TD Bank 2003 Annual Report Download - page 53

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Management’s Discussion and Analysis 51
TABLE 13 Impact on net interest income due to impaired loans
(millions of dollars) 2003 2002 2001
Reduction in net interest income due to impaired loans $ 111 $115 $127
Recoveries (11) (20) (25)
Net reduction $ 100 $ 95 $102
TABLE 12 Impaired loans less allowance for credit losses
(millions of dollars)
Canada1United States1Other international1Total
By sector 2003 2002 2003 2002 2003 2002 2003 2002 2001
Residential mortgages $43 $47 $ – $ – $ – $ – $43 $47 $82
Consumer instalment and
other personal 52 67 ––––52 67 94
Total residential and personal 95 114 ––––95 114 176
Real estate development
Commercial and industrial 99––––995
Residential 24––––246
Retail –––––––––
Real estate services –––––––– 2
Total real estate 11 13 ––––11 13 13
Agriculture 73 63 ––––73 63 22
Apparel and textile (1) (4) ––––(1) (4) (5)
Automotive 20 5116–27 65
Cable ––146 286 22 –168 286 –
Chemical 629–––15 22
Construction 212 –(5) –12842
Financial 2120 28 ––22 29 1
Food, beverage and tobacco 2(4) ––––2(4) 9
Forestry 11 23 ––––11 23 24
Health and social services 22––––224
Media and entertainment 916 –15 1–10 31 29
Metals and mining 23 3(2) 36 ––21 39 3
Oil and gas –1–15 –––16 1
Retail 2–––––2–(2)
Sundry manufacturing 118 –55 ––173 102
Telecommunications 211 41 175 20 36 63 222 280
Transportation 6135 833 ––14 168 173
Utilities 44 23 259 290 35 36 338 349 207
All other loans 515 3–––815 2
Total business and government 220 335 485 929 84 73 789 1,337 912
Total net impaired loans before
general allowances and
sectoral allowances $315 $449 $485 $929 $84 $73 $ 884 $1,451 $1,088
Less: general allowances 984 1,141 1,141
Less: sectoral allowances 541 1,285 –
Total net impaired loans $ (641) $ (975) $ (53)
Net impaired loans as a %
of common equity (5.5)% (8.4)% (.4)%
2003 2002 2001
By location12003 2002 2001 % mix % mix % mix
Canada
Atlantic $4 $5$8 .5 .4 .7
Québec 918 25 1.0 1.2 2.3
Ontario 223 345 383 25.2 23.8 35.2
Prairies 62 60 31 7.0 4.1 2.9
British Columbia 17 21 35 1.9 1.5 3.2
Total Canada 315 449 482 35.6 31.0 44.3
United States 485 929 556 54.9 64.0 51.1
Other international 84 73 50 9.5 5.0 4.6
Total net impaired loans before
general and sectoral allowances $ 884 $1,451 $1,088 100.0 100.0 100.0
Less: general allowances 984 1,141 1,141
Less: sectoral allowances 541 1,285 –
Total net impaired loans $ (641) $ (975) $ (53)
Net impaired loans as a % of net loans2(.5)% (.7)% –%
1Based on geographic location of unit responsible for recording revenue.
2Includes customers’ liability under acceptances.