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Consolidated Statement of Income
<br />For the year ended October 31 ($ millions) 2010 2009 2008
<br />Interest income
<br />Loans $ 12,171 $ 13,973 $ 15,832
<br />Securities 4,227 4,090 4,615
<br />Securities purchased under resale agreements 201 390 786
<br />Deposits with banks _ 292 482 1,083
<br /> 16,891 18,935 22,316
<br />Interest expenses
<br />Deposits 6,768 8,339 12,131
<br />Subordinated debentures 289 285 166
<br />Capital instrument liabilities 37 37 37
<br />Other 1,176 1,946 2,408
<br /> _ 8,270 10,607 _ 14,742
<br />Net interest income 8,621 8,328 7,574
<br />Provision for credit losses (Note 5 (b)) 1,239
<br />------- 1,744
<br />-- -- ------- 630
<br />------- -------
<br />Net interest income after provision for credit losses 7,382 6,584 - -6,944----
<br />Other income
<br />Card revenues 426 424 397
<br />Deposit and payment services 883 905 862
<br />Mutual funds 582 371 317
<br />Investment management, brokerage and trust services 781 728 760
<br />Credit fees 831 866 579
<br />Trading revenues 1,016 1,057 188
<br />Underwriting fees and other commissions 561 620 402
<br />Foreign exchange other than trading 337 373 314
<br />Net gain (loss) on securities, other than trading (Note 3 (d)) 355 (412) (374)
<br />Securitization revenues 124 409 130
<br />Other 988 788 727
<br /> _6,8_84 6,129 4,302 _
<br />Net interest and other income 14,266 12,713 11,246
<br />Non-interest expenses
<br />Salaries and employee benefits
<br />Premises and technology
<br />Communications
<br />Advertising and business development
<br />Professional
<br />Business and capital taxes
<br />Other
<br />Income before the undernoted
<br />Provision for income taxes (Note 19)
<br />Non-controlling interest in net income of subsidiaries
<br />Net income
<br />Preferred dividends paid
<br />Net income available to common shareholders
<br />Average number of common shares outstanding (millions) (Note 21):
<br />Basic
<br />Diluted
<br />Earnings per common share (in dollars)") (Note 21):
<br />Basic
<br />Diluted
<br />Dividends per common share (in dollars)
<br />(1) The calculation of earnings per share is based on full dollar and share amounts.
<br />4,647 4,344 4,109
<br />1,526 1,543 1,417
<br />340 346 326
<br />364 307 320
<br />224 216 227
<br />171 177 116
<br />910 986 - 781
<br />-
<br />-
<br />8,182
<br />- 7,919
<br />- 7,296
<br />6,084 41794 3,950
<br />1,745 1,133 691
<br />100 114 119
<br />$ 4,239 $ 3,547 $ 3,140
<br />______201_ 186 - __ 107
<br />$ 4,038 $ 3,361 $ 3,033
<br />1,032 1,013 987
<br />1,034 1,016 993
<br />$ 3.91 $ 3.32 $ 3.07
<br />$ 3.91 $ 3.31 $ 3.05
<br />$ 1.96 $ 1.96 $ 1.92
<br />The accompanying notes are an integral part of these consolidated financial statements.
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