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Consolidated Statement of Income - CAD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 31, 2022
Apr. 30, 2022
Jul. 31, 2021
Jul. 31, 2022
Jul. 31, 2021
Interest income          
Loans [1] $ 7,707 $ 6,418 $ 5,648 $ 20,119 $ 17,408
Securities [1] 802 500 354 1,660 1,124
Securities purchased under resale agreements and securities borrowed [1] 132 71 49 250 133
Deposits with financial institutions [1] 244 103 50 411 135
Interest income [1] 8,885 7,092 6,101 22,440 18,800
Interest expense          
Deposits 3,475 2,024 1,540 7,072 4,952
Subordinated debentures 77 55 43 177 134
Other 657 540 301 1,698 970
Interest expenses 4,209 2,619 1,884 8,947 6,056
Net interest income 4,676 4,473 4,217 13,493 12,744
Non-interest income          
Card revenues 187 207 177 584 562
Banking services fees 447 430 400 1,314 1,184
Credit fees 398 397 382 1,196 1,117
Mutual funds 538 575 580 1,741 1,789
Brokerage fees 276 287 263 861 774
Investment management and trust 247 254 252 757 743
Underwriting and advisory fees 98 137 198 407 580
Non-trading foreign exchange 209 216 194 650 608
Trading revenues 311 453 478 1,373 1,624
Net gain on sale of investment securities   1 80 3 336
Net income from investments in associated corporations 44 84 73 219 243
Insurance underwriting income, net of claims 113 105 83 319 296
Other fees and commissions 143 145 171 444 524
Other 112 178 209 429 441
Total non-interest income 3,123 3,469 3,540 10,297 10,821
Total revenue 7,799 7,942 7,757 23,790 23,565
Provision for credit losses 412 219 380 853 1,640
Profit from operating activity 7,387 7,723 7,377 22,937 21,925
Non-interest expenses          
Salaries and employee benefits 2,194 2,175 2,131 6,649 6,487
Premises and technology 612 590 597 1,788 1,753
Depreciation and amortization 381 381 373 1,137 1,128
Communications 88 93 86 271 276
Advertising and business development 123 108 93 340 278
Professional 200 195 211 587 547
Business and capital taxes 135 132 122 407 391
Other 458 485 484 1,394 1,487
Total non-interest expenses 4,191 4,159 4,097 12,573 12,347
Income before taxes 3,196 3,564 3,280 10,364 9,578
Income tax expense 602 817 738 2,283 2,182
Net income 2,594 2,747 2,542 8,081 7,396
Net income attributable to non-controlling interests in subsidiaries 54 78 81 220 261
Net income attributable to equity holders of the Bank 2,540 2,669 2,461 7,861 7,135
Preferred shareholders and other equity instrument holders 36 74 35 154 155
Common shareholders $ 2,504 $ 2,595 $ 2,426 $ 7,707 $ 6,980
Earnings per common share (in dollars)          
Basic [2] $ 2.1 $ 2.16 $ 2 $ 6.41 $ 5.75
Diluted [2] 2.09 2.16 1.99 6.39 5.73
Dividends paid per common share (in dollars) $ 1.03 $ 1 $ 0.9 $ 3.03 $ 2.7
[1] Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $8,624 for the three months ended July 31, 2022 (April 30, 2022 – $6,915; July 31, 2021 – $5,989) and for the nine months ended July 31, 2022 – $21,870 (July 31, 2021 – $18,467).
[2] Earnings per share calculations are based on full dollar and share amounts.