|
 |
 |
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH
FLOWS |
|
 |
|
For the year ended
October 31 (C$ millions) |
|
2004 |
|
|
2003 |
|
|
2002 |
|
 |
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,839 |
|
$ |
3,036 |
|
$ |
2,898 |
|
|
|
Adjustments to determine net cash
provided by (used in)
operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses |
|
347 |
|
|
715 |
|
|
1,065 |
|
|
|
|
Depreciation |
|
384 |
|
|
380 |
|
|
388 |
|
|
|
|
Business realignment
charges |
|
192 |
|
|
– |
|
|
– |
|
|
|
|
Deferred income taxes |
|
187 |
|
|
120 |
|
|
45 |
|
|
|
|
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 |
) |
|
(18 |
) |
|
(35 |
) |
|
|
|
Gain on loan securitizations |
|
(34 |
) |
|
(34 |
) |
|
(54 |
) |
|
|
|
Loss on investment
in certain associated companies |
|
24 |
|
|
29 |
|
|
– |
|
|
|
|
(Gain) loss on sale
of available for sale securities |
|
(82 |
) |
|
(19 |
) |
|
112 |
|
|
|
|
Changes in operating assets and
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance claims and policy benefit
liabilities |
|
(1,484 |
) |
|
1,498 |
|
|
866 |
|
|
|
|
|
Net change in accrued interest
receivable and payable |
|
(199 |
) |
|
123 |
|
|
(166 |
) |
|
|
|
|
Current income taxes |
|
(895 |
) |
|
672 |
|
|
419 |
|
|
|
|
|
Derivative-related assets |
|
(3,457 |
) |
|
(5,390 |
) |
|
(2,608 |
) |
|
|
|
|
Derivative-related liabilities |
|
4,438 |
|
|
5,690 |
|
|
3,289 |
|
|
|
|
|
Trading account securities |
|
(1,651 |
) |
|
(9,988 |
) |
|
(11,017 |
) |
|
|
|
|
Reinsurance recoverables |
|
1,620 |
|
|
(1,375 |
) |
|
(872 |
) |
|
|
|
|
Net change in brokers and dealers
receivable and payable |
|
(2,001 |
) |
|
272 |
|
|
704 |
|
|
|
|
|
Other |
|
557 |
|
|
(5,439 |
) |
|
1,003 |
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by (used in) operating activities |
|
957 |
|
|
(9,657 |
) |
|
(3,891 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
|
|
Change in interest-bearing
deposits with banks |
|
(2,722 |
) |
|
1,003 |
|
|
338 |
|
|
|
Change in loans, net
of loan securitizations |
|
(19,887 |
) |
|
(6,509 |
) |
|
(4,891 |
) |
|
|
Proceeds from loan
securitizations |
|
3,532 |
|
|
1,742 |
|
|
1,691 |
|
|
|
Proceeds from sale
of available for sale securities |
|
18,456 |
|
|
19,575 |
|
|
16,741 |
|
|
|
Proceeds from maturity
of available for sale securities |
|
38,093 |
|
|
26,993 |
|
|
12,317 |
|
|
|
Purchases of available
for sale securities |
|
(51,328) |
|
|
(49,734 |
) |
|
(33,450 |
) |
|
|
Net acquisitions of
premises and equipment |
|
(422) |
|
|
(398 |
) |
|
(390 |
) |
|
|
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 |
|
(12,413 |
) |
|
(6,813 |
) |
|
(6,173 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
|
|
Change in deposits – Canada |
|
14,927 |
|
|
11,564 |
|
|
2,402 |
|
|
|
Change in deposits – International |
|
(3,870 |
) |
|
3,045 |
|
|
4,997 |
|
|
|
Issue of subordinated
debentures |
|
3,100 |
|
|
– |
|
|
635 |
|
|
|
Repayment of subordinated
debentures |
|
(990 |
) |
|
(100 |
) |
|
(505 |
) |
|
|
Redemption of preferred
shares for cancellation |
|
– |
|
|
(642 |
) |
|
(461 |
) |
|
|
Issuance costs |
|
– |
|
|
(15 |
) |
|
(5 |
) |
|
|
Issue of common shares |
|
119 |
|
|
183 |
|
|
168 |
|
|
|
Purchase of common
shares for cancellation |
|
(892 |
) |
|
(852 |
) |
|
(764 |
) |
|
|
Net purchases of treasury
stock |
|
(2 |
) |
|
– |
|
|
– |
|
|
|
Dividends paid |
|
(1,309 |
) |
|
(1,181 |
) |
|
(1,104 |
) |
|
|
Dividends/distributions
paid by subsidiaries to non-controlling interest |
|
(115 |
) |
|
(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 |
|
1,072 |
|
|
4,753 |
|
|
1,953 |
|
|
|
Change in short-term
borrowings of subsidiaries |
|
3,344 |
|
|
(2,374 |
) |
|
3,362 |
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by financing activities |
|
13,344 |
|
|
16,900 |
|
|
10,816 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
