Bank of Montreal 1999 Annual Report Download - page 77

Bank of Montreal Group of Companies 1999 Annual Report 71
As at October 31, 1999, 1998 and 1997, deposits by foreign depositors in our Canadian bank
offices amounted to $9,934 million, $11,241 million and $11,242 million respectively. As at
October 31, 1999, 1998 and 1997, total deposits payable after notice included $14,262 million,
$12,840 million and $12,048 million respectively of chequing accounts which would have
been classified as demand deposits under U.S. reporting requirements. As at October 31, 1999,
1998 and 1997, total deposits payable on a fixed date included $26,632 million, $33,738 million
and $28,582 million respectively of federal funds purchased and commercial paper issued.
These amounts would have been classified as short-term borrowings for U.S. reporting purposes.
Table 18 Average Deposits ($ millions except as noted)
1999 1998 1997
Average Average Average Average Average Average
balance rate paid (%) balance rate paid (%) balance rate paid (%)
Deposits Booked in Canada
Demand deposits
– interest bearing 3,987 3.84 3,753 3.98 3,271 3.37
Demand deposits
– non-interest bearing 5,837 0.00 5,342 0.00 4,705 0.00
Payable after notice 23,725 1.88 22,855 1.82 23,086 1.04
Payable on a fixed date 48,137 4.76 53,843 4.97 47,432 4.51
Total Deposits Booked in Canada 81,686 3.54 85,793 3.78 78,494 3.17
Deposits Booked in the U.S. and Other Countries
U.S. demand deposits 12,560 3.37 13,354 3.70 10,594 3.07
Other U.S. deposits payable after notice or on a fixed date 32,381 6.14 27,211 7.67 19,520 6.32
Deposits booked in other countries 24,034 4.27 26,776 5.35 23,433 4.95
Total Average Deposits 150,661 4.20 153,134 4.74 132,041 3.94
Table 19 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 1999 1999 1999 1999 1998 1998 1998 1998
Statement of Income
Total interest income 3,270 3,232 3,192 3,480 3,615 3,697 3,470 3,339
Total interest expense 2,179 2,174 2,115 2,427 2,667 2,650 2,466 2,314
Net interest income 1,091 1,058 1,077 1,053 948 1,047 1,004 1,025
Provision for credit losses (PCL) 80 80 80 80 (5) 45 45 45
Net interest income after PCL 1,011 978 997 973 953 1,002 959 980
Other income 884 933 849 845 632 834 875 777
Non-interest expense 1,501 1,284 1,271 1,232 1,220 1,208 1,195 1,162
Income before provision for income taxes 394 627 575 586 365 628 639 595
Provision for income taxes 120 213 196 207 119 229 243 219
Income before non-controlling interest in subsidiary,
and goodwill 274 414 379 379 246 399 396 376
Non-controlling interest in subsidiary 4557 498 4
Income before goodwill 270 409 374 372 242 390 388 372
Amortization of goodwill, net of applicable tax 12 11 10 10 81211 11
Net income (a) 258 398 364 362 234 378 377 361
Taxable equivalent adjustment (b) 33 34 35 36 36 32 31 29
Total revenue (TEB) 2,008 2,025 1,961 1,934 1,616 1,913 1,910 1,831
*Restated to give effect to presentation changes.
(a) Refer to note (j) on page 72.
(b) Refer to the glossary on page 104 for a definition of the taxable equivalent basis (TEB) adjustment.