|
(5,887 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities |
|
|
|
|
|
|
|
|
|
|
|
Issue of RBC Trust
II Capital Securities (RBC TruCS) |
|
– |
|
|
900 |
|
|
– |
|
|
|
Change in deposits |
|
11,814 |
|
|
14,790 |
|
|
8,085 |
|
|
|
Issue of subordinated
debentures |
|
3,100 |
|
|
– |
|
|
635 |
|
|
|
Repayment of subordinated
debentures |
|
(990 |
) |
|
(100 |
) |
|
(505) |
|
|
|
Redemption of preferred
shares for cancellation |
|
– |
|
|
(653 |
) |
|
(465) |
|
|
|
Issuance costs |
|
– |
|
|
(4 |
) |
|
(1) |
|
|
|
Issue of common shares |
|
119 |
|
|
183 |
|
|
168 |
|
|
|
Purchase of common
shares for cancellation |
|
(892 |
) |
|
(852 |
) |
|
(764) |
|
|
|
Net sales of treasury
stock |
|
10 |
|
|
– |
|
|
– |
|
|
|
Dividends paid |
|
(1,309 |
) |
|
(1,181 |
) |
|
(1,104 |
) |
|
|
Dividends/distributions
paid by subsidiaries to non-controlling interest |
|
(164 |
) |
|
(107 |
) |
|
(107 |
) |
|
|
Change in obligations
related to assets sold under repurchase agreements |
|
(2,030 |
) |
|
2,626 |
|
|
245 |
|
|
|
Change in obligations
related to securities sold short |
|
2,150 |
|
|
3,745 |
|
|
2,667 |
|
|
|
Change in short-term
borrowings of subsidiaries |
|
3,334 |
|
|
(2,374 |
) |
|
3,362 |
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by financing activities |
|
15,142 |
|
|
16,973 |
|
|
12,216 |
|
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash and due from banks |
|
(17 |
) |
|
(77 |
) |
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
Net
change in cash and due from banks |
|
1,871 |
|
|
353 |
|
|
742 |
|
|
Cash and due from
banks at beginning of year |
|
2,887 |
|
|
2,534 |
|
|
1,792 |
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks at end of year |
$ |
4,758 |
|
$ |
2,887 |
|
$ |
2,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
Amount of interest paid in year |
$ |
7,004 |
|
$ |
7,170 |
|
$ |
8,229 |
|
|
|
Amount of income taxes paid in
year |
$ |
2,522 |
|
$ |
1,723 |
|
$ |
738 |
|
|
|
|
|
|
|
|
|
|
|
|
