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CONSOLIDATED FINANCIAL STATEMENTS
<br />Consolidated Statement of Income
<br />For the year ended October 31 (f millions) 2007^~ 2006 2005
<br />Interest income
<br />Loans S 13,985 $ 11,575 $ 9,236
<br />Securities 4,680 4,124 3,104
<br />Securities purchased under resale agreements 1,258 1,102 817
<br />Deposits with banks 1,112 881 646
<br /> 21,035 17,682 13,803
<br />Interest expense
<br />Deposits
<br />Subordinated debentures
<br />Capital instrument liabilities
<br />Other
<br />Net interest income
<br />Provision for credit losses (Note 5 (b))
<br />Net interest income after provision for credit losses
<br />Other income
<br />Card revenues
<br />Deposit and payment services
<br />Mutual funds
<br />Investment management, brokerage and trust services
<br />Credit fees
<br />Trading revenues
<br />Investment banking
<br />Net gain on securities, other than trading (Note 3 (c))
<br />Other
<br />Net interest and other income
<br />Non-interest expenses
<br />Salaries and employee benefits"'
<br />Premises and technology
<br />Communications
<br />Advertising and business development
<br />Professional
<br />Business and capital taxes
<br />Other
<br />Income before the undernoted
<br />Provision for income taxes (Note 17)
<br />Non-controlling interest in net income of subsidiaries
<br />Net income
<br />Preferred dividends paid
<br />Net income available to common shareholders
<br />Average number of common shares outstanding (millions)(Note 19):
<br />Basic
<br />Diluted
<br />Earnings per common share (in dollars)13j(Note 19):
<br />Basic
<br />Diluted
<br />Dividends per common share (in dollars)
<br />Certain comparative amounts have been reclassified to conform with current period presentation.
<br />10,850 8,589 5,755
<br />116 130 134
<br />53 53 53
<br />2,918 2,502 1,990
<br />13,937 11,274 7,932
<br />7,098 6,408 5,871
<br />270 216 230
<br />6,828 6,192 5,641
<br />366 307 251
<br />817 766 701
<br />296 241 193
<br />760 666 600
<br />530 530 542
<br />450 637 594
<br />737 659 680
<br />488 371 414
<br />948 623 554
<br />5,392 4,800 4,529
<br />12,220 10,992 10,170
<br />3,983 3,768 3,488
<br />1,353 1,214 1,148
<br />300 276 255
<br />311 232 232
<br />227 174 186
<br />143 133 147
<br />677 646 587
<br />6,994 6,443 6,043
<br />5,226 4,549 4,127
<br />1,063 872 847
<br />118 98 71
<br />S 4,045 $ 3,579 $ 3,209
<br />51 30 25
<br />S 3,994 $ 3,549 $ 3,184
<br />989 988 998
<br />997 1,001 1,012
<br />S 4.04 $ 3.59 $ 3.19
<br />S 4.01 $ 3.55 $ 3.15
<br />S 1.74 $ 1.50 $ 1.32
<br />(1) Refer to Note 1 for impact of adopting new accounting policies as a result of new accounting standards related to financial instruments.
<br />(2) Refer to Note 1 for impact of adopting a new accounting policy in 2006 as a result of a new accounting standard related to stock-based compensation for employees
<br />eligible to retire before the vesting date.
<br />(3) The calculation of earnings per share is based on full dollar and share amounts.
<br />The accompanying notes are an integral part of these consolidated financial statements.
<br />2007 SCOTIABANK ANNUAL REPORT 97
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