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Consolidated Statement of Income
<br />Por the year ended Ottober 31
<br />(S millions) 2005 1[104 1003 2002
<br />Interest income
<br />Loans S 10,053 $ 9,074 $ 9,945 8 10,708
<br />Securities 3,104 2,662 2,859 3,087
<br />Deposits with banks 646 441 442 573
<br /> 13,803 12,177 13,246 14,368
<br />Interest expense
<br />Deposits 5,755 4,790 5,222 5,519
<br />Subordinated debentures 134 112 139 203
<br />Capital instrument liabilities" 53 164 182 158
<br />Other 1,990 1,410 1,735 1,971
<br /> 7,932 6,476 7,278 7,851
<br />Net interest income°1 5,871 5,701 5,968 6,517
<br />Provision for credit losses 230 390 893 2,029
<br />Net interest income after provision for credit losses" 5,641 5,311 5,075 4,488
<br />Other income 4,529 4,320 4,015 3,942
<br />Net interest and other incomeQ1 10,170 9,631 9,090 8,430
<br />Non-interest expenses
<br />Salaries and employee benefits 3,488 3,452 3,361 3,344
<br />Other"' 2,555 2,410 2,370 2,630
<br />Restructuring provisions following acquisitions - - -
<br /> 6,043 5,862 5,731 5,974
<br />Income before the undernotedQ1 4,127 3,769 3,359 2,456
<br />Provision for income taxesQ1 847 786 777 594
<br />Non-controlling interest in net income of subsidiaries" 71 75 160 154
<br />Net income"' f 3,209 S 2,908 $ 2,422 $ 1,708
<br />Preferred dividends paid and otheN' 25 16 16 16
<br />Net income available to common shareholders S 3,184 S 2,892 $ 2,406 $ 1,692
<br />Average number of common shares outstanding (millionsy°:
<br />Basic 998 1,010 1,010 1,009
<br />Diluted 1,012 1,026 1,026 1,026
<br />Earnings per common share (in dollars)u':
<br />Basic S 3.19 $ 2.87 S 2.38 S 1.68
<br />Diluted S 3.15 $ 2.82 S 2.34 S 1.65
<br />Dividends per common share (in dollars)u' f 1.32 S 1.10 S 0.84 f 0.73
<br />(1) These financial results were prepared in accordance with Canadian GAAP, including the accounting requirements of [he Superintendent of Financial Institutions, other than recoNing
<br />the increase in the general provision for cretlit losses as a tlirM charge to retained earnings in the fourth quarter of 1999, which was in accordance with the accounting requirements
<br />specified by the Superintendent under the Bank Att. 11atl the onetime increase in the general provision of 5660 before tax (5314 after-tax) been recoNed as a charge to the
<br />Consolidated Statement of Income, these finaMial results would have been az follows: provision for credit losses f 1,185, net income f 1, 745, basic earnings per share S 1.14 and
<br />tlilutetl earnings per share 51.13.
<br />(2) Comparative amounts have been retroattively restated for new CICA accounting requirements relating to the distinttion between equity and liability instruments.
<br />(3) Other non-interest expenses include (a) in 2003 and 20W, a lou on disposal of subsidiary operations of 531 aM 5237, respxtivey, (b) in 1997, a 526 writeoH of goodwill, and (c) in
<br />7994, a f 162 write off of goodwill.
<br />(4) Amounts have been retroattively adjusted to reflect the one-frnone stack dividend paid April 18, 2004, antl the Iwo-farone stock split on February /2. 1998.
<br />86 Scotia bank 2005 Annual Report
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