Bank of Montreal 2002 Annual Report Download - page 69

BMO FINANCIAL GROUP ANNUAL REPORT 2002 65
TABLE 25 Summarized Statement of Income ($ millions)
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
2002 2002 2002 2002 2001 2001 2001 2001 2002 2001 2000
Net interest income (teb) 1,230 1,217 1,200 1,288 1,201 1,231 1,092 1,117 4,935 4,641 4,338
Non-interest revenue 1,059 926 1,022 917 750 1,003 1,393 1,076 3,924 4,222 4,326
Total revenue (teb) 2,289 2,143 2,222 2,205 1,951 2,234 2,485 2,193 8,859 8,863 8,664
Provision for credit losses 160 160 320 180 546 117 217 100 820 980 358
Non-interest expense 1,604 1,488 1,476 1,462 1,449 1,421 1,404 1,397 6,030 5,671 5,258
Income before provision for income taxes,
non-controlling interest in subsidiaries and goodwill 525 495 426 563 (44) 696 864 696 2,009 2,212 3,048
Provision for income taxes (teb) 110 135 110 175 (77) 227 233 260 530 643 1,123
Non-controlling interest in subsidiaries 17 14 15 16 14 11 10 7 62 42 19
Amortization of goodwill, net of applicable income tax –––– 15 14 14 13 – 56 49
Net income 398 346 301 372 4 444 607 416 1,417 1,471 1,857
Amortization of goodwill and intangible assets,
net of income taxes 22 22 15 16 27 25 25 24 75 101 74
Cash net income 420 368 316 388 31 469 632 440 1,492 1,572 1,931
Taxable equivalent adjustment (teb) 24 26 29 27 32 44 32 34 106 142 134
Reported revenue 2,265 2,117 2,193 2,178 1,919 2,190 2,453 2,159 8,753 8,721 8,530
TABLE 26 Non-Recurring Items ($ millions)
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
2002 2002 2002 2002 2001 2001 2001 2001 2002 2001 2000
Non-Interest Revenue
Gain on sale of Partners First –––––––––– 112
Gain on sale of U.S. Corporate Trust ––––––– ––– 74
Gain on sales of branches
–––––– 5 7 – 12 40
Gain on sale of Bancomer
–––––– 284 37 – 321 –
Write-down of equity investments in CBOs –––– (178) –––– (178) –
Total non-interest revenue –––– (178) – 289 44 – 155 226
Provision for Credit Losses
Reversal of loss provision on sale of LDC securities
–––––––––– (42)
Increase of general allowance –––––– 100 –– 100 –
Total provision for credit losses –––––– 100 –– 100 (42)
Non-Interest Expense
Reversal of restructuring charge
–––––––––– (43)
Acquisition-related costs 39 23 –––––– 62 ––
Total non-interest expense 39 23 –––––– 62 – (43)
Pre-tax impact of non-recurring items (39) (23)
–– (178) – 189 44 (62) 55 311
Income taxes thereon (14) (9)
–– (73) – 4 6 (23) (63) 126
Adjustment of future tax assets –––– – –– 25 – 25 –
After-tax non-recurring items (25) (14) –– (105) – 185 13 (39) 93 185
TABLE 27 Summarized Statement of Income Excluding Non-Recurring Items ($ millions)
Oct. 31 July 31 April 30 Jan. 31 Oct. 31 July 31 April 30 Jan. 31
2002 2002 2002 2002 2001 2001 2001 2001 2002 2001 2000
Net interest income (teb) 1,230 1,217 1,200 1,288 1,201 1,231 1,092 1,117 4,935 4,641 4,338
Non-interest revenue 1,059 926 1,022 917 928 1,003 1,104 1,032 3,924 4,067 4,100
Total revenue (teb) 2,289 2,143 2,222 2,205 2,129 2,234 2,196 2,149 8,859 8,708 8,438
Provision for credit losses 160 160 320 180 546 117 117 100 820 880 400
Non-interest expense 1,565 1,465 1,476 1,462 1,449 1,421 1,404 1,397 5,968 5,671 5,301
Income before provision for income taxes,
non-controlling interest in subsidiaries and goodwill 564 518 426 563 134 696 675 652 2,071 2,157 2,737
Provision for income taxes (teb) 124 144 110 175 (4) 227 229 229 553 681 997
Non-controlling interest in subsidiaries 17 14 15 16 14 11 10 7 62 42 19
Amortization of goodwill, net of applicable income tax –––– 15 14 14 13 – 56 49
Net income 423 360 301 372 109 444 422 403 1,456 1,378 1,672
Amortization of goodwill and intangible assets,
net of income taxes 22 22 15 16 27 25 25 24 75 101 74
Cash net income 445 382 316 388 136 469 447 427 1,531 1,479 1,746