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CONSOLIDATED FINANCIAL STATEMENTS
<br />Consolidated Balance Sheet
<br />As at October 31 (f millions) 2007 2006
<br />Assets
<br />Cash resources
<br />Cash and non-interest-bearing deposits with banks S 2,138 $ 2,280
<br />Interest-bearing deposits with banks 23,011 17,734
<br />Precious metals 4,046 3,362
<br /> 29,195 23,376
<br />Securities (Note 3)
<br />Trading 59,685 62,490
<br />Available-for-sale 28,426 -
<br />Investment - 32,870
<br />Equity accounted investments 724 142
<br /> 88,835 95,502
<br />Securities purchased under resale agreements 22,542 25,705
<br />Loans (Note 4)
<br />Residential mortgages 102,154 89,590
<br />Personal and credit cards 41,734 39,058
<br />Business and government 85,500 76,733
<br /> 229,388 205,381
<br />Allowance for credit losses (Note 5 (b)) 2,241 2,607
<br /> 227,147 202,774
<br />Other
<br />Customers' liability under acceptances 11,538 9,555
<br />Derivative instruments (Note 25 (d)) 21,960 12,098
<br />Land, buildings and equipment (Note 7) 2,271 2,256
<br />Goodwill (Note 8) 1,134 873
<br />Other intangible assets (Note 8) 273 294
<br />Other assets (Note 9) 6,615 6,573
<br /> 43,791 31,649
<br /> S 411,510 $ 379,006
<br />Liabilities and shareholders' equity
<br />Deposits (Note 10)
<br />Personal S 100,823 $ 93,450
<br />Business and government 161,229 141,072
<br />Banks 26,406 29,392
<br /> 288,458 263,914
<br />Other
<br />Acceptances 11,538 9,555
<br />Obligations related to securities sold under repurchase agreements 28,137 33,470
<br />Obligations related to securities sold short 16,039 13,396
<br />Derivative instruments (Note 25 (d)) 24,689 12,869
<br />Other liabilities (Note 11) 21,138 24,799
<br />Non-controlling interest in subsidiaries 497 435
<br /> 102,038 94,524
<br />Subordinated debentures (Note 12) 1,710 2,271
<br />Capital instrument liabilities (Note 13) 500 750
<br />Shareholders' equity
<br />Capital stock (Note 14)
<br />Preferred shares 1,635 600
<br />Common shares and contributed surplus 3,566 3,425
<br />Retained earnings 17,460 15,843
<br />Accumulated other comprehensive income (loss) (Notes 1 and 15) (3,857) (2,321)
<br /> 18,804 17, 547
<br /> S 411,510 $ 379,006
<br />Arthur R.A. Scace
<br />Chairman of the Board
<br />Rick Waugh
<br />President and Chief Executive Officer
<br />Certain comparative amounts have been reclassified to conform with current period presentation.
<br />The accompanying notes are an integral part of these consolidated financial statements.
<br />96 2007 SCOTIABANK ANNUAL REPORT
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