TD Bank 2006 Annual Report Download - page 25

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2006 Management’s Discussion and Analysis 21
(millions of Canadian dollars) 2006 vs 2005
2006 2005 2004 % change
Salaries and employee benefits
Salaries $ 2,700 $2,544 $2,254 6.1%
Incentive compensation 1,207 1,139 1,084 6.0
Pension and other employee benefits 578 535 442 8.0
Total salaries and employee benefits 4,485 4,218 3,780 6.3
Occupancy
Rent 371 373 353 (.5)
Depreciation 160 147 134 8.8
Property tax 21 17 14 23.5
Other 149 139 111 7.2
Total occupancy 701 676 612 3.7
Equipment
Rent 200 192 165 4.2
Depreciation 183 175 160 4.6
Other 216 242 237 (10.7)
Total equipment 599 609 562 (1.6)
Amortization of intangible assets 505 546 626 (7.5)
Restructuring costs 50 43 (7) 16.3
Marketing and business development 470 469 384 .2
Brokerage-related fees 164 226 228 (27.4)
Professional and advisory services 510 494 446 3.2
Communications 201 205 207 (2.0)
Other
Capital and business taxes 205 167 141 22.8
Postage 121 108 100 12.0
Travel and relocation 87 78 62 11.5
Total other 629 943 866 (33.3)
Total other 1,042 1,296 1,169 (19.6)
Total expenses $ 8,727 $8,782 $8,007 (.6)%
Efficiency ratio – reported 59.5% 73.8%75.1% (1430)bps
Efficiency ratio – adjusted62.2 65.0 66.0 (280)
NON-INTEREST EXPENSES AND EFFICIENCY RATIO
TABLE 9