|
 |
 |
|
 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF INCOME |
|
|
 |
|
For the year ended
October 31 (C$ millions) |
|
2004 |
|
|
2003 |
|
|
2002 |
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
9,819 |
|
$ |
10,039 |
|
$ |
10,367 |
|
|
|
Trading account securities |
|
2,603 |
|
|
2,049 |
|
|
2,115 |
|
|
|
Available for sale securities |
|
854 |
|
|
976 |
|
|
1,060 |
|
|
|
Assets purchased under reverse
repurchase agreements |
|
531 |
|
|
806 |
|
|
688 |
|
|
|
Deposits with banks |
|
142 |
|
|
111 |
|
|
159 |
|
|
|
|
|
|
|
|
|
|
|
|
13,949 |
|
|
13,981 |
|
|
14,389 |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
5,210 |
|
|
5,467 |
|
|
5,709 |
|
|
|
Other liabilities |
|
1,626 |
|
|
1,560 |
|
|
1,405 |
|
|
|
Subordinated debentures |
|
429 |
|
|
376 |
|
|
406 |
|
|
|
|
|
|
|
|
|
|
|
|
7,265 |
|
|
7,403 |
|
|
7,520 |
|
|
|
|
|
|
|
|
|
Net
interest income |
|
6,684 |
|
|
6,578 |
|
|
6,869 |
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
Insurance premiums, investment
and fee income |
|
2,267 |
|
|
2,045 |
|
|
1,910 |
|
|
|
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 |
|
|
|
Foreign exchange revenues, other
than trading |
|
331 |
|
|
279 |
|
|
274 |
|
|
|
Card service revenues |
|
324 |
|
|
303 |
|
|
285 |
|
|
|
Credit fees |
|
224 |
|
|
227 |
|
|
223 |
|
|
|
Securitization revenues |
|
196 |
|
|
165 |
|
|
172 |
|
|
|
Gain (loss) on sale of available
for sale securities |
|
82 |
|
|
19 |
|
|
(112 |
) |
|
|
Mortgage banking revenues |
|
51 |
|
|
180 |
|
|
240 |
|
|
|
Other |
|
492 |
|
|
491 |
|
|
626 |
|
|
|
|
|
|
|
|
|
|
|
|
10,666 |
|
|
10,369 |
|
|
10,191 |
|
|
|
|
|
|
|
|
|
Total
revenues |
|
17,350 |
|
|
16,947 |
|
|
17,060 |
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
347 |
|
|
715 |
|
|
1,065 |
|
|
|
|
|
|
|
|
|
Insurance
policyholder benefits, claims and acquisition expense |
|
1,509 |
|
|
1,404 |
|
|
1,330 |
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
Human resources |
|
6,816 |
|
|
6,397 |
|
|
6,263 |
|
|
|
Occupancy |
|
776 |
|
|
731 |
|
|
751 |
|
|
|
Equipment |
|
875 |
|
|
833 |
|
|
825 |
|
|
|
Communications |
|
689 |
|
|
719 |
|
|
757 |
|
|
|
Professional fees |
|
493 |
|
|
460 |
|
|
416 |
|
|
|
Outsourced item processing |
|
294 |
|
|
292 |
|
|
306 |
|
|
|
Amortization of other intangibles |
|
69 |
|
|
71 |
|
|
72 |
|
|
|
Other |
|
1,008 |
|
|
733 |
|
|
854 |
|
|
|
|
|
|
|
|
|
|
|
|
11,020 |
|
|
10,236 |
|
|
10,244 |
|
|
|
|
|
|
|
|
|
Business
realignment charges |
|
192 |
|
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
Goodwill
impairment |
|
130 |
|
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
Net
income before income taxes |
|
4,152 |
|
|
4,592 |
|
|
4,421 |
|
|
Income taxes |
|
1,194 |
|
|
1,443 |
|
|
1,415 |
|
|
|
|
|
|
|
|
|
Net
income before non-controlling interest |
|
2,958 |
|
|
3,149 |
|
|
3,006 |
|
|
Non-controlling interest
in net income of subsidiaries |
|
119 |
|
|
113 |
|
|
108 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,839 |
|
$ |
3,036 |
|
$ |
2,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred share dividends |
|
45 |
|
|
68 |
|
|
98 |
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders |
$ |
2,794 |
|
$ |
2,968 |
|
$ |
2,800 |
|
|
|
|
|
|
|
|
|
Average
number of common shares (in thousands) |
|
646,023 |
|
|
662,080 |
|
|
672,571 |
|
|
Earnings per share (in
dollars) (1) |
$ |
4.31 |
|
$ |
4.47 |
|
$ |
4.16 |
|
|
Average number of diluted
common shares (in thousands) |
|
656,047 |
|
|
669,625 |
|
|
679,153 |
|
|
Diluted earnings per share (in
dollars) (1) |
$ |
4.25 |
|
$ |
4.42 |
|
$ |
4.12 |
|
|
|
|
|
|
|
|
|
Dividends
per share (in dollars) |
$ |
2.02 |
|
$ |
1.72 |
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
(1) |
Restated comparatives as a result of EITF
03-6. See Note 1 on page 83. |
|
|
|
|
|
|
|
|
|
|
|
