|
 |
 |
|
 |
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF INCOME |
|
|
 |
|
For the year ended
October 31 (C$ millions) |
|
2004 |
|
|
2003 |
|
|
2002 |
|
 |
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
9,660 |
|
$ |
10,063 |
|
$ |
10,426 |
|
|
|
Securities |
|
3,457 |
|
|
3,025 |
|
|
3,175 |
|
|
|
Assets purchased under reverse
repurchase agreements |
|
531 |
|
|
806 |
|
|
688 |
|
|
|
Deposits with banks |
|
128 |
|
|
113 |
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
13,776 |
|
|
14,007 |
|
|
14,449 |
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
5,142 |
|
|
5,452 |
|
|
5,709 |
|
|
|
Other liabilities |
|
1,512 |
|
|
1,583 |
|
|
1,399 |
|
|
|
Subordinated debentures |
|
429 |
|
|
376 |
|
|
406 |
|
|
|
|
|
|
|
|
|
|
|
7,083 |
|
|
7,411 |
|
|
7,514 |
|
|
|
|
|
|
|
|
Net
interest income |
|
6,693 |
|
|
6,596 |
|
|
6,935 |
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
Insurance premiums, investment
and fee income |
|
2,870 |
|
|
2,356 |
|
|
2,043 |
|
|
|
Trading revenues |
|
1,526 |
|
|
1,922 |
|
|
1,690 |
|
|
|
Investment management and custodial
fees |
|
1,198 |
|
|
1,143 |
|
|
1,177 |
|
|
|
Securities brokerage commissions |
|
1,166 |
|
|
1,031 |
|
|
1,187 |
|
|
|
Deposit and payment service
charges |
|
1,050 |
|
|
1,078 |
|
|
1,041 |
|
|
|
Underwriting and other advisory
fees |
|
909 |
|
|
813 |
|
|
755 |
|
|
|
Mutual fund revenues |
|
850 |
|
|
673 |
|
|
723 |
|
|
|
Card service revenues |
|
555 |
|
|
518 |
|
|
496 |
|
|
|
Foreign exchange revenues,
other than trading |
|
331 |
|
|
279 |
|
|
276 |
|
|
|
Credit fees |
|
224 |
|
|
227 |
|
|
223 |
|
|
|
Securitization revenues |
|
200 |
|
|
165 |
|
|
174 |
|
|
|
Mortgage banking revenues |
|
59 |
|
|
198 |
|
|
222 |
|
|
|
Gain (loss) on sale of investment
account securities |
|
23 |
|
|
31 |
|
|
(111 |
) |
|
|
Other |
|
467 |
|
|
388 |
|
|
424 |
|
|
|
|
|
|
|
|
|
|
|
11,428 |
|
|
10,822 |
|
|
10,320 |
|
|
|
|
|
|
|
|
Total
revenues |
|
18,121 |
|
|
17,418 |
|
|
17,255 |
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
346 |
|
|
721 |
|
|
1,065 |
|
|
|
|
|
|
|
|
Insurance
policyholder benefits, claims and acquisition expense |
|
2,124 |
|
|
1,696 |
|
|
1,535 |
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
Human resources |
|
6,854 |
|
|
6,448 |
|
|
6,315 |
|
|
|
Occupancy |
|
784 |
|
|
739 |
|
|
759 |
|
|
|
Equipment |
|
934 |
|
|
901 |
|
|
893 |
|
|
|
Communications |
|
701 |
|
|
732 |
|
|
768 |
|
|
|
Professional fees |
|
493 |
|
|
460 |
|
|
416 |
|
|
|
Outsourced item processing |
|
294 |
|
|
292 |
|
|
306 |
|
|
|
Amortization of other intangibles |
|
69 |
|
|
71 |
|
|
72 |
|
|
|
Other |
|
980 |
|
|
766 |
|
|
891 |
|
|
|
|
|
|
|
|
|
|
|
11,109 |
|
|
10,409 |
|
|
10,420 |
|
|
|
|
|
|
|
|
Business
realignment charges |
|
192 |
|
|
– |
|
|
– |
|
|
|
|
|
|
|
|
Goodwill
impairment |
|
130 |
|
|
– |
|
|
– |
|
|
|
|
|
|
|
|
Net
income before income taxes |
|
4,220 |
|
|
4,592 |
|
|
4,235 |
|
| |
Income taxes |
|
1,232 |
|
|
1,460 |
|
|
1,365 |
|
|
|
|
|
|
|
|
Net
income before non-controlling interest |
|
2,988 |
|
|
3,132 |
|
|
2,870 |
|
| |
Non-controlling interest
in net income of subsidiaries |
|
171 |
|
|
127 |
|
|
108 |
|
|
|
|
|
|
|
|
Net income |
$ |
2,817 |
|
$ |
3,005 |
|
$ |
2,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Preferred share dividends |
|
45 |
|
|
68 |
|
|
98 |
|
|
|
|
|
|
|
|
Net income available
to common shareholders |
$ |
2,772 |
|
$ |
2,937 |
|
$ |
2,664 |
|
|
|
|
|
|
|
|
Average
number of common shares (in thousands) |
|
646,732 |
|
|
662,080 |
|
|
672,571 |
|
| |
Earnings per share (in
dollars) |
$ |
4.29 |
|
$ |
4.44 |
|
$ |
3.96 |
|
| |
Average number
of diluted common shares (in
thousands) |
|
655,508 |
|
|
669,016 |
|
|
678,120 |
|
| |
Diluted earnings per
share (in dollars) |
$ |
4.23 |
|
$ |
4.39 |
|
$ |
3.93 |
|
|
|
|
|
|
|
|
Dividends
per share (in dollars) |
$ |
2.02 |
|
$ |
1.72 |
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
