TD Bank 2009 Annual Report Download - page 146

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 FINANCIAL RESULTS142
Results by Business Segment
(millions of Canadian dollars) Canadian U.S.
Personal and Personal and
Commercial Wealth Commercial Wholesale
Banking Management Banking1,2 Banking Corporate Total
2009
Net interest income $ 6,348 $ 270 $ 3,607 $ 2,488 $ (1,387) $ 11,326
Non-interest income 3,101 1,935 1,117 733 (352) 6,534
Provision for credit losses 1,155 – 948 164 213 2,480
Non-interest expenses 4,725 1,701 3,213 1,417 1,155 12,211
Income before income taxes 3,569 504 563 1,640 (3,107) 3,169
Provision for (recovery of) income taxes 1,097 159 (70) 503 (1,448) 241
Non-controlling interests in subsidiaries,
net of income taxes – – – – 111 111
Equity in net income of an associated company,
net of income taxes – 252 – – 51 303
Net income (loss) $ 2,472 $ 597 $ 633 $ 1,137 $ (1,719) $ 3,120
Total assets
Balance sheet $ 183,236 $ 20,592 $ 153,820 $ 164,939 $ 34,632 $ 557,219
Securitized 57,659 – – 4,057 (13,740) 47,976
2008
Net interest income $ 5,790 $ 347 $ 2,144 $ 1,318 $ (1,067) $ 8,532
Non-interest income 3,036 1,981 853 (68) 335 6,137
Provision for (reversal of) credit losses 766 – 226 106 (35) 1,063
Non-interest expenses 4,522 1,615 1,791 1,199 375 9,502
Income before income taxes 3,538 713 980 (55) (1,072) 4,104
Provision for (recovery of) income taxes 1,114 233 258 (120) (948) 537
Non-controlling interests in subsidiaries,
net of income taxes – – – – 43 43
Equity in net income of an associated company,
net of income taxes – 289 – – 20 309
Net income (loss) $ 2,424 $ 769 $ 722 $ 65 $ (147) $ 3,833
Total assets
Balance sheet $ 172,389 $ 15,399 $ 126,996 $ 215,013 $ 33,417 $ 563,214
Securitized 42,817 – – 3,022 (13,259) 32,580
2007
Net interest income $ 5,401 $ 318 $ 1,365 $ 875 $ (1,035) $ 6,924
Other income 2,848 1,995 583 1,619 312 7,357
Provision for (reversal of) credit losses 608 – 120 48 (131) 645
Non-interest expenses 4,256 1,551 1,221 1,261 686 8,975
Income before income taxes 3,385 762 607 1,185 (1,278) 4,661
Provision for (recovery of) income taxes 1,132 261 196 361 (1,097) 853
Non-controlling interests in subsidiaries,
net of income taxes – – 91 – 4 95
Equity in net income of an associated company,
net of income taxes – 261 – – 23 284
Net income (loss) $ 2,253 $ 762 $ 320 $ 824 $ (162) $ 3,997
Total assets
Balance sheet $ 152,100 $ 14,900 $ 58,800 $ 177,200 $ 19,124 $ 422,124
Securitized 44,608 – – – (16,292) 28,316
1Commencing the third quarter ended July 31, 2008, the results of U.S. Personal
and Commercial Banking include Commerce. For details, see Note 7.
2As explained in Note 1, effective the second quarter ended April 30, 2009, as
a result of the alignment of reporting period of U.S. entities, TD Bank, N.A.,
which includes TD Banknorth and Commerce, is consolidated using the same
period as the Bank.