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Canadian
GAAP Canadian
GAAP Management’s
responsibility for financial reporting | ||||||
| Consolidated statement of cash flows | ||||||
| For the year ended October 31 ($ millions) | 2002 | 2001 | 2000 | |||
| Cash flows from operating activities | ||||||
| Net income | $ | 2,762 | $ | 2,411 | $ | 2,274 |
| Adjustments to determine net cash provided by (used in) operating activities | ||||||
| Provision for credit losses | 1,065 | 1,119 | 691 | |||
| Depreciation | 407 | 389 | 370 | |||
| Restructuring | – | 91 | – | |||
| Amortization of goodwill and other intangibles | 72 | 284 | 87 | |||
| Deferred income taxes | 98 | (165) | (193) | |||
| Gain on sale of premises and equipment | (35) | (42) | (4) | |||
| Gain on divestitures | – | (445) | – | |||
| Gain on loan securitizations | (54) | (29) | – | |||
| Loss on sale of investment account securities | 116 | 128 | 11 | |||
| Changes in operating assets and liabilities | ||||||
| Net change in accrued interest receivable and payable | (263) | (142) | 78 | |||
| Current income taxes | 419 | (460) | (434) | |||
| Derivative-related assets | (3,018) | (8,076) | (4,004) | |||
| Derivative-related liabilities | 3,491 | 10,070 | 3,355 | |||
| Trading account securities | (10,136) | (11,836) | (12,493) | |||
| Obligations related to securities sold short | 2,667 | 2,869 | (4,466) | |||
| Other | (614) | (3,373) | 399 | |||
| Net cash used in operating activities | (3,023) | (7,207) | (14,329) | |||
| Cash flows from investing activities | ||||||
| Change in interest-bearing deposits with banks | (3,046) | (135) | 5,125 | |||
| Increase in loans, net of loan securitizations | (3,087) | (2,930) | (12,213) | |||
| Proceeds from loan securitizations | 1,691 | 1,720 | – | |||
| Proceeds from sale of investment account securities | 16,388 | 12,503 | 10,947 | |||
| Proceeds from maturity of investment account securities | 15,717 | 14,021 | 16,769 | |||
| Purchases of investment account securities | (33,093) | (27,494) | (24,453) | |||
| Decrease in loan substitute securities | 44 | 27 | 70 | |||
| Net acquisitions of premises and equipment | (419) | (370) | (281) | |||
| 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 | (5,865) | (22,717) | (2,390) | |||
| Cash flows from financing activities | ||||||
| Issue of RBC Trust Capital Securities (RBC TruCS) | – | 750 | 650 | |||
| Increase in deposits | 8,085 | 19,225 | 14,882 | |||
| 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 | (468) | (300) | – | |||
| Issuance costs | (1) | (19) | (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 | 9,630 | 30,769 | 15,206 | |||
| 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
