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Consolidated Statement of Income
<br />for the year ended October 31 (E millions)
<br />2008
<br />2007"'
<br />2006
<br />Interest income
<br />Loans f 15,832 $ 13,985 $ 11,575
<br />Securities 4,615 4,680 4,124
<br />Securities purchased under resale agreements 786 1,258 1,102
<br />Deposits with banks 1,083 1,112 881
<br /> 22,316 21,035 17,682
<br />•
<br />Interest expenses
<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 />12,131 10,850 8,589
<br />166 116 130
<br />37 53 53
<br />2,408 2,918 2,502
<br />14,742 13,937 11,274
<br />7,574 7,098 6,408
<br />630 270 216
<br />6,944 6,828 6,192
<br />Other income
<br />Card revenues 397 366 307
<br />Deposit and payment services 862 817 766
<br />Mutual funds 317 296 241
<br />Investment management, brokerage and trust services 760 760 666
<br />Credit fees 579 530 530
<br />Trading revenues 188 450 637
<br />Investment banking 716 737 659
<br />Net gain (loss) on securities, other than trading (Note 3 (c)) (374) 488 371
<br />Other 857 948 623
<br /> 4,302 5,392 4,800
<br />Net interest and other income 11,246 12,220 10,992
<br />Non-interest expenses
<br />Salaries and employee benefits°' 4,109 3,983 3,768
<br />Premises and technology 1,451 1,353 1,214
<br />Communications 326 300 276
<br />Advertising and business development 320 311 232
<br />Professional 227 227 174
<br />Business and capital taxes 116 143 133
<br />Other 747 677 646
<br />Income before the undernoted
<br />Provision for income taxes (Note 18)
<br />Non-controlling interest in net income of subsidiaries
<br />Net income
<br />Preferred dividends paid
<br />Net income available to common shareholders
<br />7,296 6,994 6,443
<br />3,950 5,226 4,549
<br />691 1,063 872
<br />119 118 98
<br />= 3,140 $ 4,045 $ 3,579
<br />107 51 30
<br />S 3,033 $ 3,994 $ 3,549
<br />Average number of common shares outstanding (millions)(Note 20)
<br />Basic 987 989 988
<br />Diluted 993 997 1,001
<br />Earnings per common share (in dollars)~'(Note 20):
<br />Basic S 3.07 $ 4.04 $ 3.59
<br />Diluted S 3.05 $ 4.01 $ 3.55
<br />Dividends per common share (in dollars) s 1.92 $ 1.74 $ 1.50
<br />(1) Refer to Note 1 for impact of adopting new accounting polities in 2007 as a result of new accounting standards related to financial instruments.
<br />(2) Refer to Note 1 for impact of adopting a new accounting pdicy in 2006 as a rewh of a new accounting standard related to stock-based compensation for employees eligible
<br />to retire before the vesting date.
<br />(3) The calculation of earnings per share is based on full ddlar and share amounts.
<br />The accompanying notes are an integral part of these consolidated financial statements.
<br />2008 Scatiabank Annual Report 107
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