Bank of Montreal 1997 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 1997 Bank of Montreal annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

Bank of Montreal 180th Annual Report 199768
Consolidated Statement of Income
For the Year Ended October 31
(Canadian $ in millions except per share amounts)
1997 1996 1995
Interest, Dividend and Fee Income
Loans $ 8,058 $ 7,376 $ 7,364
Securities
(note 3)
2,144 2,124 1,763
Deposits with banks 1,332 984 857
11,534 10,484 9,984
Interest Expense
Deposits 5,208 5,134 5,397
Subordinated debt 293 246 206
Other liabilities 1,956 1,501 901
7,457 6,881 6,504
Net Interest Income 4,077 3,603 3,480
Provision for credit losses 275 225 275
Net Interest Income After Provision for Credit Losses 3,802 3,378 3,205
Other Income
Deposit and payment service charges 508 473 451
Lending fees 240 194 186
Capital market fees 919 760 495
Card services 283 234 230
Investment management and custodial fees 299 221 240
Mutual fund revenues 155 87 53
Trading revenues 276 277 225
Other fees and commissions 301 270 222
2,981 2,516 2,102
Net Interest and Other Income 6,783 5,894 5,307
Non-Interest Expense
Salaries and employee benefits 2,535 2,210 1,999
Premises and equipment 916 727 679
Communications 246 219 208
Other expenses 842 739 651
4,539 3,895 3,537
Goodwill and other valuation intangibles 74 54 49
Business process improvement initiative charge –– 60
Total non-interest expense 4,613 3,949 3,646
Income Before Provision for Income Taxes 2,170 1,945 1,661
Provision for income taxes
(note 13)
840 757 662
Income Before Non-Controlling Interest in Subsidiary 1,330 1,188 999
Non-controlling interest 25 20 13
Net Income $ 1,305 $ 1,168 $ 986
Preferred dividends $ 83 $ 69 $ 69
Net income available to common shareholders $ 1,222 $ 1,099 $ 917
Average common shares outstanding
(in thousands)
260,410 261,233 265,632
Net Income Per Common Share
(note 14)
Basic $ 4.69 $ 4.21 $ 3.45
Fully diluted 4.62 4.13 3.38
Dividends Per Common Share 1.64 1.48 1.32
The accompanying notes to consolidated financial statements are an integral part of this statement.