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CONSOLIDATED FINANCIAL STATEMENTS
<br />Consolidated Statement of Changes in Shareholders' Equity
<br />For the year ended October 31 ($ millions) 2010 2009 2008
<br />Preferred shares (Note 14)
<br />Balance at beginning of year $ 3,710 $ 2,860 $ 1,635
<br />Issued 265 850 1,225
<br />Balance at end of year 3,975 3,710 2,860
<br />
<br />Common shares and contributed surplus (Note 15)
<br />Common shares:
<br />Balance at beginning of year 4,946 3,829 3,566
<br />Issued 804 1,117 266
<br />Purchased for cancellation - - (3)
<br />Balance at end of year 5,750 4,946 3,829
<br />Contributed surplus:
<br />Balance at beginning of year - - -
<br />Stock option expense (Note 18) 25 - -
<br />Balance at end of year 25 - -
<br />Total 5,775 4,946 3;829
<br />
<br />Retained earnings
<br />Balance at beginning of year 19,916 18,549 17,460
<br />Net income 4,239 3,547 3,140
<br />Dividends: Preferred (201) (186) (107)
<br />Common (2,023) (1,990) (1,896)
<br />Purchase of shares - - (37)
<br />Other 1 (4) (11)
<br />Balance at end of year" 21,932 19,916 18,549
<br />
<br />Accumulated other comprehensive income (loss)
<br />Balance at beginning of year as previously reported (3,800) (3,596) (3,857)
<br />Cumulative effect of adopting new accounting policies - 59501 -
<br />Balance at beginning of year as restated (3,800) (3,001) (3,857)
<br />Other comprehensive income (loss) (Note 17) (251) (799) 261
<br />Balance at end of year (4,051) (3,800) (3,596)
<br />Total shareholders' equity at end of year $ 27,631 $ 24,772 $ 21,642
<br />
<br />Consolidated' Statement of Comprehensive Income
<br />For the year ended October 31 ($ millions) 2010 2009 2008
<br />Net income $ 4,239 $ 3,547 $ 3,140
<br />Other comprehensive income (loss), net of income taxes (Note 17):
<br />Net change in unrealized foreign currency translation gains (losses) (591) (1,736) 2,368
<br />Net change in unrealized gains (losses) on available-for-sale securities 278 894 (1,588)
<br />Net change in gains (losses) on derivative instruments designated as cash flow hedges 62 43 (519)
<br />Other comprehensive income (loss) (251) (799) 261
<br />Comprehensive income $ 3,988 $ 2,748 $ 3,401
<br />
<br />(1) Includes undistributable retained earnings of $28 (2009 - $26; 2008 - $25) of a foreign associated corporation which are subject to local regulatory restriction.
<br />(2) Refer to Note 1 for impact of new accounting policies adopted in 2009 related to classification and impairment of fi nancial instruments.
<br />The accompanying notes are an integral part of these consolidated financial statements.
<br />112 2" Scotiabank Annual Report
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