Bank of Montreal 2004 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2004 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 134

  • 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
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

Table 8 Non-Interest Expense and Expense-to-Revenue Ratio ($ millions, except as noted)
5-year 10-year
For the year ended October 31 2004 2003 2002 2001 2000 CAGR CAGR
Non-Interest Expense
Employee compensation
Salaries 1,901 1,981 2,021 1,883 1,805 (1.2) 1.9
Performance-based compensation 1,148 1,058 941 974 995 17.6 NA
Employee benefits 583 539 441 355 265 15.1 9.8
Total employee compensation 3,632 3,578 3,403 3,212 3,065 5.2 7.3
Premises and equipment
Rental of real estate 182 174 179 134 130 4.5 3.8
Premises, furniture and fixtures 263 271 286 289 272 (0.9) 3.4
Property taxes 52 52 52 52 47 0.3 3.0
Computers and equipment 755 767 763 678 622 3.0 11.8
Total premises and equipment 1,252 1,264 1,280 1,153 1,071 2.2 7.6
Other expenses
Communications 138 162 173 194 259 (12.4) (2.6)
Business and capital taxes 99 106 77 103 110 (5.2) 0.4
Professional fees 262 255 291 288 335 (5.2) 8.9
Travel and business development 239 225 261 248 236 1.0 5.2
Other (1) 431 392 458 430 202 14.9 8.2
Total other expenses 1,169 1,140 1,260 1,263 1,142 (0.2) 4.9
Amortization of intangible assets 104 105 87 43 23 37.6 20.8
Restructuring charge
––––
(43) nm nm
Total Non-Interest Expense 6,157 6,087 6,030 5,671 5,258 3.1 6.7
Year-over-year growth (%) 1.1 0.9 6.3 7.8 (0.6) na na
Non-interest expense-to-revenue ratio (%) 64.1 65.7 68.1 64.0 60.7 na na
Government Levies and Taxes (2)
Government levies other than income taxes
Payroll levies 163 156 150 148 133 5.2 5.5
Property taxes 52 52 52 52 47 0.3 3.0
Provincial capital taxes 91 100 69 93 100 (5.8) 2.4
Business taxes 86 8 10 10 1.6 (9.9)
Goods and services tax and sales tax 149 158 142 126 125 4.7 7.8
Total government levies other than income taxes 463 472 421 429 415 1.7 4.5
Provision for (recovery of) income taxes reported in:
Statement of income
Provision 1,008 688 424 501 989 6.5 6.1
Amortization of goodwill
–––
(6) (5) nm nm
Statement of retained earnings 246 601 77 (350) (153) 9.3 nm
Total income taxes 1,254 1,289 501 145 831 7.2 8.8
Total Government Levies and Taxes 1,717 1,761 922 574 1,246 5.5 7.5
Total government levies and taxes as a % of net
income before taxes and government levies 44.9 59.0 40.8 24.0 38.3 na na
Effective tax rate (teb) 32.2 30.8 26.4 29.1 36.9 na na
(1) Effective 2001, processing fees paid to Symcor are included in other expenses.
(2) Government levies are included in various non-interest expense categories.
NA
–
not available
na
–
not applicable
nm
–
not meaningful
BMO Financial Group Annual Report 2004 73
Supplemental Information