TD Bank 2014 Annual Report Download - page 125

TD BANK GROUP ANNUAL REPORT 2014 FINANCIAL RESULTS 123
Consolidated Statement of Income
For the years ended October 31
(millions of Canadian dollars, except as noted) 2014 2013 2012
Interest income
Loans $ 19,758 $ 18,514 $ 17,951
Securities
Interest 2,913 2,965 3,259
Dividends 1,173 1,048 940
Deposits with banks 84 88 88
23,928 22,615 22,238
Interest expense
Deposits 4,313 4,461 4,670
Securitization liabilities 777 927 1,026
Subordinated notes and debentures 412 447 612
Other 842 706 904
6,344 6,541 7,212
Net interest income 17,584 16,074 15,026
Non-interest income
Investment and securities services 3,346 2,834 2,621
Credit fees 845 785 745
Net securities gains (losses) (Note 7) 173 304 373
Trading income (losses) (Note 23) (349) (279) (41)
Service charges 2,152 1,966 1,849
Card services 1,552 1,220 942
Insurance revenue (Note 24) 3,883 3,734 3,537
Trust fees 150 148 149
Other income (loss) 625 473 345
12,377 11,185 10,520
Total revenue 29,961 27,259 25,546
Provision for credit losses (Note 8) 1,557 1,631 1,795
Insurance claims and related expenses (Note 24) 2,833 3,056 2,424
Non-interest expenses
Salaries and employee benefits (Note 26) 8,451 7,651 7,259
Occupancy, including depreciation 1,549 1,456 1,374
Equipment, including depreciation 810 847 825
Amortization of other intangibles 598 521 477
Marketing and business development 756 685 668
Restructuring costs 29 129 –
Brokerage-related fees 321 317 296
Professional and advisory services 991 1,009 925
Communications 283 281 282
Other 2,708 2,173 1,910
16,496 15,069 14,016
Income before income taxes and equity in net income of an investment in associate 9,075 7,503 7,311
Provision for (recovery of) income taxes (Note 27) 1,512 1,135 1,085
Equity in net income of an investment in associate, net of income taxes (Note 12) 320 272 234
Net income 7,883 6,640 6,460
Preferred dividends 143 185 196
Net income available to common shareholders and non-controlling interests in subsidiaries $ 7,740 $ 6,455 $ 6,264
Attributable to:
Non-controlling interests in subsidiaries $ 107 $ 105 $ 104
Common shareholders 7,633 6,350 6,160
Weighted-average number of common shares outstanding (millions) (Note 28)
Basic 1,839.1 1,837.9 1,813.2
Diluted 1,845.3 1,845.1 1,829.7
Earnings per share (dollars) (Note 28)
Basic $ 4.15 $ 3.46 $ 3.40
Diluted 4.14 3.44 3.38
Dividends per share (dollars) 1.84 1.62 1.45
Certain comparative amounts have been restated to conform with the presentation
adopted in the current period.
The accompanying Notes are an integral part of these Consolidated Financial Statements.