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Consolidated Financial Statements
<br />Consolidated Statement of Changes in Shareholders' Equity
<br />For the year ended October 31 (S millions) 2008 2007 2006
<br />Preferred shares (Note 14)
<br />Balance at beginning of year $ 1,635 $ 600 $ 600
<br />Issued 1,225 1,035 -
<br />Balance at end of year 2,860 1,635 600
<br />Common shares (Note 14)
<br />Balance at beginning of year
<br />issued
<br />Purchased for cancellation
<br />Balance at end of year
<br />Retained earnings
<br />Balance at beginning of year
<br />Cumulative effect of adopting new accounting policies
<br />Net income
<br />Dividends: Preferred
<br />Common
<br />Purchase of shares
<br />Other
<br />Balance at end of year
<br />Accumulated other comprehensive income (loss)("
<br />Balance at beginning of year
<br />Cumulative effect of adopting new accounting policies
<br />Other comprehensive income (loss) (Note 16)
<br />Balance at end of year
<br />Total shareholders' equity at end of year
<br />Consolidated Statement of Comprehensive Income
<br />3,566 3,425 3,316
<br />266 184 135
<br />(3)
<br />
<br />.___
<br />. ......... (43) (26)
<br />...
<br />3,829 3,566 3,425
<br />17,460 15,843 14,126
<br />-
<br />---- (61)(1)
<br />------ .------- ---- ------ - - (25)(2)
<br />------- _.._...__... _
<br />_ ......_..__.___
<br />17,460 15,782 14,101
<br />3,140 4,045 3,579
<br />(107) (51) (30)
<br />(1,896) (1,720) (1,483)
<br />(37) (586) (324)
<br />(11)
<br />_._._.......__........_.._....... (10)
<br />... .....-------- ----- ....._..-.__. -
<br />...._...-._ .._..._.._._.
<br />18,549 17,460 15,843
<br />(3,857) (2,321) (1,961)
<br />- 683 -
<br />261 (2,219) (360)
<br />(3,596) (3,857) (2,321)
<br />$ 21,642 $ 18,804 $ 17,547
<br />For the year ended October 31 (S millions) 2008 2007 2006
<br />Comprehensive income
<br />Net income S 3,140 $
<br />_ _._....._......... ._ 4,045 $ 3,579
<br />Other comprehensive income (loss), net of income taxes (Note 16):
<br />Net change in unrealized foreign currency translation losses 2,368 (2,228) (360)
<br />Net change in unrealized gains (losses) on available-for-sale securities (1,588) (67) -
<br />Net change in gains (losses) on derivative instruments designated as cash flow hedges (519) 76 -
<br />Other comprehensive income (loss) 261 (2,219) (360)
<br />__-
<br />_
<br />,
<br />-
<br />__
<br />_
<br />Comprehensive income $ 3,401 $ 1,826 $ ,
<br />2
<br />1
<br />3
<br />9
<br />(1) Refer to Note 1 for impact of new accounting policies as a result of new accounting standards related to financial instruments.
<br />(2) Represents the cumulative effect of adopting a new accounting policy as a result of a new accounting standard related to stock-based compensation for employees eligible to
<br />retire before the vesting date [refer to Note 1, Stock-based compensation].
<br />The accompanying notes are an integral part of these consolidated financial statements.
<br />108 2008 Scotiabank Annual Report
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