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Average deposits increased modestly from the prior quarter, as increases in our commercial deposits outpaced decreases in money-market and time-deposit maturities in the low rate environment.
Adjusted results in the foregoing P&C U.S. sections are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
----------------------------------------------------------------------------Private Client Group (PCG) Table 25---------------------------------------------------------------------------- % Increase % Increase(Canadian $ in millions, (Decrease) (Decrease) except as noted) Q1-2013 Q1-2012 vs Q1-2012 Q4-2012 vs Q4-2012----------------------------------------------------------------------------Net interest income (teb) 137 166 (17) 133 3Non-interest revenue 642 531 21 652 (2)----------------------------------------------------------------------------Total revenue (teb) 779 697 12 785 (1)Provision for credit losses 2 5 (52) 11 (79)Non-interest expense 569 558 2 562 1----------------------------------------------------------------------------Income before income taxes 208 134 55 212 (2)Provision for income taxes (teb) 45 30 53 48 (9)----------------------------------------------------------------------------Reported net income 163 104 56 164 ---------------------------------------------------------------------------------------------------------------------------------------------------------Adjusted net income 169 109 54 169 -----------------------------------------------------------------------------Return on equity (%) 23.2 19.6 3.6 29.4 (6.2)Adjusted return on equity (%) 24.1 20.5 3.6 30.3 (6.2)Operating leverage (%) 9.8 (12.2) nm 5.8 nmEfficiency ratio (%) (teb) 73.0 80.1 (7.1) 71.6 1.4Adjusted efficiency ratio (%) (teb) 71.9 79.1 (7.2) 70.7 1.2Net interest margin on earning assets (%) (teb) 2.90 3.83 (0.93) 2.85 0.05Average earning assets ($ billions) 18.8 17.2 9 18.6 1--------------------------------------------------------------------------------------------------------------------------------------------------------U.S. Select Financial Data (US$ in millions)Total revenue (teb) 172 191 (10) 170 1Non-interest expense 143 139 3 141 2Reported net income 19 31 (41) 13 59Adjusted net income 24 34 (33) 16 50Average earning assets ($ billions) 2.6 3.0 (12) 2.8 (7)----------------------------------------------------------------------------Adjusted results in this table are non-GAAP amounts or non-GAAP measures.Please see the Non-GAAP Measures section.nm - not meaningful
