TD Bank 2001 Annual Report Download - page 45

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43
FINANCIAL RESULTS
For the years ended October 31
(millions of dollars) 2001 2000 1999
Interest income
Loans $ 10,154 $ 9,956 $ 7,594
Securities 3,926 3,245 2,768
Deposits with banks 391 474 512
14,471 13,675 10,874
Interest expense
Deposits 8,284 8,794 6,254
Subordinated notes and debentures 297 251 181
Other obligations 1,499 1,025 1,458
10,080 10,070 7,893
Net interest income 4,391 3,605 2,981
Provision for credit losses (Note 3) 920 480 275
Net interest income after credit loss provision 3,471 3,125 2,706
Other income
Investment and securities services 2,205 2,640 1,721
Credit fees 425 545 463
Net investment securities gains 216 382 1,079
Trading income 1,318 1,225 679
Service charges 589 463 289
Loan securitizations 272 236 94
Card services 249 233 190
Insurance 326 198 65
Trust fees 86 75 23
Gains on sale of investment real estate (Note 18) 350 ––
Other 411 403 206
6,447 6,400 4,809
Net interest and other income 9,918 9,525 7,515
Gain on sale of TD Waterhouse Group, Inc. – – 1,122
Net interest and other income, including gain 9,918 9,525 8,637
Non-interest expenses
Salaries and employee benefits (Note 10) 3,708 3,399 2,483
Occupancy including depreciation 592 498 373
Equipment including depreciation 656 561 395
Amortization of intangible assets from business combinations 1,292 1,203 2
Restructuring costs (Note 19) 239 475 –
Other 1,969 1,849 1,257
Non-interest expenses excluding goodwill amortization 8,456 7,985 4,510
Income before provision for (benefit of) income taxes 1,462 1,540 4,127
Provision for (benefit of) income taxes (Note 11) (155) 305 1,099
Income before non-controlling interest in subsidiaries 1,617 1,235 3,028
Non-controlling interest in net income of subsidiaries 45 77 5
Income before goodwill amortization 1,572 1,158 3,023
Goodwill amortization, net of tax 189 133 42
Net income 1,383 1,025 2,981
Preferred dividends (Note 9) 83 56 43
Net income applicable to common shares
– including goodwill amortization $ 1,300 $ 969 $ 2,938
– excluding goodwill amortization $ 1,489 $ 1,102 $ 2,980
Average number of common shares outstanding (thousands) (Note 9) 627,047 621,585 599,331
Earnings per common share – including goodwill amortization $ 2.07 $ 1.56 $ 4.90
– excluding goodwill amortization 2.37 1.77 4.97
Dividends per common share 1.09 .92 .72
See Notes to consolidated financial statements page 46
Consolidated statement of income