TD Bank 2011 Annual Report Download - page 89

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TD BANK GROUP ANNUAL REPORT 2011 FINANCIAL RESULTS 87
Consolidated Statement of Income
For the years ended October 31
(millions of Canadian dollars, except as noted) 2011 2010 2009
Interest income
Loans $ 13,941 $ 12,939 $ 13,691
Securities
Dividends 810 737 868
Interest 3,354 3,043 3,886
Deposits with banks 354 668 442
18,459 17,387 18,887
Interest expense
Deposits 4,289 4,578 5,818
Subordinated notes and debentures 659 667 671
Preferred shares and capital trust securities (Notes 15, 16) 38 37 94
Other 642 562 978
5,628 5,844 7,561
Net interest income 12,831 11,543 11,326
Non-interest income
Investment and securities services 2,624 2,424 2,212
Credit fees 687 634 622
Net securities gains (losses) (Note 3) 393 75 (437)
Trading income (loss) (Note 20) 43 484 685
Service charges 1,602 1,651 1,507
Loan securitizations (Note 5) 450 489 468
Card services 961 820 733
Insurance, net of claims (Note 21) 1,173 1,028 913
Trust fees 154 153 141
Other income (loss) 676 264 (310)
8,763 8,022 6,534
Total revenue 21,594 19,565 17,860
Provision for credit losses (Note 4) 1,465 1,625 2,480
Non-interest expenses
Salaries and employee benefits (Note 23) 6,723 5,960 5,839
Occupancy, including depreciation 1,285 1,236 1,213
Equipment, including depreciation 800 880 897
Amortization of other intangibles (Note 9) 715 592 653
Restructuring costs (Note 24) – 17 36
Marketing and business development 593 595 566
Brokerage-related fees 320 297 274
Professional and advisory services 932 804 740
Communications 271 251 239
Other 1,444 1,531 1,754
13,083 12,163 12,211
Income before income taxes, non-controlling interests in subsidiaries,
and equity in net income of an associated company 7,046 5,777 3,169
Provision for (recovery of) income taxes (Note 25) 1,299 1,262 241
Non-controlling interests in subsidiaries, net of income taxes 104 106 111
Equity in net income of an associated company, net of income taxes (Note 8) 246 235 303
Net income 5,889 4,644 3,120
Preferred dividends 180 194 167
Net income available to common shareholders $ 5,709 $ 4,450 $ 2,953
Average number of common shares outstanding (millions) (Note 26)
Basic 885.7 867.1 847.1
Diluted 890.1 872.1 850.1
Earnings per share (dollars) (Note 26)
Basic $ 6.45 $ 5.13 $ 3.49
Diluted 6.41 5.10 3.47
Dividends per share (dollars) 2.61 2.44 2.44
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.