Bank of Montreal 1999 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 1999 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 112

  • 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
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

Consolidated Statement of Income
Bank of Montreal Group of Companies 1999 Annual Report 75
For the Year Ended October 31 (Canadian $ in millions except per share amounts) 1999 1998 1997
Interest, Dividend and Fee Income
Loans $ 9,656 $ 10,015 $ 8,058
Securities (note 3) 2,449 2,595 2,144
Deposits with banks 1,069 1,511 1,332
13,174 14,121 11,534
Interest Expense
Deposits 6,328 7,254 5,208
Subordinated debt 339 331 293
Other liabilities 2,228 2,512 1,956
8,895 10,097 7,457
Net Interest Income 4,279 4,024 4,077
Provision for credit losses 320 130 275
Net Interest Income After Provision for Credit Losses 3,959 3,894 3,802
Other Income
Deposit and payment service charges 616 558 508
Lending fees 329 290 240
Capital market fees 841 869 919
Card services 205 196 251
Investment management and custodial fees 419 407 299
Mutual fund revenues 207 199 155
Trading revenues 295 40 276
Securitization revenues (note 6) 296 158 32
Other fees and commissions 303 401 301
3,511 3,118 2,981
Net Interest and Other Income 7,470 7,012 6,783
Non-Interest Expense
Salaries and employee benefits 2,820 2,574 2,535
Premises and equipment 1,123 972 916
Communications 268 266 246
Other expenses 915 949 842
5,126 4,761 4,539
Amortization of intangible assets (note 8) 21 24 28
5,147 4,785 4,567
Restructuring charge (note 14) 141
––
Total non-interest expense 5,288 4,785 4,567
Income Before Provision for Income Taxes,
Non-Controlling Interest in Subsidiaries and Goodwill 2,182 2,227 2,216
Income taxes (note 15) 736 810 845
1,446 1,417 1,371
Non-controlling interest 21 25 25
Net Income Before Goodwill 1,425 1,392 1,346
Amortization of goodwill, net of applicable income tax (notes 8 & 15) 43 42 41
Net Income $ 1,382 $ 1,350 $ 1,305
Preferred dividends $ 117 $ 112 $ 83
Net income before goodwill available to common shareholders $ 1,308 $ 1,280 $ 1,263
Net income available to common shareholders $ 1,265 $ 1,238 $ 1,222
Average common shares outstanding (in thousands) 265,862 262,511 260,410
Net Income Per Common Share Before Goodwill (note 16)
Basic $ 4.92 $ 4.88 $ 4.85
Fully diluted 4.88 4.81 4.77
Net Income Per Common Share (note 16)
Basic 4.76 4.72 4.69
Fully diluted 4.72 4.66 4.62
Dividends Per Common Share 1.88 1.76 1.64
The accompanying notes to consolidated financial statements are an integral part of this statement.