Bank of Montreal 2008 Annual Report Download - page 109

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Consolidated Statement of Income
Consolidated Financial Statements
BMO Financial Group 191st Annual Report 2008 | 105
For the Year Ended October 31 (Canadian $ in millions, except as noted) 2008 2007 2006
Interest, Dividend and Fee Income
Loans $ 10,614 $ 11,557 $ 9,985
Securities (Note 3) 3,206 3,153 2,158
Deposits with banks 930 1,128 769
14,750 15,838 12,912
Interest Expense
Deposits 7,341 7,905 5,743
Subordinated debt 222 180 169
Capital trust securities and preferred shares (Notes 19 and 21) 91 99 99
Other liabilities 2,009 2,811 2,157
9,663 10,995 8,168
Net Interest Income 5,087 4,843 4,744
Provision for credit losses (Note 4) 1,330 353 176
Net Interest Income After Provision for Credit Losses 3,757 4,490 4,568
Non-Interest Revenue
Securities commissions and fees 1,105 1,145 1,051
Deposit and payment service charges 756 728 729
Trading revenues (losses) 546 (487) 718
Lending fees 429 406 337
Card fees (Note 16) 291 107 396
Investment management and custodial fees 339 322 298
Mutual fund revenues 589 576 499
Securitization revenues (Note 8) 513 296 100
Underwriting and advisory fees 353 528 407
Securities gains (losses), other than trading (Note 3) (315) 246 145
Foreign exchange, other than trading 80 132 102
Insurance income 222 230 204
Other 210 277 255
5,118 4,506 5,241
Net Interest Income and Non-Interest Revenue 8,875 8,996 9,809
Non-Interest Expense
Employee compensation (Notes 23 and 24) 3,976 3,825 3,824
Premises and equipment (Note 11) 1,382 1,303 1,211
Amortization of intangible assets (Note 13) 42 46 44
Travel and business development 328 287 253
Communications 202 149 131
Business and capital taxes 42 47 94
Professional fees 384 301 287
Other 546 484 509
6,902 6,442 6,353
Restructuring Charge (Reversal) (Note 17) (8) 159 –
Income Before Provision for (Recovery of) Income Taxes and Non-Controlling Interest in Subsidiaries 1,981 2,395 3,456
Income taxes (Note 25) (71) 189 717
2,052 2,206 2,739
Non-controlling interest in subsidiaries (Notes 16 and 19) 74 75 76
Net Income $ 1,978 $ 2,131 $ 2,663
Preferred share dividends (Note 21) $73$43$30
Net income available to common shareholders $ 1,905 $ 2,088 $ 2,633
Average common shares (in thousands) 502,062 499,950 501,257
Average diluted common shares (in thousands) 506,697 508,614 511,173
Earnings Per Share (Canadian $) (Note 26)
Basic $ 3.79 $ 4.18 $ 5.25
Diluted 3.76 4.11 5.15
Dividends Declared Per Common Share 2.80 2.71 2.26
The accompanying notes are an integral part of these consolidated financial statements.