TD Bank 2003 Annual Report Download - page 85

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Financial Results 83
Results by business segment
(millions of dollars)
Personal and
Commercial Wholesale Wealth
2003 Banking Banking Management Corporate1Total
Net interest income
(on a taxable equivalent basis) $ 4,086 $ 1,508 $ 431 $ (409) $ 5,616
Provision for credit losses 460 (80) – (194) 186
Other income 1,803 669 1,746 206 4,424
Non-interest expenses excluding non-cash
intangible amortization 3,463 1,761 2,107 261 7,592
Income (loss) before provision for (benefit of) income
taxes and non-controlling interest 1,966 496 70 (270) 2,262
Provision for (benefit of) income taxes
(on a taxable equivalent basis) 689 133 145 (364) 603
Non-controlling interest in net income
of subsidiaries –– –9292
Net income (loss) – cash basis $ 1,277 $ 363 $ (75) $ 2 $ 1,567
Non-cash intangible amortization, net of income taxes 491
Net income (loss) – reported basis $ 1,076
Total assets $115,900 $126,800 $21,100 $9,732 $273,532
2002
Net interest income
(on a taxable equivalent basis) $ 4,058 $ 1,505 $ 426 $ (689) $ 5,300
Provision for credit losses 505 2,490 – (70) 2,925
Other income 1,710 1,163 1,737 319 4,929
Non-interest expenses excluding non-cash
intangible amortization 3,501 1,235 1,922 96 6,754
Income (loss) before provision for (benefit of) income
taxes and non-controlling interest 1,762 (1,057) 241 (396) 550
Provision for (benefit of) income taxes
(on a taxable equivalent basis) 648 (400) 116 (445) (81)
Non-controlling interest in net income
of subsidiaries – – – 64 64
Net income (loss) – cash basis $ 1,114 $ (657) $ 125 $ (15) $ 567
Non-cash intangible amortization, net of income taxes 634
Net income – reported basis $ (67)
Total assets $111,900 $136,400 $19,800 $9,940 $278,040
2001
Net interest income
(on a taxable equivalent basis) $ 3,951 $ 898 $ 468 $ (926) $ 4,391
Provision for credit losses 380 327 – 213 920
Other income 1,688 2,265 1,820 674 6,447
Non-interest expenses excluding non-cash
goodwill/intangible amortization and restructuring costs 3,467 1,373 2,026 59 6,925
Restructuring costs – – – 239 239
Income (loss) before provision for (benefit of) income
taxes and non-controlling interest 1,792 1,463 262 (763) 2,754
Provision for (benefit of) income taxes
(on a taxable equivalent basis) 702 537 120 (704) 655
Non-controlling interest in net income
of subsidiaries – – 6 72 78
Net income (loss) – cash basis $ 1,090 $ 926 $ 136 $ (131) $ 2,021
Non-cash intangible amortization, net of income taxes 440
Non-cash goodwill amortization, net of income taxes 189
Net income – reported basis $ 1,392
1The taxable equivalent basis adjustment is reflected in each
segments’ results and eliminated in the Corporate segment.