TD Bank 2010 Annual Report Download - page 89

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TD BANK GROUP ANNUAL REPORT 2010 FINANCIAL RESULTS 87
Consolidated Statement of Income
For the years ended October 31
(millions of Canadian dollars, except as noted) 2010 2009 2008
Interest income
Loans $ 12,939 $ 13,691 $ 13,501
Securities
Dividends 737 868 987
Interest 3,043 3,886 4,467
Deposits with banks 668 442 629
17,387 18,887 19,584
Interest expense
Deposits 4,578 5,818 8,481
Subordinated notes and debentures 667 671 654
Preferred shares and capital trust securities (Notes 15, 16) 37 94 94
Other 562 978 1,823
5,844 7,561 11,052
Net interest income 11,543 11,326 8,532
Non-interest income
Investment and securities services 2,424 2,212 2,245
Credit fees 634 622 459
Net securities gains (losses) (Note 2) 75 (437) 331
Trading income (loss) (Note 21) 484 685 (794)
Service charges 1,651 1,507 1,237
Loan securitizations (Note 5) 489 468 231
Card services 820 733 589
Insurance, net of claims (Note 22) 1,028 913 927
Trust fees 153 141 140
Other income (loss) 264 (310) 772
8,022 6,534 6,137
Total revenue 19,565 17,860 14,669
Provision for credit losses (Note 3) 1,625 2,480 1,063
Non-interest expenses
Salaries and employee beneļ¬ts (Note 24) 5,960 5,839 4,984
Occupancy, including depreciation 1,236 1,213 935
Equipment, including depreciation 880 897 683
Amortization of other intangibles (Note 9) 592 653 577
Restructuring costs (Note 25) 17 36 48
Marketing and business development 595 566 491
Brokerage-related fees 297 274 252
Professional and advisory services 804 740 569
Communications 251 239 210
Other (Note 26) 1,531 1,754 753
12,163 12,211 9,502
Income before income taxes, non-controlling interests in subsidiaries,
and equity in net income of an associated company 5,777 3,169 4,104
Provision for income taxes (Note 27) 1,262 241 537
Non-controlling interests in subsidiaries, net of income taxes 106 111 43
Equity in net income of an associated company, net of income taxes (Note 7) 235 303 309
Net income 4,644 3,120 3,833
Preferred dividends 194 167 59
Net income available to common shareholders $ 4,450 $ 2,953 $ 3,774
Average number of common shares outstanding (millions) (Note 28)
Basic 867.1 847.1 769.6
Diluted 872.1 850.1 775.7
Earnings per share (Canadian dollars) (Note 28)
Basic $ 5.13 $ 3.49 $ 4.90
Diluted 5.10 3.47 4.87
Dividends per share (Canadian dollars) 2.44 2.44 2.36
Certain comparative amounts have been reclassified to conform with the presentation
adopted in the current year.
The accompanying Notes are an integral part of these Consolidated Financial Statements.