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Consolidated Financial Statements
<br />Consolidated Statement of Changes in Shareholders' Equity
<br />For the year ended October 31 (b 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 shams (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 />3,566 3,425 3,316
<br />266 184 135
<br />(3) (43) (26)
<br />3,829 3,566 3,425
<br />17,460 15,843 14,126
<br />- (61p" (25)m
<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) (10) -
<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 />S 21,642 $ 18,804 $ 17,547
<br />• Consolidated Statement of Comprehensive Income
<br />For the year ended October 31 (b millions)
<br />z008
<br />2007
<br />2006
<br />Comprehensive income
<br />Net income S 3,140 $ 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 />Comprehensive income S 3,401 $ 1,826 $ 3,219
<br />(1) Refer to Note 1 for impact of new accounting polities as a resuh of new accounting standards related to financial inrtruments.
<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 />71te accompanying notes are an integral part of these consolidated financial statements.
<br />•
<br />108 2008 Scotiabank Annual Report
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