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CONSOLIDATED FINANCIAL STATEMENTS
<br />Consolidated Statement of Income
<br />for the ar entled October 31 (3 millions 2006 2005 2004
<br />Interest income
<br />Loans S 12,677 S 10,053 S 9,074
<br />Securities 4,124 3,104 2,662
<br />Deposits with banks 881 646 441
<br /> 17,682 13,803 12,177
<br />Interest expense
<br />Deposits 8,589 5,755 4,790
<br />Subordinated debentures 130 134 112
<br />Capital instrument liabilities 53 53 164
<br />Other 2,502 1,990 1,410
<br /> 11,274 7,932 6,476
<br />Net interest income 6,408 5,871 5,701
<br />Provision for credit losses (Note 5 (b)) 216 230 390
<br />Net interest income after provision for credit losses 6,192 5,641 5,311
<br />Other income
<br />Card revenues 307 251 231
<br />Deposit and payment services 766 701 646
<br />Mutual funds 241 193 171
<br />Investment management, brokerage and trust services 666 600 504
<br />Credit fees 530 542 583
<br />Trading revenues 637 594 476
<br />Investment banking 659 680 648
<br />Net gain on investment securities (Note 3 (c)) 371 414 477
<br />Securitiution revenues 43 79 111
<br />Other 580 475 473
<br /> 4,800 4,529 4,320
<br />Net interest and other income 10,992 10,170 9,631
<br />Non-interest expenses
<br />Salaries and employee benefits" 3,768 3,488 3,452
<br />Premises and technology 1,214 1,146 1,139
<br />Communications 276 255 248
<br />Advertising and business development 232 232 210
<br />Professional 174 186 163
<br />Business and capital taxes 133 147 142
<br />Other 646 587 508
<br /> 6,443 6,043 5,862
<br />Income before the undernoted 4,549 4,127 3,769
<br />Provision for income taxes (Note 16) 872 847 786
<br />Non-controlling interest in net income of subsidiaries 98 71 75
<br />Net income f 3,579 S 3,209 S 2,908
<br />Preferretl dividends paid 30 25 16
<br />Net income available to common shareholders S 3,549 S 3,184 S 2,892
<br />Average number of common shares outstanding (millions)(NOte 18)
<br />Basic
<br />Diluted 988
<br />1,001 998
<br />1,012 1,010
<br />1,026
<br />Earnings per common share (in dollars)n'(NOte 18):
<br />Basic S 3.59 f 3.19 S 2.87
<br />Diluted S 3.55 4 3.15 S 2.82
<br />Dividends per common share (in dollars) f 1.50 S 1.32 S 1.10
<br />(1) Refer to Note 1 for impact of aOOpOng a new accounting poliq reWtetl to stack-based compensation for employees eligible to retire before the vesting date.
<br />(2) The calculation of earnings per Share is based on full dollar and share amounts.
<br />The accompanprg notes are an integral part o/ these consolMa[ed financial statements.
<br />2006 iC O71ABANK ANNUAL REPORT 91
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