Consolidated Financial Statements

Consolidated Statement of Income

For the Year Ended October 31 (Canadian $ in millions, except as noted) 2018   2017   2016

(1) Includes interest income on securities measured at fair value through other comprehensive income and amortized cost, calculated using the effective interest rate method, of $1,284 million for the year ended October 31, 2018.

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 $ 16,275 $ 13,564 $ 12,575
Securities (Note 3 PDF) (1)   2,535   1,801   1,590
Deposits with banks   641   324   223
    19,451   15,689   14,388

Interest Expense

           
Deposits   6,080   3,894   3,036
Subordinated debt   226   155   170
Other liabilities   2,832   1,633   1,310
    9,138   5,682   4,516

Net Interest Income

  10,313   10,007   9,872

Non-Interest Revenue

           
Securities commissions and fees   1,029   969   924
Deposit and payment service charges   1,144   1,123   1,076
Trading revenues   1,830   1,352   1,192
Lending fees   997   917   859
Card fees   564   479   526
Investment management and custodial fees   1,742   1,622   1,556
Mutual fund revenues   1,473   1,411   1,364
Underwriting and advisory fees   936   1,036   820
Securities gains, other than trading (Note 3 PDF)   239   171   84
Foreign exchange gains, other than trading   182   191   162
Insurance revenue   1,879   2,070   2,023
Investments in associates and joint ventures   167   386   140
Other   542   526   489
    12,724   12,253   11,215

Total Revenue

  23,037   22,260   21,087

Provision for Credit Losses (Notes 1 and 4 PDFs)

  662   746   771

Insurance Claims, Commissions and Changes in Policy Benefit Liabilities (Note 14 PDF)

  1,352   1,538   1,543

Non-Interest Expense

           
Employee compensation (Notes 20 and 21 PDFs)   7,459   7,467   7,382
Premises and equipment (Note 9 PDF)   2,753   2,491   2,393
Amortization of intangible assets (Note 11 PDF)   503   485   444
Travel and business development   673   693   646
Communications   282   286   294
Professional fees   564   563   523
Other   1,379   1,345   1,359
    13,613   13,330   13,041

Income Before Provision for Income Taxes

  7,410   6,646   5,732
Provision for income taxes (Note 22 PDF)   1,960   1,296   1,101

Net Income

$ 5,450 $ 5,350 $ 4,631
Attributable to:            
Bank shareholders   5,450   5,348   4,622
Non-controlling interest in subsidiaries     2   9

Net Income

$ 5,450 $ 5,350 $ 4,631

Earnings Per Share (Canadian $) (Note 23 PDF)

           
Basic $ 8.19 $ 7.95 $ 6.94
Diluted   8.17   7.92   6.92
Dividends per common share   3.78   3.56   3.40
Signature: Darryl White

Darryl White
Chief Executive Officer

Signature: Jan Babiak

Jan Babiak
Chair, Audit and Conduct Review Committee