Bank of Montreal 2003 Annual Report Download - page 75

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BMO Financial Group 186th Annual Report 2003 71
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2003 2002 2001
Interest, Dividend and Fee Income
Loans $ 6,970 $ 7,017 $ 9,689
Securities (Note 3) 1,601 1,616 2,419
Deposits with banks 356 502 892
8,927 9,135 13,000
Interest Expense
Deposits 2,957 3,134 6,183
Subordinated debt 235 294 351
Other liabilities 836 878 1,967
4,028 4,306 8,501
Net Interest Income 4,899 4,829 4,499
Provision for credit losses 455 820 980
Net Interest Income After Provision for Credit Losses 4,444 4,009 3,519
Non-Interest Revenue
Securities commissions and fees 894 813 742
Deposit and payment service charges 756 732 670
Trading revenues 275 209 490
Lending fees 293 306 352
Card fees 290 260 204
Investment management and custodial fees 303 314 336
Mutual fund revenues 321 309 251
Securitization revenues (Note 7) 244 329 331
Underwriting and advisory fees 268 228 234
Investment securities gains (losses) (Note 3) (41) (146) 123
Foreign exchange, other than trading 160 151 127
Insurance income 124 105 125
Other revenues 333 314 237
4,220 3,924 4,222
Net Interest Income and Non-Interest Revenue 8,664 7,933 7,741
Non-Interest Expense
Employee compensation (Notes 18 & 19) 3,578 3,403 3,212
Premises and equipment (Note 10) 1,264 1,280 1,153
Amortization of intangible assets (Note 12) 105 87 43
Other expenses 1,140 1,260 1,263
Total Non-Interest Expense 6,087 6,030 5,671
Income Before Provision for Income Taxes,
Non-Controlling Interest in Subsidiaries and Goodwill Amortization 2,577 1,903 2,070
Income taxes (Note 20) 688 424 501
1,889 1,479 1,569
Non-controlling interest in subsidiaries 64 62 42
Net Income Before Goodwill Amortization 1,825 1,417 1,527
Amortization of goodwill, net of applicable income tax (Notes 12 & 20)
––
56
Net Income $ 1,825 $ 1,417 $ 1,471
Preferred dividends $ 82 $79 $80
Net income available to common shareholders $ 1,743 $ 1,338 $ 1,391
Average common shares (in thousands) 496,208 490,816 511,286
Average diluted common shares (in thousands) 507,009 499,464 523,561
Earnings Per Share (Canadian $) (Note 21)
Basic $ 3.51 $ 2.73 $ 2.72
Diluted 3.44 2.68 2.66
Dividends Declared Per Common Share 1.34 1.20 1.12
The accompanying notes to consolidated financial statements are an integral part of this statement.
Certain comparative figures have been reclassified to conform with the current year’s presentation.
Consolidated Statement of Income