TD Bank Financial Group 147th Annual Report 2002 Close Window Button
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Other

The Other segment includes non-controlling interests in subsidiaries, certain gains on dispositions of businesses, real estate investments, the effect of securitizations, treasury management, general provisions for credit losses, certain taxable equivalent adjustments and corporate level tax benefits, restructuring costs and residual unallocated revenues and expenses.

During the year, the Other segment had an operating cash basis net loss of $56 million. The most significant factors contributing to this result were net losses of $49 million related to transfer pricing differences, net treasury activities, and net unallocated revenues, expenses and taxes. In addition, the Other segment included the $34 million after-tax charge for non-controlling interest in subsidiaries. The above net losses were offset by net earnings of $27 million from dispositions of businesses. Reported net loss for the Other segment was $24 million for the year, and includes the special gain of $32 million after-tax related to the sale of the Bank’s mutual fund record keeping and custody business.

Other

(millions of dollars)

2002

2001

2000

Net interest income (TEB)

   $

  (467)

  $

(681)

  $

(493)

Other income

  

  243

  

324

  

288

Total revenue

  

  (224)

  

(357)

  

(205)

Provision for credit losses

  

 (70)

  

(87)

  

(63)

Non-interest expenses excluding non-cash goodwill/intangible amortization

  

  60

  

59

  

7

Income (loss) before taxes

  

  (214)

  

(329)

  

(149)

Provision for (benefit of) income taxes (TEB)

  

  (192)

  

(378)

  

(171)

Non-controlling interest in net income of subsidiaries

  

 34

  

43

  

41

Net income (loss) – operating cash basis

   $

  (56)

  $

6

  $

(19)

Special increase in general provision, net of income taxes

   

  –

  

(208)

  

–

Gain on sale of mutual fund record keeping and custody business, net of income taxes

   

  32

  

–

  

–

Gains on sale of investment real estate, net of income taxes

   

  –

  

275

  

–

Restructuring costs, net of income taxes

   

  –

  

(138)

  

(271)

Income tax expense from income tax rate changes

   

  –

  

(75)

  

–

Net loss – reported basis

   $

(24)

  $

(140)

  $

(290)
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