TD Bank 2007 Annual Report Download - page 83

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2007 Financial Results 79
Consolidated Statement of Income
For the years ended October 31
(millions of Canadian dollars) 2007 2006 2005
Interest income
Loans $ 12,729 $ 10,832 $ 8,322
Securities
Dividends 928 837 927
Interest 3,838 3,598 3,112
Deposits with banks 357 302 415
17,852 15,569 12,776
Interest expense
Deposits 8,247 7,081 5,129
Subordinated notes and debentures 484 388 328
Preferred shares and capital trust securities (Note 12) 109 126 147
Other liabilities 2,088 1,603 1,164
10,928 9,198 6,768
Net interest income 6,924 6,371 6,008
Other income
Investment and securities services 2,400 2,259 2,479
Credit fees 420 371 343
Net securities gains (Note 2) 326 305 242
Trading income (Note 17) 591 797 147
Income (loss) from financial instruments designated as trading
under the fair value option (55) – –
Service charges 1,019 937 787
Loan securitizations (Note 4) 397 346 414
Card services 457 383 279
Insurance, net of claims (Note 18) 1,005 896 826
Trust fees 133 130 111
Other (Note 28e) 664 397 323
7,357 6,821 5,951
Total revenue 14,281 13,192 11,959
Provision for credit losses (Note 3) 645 409 55
Non-interest expenses
Salaries and employee benefits (Note 16) 4,606 4,485 4,218
Occupancy, including depreciation 736 701 676
Equipment, including depreciation 614 599 609
Amortization of other intangibles (Note 5) 499 505 546
Restructuring costs (Note 19) 67 50 43
Marketing and business development 445 470 469
Brokerage-related fees 233 222 263
Professional and advisory services 488 540 519
Communications 193 201 205
Other (Note 25) 1,094 1,042 1,296
8,975 8,815 8,844
Dilution gain, net (Note 28) –1,559 –
Income before provision for income taxes, non-controlling interests
in subsidiaries and equity in net income of an associated company 4,661 5,527 3,060
Provision for income taxes (Note 20) 853 874 699
Non-controlling interests in subsidiaries, net of income taxes 95 184 132
Equity in net income of an associated company,
net of income taxes (Note 28) 284 134 –
Net income 3,997 4,603 2,229
Preferred dividends 20 22 –
Net income available to common shareholders $ 3,977 $ 4,581 $ 2,229
Average number of common shares outstanding (millions) (Note 21)
Basic 718.6 716.8 691.3
Diluted 725.5 723.0 696.9
Earnings per share (in dollars) (Note 21)
Basic $ 5.53 $ 6.39 $ 3.22
Diluted 5.48 6.34 3.20
Dividends per share (in dollars) 2.11 1.78 1.58
Certain comparative amounts have been reclassified to conform to the current period’s presentation.
The accompanying Notes are an integral part of these Consolidated Financial Statements.