TD Bank 2002 Annual Report Download - page 47

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45
FINANCIAL RESULTS
For the years ended October 31
(millions of dollars) 2002 2001 2000
Interest income
Loans $ 7,796 $ 10,154 $ 9,956
Securities 3,678 3,926 3,245
Deposits with banks 277 391 474
11,751 14,471 13,675
Interest expense
Deposits 4,886 8,284 8,794
Subordinated notes and debentures 214 297 251
Other obligations 1,351 1,499 1,025
6,451 10,080 10,070
Net interest income 5,300 4,391 3,605
Provision for credit losses (Note 3) 2,925 920 480
Net interest income after credit loss provision 2,375 3,471 3,125
Other income
Investment and securities services 2,085 2,205 2,640
Credit fees 415 425 545
Net investment securities gains 26 216 382
Trading income 529 1,318 1,225
Service charges 596 561 441
Loan securitizations (Note 4) 218 272 236
Card services 249 249 233
Insurance 375 326 198
Trust fees 76 86 75
Gains on sale of investment real estate (Note 19) –350 –
Gain on sale of mutual fund record keeping and custody
business (Note 19) 40 ––
Other 320 439 425
4,929 6,447 6,400
Net interest and other income 7,304 9,918 9,525
Non-interest expenses
Salaries and employee benefits (Note 11) 3,566 3,708 3,399
Occupancy including depreciation 605 592 498
Equipment including depreciation 661 656 561
Amortization of intangible assets (Note 5) 998 1,292 1,203
Amortization of goodwill (Note 5) –198 142
Restructuring costs (Note 20) –239 475
Other 1,922 1,969 1,849
7,752 8,654 8,127
Income (loss) before provision for (benefit of) income taxes (448) 1,264 1,398
Provision for (benefit of) income taxes (Note 12) (406) (164) 296
Income (loss) before non-controlling interest in subsidiaries (42) 1,428 1,102
Non-controlling interest in net income of subsidiaries 34 45 77
Net income (loss) (76) 1,383 1,025
Preferred dividends (Note 10) 84 83 56
Net income (loss) applicable to common shares $ (160) $ 1,300 $ 969
Average number of common shares outstanding (thousands) (Note 21)
– basic 641,046 627,047 621,585
– diluted 646,946 635,500 632,100
Earnings (loss) per common share (Note 21)
– basic $ (.25) $ 2.07 $ 1.56
– diluted (.25) 2.05 1.53
Dividends per common share 1.12 1.09 .92
See Notes to consolidated financial statements page 48
Consolidated statement of operations