Consolidated Financial Statements

Consolidated Statement of Income

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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.

Certain comparative figures have been reclassified to conform with the current year’s presentation.

Interest, Dividend and Fee Income

           
Loans $ 7,270 $ 7,960 $ 10,614
Securities (Note 3 PDF)   2,134   2,427   3,191
Deposits with banks   74   186   930
    9,478   10,573   14,735

Interest Expense

           
Deposits   2,362   4,041   7,341
Subordinated debt   119   135   222
Capital trust securities and preferred shares (Notes 18 and 20 PDFs)   71   80   91
Other liabilities   691   747   2,009
    3,243   5,003   9,663

Net Interest Income

  6,235   5,570   5,072
Provision for credit losses (Note 4 PDF)   1,049   1,603   1,330
Net Interest Income After Provision for Credit Losses   5,186   3,967   3,742

Non-Interest Revenue

           
Securities commissions and fees   1,048   973   1,105
Deposit and payment service charges   802   820   756
Trading revenues   504   723   546
Lending fees   572   556   429
Card fees   233   121   291
Investment management and custodial fees   355   344   339
Mutual fund revenues   550   467   589
Securitization revenues (Note 8 PDF)   678   929   513
Underwriting and advisory fees   445   397   353
Securities gains (losses), other than trading (Note 3 PDF)   150   (354)   (315)
Foreign exchange, other than trading   93   53   80
Insurance income   321   295   237
Other   224   170   210
    5,975   5,494   5,133
Net Interest Income and Non-Interest Revenue   11,161   9,461   8,875

Non-Interest Expense

           
Employee compensation (Notes 22 and 23 PDFs)   4,364   4,385   3,976
Premises and equipment (Note 11 PDF)   1,343   1,281   1,241
Amortization of intangible assets (Note 13 PDF)   203   203   183
Travel and business development   343   309   328
Communications   229   221   202
Business and capital taxes   52   44   42
Professional fees   372   362   384
Other   684   576   538
    7,590   7,381   6,894

Income Before Provision for (Recovery of) Income Taxes and Non-Controlling Interest in Subsidiaries

  3,571   2,080   1,981
Provision for (recovery of) income taxes (Note 24 PDF)   687   217   (71)
    2,884   1,863   2,052
Non-controlling interest in subsidiaries (Notes 16 and 18 PDFs)   74   76   74

Net Income

$ 2,810 $ 1,787 $ 1,978
Preferred share dividends (Note 20 PDF) $ 136 $ 120 $ 73
Net income available to common shareholders $ 2,674 $ 1,667 $ 1,905
Average common shares (in thousands)   559,822   540,294   502,062
Average diluted common shares (in thousands)   563,125   542,313   506,697

Earnings Per Share

 (Canadian $) (Note 25 PDF)
           
Basic $ 4.78 $ 3.09 $ 3.79
Diluted   4.75   3.08   3.76

Dividends Declared Per Common Share

  2.80   2.80   2.80

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