> CONSOLIDATED FINANCIAL STATEMENTS
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<br />Cortsolidated Balance Sheet
<br />Ps n Ocmber 31 (f millmns) I Zed 1 21103
<br />Assets
<br />Cash resources
<br />Cash and non-interest-bearing deposits with banks f 1,921 4 7,373
<br />Interest-bearing deposits with banks 12,932 17,117
<br />Precwus metals 2,302 2,097
<br /> 17,155 ~ 20,581
<br />5ewrities (Note 3)
<br />Investment 15,717 20,293
<br />Trading 43,056 42,899
<br /> 58, 773 ~ 63,192
<br />Loans (Note 4)
<br />Residential mortgages 69,018 61,646
<br />Personal and credit cards 30,182 26,277
<br />Business and governments 57,384 64,313
<br />Securities purchased under resale agreements 77,880 22,648
<br /> 174,464 174,884
<br />Albwance for credit losses Mote 5 b)) 2,696 3,217
<br /> 177,768 ~ 171,667
<br />lnher
<br />Customers' liability under acceptances
<br />7,086
<br />6,817
<br />Trading derivatives' market valuation (Note 22 d)) 14,198 75,308
<br />land, buildings and equipment (Note 6) 7,872 1,944
<br />Goodwill (Note 7) 261 270
<br />Other intangible asxts (Note 7) 240 284
<br />Other assets (Note 8) 7,859 5,835
<br />Liabilities and shareholders' equity
<br />Deposits (Note 9)
<br />Personal
<br />Business and governments
<br />Banks
<br />Other
<br />f 79,020 S 76,431
<br />94,125 93,541
<br />Acceptances 7,086 6,811
<br />Obligatons related to securities sold under repurchase agreements 19,428 28,686
<br />Obligations related to securities soltl short 7,585 9,219
<br />Trading derivatives' market valuation (Note 22 d)) 14,054 14,758
<br />Other liabilities (Note 70) 15,733 14,745
<br />Non-controlling interest in subsidiaries (Note 71) 2,280 2,326
<br />Subordinated debentures (Note 12)
<br />Shareholders' equity
<br />Capital stock (Note 13)
<br />Preferred shares 550 800
<br />Common shares and contributed surplus 3,229 3,741
<br />Retained earnings 13,239 71,747
<br />Cumulative foreign currency translation (1,783) (7,074
<br /> 75.235 14.614
<br />Arthur R.A. Scare Rick Waugh
<br />Chairman of the Board President and Chief Executive Officer
<br />7/re accanpanying notes are an intEgrdl part of Mere mnmddated finance/ statements
<br />2004 Scotiabank Annual Report 85
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