Consolidated Financial Statements

Consolidated Statement of
Comprehensive Income

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For the Year Ended October 31 (Canadian $ in millions) 2010   2009   2008
Net income $ 2,810 $ 1,787 $ 1,978
Other Comprehensive Income            
Net change in unrealized gains (losses) on
available-for-sale securities
  35   554   (109)
Net change in unrealized gains (losses) on
cash flow hedges
  48   (244)   424
Net gain (loss) on translation of
net foreign operations
  (242)   (458)   967

Total Comprehensive Income

$ 2,651 $ 1,639 $ 3,260

Consolidated Statement of Changes
in Shareholders’ Equity

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For the Year Ended October 31 (Canadian $ in millions, except as noted) 2010   2009   2008

The accompanying notes are an integral part of these consolidated financial statements.

Preferred Shares

 (Note 20 PDF)
         
Balance at beginning of year $ 2,571 $ 1,746 $ 1,196
Issued during the year     825   550
Balance at End of Year   2,571   2,571   1,746

Common Shares

(Note 20 PDF)
           
Balance at beginning of year   6,198    4,773   4,411
Issued during the year     1,000  
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 20 PDF)   537   338   122
Issued under the Stock Option Plan (Note 20 PDF)   192   87   60
Issued on the acquisition of a business       180
Balance at End of Year   6,927   6,198   4,773

Treasury Shares

(Note 20 PDF)
      (65)

Contributed Surplus

           
Balance at beginning of year   79   69   58
Stock option expense/exercised (Note 22 PDF)   13   8   11
Premium on treasury shares     2  
Balance at End of Year   92   79   69

Retained Earnings

           
Balance at beginning of year   11,748   11,632   11,166
Net income   2,810   1,787   1,978
Dividends            
– Preferred shares (Note 20 PDF)   (136)   (120)   (73)
– Common shares (Note 20 PDF)   (1,571)   (1,530)   (1,410)
Share issue expense   (3)   (32)   (10)
Treasury shares     11   (19)
Balance at End of Year   12,848   11,748   11,632

Accumulated Other Comprehensive Income (Loss) on Available-for-Sale Securities

           
Balance at beginning of year   480   (74)   35
Unrealized gains (losses) on available-for-sale securities arising during the year (net of income tax (provision) recovery of $(21), $(253) and $137)   108   491   (280)
Reclassification to earnings of (gains) losses in the year (net of income tax (provision) recovery of $25, $(26) and $(84))   (73)   63   171
Balance at End of Year   515   480   (74)

Accumulated Other Comprehensive Income on Cash Flow Hedges

           
Balance at beginning of year   14   258   (166)
Gains (losses) on cash flow hedges arising during the year (net of income tax (provision) recovery of $(69), $64 and $(173))   154   (153)   363
Reclassification to earnings of (gains) losses on cash flow hedges (net of income tax (provision) recovery of $48, $44 and $(31))   (106)   (91)   61
Balance at End of Year   62   14   258

Accumulated Other Comprehensive Loss on Translation of Net Foreign Operations

           
Balance at beginning of year   (893)   (435)   (1,402)
Unrealized gain (loss) on translation of net foreign operations   (725)   (1,331)   2,726
Impact of hedging unrealized gain (loss) on translation of net foreign operations (net of income tax (provision) recovery of $(206), $(382) and $881)   483   873   (1,759)
Balance at End of Year   (1,135)   (893)   (435)
Total Accumulated Other Comprehensive Loss   (558)   (399)   (251)

Total Shareholders’ Equity

$ 21,880 $ 20,197 $ 17,904

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