TD Bank 2001 Annual Report Download - page 79

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77
FINANCIAL RESULTS
2001 2000
Quarter Quarter
ended ended
October 31 July 31 April 30 January 31 October 31 July 31 April 30 January 31
(millions of dollars)
Net interest income (TEB) $ 1,341 $ 1,147 $ 1,088 $ 1,060 $ 1,033 $ 959 $ 994 $ 818
Provision for credit losses 190 190 270 270 135 135 135 75
Net interest income after
credit loss provision 1,151 957 818 790 898 824 859 743
Other income 1,288 1,534 1,759 1,866 1,646 1,632 1,843 1,279
Net interest and other income 2,439 2,491 2,577 2,656 2,544 2,456 2,702 2,022
Non-interest expenses excluding
non-cash goodwill/intangible
amortization and restructuring
costs 1,735 1,726 1,726 1,738 1,677 1,623 1,773 1,234
Restructuring costs 130 54 – 55 – – 475 –
Income before provision
for income taxes 574 711 851 863 867 833 454 788
Provision for income taxes (TEB) 121 238 225 358 333 300 165 320
Income before non-controlling
interest in subsidiaries 453 473 626 505 534 533 289 468
Non-controlling interest in net
income of subsidiaries 8 6 13 18 22 22 23 10
Net income – cash basis1$ 445 $ 467 $ 613 $ 487 $ 512 $ 511 $ 266 $ 458
Preferred dividends 22 20 21 20 16 16 12 12
Net income applicable to
common shares – cash basis $ 423 $ 447 $ 592 $ 467 $ 496 $ 495 $ 254 $ 446
Non-cash goodwill/intangible
amortization, net of tax 220 126 233 50 257 228 225 12
Net income applicable to
common shares – reported basis $ 203 $ 321 $ 359 $ 417 $ 239 $ 267 $ 29 $ 434
Per common share
Net income – cash basis
excluding all special items2$ .79 $ .80 $ .84 $ .88 $ .80 $ .80 $ .84 $ .72
Dividends .28 .28 .28 .25 .25 .25 .21 .21
Net income – reported basis .32 .51 .57 .67 .39 .42 .05 .70
Cash return on common
shareholders’ equity
excluding special items216.8% 17.1% 18.7% 19.5% 18.0% 18.1% 19.5% 16.4%
(billions of dollars)
Average earning assets $ 256 $ 259 $ 252 $ 247 $ 239 $ 246 $ 251 $ 201
Net interest income (TEB) as a %
of average earning assets 2.08% 1.76% 1.77% 1.70% 1.72% 1.55% 1.61% 1.62%
Reported quarterly results
1For details of operating cash basis measurements, see tables 1 and 2 on
pages 32 and 33.
2Restructuring costs related to acquisitions and significant business
restructuring initiatives (TD Securities in Q4, 2001, TD Waterhouse
Group, Inc. in Q3, 2001, the acquisition of Newcrest in Q1, 2001 and
the acquisition of Canada Trust in Q2, 2000), the effects of future tax
rate reductions on future tax balances in 2001 and the net effect of real
estate gains and general provision increases in 2001.