Bank of Montreal 2010 Annual Report Download - page 113
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Consolidated Financial Statements
BMO Financial Group 193rd Annual Report 2010 111
Consolidated Statement of Income
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2010 2009 2008
Interest, Dividend and Fee Income
Loans $ 7,270 $ 7,960 $ 10,614
Securities (Note 3) 2,134 2,427 3,191
Deposits with banks 74 186 930
9,478 10,573 14,735
Interest Expense
Deposits 2,362 4,041 7,341
Subordinated debt 119 135 222
Capital trust securities and preferred shares (Notes 18 and 20) 71 80 91
Other liabilities 691 747 2,009
3,243 5,003 9,663
Net Interest Income 6,235 5,570 5,072
Provision for credit losses (Note 4) 1,049 1,603 1,330
Net Interest Income After Provision for Credit Losses 5,186 3,967 3,742
Non-Interest Revenue
Securities commissions and fees 1,048 973 1,105
Deposit and payment service charges 802 820 756
Trading revenues 504 723 546
Lending fees 572 556 429
Card fees 233 121 291
Investment management and custodial fees 355 344 339
Mutual fund revenues 550 467 589
Securitization revenues (Note 8) 678 929 513
Underwriting and advisory fees 445 397 353
Securities gains (losses), other than trading (Note 3) 150 (354) (315)
Foreign exchange, other than trading 93 53 80
Insurance income 321 295 237
Other 224 170 210
5,975 5,494 5,133
Net Interest Income and Non-Interest Revenue 11,161 9,461 8,875
Non-Interest Expense
Employee compensation (Notes 22 and 23) 4,364 4,385 3,976
Premises and equipment (Note 11) 1,343 1,281 1,241
Amortization of intangible assets (Note 13) 203 203 183
Travel and business development 343 309 328
Communications 229 221 202
Business and capital taxes 52 44 42
Professional fees 372 362 384
Other 684 576 538
7,590 7,381 6,894
Income Before Provision for (Recovery of) Income Taxes and Non-Controlling Interest in Subsidiaries 3,571 2,080 1,981
Provision for (recovery of) income taxes (Note 24) 687 217 (71)
2,884 1,863 2,052
Non-controlling interest in subsidiaries (Notes 16 and 18) 74 76 74
Net Income $ 2,810 $ 1,787 $ 1,978
Preferred share dividends (Note 20) $ 136 $ 120 $ 73
Net income available to common shareholders $ 2,674 $ 1,667 $ 1,905
Average common shares (in thousands) 559,822 540,294 502,062
Average diluted common shares (in thousands) 563,125 542,313 506,697
Earnings Per Share (Canadian $) (Note 25)
Basic $ 4.78 $ 3.09 $ 3.79
Diluted 4.75 3.08 3.76
Dividends Declared Per Common Share 2.80 2.80 2.80
The accompanying notes are an integral part of these consolidated financial statements.
Certain comparative figures have been reclassified to conform with the current year’s presentation.