TD Bank 2010 Annual Report Download - page 21
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TD BANK GROUP ANNUAL REPORT 2010 MANAGEMENT’S DISCUSSION AND ANALYSIS 19
(millions of Canadian dollars, except as noted) For the three months ended
2010 2009
Oct. 31 July 31 Apr. 30 Jan. 31 Oct. 31 July 31 Apr. 30 Jan. 31
Net interest income $ 2,983 $ 2,921 $ 2,790 $ 2,849 $ 2,825 $ 2,833 $ 2,940 $ 2,728
Non-interest income 2,034 1,823 1,977 2,188 1,893 1,834 1,385 1,422
Total revenue 5,017 4,744 4,767 5,037 4,718 4,667 4,325 4,150
Provision for credit losses 404 339 365 517 521 557 772 630
Non-interest expenses 3,263 2,966 2,953 2,981 3,095 3,045 3,051 3,020
Provision for (recovery of) income taxes 374 310 308 270 132 209 (8) (92)
Non-controlling interests in subsidiaries, net of income taxes 27 26 26 27 27 28 28 28
Equity in net income of an associated company, net of income taxes 45 74 61 55 67 84 63 89
Net income – reported 994 1,177 1,176 1,297 1,010 912 545 653
Adjustments for items of note, net of income taxes
Amortization of intangibles 115 117 123 112 116 122 127 127
Decrease (increase) in fair value of derivatives hedging the reclassified
available-for-sale debt securities portfolio 8 14 (23) (4) 73 43 134 200
Integration and restructuring charges relating to the
U.S. Personal and Commercial Banking acquisitions 18 5 – 46 89 70 50 67
Decrease (increase) in fair value of credit default swaps hedging the
corporate loan book, net of provision for credit losses 4 (9) 2 7 19 75 44 (12)
(Recovery of) income taxes due to changes in statutory income tax rates – – – (11) – – – –
Provision (release) of insurance claims – – – (17) – – – –
General allowance increase (release) in
Canadian Personal and Commercial Banking and Wholesale Banking – – (44) – – 46 77 55
Settlement of TD Banknorth shareholder litigation – – – – – – 39 –
FDIC special assessment charge – – – – – 35 – –
Agreement with Canada Revenue Agency 121 – – – – – – –
Total adjustments for items of note 266 127 58 133 297 391 471 437
Net income – adjusted 1,260 1,304 1,234 1,430 1,307 1,303 1,016 1,090
Preferred dividends 48 49 48 49 48 49 41 29
Net income available to common shareholders – adjusted $ 1,212 $ 1,255 $ 1,186 $ 1,381 $ 1,259 $ 1,254 $ 975 $ 1,061
(Canadian dollars, except as noted)
Basic earnings per share
Reported $ 1.08 $ 1.30 $ 1.31 $ 1.45 $ 1.12 $ 1.01 $ 0.59 $ 0.75
Adjusted 1.39 1.44 1.37 1.61 1.47 1.47 1.15 1.28
Diluted earnings per share
Reported 1.07 1.29 1.30 1.44 1.12 1.01 0.59 0.75
Adjusted 1.38 1.43 1.36 1.60 1.46 1.47 1.14 1.27
Return on common shareholders’ equity 9.7% 12.2% 13.0% 14.0% 11.0% 9.7% 5.6% 7.2%
(billions of Canadian dollars)
Average earning assets $ 512 $ 502 $ 478 $ 470 $ 451 $ 438 $ 447 $ 449
Net interest margin as a percentage of average earning assets 2.31% 2.31% 2.39% 2.41% 2.48% 2.57% 2.70% 2.41%
QUARTERLY RESULTS
TABLE 12