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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Management’s Discussion and Analysis46
TABLE 3Net interest rate margin
Operating cash basis
(millions of dollars) 2003 2002 2001
Average Net Average Net Average Net
earning interest earning interest earning interest
assets income (TEB) Margin assets income (TEB) Margin assets income (TEB) Margin
Canada $ 156,193 $ 3,986 2.55% $150,738 $ 3,985 2.64% $147,525 $ 3,628 2.46%
United States 48,582 685 1.41 53,784 553 1.03 55,798 509 .91
Other international 47,032 1,175 2.50 52,038 984 1.89 47,435 499 1.05
Total Bank $ 251,807 $5,846 2.32% $256,560 $ 5,522 2.15% $250,758 $ 4,636 1.85%
Reported basis
(millions of dollars) 2003 2002 2001
Average Net Average Net Average Net
earning interest earning interest earning interest
assets income Margin assets income Margin assets income Margin
Canada $156,193 $ 3,758 2.41% $150,738 $3,773 2.50% $ 147,525 $ 3,400 2.30%
United States 48,582 681 1.40 53,784 543 1.01 55,798 492 .88
Other international 47,032 1,177 2.50 52,038 984 1.89 47,435 499 1.05
Total Bank $251,807 $ 5,616 2.23% $256,560 $5,300 2.07% $ 250,758 $ 4,391 1.75%
TABLE 4Average earning balances and interest rates
(millions of dollars) 2003 2002 2001
Average Average Average Average Average Average
balance Interest rate balance Interest rate balance Interest rate
Earning assets
Deposits with banks $ 7,323 $ 212 2.9% $ 6,108 $ 132 2.2% $ 5,117 $ 191 3.7%
Securities purchased under
resale agreements 33,311 902 2.7 31,758 850 2.7 26,511 1,462 5.5
Securities
Investment 29,183 1,075 3.7 28,663 1,290 4.5 28,696 1,535 5.3
Trading 62,161 2,603 4.2 67,633 2,610 3.9 70,375 2,636 3.7
Total securities 91,344 3,678 4.0 96,296 3,900 4.1 99,071 4,171 4.2
Loans
Mortgages 53,168 2,881 5.4 53,035 3,101 5.8 48,462 3,172 6.5
Consumer instalment and
other personal 39,090 2,466 6.3 34,156 2,090 6.1 32,071 2,612 8.1
Business and government 27,571 1,293 4.7 35,207 1,755 5.0 39,526 2,908 7.4
Total loans 119,829 6,640 5.5 122,398 6,946 5.7 120,059 8,692 7.2
Total earning assets $251,807 $11,432 4.5% $256,560 $11,828 4.6% $250,758 $ 14,516 5.8%
Interest-bearing liabilities
Deposits
Personal $102,485 $ 2,130 2.1% $ 98,163 $ 2,300 2.3% $ 93,733 $ 3,385 3.6%
Banks 22,170 412 1.9 24,821 720 2.9 28,517 1,467 5.1
Business and government 77,750 1,660 2.1 81,131 1,734 2.1 76,093 3,225 4.2
Total deposits 202,405 4,202 2.1 204,115 4,754 2.3 198,343 8,077 4.1
Subordinated notes and debentures 4,710 259 5.5 4,250 201 4.7 4,943 304 6.2
Obligations related to
securities sold short and
under repurchase agreements 38,378 1,125 2.9 44,931 1,351 3.0 43,567 1,488 3.4
Other interest-bearing liabilities ––––––156 11 7.1
Total interest-bearing liabilities $245,493 $ 5,586 2.3% $253,296 $ 6,306 2.5% $247,009 $ 9,880 4.0%
Total net interest income (TEB) $ 5,846 $ 5,522 $ 4,636
Total net interest income $ 5,616 $ 5,300 $ 4,391