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Interim Consolidated Statement of Income - CAD ($)
$ in Millions
3 Months Ended 6 Months Ended
Apr. 30, 2020
Apr. 30, 2019
Apr. 30, 2020
Apr. 30, 2019
Interest income        
Loans [1] $ 7,324 $ 7,745 $ 15,346 $ 15,647
Securities        
Interest [1] 1,578 1,954 3,295 4,074
Dividends [1] 416 384 951 718
Deposits with banks [1] 105 190 225 378
Total interest income [1] 9,423 10,273 19,817 20,817
Interest expense (Note 21)        
Deposits 2,146 3,349 5,219 6,873
Securitization liabilities 95 129 222 280
Subordinated notes and debentures 106 93 213 188
Other (Note 2) 616 830 1,402 1,744
Total interest expense 2,963 4,401 7,056 9,085
Net interest income 6,460 5,872 12,761 11,732
Non-interest income        
Investment and securities services 1,353 1,249 2,632 2,413
Credit fees 352 331 687 634
Net securities gain (loss) (Note 5) (12) 35 (2) 24
Trading income (loss) 368 237 684 412
Income (loss) from non-trading financial instruments at fair value through profit or loss (90) 73 (78) 84
Income (loss) from financial instruments designated at fair value through profit or loss (84) 53 (58) 89
Service charges 654 692 1,389 1,406
Card services 510 614 1,130 1,257
Insurance revenue 1,127 1,035 2,258 2,070
Other income (loss) (110) 37 (266) 105
Total non-interest income 4,068 4,356 8,376 8,494
Total revenue 10,528 10,228 21,137 20,226
Provision for credit losses (Note 6) 3,218 633 4,137 1,483
Insurance claims and related expenses 671 668 1,451 1,370
Non-interest expenses        
Salaries and employee benefits (Notes 15, 16) 2,927 2,799 5,960 5,651
Occupancy, including depreciation (Note 2) 462 454 900 914
Equipment, including depreciation (Note 2) 321 282 604 561
Amortization of other intangibles 205 199 407 394
Marketing and business development 170 206 364 366
Restructuring charges (recovery) (3) (5) (8) (6)
Brokerage-related and sub-advisory fees 94 83 179 166
Professional and advisory services 284 320 549 647
Other 661 910 1,633 2,410
Total non-interest expenses 5,121 5,248 10,588 11,103
Income before income taxes and equity in net income of an investment in TD Ameritrade 1,518 3,679 4,961 6,270
Provision for (recovery of) income taxes (Note 17) 250 773 909 1,276
Net income [2] 1,515 3,172 4,504 5,582
Preferred dividends 68 62 135 122
Net income available to common shareholders and non-controlling interests in subsidiaries 1,447 3,110 4,369 5,460
Attributable to:        
Common shareholders $ 1,447 $ 3,110 $ 4,369 5,442
Non-controlling interests in subsidiaries       $ 18
Earnings per share (Canadian dollars) (Note 18)        
Basic $ 0.80 $ 1.70 $ 2.42 $ 2.97
Diluted 0.80 1.70 2.42 2.97
Dividends per common share (Canadian dollars) $ 0.79 $ 0.74 $ 1.53 $ 1.41
TD Ameritrade [member]        
Non-interest expenses        
Equity in net income of an investment in TD Ameritrade (Note 7) $ 247 $ 266 $ 452 $ 588
[1] Includes $7,967 million and $16,569 million, for the three and six months ended April 30, 2020, respectively (three and six months ended April 30, 2019 - $8,554 million and $17,239 million, respectively) which have been calculated based on the effective interest rate method. Refer to Note 21.
[2] The amounts are net of income tax provisions (recoveries) presented in the following table.