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U.S.
GAAPU.S. GAAP Management’s
responsibility for financial reporting | ||||||
| Consolidated statement of cash flows | ||||||
| For the year ended October 31 (C$ millions) | 2002 | 2001 | 2000 | |||
| Cash flows from operating activities | ||||||
| Net income | $ | 2,898 | $ | 2,435 | $ | 2,208 |
| Adjustments to determine net cash provided by (used in) operating activities | ||||||
| Provision for credit losses | 1,065 | 1,119 | 691 | |||
| Depreciation | 388 | 387 | 369 | |||
| Restructuring | – | 91 | – | |||
| Amortization of goodwill and other intangibles | 72 | 288 | 91 | |||
| Deferred income taxes | 45 | 139 | (206) | |||
| Gain on sale of premises and equipment | (35) | (42) | (4) | |||
| Gain on divestitures | – | (445) | – | |||
| Gain on loan securitizations | (54) | (29) | – | |||
| Loss on sale of available for sale securities | 95 | 128 | 11 | |||
| Changes in operating assets and liabilities | ||||||
| Net change in accrued interest receivable and payable | (166) | (375) | 110 | |||
| Current income taxes | 419 | (460) | (434) | |||
| Derivative-related assets | (2,608) | (9,299) | (4,183) | |||
| Derivative-related liabilities | 3,289 | 10,872 | 3,355 | |||
| Trading account securities | (11,044) | (8,707) | (13,539) | |||
| Obligations related to securities sold short | 1,953 | 3,009 | (5,867) | |||
| Other | 1,610 | (4,920) | (215) | |||
| Net cash used in operating activities | (2,073) | (5,809) | (17,613) | |||
| Cash flows from investing activities | ||||||
| Change in interest-bearing deposits with banks | (3,035) | (116) | 5,125 | |||
| Increase in loans, net of loan securitizations | (3,360) | (2,750) | (12,228) | |||
| Proceeds from loan securitizations | 1,691 | 1,720 | – | |||
| Proceeds from maturity of held to maturity securities | – | – | 500 | |||
| Purchases of held to maturity securities | – | – | (114) | |||
| Proceeds from sale of available for sale securities | 16,758 | 12,542 | 11,033 | |||
| Proceeds from maturity of available for sale securities | 15,717 | 14,021 | 16,269 | |||
| Purchases of available for sale securities | (33,450) | (27,975) | (24,385) | |||
| Net acquisitions of premises and equipment | (390) | (397) | (293) | |||
| Net proceeds from sale of real estate | – | 57 | – | |||
| Change in assets purchased under reverse repurchase agreements | 39 | (17,474) | 1,969 | |||
| Net cash used in acquisition of subsidiaries | (99) | (3,120) | (323) | |||
| Net proceeds from divestitures | – | 478 | – | |||
| Net cash used in investing activities | (6,129) | (23,014) | (2,447) | |||
| Cash flows from financing activities | ||||||
| Issue of RBC Trust Capital Securities (RBC TruCS) | – | 750 | 650 | |||
| Increase in deposits – Canada | 2,402 | 2,434 | 8,818 | |||
| Increase in deposits – International | 4,997 | 15,690 | 9,405 | |||
| Issue of subordinated debentures | 635 | 1,025 | 1,200 | |||
| Maturity of subordinated debentures | (101) | (42) | (20) | |||
| Redemption of subordinated debentures | (400) | (538) | – | |||
| Issue of preferred shares | – | 250 | – | |||
| Redemption of preferred shares for cancellation | (464) | (295) | – | |||
| Issuance costs | (5) | (24) | (4) | |||
| Issue of common shares | 168 | 657 | 59 | |||
| Purchase of common shares for cancellation | (764) | (509) | (660) | |||
| Payment of dividends | (1,104) | (972) | (791) | |||
| Change in obligations related to assets sold under repurchase agreements | 245 | 11,629 | (391) | |||
| Change in short-term borrowings of subsidiaries | 3,335 | (387) | 281 | |||
| Net cash provided by financing activities | 8,944 | 29,668 | 18,547 | |||
| Net change in cash and due from banks | 742 | 845 | (1,513) | |||
| Cash and due from banks at beginning of year | 1,792 | 947 | 2,460 | |||
| Cash and due from banks at end of year | $ | 2,534 | $ | 1,792 | $ | 947 |
|
Supplemental disclosure of cash flow information | ||||||
| Amount of interest paid in year | $ | 8,229 | $ | 11,149 | $ | 10,698 |
| Amount of income taxes paid in year | $ | 738 | $ | 1,443 | $ | 2,007 |
 | ||||||
Consolidated statement of cash flows
