Bank of Montreal 2004 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 of the 2004 Bank of Montreal annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 134

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

BMO Financial Group Annual Report 200484
Consolidated Financial Statements
Consolidated Financial Statements
84
Consolidated Statement of Income
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2004 2003 2002
Interest, Dividend and Fee Income
Loans $ 6,743 $ 6,970 $ 7,017
Securities (Note 3) 1,476 1,601 1,616
Deposits with banks 438 356 502
8,657 8,927 9,135
Interest Expense
Deposits 2,744 2,957 3,134
Subordinated debt 193 235 294
Other liabilities 798 836 878
3,735 4,028 4,306
Net Interest Income 4,922 4,899 4,829
Provision for credit losses (Note 4) (103) 455 820
Net Interest Income After Provision for Credit Losses 5,025 4,444 4,009
Non-Interest Revenue
Securities commissions and fees 1,055 894 813
Deposit and payment service charges 746 756 732
Trading revenues 200 275 209
Lending fees 317 293 306
Card fees 261 290 260
Investment management and custodial fees 307 303 314
Mutual fund revenues 378 321 309
Securitization revenues (Note 7) 177 244 329
Underwriting and advisory fees 343 268 228
Investment securities gains (losses) (Note 3) 175 (41) (146)
Foreign exchange, other than trading 177 160 151
Insurance income 139 124 105
Other 276 333 314
4,551 4,220 3,924
Net Interest Income and Non-Interest Revenue 9,576 8,664 7,933
Non-Interest Expense
Employee compensation (Notes 19 and 20) 3,632 3,578 3,403
Premises and equipment (Note 10) 1,252 1,264 1,280
Amortization of intangible assets (Note 12) 104 105 87
Travel and business development 239 225 261
Communications 138 162 173
Business and capital taxes 99 106 77
Professional fees 262 255 291
Other 431 392 458
Total Non-Interest Expense 6,157 6,087 6,030
Income Before Provision for Income Taxes and Non-Controlling Interest in Subsidiaries 3,419 2,577 1,903
Income taxes (Note 21) 1,008 688 424
2,411 1,889 1,479
Non-controlling interest in subsidiaries (Note 15) 60 64 62
Net Income $ 2,351 $ 1,825 $ 1,417
Preferred dividends (Note 18) $76 $ 82 $ 79
Net income available to common shareholders $ 2,275 $ 1,743 $ 1,338
Average common shares (in thousands) 501,656 496,208 490,816
Average diluted common shares (in thousands) 515,045 507,009 499,464
Earnings Per Share (Canadian $) (Note 22)
Basic $ 4.53 $ 3.51 $ 2.73
Diluted 4.42 3.44 2.68
Dividends Declared Per Common Share 1.59 1.34 1.20
The accompanying notes to consolidated financial statements are an integral part of these statements.
Certain comparative figures have been reclassified to conform with the current year’s presentation.