TD Bank 2009 Annual Report Download - page 94

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2009 FINANCIAL RESULTS90
For the years ended October 31
(millions of Canadian dollars, except as noted) 2009 2008 2007
Interest income
Loans $13,691 $13,501 $12,729
Securities
Dividends 868 987 928
Interest 3,886 4,467 3,838
Deposits with banks 442 629 357
18,887 19,584 17,852
Interest expense
Deposits 5,818 8,481 8,247
Subordinated notes and debentures 671 654 484
Preferred shares and capital trust securities (Notes 15, 16) 94 94 109
Other 978 1,823 2,088
7,561 11,052 10,928
Net interest income 11,326 8,532 6,924
Non-interest income
Investment and securities services 2,212 2,245 2,400
Credit fees 622 459 420
Net securities gains (losses) (Note 2) (437) 331 326
Trading income (loss) (Note 21) 685 (794) 591
Service charges 1,507 1,237 1,019
Loan securitizations (Note 5) 468 231 397
Card services 733 589 451
Insurance, net of claims (Note 22) 913 927 1,005
Trust fees 141 140 133
Other income (loss) (Note 23) (310) 772 615
6,534 6,137 7,357
Total revenue 17,860 14,669 14,281
Provision for credit losses (Note 3) 2,480 1,063 645
Non-interest expenses
Salaries and employee benefits (Note 25) 5,839 4,984 4,606
Occupancy, including depreciation 1,213 935 736
Equipment, including depreciation 897 683 614
Amortization of other intangibles (Note 9) 653 577 499
Restructuring costs (Note 26) 36 48 67
Marketing and business development 566 491 445
Brokerage-related fees 274 252 233
Professional and advisory services 740 569 488
Communications 239 210 193
Other (Note 27) 1,754 753 1,094
12,211 9,502 8,975
Income before income taxes, non-controlling interests in subsidiaries
and equity in net income of an associated company 3,169 4,104 4,661
Provision for income taxes (Note 28) 241 537 853
Non-controlling interests in subsidiaries, net of income taxes 111 43 95
Equity in net income of an associated company, net of income taxes (Note 7) 303 309 284
Net income 3,120 3,833 3,997
Preferred dividends 167 59 20
Net income available to common shareholders $ 2,953 $ 3,774 $ 3,977
Average number of common shares outstanding (millions) (Note 29)
Basic 847.1 769.6 718.6
Diluted 850.1 775.7 725.5
Earnings per share (Canadian dollars) (Note 29)
Basic $ 3.49 $ 4.90 $ 5.53
Diluted 3.47 4.87 5.48
Dividends per share (Canadian dollars) 2.44 2.36 2.11
Consolidated Statement of Income
Certain comparative amounts have been reclassified to conform with the
presentation adopted in the current year. The accompanying Notes are an integral part of these Consolidated
Financial Statements.