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> CONSOLIDATED FINANCIAL STATEMENTS
<br />I ~ Consolidated Statement of Income
<br />.,.Ae.g, d,n,n n,..u.e, ~, rc ..ar.,..,.r
<br />Interest income
<br />Loans f 9,074 f 9,945 f 10,708
<br />Securities 2,662 2,859 3,087
<br />Deposits with banks 441 442 573
<br /> 12,177 13,246 14,366
<br />Interest expense
<br />Depositr 4,790 5,222 5,519
<br />Subordinated debentures 172 139 203
<br />Other 1,410 1,735 1,971
<br /> 6,312) 7,096 7,693
<br />Net interest income 5,865 6,150 6,675
<br />Provision for credit losses (Note 5 b) and Note 23) 390 893 2,029
<br />Net interest income after provision for credit losses 5,475 5,257 4,646
<br />Other income
<br />Card revenues 231 204 280
<br />Deposit and payment services 646 593 556
<br />Mutual funds 171 161 174
<br />Investment management, brokerage and trust services 504 455 473
<br />Credit fees 583 684 671
<br />Trading revenues 476 501 439
<br />Investment banking 648 673 592
<br />Net gain on investment se[urities Mote 3) 477 159 179
<br />Secudtization revenues 111 140 162
<br />Other 473 445 416
<br />Net interest and other income 9,795 9,272 8,588
<br />• Non-interest ezpertses
<br />Salaries and employee benefits 3,452 3,361 3,344
<br />Premises and technology 1,139 1,756 1,183
<br />CommuriKations 248 251 281
<br />Advertising antl business dcvelopment 210 799 208
<br />Professional 163 141 136
<br />Business and capital taxes 142 144 168
<br />Other 508 446 417
<br />Loss on daposal of subsidiary operations (Note 23) - 3t 237
<br /> 5,862) 5,737 5,974
<br />Income before the undernoted 3,933 3,541 2,614
<br />Provision for income taxes (Note 15) 793 784 601
<br />Nontontrolling interert in net income of subsidiaries 209 280 216
<br />Nat income f 2,931 ~ f 2,477 f 1,797
<br />Preferred dividends paid and other 39 I 71 705
<br />Net income avaiWble to common shareholders S 2,892 S 2,406 f 1,692
<br />Average number of common shares outstanding (millionsY" (Note 17)
<br />Basic 1,010 1,010 1,009
<br />Diluted 1,026 f 1,026 1,026
<br />Earnings per common share (in dollars)01(Note 77):
<br />Basic f 2.87 S 2.38 f 1.68
<br />Diluted f 2.82 S 2.34 $ 7.65
<br />Dividends per common share (in dollarsy" S 1.10 f 0.84 $ 0.73
<br />
<br />(1) Amounts have treen retroacti+eF7 adjusted to reflect the stack drvfdend paid Apra 28. I0D0, of o~ common share for each iswed and outstanding com mon share.
<br />The stock dividend had the same effect as a tvx>-forora stock split.
<br />The accompanying rates are an integral part o1 these mreoGda[ed finance/ statemenes.
<br />•
<br />66 2004 Scotia bank Annual Report
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