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BMO Financial Group 186th Annual Report 2003 57
Table 7 Non-Interest Expense and Expense-to-Revenue Ratio ($ millions, except as noted)
For the year ended October 31 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Non-Interest Expense
Employee compensation
Salaries 3,039 2,962 2,857 2,800 2,532 2,370 2,284 1,972 1,758 1,567
Employee benefits 539 441 355 265 288 204 251 238 241 228
Total employee compensation 3,578 3,403 3,212 3,065 2,820 2,574 2,535 2,210 1,999 1,795
Premises and equipment
Rental of real estate 174 179 134 130 145 147 149 139 136 125
Premises, furniture and fixtures 271 286 289 272 275 256 234 215 206 188
Property taxes 52 52 52 47 52 51 40 40 41 39
Computers and equipment 767 763 678 622 651 518 493 333 296 248
Total premises and equipment 1,264 1,280 1,153 1,071 1,123 972 916 727 679 600
Other expenses
Communications 162 173 194 259 268 266 246 219 208 180
Business and capital taxes 106 77 103 110 129 134 128 116 110 95
Professional fees 255 291 288 335 343 320 250 173 141 112
Travel and business development 225 261 248 236 227 234 238 199 161 144
Other (a) 392 458 430 202 216 261 226 251 239 195
Total other expenses 1,140 1,260 1,263 1,142 1,183 1,215 1,088 958 859 726
Amortization of intangible assets 105 87 43 23 21 24 28 18 15 16
Special charge
–––––––––
71
Business process improvement initiative charge
––––––––
60
–
Restructuring charge
–––
(43) 141
–––––
Total Non-Interest Expense 6,087 6,030 5,671 5,258 5,288 4,785 4,567 3,913 3,612 3,208
Year-over-year growth (%) 0.9 6.3 7.8 (0.6) 10.5 4.8 16.7 8.4 12.6 10.7
Non-interest expense-to-revenue ratio (%) 65.7 68.1 64.0 60.7 66.7 65.8 63.7 62.8 63.7 61.7
Government Levies and Taxes (b)
Government levies other than income taxes
Payroll levies 156 150 148 133 127 128 123 109 106 95
Property taxes 52 52 52 47 52 51 40 40 41 39
Provincial capital taxes 100 69 93 100 121 120 104 89 84 71
Business taxes 68 10 10 8 14 24 27 26 24
Goods and services tax and sales tax 158 142 126 125 118 125 114 101 88 70
Total government levies other than income taxes 472 421 429 415 426 438 405 366 345 299
Provision for (recovery of) income taxes reported in:
Statement of income
Provision 688 424 501 989 736 810 845 758 662 560
Amortization of goodwill
––
(6) (5) (6) (6) (5) (1)
––
Statement of retained earnings 601 77 (350) (153) 158 (237) (92) 10 9 (23)
Total income taxes 1,289 501 145 831 888 567 748 767 671 537
Total Government Levies and Taxes 1,761 922 574 1,246 1,314 1,005 1,153 1,133 1,016 836
Total government levies and taxes as a % of net
income before taxes and government levies 59.0 40.8 24.0 38.3 51.8 38.8 45.2 49.4 51.0 49.6
Effective tax rate (teb) 30.8 26.4 29.1 36.9 37.6 39.8 41.0 41.5 41.9 42.4
(a) Effective 2001, processing fees paid to Symcor are included in other expenses.
(b) Government levies are included in various non-interest expense categories.