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SUPPLEMENTARY DATA
<br />Table 50
<br />Consolidated Statement of Income
<br />For the year ended October 31
<br />($ millions) 2007 2006 2005 2004
<br />Interest income
<br />Loans $ 13,985 $ 11,575 $ 9,236 $ 8,480
<br />Securities 4,680 4,124 3,104 2,662
<br />Securities purchased under resale agreements 1,258 1,102 817 594
<br />Deposits with banks 1,112 881 646 441
<br /> 21,035 17,682 13,803 12,177
<br />Interest expense
<br />Deposits 10,850 8,589 5,755 4,790
<br />Subordinated debentures 116 130 134 112
<br />Capital instrument liabilities 53 53 53 164
<br />Other 2,918 2,502 1,990 1,410
<br /> 13,937 11,274 7,932 6,476
<br />Net interest income 7,098 6,408 5,871 5,701
<br />Provision for credit losses 270 216 230 390
<br />Net interest income after provision for credit losses 6,828 6,192 5,641 5,311
<br />Other income 5,392 4,800 4,529 4,320
<br />Net interest and other income 12,220 10,992 10,170 9,631
<br />Non-interest expenses
<br />Salaries and employee benefits 3,983 3,768 3,488 3,452
<br />Othe&1 3,011 2,675 2,555 2,410
<br />Restructuring provisions following acquisitions - - - -
<br /> 6,994 6,443 6,043 5,862
<br />Income before the undernoted 5,226 4,549 4,127 3,769
<br />Provision for income taxes 1,063 872 847 786
<br />Non-controlling interest in net income of subsidiaries 118 98 71 75
<br />Net income $ 4,045 S 3,579 $ 3,209 $ 2,908
<br />Preferred dividends paid and other 51 30 25 16
<br />Net income available to common shareholders $ 3,994 $ 3,549 $ 3,184 $ 2,892
<br />Average number of common shares outstanding (millions):
<br />Basic 989 988 998 1,010
<br />Diluted 997 1,001 1,012 1,026
<br />Earnings per common share (in dollars):
<br />Basic $ 4.04 $ 3.59 $ 3.19 $ 2.87
<br />Diluted $ 4.01 $ 3.55 $ 3.15 $ 2.82
<br />Dividends per common share (in dollars) $ 1.74 $ 1.50 $ 1.32 $ 1.10
<br />(1) These financial results were prepared in accordance with Canadian GAAP, including the accounting requirements of the Superintendent of Financial Institutions, other than recording
<br /> the increase in the general provision for
<br />credit losses as a direct charge to retained earnings in the fourth quarter of 1999, which was in accordance with the accounting requirements specified by the Superintendent under the
<br /> Bank Act. Had the one-time increase
<br />in the general provision of $550 before tax ($314 after-tax) been recorded as a charge to the Consolidated Statement of Income, these financial results would have been as follows: provision
<br /> for credit losses $1,185, net
<br />income $1,145, basic earnings per share $1.14 and diluted earnings per share $1.13.
<br />(2) Other non-interest expenses include (a) in 2003 and 2002, a loss on disposal of subsidiary operations of $31 and $237, respectively, and (b) in 1997, a $26 writeoff of goodwill.
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<br />86 2007 SCOTIABANK ANNUAL REPORT
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