Bank of Montreal 1998 Annual Report Download - page 78

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70
BANK OF MONTREAL GROUP OF COMPANIES
For the Year Ended October 31 (Canadian $ in millions except per share amounts) 1998 19 97 19 9 6
Interest, Dividend and Fee Income
Loans $ 10,015 $ 8,058 $ 7,376
Securities
(note 4) 2,595 2,144 2,124
Deposits with banks 1,511 1,332 984
14,121 11,534 10,484
Interest Expense
Deposits 7,254 5,208 5,134
Subordinated debt 331 293 246
Other liabilities 2,512 1,956 1,501
10,097 7,457 6,881
Net Interest Income 4,024 4,077 3,603
Provision for credit losses 130 275 225
Net Interest Income After Provision for Credit Losses 3,894 3,802 3,378
Other Income
Deposit and payment service charges 558 508 473
Lending fees 290 240 194
Capital market fees 869 919 760
Card services 196 251 234
Investment management and custodial fees 407 299 221
Mutual fund revenues 199 155 87
Trading revenues 40 276 277
Securitization revenues (note 7) 158 32 –
Other fees and commissions 401 301 270
3,118 2,981 2,516
Net Interest and Other Income 7,012 6,783 5,894
Non-Interest Expense
Salaries and employee benefits 2,574 2,535 2,210
Premises and equipment 972 916 727
Communications 266 246 219
Other expenses 949 842 739
4,761 4,539 3,895
Goodwill and other valuation intangibles (note 9) 72 74 54
Total non-interest expense 4,833 4,613 3,949
Income Before Provision for Income Taxes 2,179 2,170 1,945
Provision for income taxes (note 15) 804 840 757
Income Before Non-Controlling Interest in Subsidiaries 1,375 1,330 1,188
Non-controlling interest 25 25 20
Net Income $ 1,350 $ 1,305 $ 1,168
Preferred dividends $ 112 $ 83 $ 69
Net income available to common shareholders $ 1,238 $ 1,222 $ 1,099
Average common shares outstanding (in thousands) 262,511 260,410 261,233
Net Income Per Common Share (note 16)
Basic $ 4.72 $ 4.69 $ 4.21
Fully diluted 4.66 4.62 4.13
Dividends Per Common Share 1.76 1.64 1.48
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED STATEMENT OF INCOME