Bank of Montreal 2007 Annual Report Download - page 97

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Consolidated Statement of Income
Consolidated Financial Statements
BMO Financial Group 190th Annual Report 2007 93
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2007 2006 2005
Restated
Interest, Dividend and Fee Income (see Note 22)
Loans $ 11,557 $ 9,985 $ 7,728
Securities (Note 3) 3,153 2,158 1,830
Deposits with banks 1,128 769 606
15,838 12,912 10,164
Interest Expense
Deposits 7,905 5,743 3,703
Subordinated debt 180 169 202
Preferred shares and capital trust securities (Notes 19 and 21) 99 99 97
Other liabilities 2,811 2,157 1,375
10,995 8,168 5,377
Net Interest Income 4,843 4,744 4,787
Provision for credit losses (Note 4) 353 176 179
Net Interest Income After Provision for Credit Losses 4,490 4,568 4,608
Non-Interest Revenue
Securities commissions and fees 1,145 1,051 1,092
Deposit and payment service charges 728 729 734
Trading revenues (losses) (487) 718 496
Lending fees 406 337 313
Card fees (Note 16) 107 396 334
Investment management and custodial fees 322 298 305
Mutual fund revenues 576 499 437
Securitization revenues (Note 7) 296 100 113
Underwriting and advisory fees 528 407 357
Securities gains, other than trading (Note 3) 246 145 165
Foreign exchange, other than trading 132 102 97
Insurance income 230 204 162
Other 277 255 447
4,506 5,241 5,052
Net Interest Income and Non-Interest Revenue 8,996 9,809 9,660
Non-Interest Expense
Employee compensation (Notes 22 and 23) 3,825 3,824 3,751
Premises and equipment (Note 10) 1,303 1,211 1,264
Amortization of intangible assets (Note 13) 46 44 94
Travel and business development 287 253 247
Communications 149 131 122
Business and capital taxes 47 94 107
Professional fees 301 287 243
Other 484 509 504
6,442 6,353 6,332
Restructuring Charge (Note 17) 159
––
Income Before Provision for Income Taxes and Non-Controlling Interest in Subsidiaries 2,395 3,456 3,328
Income taxes (Note 24) 189 717 874
2,206 2,739 2,454
Non-controlling interest in subsidiaries (Notes 16 and 19) 75 76 58
Net Income $ 2,131 $ 2,663 $ 2,396
Preferred share dividends (Note 21) $43$30$30
Net income available to common shareholders $ 2,088 $ 2,633 $ 2,366
Average common shares (in thousands) 499,950 501,257 500,060
Average diluted common shares (in thousands) 508,614 511,173 510,845
Earnings Per Share (Canadian $) (Note 25)
Basic $ 4.18 $ 5.25 $ 4.73
Diluted 4.11 5.15 4.63
Dividends Declared Per Common Share 2.71 2.26 1.85
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.