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Consolidated Statement of Income - CAD ($)
$ in Millions
3 Months Ended 6 Months Ended
Apr. 30, 2022
Jan. 31, 2022
Apr. 30, 2021
Apr. 30, 2022
Apr. 30, 2021
Interest income          
Loans [1] $ 6,418 $ 5,994 $ 5,712 $ 12,412 $ 11,760
Securities [1] 500 358 390 858 770
Securities purchased under resale agreements and securities borrowed [1] 71 47 41 118 84
Deposits with financial institutions [1] 103 64 44 167 85
Interest income [1] 7,092 6,463 6,187 13,555 12,699
Interest expense          
Deposits 2,024 1,573 1,619 3,597 3,412
Subordinated debentures 55 45 44 100 91
Other 540 501 348 1,041 669
Interest expenses 2,619 2,119 2,011 4,738 4,172
Net interest income 4,473 4,344 4,176 8,817 8,527
Non-interest income          
Card revenues 207 190 181 397 385
Banking services fees 430 437 399 867 784
Credit fees 397 401 377 798 735
Mutual funds 575 628 548 1,203 1,209
Brokerage fees 287 298 259 585 511
Investment management and trust 254 256 245 510 491
Underwriting and advisory fees 137 172 216 309 382
Non-trading foreign exchange 216 225 210 441 414
Trading revenues 453 609 525 1,062 1,146
Net gain on sale of investment securities 1 2 137 3 256
Net income from investments in associated corporations 84 91 113 175 170
Insurance underwriting income, net of claims 105 101 100 206 213
Other fees and commissions 145 156 189 301 353
Other 178 139 61 317 232
Total non-interest income 3,469 3,705 3,560 7,174 7,281
Total revenue 7,942 8,049 7,736 15,991 15,808
Provision for credit losses 219 222 496 441 1,260
Profit from operating activity 7,723 7,827 7,240 15,550 14,548
Non-interest expenses          
Salaries and employee benefits 2,175 2,280 2,128 4,455 4,356
Premises and technology 590 586 581 1,176 1,156
Depreciation and amortization 381 375 375 756 755
Communications 93 90 94 183 190
Advertising and business development 108 109 94 217 185
Professional 195 192 179 387 336
Business and capital taxes 132 140 126 272 269
Other 485 451 465 936 1,003
Total non-interest expenses 4,159 4,223 4,042 8,382 8,250
Income before taxes 3,564 3,604 3,198 7,168 6,298
Income tax expense 817 864 742 1,681 1,444
Net income 2,747 2,740 2,456 5,487 4,854
Net income attributable to non-controlling interests in subsidiaries 78 88 90 166 180
Net income attributable to equity holders of the Bank 2,669 2,652 2,366 5,321 4,674
Preferred shareholders and other equity instrument holders 74 44 77 118 120
Common shareholders $ 2,595 $ 2,608 $ 2,289 $ 5,203 $ 4,554
Earnings per common share (in dollars)          
Basic [2] $ 2.16 $ 2.15 $ 1.89 $ 4.32 $ 3.76
Diluted 2.16 2.14 1.88 4.3 3.74
Dividends paid per common share (in dollars) $ 1 $ 1 $ 0.9 $ 2 $ 1.8
[1] Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $6,915 for the three months ended April 30, 2022 (January 31, 2022 – $6,331; April 30, 2021 – $6,078) and for the six months ended April 30, 2022 – $13,246 (April 30, 2021 – $12,478).
[2] Earnings per share calculations are based on full dollar and share amounts.