Bank of Montreal 1998 Annual Report Download - page 74

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BANK OF MONTREAL GROUP OF COMPANIES
TABLE 19 AVERAGE DEPOSITS ($ millions except as noted)
1998 19 9 7 19 9 6
Average Average Average Average Average Average
balance rate paid (%) balance rate paid (%) balance rate paid (%)
Deposits booked in Canada
Demand deposits – interest bearing 3,753 3.98 3,271 3.37 2,801 4.02
Demand deposits – non-interest bearing 5,342 0.00 4,705 0.00 4,126 0.00
Payable after notice 22,855 1.82 23,086 1.04 22,188 2.15
Payable on a fixed date 53,843 4.97 47,432 4.51 39,527 5.93
Total deposits booked in Canada 85,793 3.78 78,494 3.17 68,642 4.28
Deposits booked in the U.S. and other countries
U.S. demand deposits 13,354 3.70 10,594 3.07 10,428 3.20
Other U.S. deposits payable after notice or on a fixed date 27,211 7.67 19,520 6.32 15,213 5.75
Deposits booked in other countries 26,776 5.35 23,433 4.95 18,864 5.25
Total average deposits 153,134 4.74 132,041 3.94 113,147 4.54
TABLE 20 QUARTERLY FINANCIAL DATA ($ millions)
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
As at or for the three months ended 199 8 19 98 1998 1998 19 97 19 97 19 97 19 97
Balance Sheet Data
Total assets 222,590 229,277 212,885 218,535 207,838 198,209 200,423 185,872
Cash resources 19,730 23,695 26,599 31,972 32,245 28,252 28,996 24,032
Securities 43,465 48,478 43,504 41,520 41,789 39,410 36,985 38,081
Loans (net) 129,691 134,016 124,540 125,134 114,918 112,068 115,345 105,026
Acceptances 6,944 6,470 5,652 5,825 5,594 5,117 4,717 4,141
Other assets 22,760 16,618 12,590 14,084 13,292 13,362 14,380 14,592
Deposits 143,983 152,643 148,480 151,857 144,212 136,485 136,942 125,992
Total capital funds 15,399 15,460 14,318 13,242 12,734 12,057 12,396 11,679
Common equity 8,650 8,522 8,139 7,939 7,629 7,432 7,202 6,948
Average assets (a) 237,643 226,006 221,975 223,998 204,819 203,366 196,470 182,220
Total pledged assets 41,437 43,914 35,718 38,959 36,594 36,310 35,293 32,522
Statement of Income
Interest, dividend and fee income
Loans 2,597 2,698 2,409 2,311 2,110 2,108 1,962 1,878
Securities 715 666 638 576 581 522 517 524
Deposits with banks 303 333 423 452 378 360 317 277
Total interest income 3,615 3,697 3,470 3,339 3,069 2,990 2,796 2,679
Interest expense
Deposits 1,881 1,870 1,788 1,715 1,377 1,376 1,261 1,194
Subordinated debt 88 91 77 75 72 74 75 72
Other liabilities 698 689 601 524 557 514 456 429
Total interest expense 2,667 2,650 2,466 2,314 2,006 1,964 1,792 1,695
Net interest income 948 1,047 1,004 1,025 1,063 1,026 1,004 984
Provision for credit losses (PCL) (5) 45 45 45 69 68 69 69
Net interest income after PCL 953 1,002 959 980 994 958 935 915
Other income 632 834 875 777 771 811 702 697
Non-interest expense 1,230 1,222 1,207 1,174 1,269 1,147 1,117 1,080
Income before provision for income taxes 355 614 627 583 496 622 520 532
Provision for income taxes 117 227 242 218 192 244 200 204
Income before non-controlling interest in subsidiary 238 387 385 365 304 378 320 328
Non-controlling interest in subsidiary 49847666
Net income 234 378 377 361 297 372 314 322
Taxable equivalent adjustment (b) 36 32 31 29 28 28 28 25
Total revenue (TEB) 1,616 1,913 1,910 1,831 1,862 1,865 1,734 1,706
SUPPLEMENTAL INFORMATION
(a) Daily averages
(b) Refer to the Glossary on page 92 for a definition of the taxable equivalent basis (TEB) adjustment.
As at October 31, 1998, 1997 and 1996, deposits by foreign depositors in our
Canadian bank offices amounted to $11,241 million, $11,242 million and $8,737 mil-
lion respectively. As at October 31, 1998, 1997 and 1996, total deposits payable after
notice included $12,840 million , $12,048 million and $10,446 million respectively of
chequing accounts which would have been classified as demand deposits under U.S.
reporting requirements. As at October 31, 1998, 1997 and 1996, total deposits payable
on a fixed date included $33,738 million, $28,582 million and $24,795 million
respectively of federal funds purchased and commercial paper issued. These amounts
would have been classified as short-term borrowings for U.S. reporting purposes.