|
|
 |
 |
| Consolidated
Statement of Changes in Financial Position
|
| For the year ended
October 31 ($ millions) |
1998 |
1997 |
1996 |
|
CASH FLOWS PROVIDED
BY (USED IN)
OPERATING ACTIVITIES
|
|
|
|
| Net income |
$ 1,394 |
$ 1,514 |
$ 1,069 |
Adjustments to net income
to determine net cash
provided by (used in) operating
activities: |
|
|
|
| Restructuring
costs |
– |
250 |
(20) |
| Depreciation
and amortization |
248 |
217 |
163 |
| Provision
for credit losses |
595 |
35 |
380 |
| Deferred
income taxes |
(155) |
6 |
(47) |
| Net (increase) decrease
in accrued interest receivable |
(489) |
(883) |
139 |
| Net increase in accrued
interest payable |
44 |
545 |
84 |
| Net (increase) in trading
securities |
(1,200) |
(838) |
(1,916) |
| Net gains on investment
securities |
(322) |
(403) |
(129) |
| Other changes, net |
91 |
347 |
572 |
| |
|
|
|
| Cash provided by operating
activities |
206 |
790 |
295 |
| |
|
|
|
| |
|
|
|
CASH FLOWS PROVIDED
BY (USED IN)
FINANCING ACTIVITIES
|
|
|
|
| Net increase (decrease)
in: |
|
|
|
| Deposits |
27,385 |
7,862 |
6,549 |
Obligations
related to assets sold under
repurchase
agreements |
3,044 |
3,665 |
540 |
| Obligations
related to securities sold short |
(618) |
(2,770) |
1,093 |
| Subordinated debentures: |
|
|
|
| Proceeds
from issues |
1,025 |
1,835 |
300 |
| Redemption
of issues |
(920) |
– |
(244) |
| Foreign
exchange translation |
210 |
81 |
(54) |
| Capital stock: |
|
|
|
| Proceeds
from preferred shares issued |
311 |
393 |
100 |
| Preferred
shares redeemed |
(4) |
(250) |
(350) |
| Proceeds
from common shares: |
|
|
|
Issued on acquisition
of National Trustco Inc.
(Note 19) |
– |
335 |
– |
Issued under Shareholder
Dividend and
Share Purchase Plan, Stock
Option Plan,
and other |
58 |
71 |
167 |
| Dividends paid |
(490) |
(454) |
(418) |
| Other changes, net |
131 |
522 |
165 |
| |
|
|
|
| Cash provided by financing
activities |
30,132 |
11,290 |
7,848 |
| |
|
|
|
| Total cash available
for investing activities |
30,338 |
12,080 |
8,143 |
| |
|
|
|
| |
|
|
|
CASH FLOWS PROVIDED
BY (USED IN)
INVESTING ACTIVITIES
|
|
|
|
| Net (increase) decrease
in: |
|
|
|
| Deposits
with other banks: non-operating |
(2,561) |
(2,916) |
2,307 |
| Investment
securities |
21 |
556 |
(1,886) |
| Assets
purchased under resale agreements |
(2,669) |
592 |
(734) |
| Loans,
excluding securitizations |
(23,669) |
(10,300) |
(7,497) |
| Proceeds from loans
securitized |
1,000 |
1,500 |
– |
Change in land, buildings
and equipment,
net of disposals |
(259) |
(285) |
(199) |
| Acquisition of National
Trustco Inc. (Note 19) |
– |
(1,236) |
– |
| |
|
|
|
| Cash (used in) investing
activities |
(28,137) |
(12,089) |
(8,009) |
| |
|
|
|
| Increase (decrease)
in cash and cash equivalents |
2,201 |
(9) |
134 |
| Cash and cash equivalents,
beginning of year |
2,230 |
2,169 |
2,035 |
National Trustco Inc.
– cash and cash equivalents,
at date of acquisition |
– |
70 |
– |
| |
|
|
|
| Cash and cash equivalents,
end of year |
$ 4,431 |
$ 2,230 |
$ 2,169 |
| |
|
|
|
| Represented by: |
|
|
|
| Cash resources per Consolidated
Balance Sheet |
$ 22,900 |
$ 18,174 |
$ 14,737 |
| Cheques and other items
in transit, net |
(304) |
(340) |
(459) |
| Deposits with other
banks: non-operating |
(18,165) |
(15,604) |
(12,109) |
| |
|
|
|
| Cash and cash equivalents,
end of year |
$ 4,431 |
$ 2,230 |
$ 2,169 |
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
