• Revenue(1A)
    ($ billions)
    2015: 3.1, 2016: 3.3, 2017: 3.6
  • Net income(1A)
    ($ billions)
    2015: 921, 2016: 991, 2017: 1,138
  • Efficiency ratio(1A)
    (%)
    2015: 60.0, 2016: 57.8, 2017: 56.3
  • Average loans(1A)
    ($ billions)
    2015: 41.0, 2016: 46.6, 2017: 51.1
  • Average deposits(1A)
    ($ billions)
    2015: 33.7, 2016: 37.4, 2017: 42.7

Commercial banking

  • 10% growth in lending
  • 14% growth in deposits
  • Average loans(1A)
    ($ billions)
    2015: 41.0, 2016: 46.6, 2017: 51.1
  • Average deposits(1A)
    ($ billions)
    2015: 33.7, 2016: 37.4, 2017: 42.7

Wealth management

  • 12% growth in AUM
  • 9% growth in AUA
  • Achieved strong net flows in our mutual funds and Canadian private wealth management business
  • Assets under administration and management(1A)(2A)
    ($ billions)
    2015 AUM: 134.3, 2015: 237.1, 2016 AUM: 145.3, 2016: 252.0, 2017 AUM: 162.5, 2017: 274.5
  • Canadian retail mutual funds
    ($ billions)
     
    2015: 82.4, 2016: 90.8, 2017: 101.4
(1A)
Certain prior period information has been reclassified to conform to the presentation adopted in the current year. See "External reporting changes" for additional details.
(2A)
AUM amounts are included in the amounts reported under AUA.

Results(1B)

Table of Results for Canadian Commercial Banking and Wealth Management for the last three years from 2017 to 2015.
$ millions, for the year ended October 31 2017 2016(2B) 2015(2B)
Revenue
Commercial banking $ 1,324 $ 1,211 $ 1,119
Wealth management 2,266 2,061 2,030
Total revenue 3,590 3,272 3,149
Provision for credit losses 16 29 5
Non-interest expenses 2,021 1,890 1,889
Income before income taxes 1,553 1,353 1,255
Income taxes 415 362 334
Net income $ 1,138 $ 991 $ 921
Net income attributable to:
Non-controlling interests $ $ $
Equity shareholders (a)   1,138   991   921
Efficiency ratio 56.3 % 57.8 % 60.0 %
Return on equity(3B) 37.6 % 34.5 % 36.5 %
Charge for economic capital(3B) (b) $ (295) $ (279) $ (303)
Economic profit(3B) (a+b) $ 843 $ 712 $ 618
Average assets ($ billions) $ 50.8 $ 46.6 $ 40.6
Average loans ($ billions) $ 52.8   $ 48.3   $ 42.6
Average deposits ($ billions) $ 48.8 $ 43.4 $ 39.3
AUA ($ billions) $ 274.5 $ 252.0 $ 237.1
AUM ($ billions) $ 162.5 $ 145.3 $ 134.3
Full-time equivalent employees 5,081 4,986 5,024
(1B)
For additional segmented information, see Note 28 to the consolidated financial statements.
(2B)
Certain information has been reclassified to conform to the presentation adopted in the current year. See "External reporting changes" for additional details.
(3B)
For additional information, see the “Non-GAAP measures” section.

Financial overview

Net income was up $147 million or 15% from 2016, primarily due to higher revenue, partially offset by higher non-interest expenses.

Revenue

Revenue was up $318 million or 10% from 2016.

Commercial banking revenue was up $113 million or 9%, primarily due to volume growth and higher fees, partially offset by narrower spreads.

Wealth management revenue was up $205 million or 10%, mainly due to higher investment management and custodial fees, and mutual fund fees from higher average AUM and AUA.

Provision for credit losses

Provision for credit losses was down $13 million or 45% from 2016, primarily due to lower losses in the commercial banking portfolio.

Non-interest expenses

Non-interest expenses were up $131 million or 7% from 2016, primarily due to higher performance-based and employee-related compensation.

Income taxes

Income taxes were up $53 million or 15% from 2016, primarily due to higher income.

Assets under administration

AUA were up $22.5 billion or 9% from 2016, due to market appreciation and strong net sales. AUM amounts are included in the amounts reported under AUA.

Average assets

Average assets were up $4.2 billion or 9% from 2016, primarily due to growth in commercial loans.