Annual Report 2003 Close Report
Financial Highlights
To Our Shareholders
Management's Discussion and Analysis
Financial Results
More About Us
The Future Matters
navigation spacer
Managements Discussion & Analysis

How We Performed
Off-balance Sheet Arrangements
Critical Accounting Policies
Controls and Procedures
How Our Businesses Performed

Personal and Commercial Banking
Wholesale Banking
Wealth Management
Corporate Management

space space space space space
introduction photo Management's discussion and analysis gives you management's perspective on performance of our businesses, the economy and how we manage risk and capital.

Caution regarding forward-looking statements

From time to time, the Bank makes written and oral forward-looking statements, including in this Annual Report, in other filings with Canadian regulators or the U.S. Securities and Exchange Commission (SEC), and in other communications. All such statements are made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements regarding the Bank’s objectives and strategies to achieve them, the outlook for the Bank’s business lines, and the Bank’s anticipated financial performance. Forward-looking statements are typically identified by words such as “believe”, “expect”, “may” and “could”. By their very nature, these statements are subject to inherent risks and uncertainties, general and specific, which may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Some of the factors that could cause such differences include: the credit, market, liquidity, interest rate, operational and other risks discussed starting on page 33 of this report and in the MD&A section in other regulatory filings made in Canada and with the SEC; general business and economic conditions in Canada, the United States and other countries in which the Bank conducts business; the effect of changes in monetary policy; the degree of competition in the markets in which the Bank operates, both from established competitors and new entrants; legislative and regulatory developments; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services in receptive markets; the Bank’s ability to complete and integrate acquisitions; the Bank’s ability to attract and retain key executives; reliance on third parties to provide components of the Bank’s business infrastructure; technological changes; change in tax laws; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and saving habits; the possible impact on the Bank’s businesses of international conflicts and terrorism; acts of God, such as earthquakes; and management’s ability to anticipate and manage the risks associated with these factors and execute the Bank’s strategies within a disciplined risk environment. Please see the discussion starting on page 32 of this report concerning the effect certain key factors could have on actual results. The preceding list and the discussion of factors starting on page 32 are not exhaustive of all possible factors. Other factors could also adversely affect the Bank’s results. All such factors should be considered carefully when making decisions with respect to the Bank, and undue reliance should not be placed on the Bank’s forward-looking statements. The Bank does not undertake to update any forward-looking statements, written or oral, that may be made from time to time by or on its behalf.