3rd Quarter Results

Interim Condensed Consolidated Financial Statements (unaudited)

 Interim Condensed Consolidated Balance Sheets (unaudited) 
(Millions of Canadian dollars) July 31
2013
April  30
2013
October  31
2012
July  31
2012
Assets
Cash and due from banks $        14,083 $        14,503 $        12,617 $        10,586
Interest-bearing deposits with banks              7,376              6,981            10,255            11,386
Securities (Note 4)
Trading          137,484          139,786          120,783          117,050
Available-for-sale            36,818            36,543            40,828            41,340
         174,302          176,329          161,611          158,390
Assets purchased under reverse repurchase agreements and securities borrowed          120,184          124,644          112,257          107,841
Loans (Note 5)
Retail          318,288          312,520          301,185          297,637
Wholesale            85,853            86,049            79,056            77,516
         404,141          398,569          380,241          375,153
Allowance for loan losses (Note 5)             (1,921 )             (1,966 )             (1,997 )             (1,937 )
         402,220          396,603          378,244          373,216
Investments for account of segregated fund holders                 463                 438                 383                 357
Other
Customers' liability under acceptances            10,211              9,275              9,385              9,115
Derivatives (Note 6)            77,846            93,693            91,293          103,257
Premises and equipment, net              2,679              2,677              2,691              2,672
Goodwill              8,234              8,106              7,485              7,466
Other intangibles              2,742              2,725              2,686              2,649
Investments in associates                 135                 132                 125                 163
Prepaid pension benefit cost              1,099              1,089              1,049                 984
Other assets            29,730            30,335            35,019            36,312
         132,676          148,032          149,733          162,618
Total assets $      851,304 $      867,530 $      825,100 $      824,394
Liabilities and equity
Deposits (Note 8)
Personal $      190,819 $      187,581 $      179,502 $      176,698
Business and government          340,539          328,608          312,882          308,261
Bank            14,855            15,058            15,835            17,845
         546,213          531,247          508,219          502,804
Insurance and investment contracts for account of segregated fund holders                 463                 438                 383                 357
Other
Acceptances            10,211              9,275              9,385              9,115
Obligations related to securities sold short            46,473            49,628            40,756            43,562
Obligations related to assets sold under repurchase agreements and securities loaned            65,550            72,384            64,032            55,908
Derivatives (Note 6)            80,378            97,665            96,761          108,819
Insurance claims and policy benefit liabilities              7,815              8,228              7,921              7,965
Accrued pension and other post-employment benefit expense              1,806              1,786              1,729              1,631
Other liabilities            35,205            39,454            41,371            40,762
         247,438          278,420          261,955          267,762
Subordinated debentures (Note 10)              7,392              8,503              7,615              7,646
Trust capital securities                 828                 899                 900                 900
Total liabilities          802,334          819,507          779,072          779,469
Equity attributable to shareholders
Preferred shares (Note 10)              4,600              4,813              4,813              4,813
Common shares (shares issued - 1,440,177,840, 1,444,372,468, 1,445,302,600 and 1,444,300,306) (Note 10)            14,333            14,354            14,323            14,279
Treasury shares - preferred (shares held - 17,021, 12,098 and (41,632), 63,195)                    (1 )                     -                     1                    (2 )
                          - common (shares held - 107,308, (701,082), (543,276) and (261,419))                  (10 )                   40                   30                   13
Retained earnings            27,251            26,191            24,270            23,310
Other components of equity              1,040                 853                 830                 755
           47,213            46,251            44,267            43,168
Non-controlling interests              1,757              1,772              1,761              1,757
Total equity            48,970            48,023            46,028            44,925
Total liabilities and equity $      851,304 $      867,530 $      825,100 $      824,394

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

Interim Condensed Consolidated Statements of Income (unaudited)

For the three months ended For the nine months ended
(Millions of Canadian dollars, except per share amounts)              July 31
         2013
            April 30
         2013
               July 31
          2012
                 July 31
           2013
                  July 31
            2012
Interest income
Loans $     4,135 $      3,995 $      4,170 $     12,184 $      11,946
Securities            949             887             946           2,797            2,961
Assets purchased under reverse repurchase agreements and securities borrowed            233             237             249              719               696
Deposits              33               14               14                60                 47
        5,350          5,133          5,379         15,760          15,650
Interest expense
Deposits         1,401          1,386          1,502           4,210            4,549
Other liabilities            476             433             505           1,386            1,502
Subordinated debentures              80               91               83              263               276
        1,957          1,910          2,090           5,859            6,327
Net interest income         3,393          3,223          3,289           9,901            9,323
Non-interest income
Insurance premiums, investment and fee income            561          1,246          1,323           2,828            3,799
Trading revenue            100             151             295              607            1,040
Investment management and custodial fees            637             605             515           1,851            1,508
Mutual fund revenue            669             622             514           1,885            1,519
Securities brokerage commissions            346             336             292           1,003               883
Service charges            361             354             347           1,069            1,014
Underwriting and other advisory fees            305             401             379           1,175            1,059
Foreign exchange revenue, other than trading            200             186             129              561               452
Card service revenue            251             232             243              737               686
Credit fees            240             246             267              772               628
Net gain on available-for-sale securities (Note 4)              27               44               42              137                 40
Share of (loss) profit in associates               (1 )                 2                 9                  7                 25
Other            129             121             112              364               278
Non-interest income         3,825          4,546          4,467         12,996          12,931
Total revenue         7,218          7,769          7,756         22,897          22,254
Provision for credit losses (Note 5)            267             288             324              904               939
Insurance policyholder benefits, claims and acquisition expense            263             938          1,000           1,906            2,851
Non-interest expense
Human resources         2,486          2,551          2,313           7,669            6,955
Equipment            290             270             255              833               745
Occupancy            308             306             297              919               864
Communications            189             179             193              529               555
Professional fees            189             182             167              531               479
Outsourced item processing              61               69               64              190               199
Amortization of other intangibles            145             139             130              419               386
Impairment of goodwill and other intangibles                -                 -                 7                  -               168
Other            333             315             333              973               936
        4,001          4,011          3,759         12,063          11,287
Income before income taxes from continuing operations         2,687          2,532          2,673           8,024            7,177
Income taxes            383             596             433           1,714            1,498
Net income from continuing operations         2,304          1,936          2,240           6,310            5,679
Net loss from discontinued operations                -                 -                 -                  -               (51 )
Net income $     2,304 $      1,936 $      2,240 $       6,310 $        5,628
Net income attributable to:
Shareholders $      2,279 $       1,912 $       2,216 $        6,236 $         5,554
Non-controlling interests              25               24               24                74                 74
$     2,304 $      1,936 $      2,240 $       6,310 $        5,628
Basic earnings per share (in dollars) (Note 11) $       1.54 $        1.28 $        1.49 $         4.18 $          3.72
Basic earnings per share from continuing operations (in dollars)           1.54            1.28            1.49             4.18              3.75
Basic loss per share from discontinued operations (in dollars)                -                 -                 -                  -            (0.03 )
Diluted earnings per share (in dollars) (Note 11)           1.52            1.27            1.47             4.15              3.68
Diluted earnings per share from continuing operations (in dollars)           1.52            1.27            1.47             4.15              3.71
Diluted loss per share from discontinued operations (in dollars)                -                 -                 -                  -            (0.03 )
Dividends per common share (in dollars)           0.63            0.63            0.57             1.86              1.68

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

Interim Condensed Consolidated Statements of Comprehensive Income (unaudited)

For the three months ended For the nine months ended
(Millions of Canadian dollars)             July 31
        2013
                      April 30
                2013
                July 31
           2012
           July 31
        2013
        July 31
      2012
Net income $     2,304          $      1,936     $      2,240 $     6,310 $      5,628
Other comprehensive income (loss), net of taxes
Items that will be reclassified subsequently to income:
Net change in unrealized (losses) gains on available-for-sale securities
Net unrealized (losses) gains on available-for-sale securities           (172 )   102     121             (68 )             110
Reclassification of net gains on available-for-sale securities to income               (7 )                        (23 )                  (12 )             (80 )               (1 )
          (179 )                           79                   109           (148 )             109
Foreign currency translation adjustments
Unrealized foreign currency translation gains (losses)            554         170       244            673             (31 )
Net foreign currency translation (losses) gains from hedging activities           (358 )      (95 )      (124 )           (416 )               89
Reclassification of losses on net investment hedging activities to income                -                             -                      11                -               11
           196                            75                     131            257               69
Net change in cash flow hedges
Net gains (losses) on derivatives designated as cash flow hedges            178         (73 )            49            129               52
Reclassification of (gains) losses on derivatives designated as cash flow hedges to income               (8 )                               (8 )                          9             (28 )               36
           170                                (81 )                          58            101               88
Total other comprehensive income, net of taxes            187              73             298            210             266
Total comprehensive income $     2,491 $      2,009 $      2,538 $     6,520 $      5,894
Total comprehensive income attributable to:
Shareholders $     2,466 $      1,985 $      2,514 $     6,446 $      5,819
Non-controlling interests              25                                24                          24              74               75
$     2,491 $      2,009 $      2,538 $     6,520 $      5,894

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