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What is economic contribution

what is economic contribution

Our Approach

In addition to financing opportunity, creating wealth and maximizing returns to our shareholders, we also play an important role in sustaining overall economic prosperity for our clients, our employees and our communities. The wealth we create is widely shared through employee compensation, the procurement of goods and services, dividends paid to shareholders, support for charitable initiatives and taxes.

Revenue increased $655 million in 2014 to $16,718 million. Our total shareholder return for the year was 17.1%. Since 2009, we have increased adjusted diluted earnings per share by more than 60% to $6.59 and increased book value per share from $31.95 to $48.18. This consistent performance has been driven by a disciplined growth strategy and guided by a set of clear strategic priorities.

We employ more than 46,000 full-time equivalent (FTE) employees enterprise-wide, the majority of which are in North America. Employee compensation, which includes salaries and benefits were $6,242 million. We have arrangements in Canada and the United States that provide pension and other employee future benefits, including health and dental care benefits and life insurance for current and retired employees. The bank’s pension plans are managed prudently and in accordance with all applicable laws and regulations.

See Note 24 to the financial statements in the 2014 Annual Report .

We provide employees with opportunities to grow and develop through formal training programs and on-the-job experience. In 2014, our investment in training was $96,522,687▲, which is an average of $2,089 per FTE employee. Average training hours per employee was 33.5 per FTE employee▲ in 2014.

Total government levies and taxes in 2014 were $1,505 million. These include payroll levies, property taxes, provincial capital taxes, business taxes, harmonized sales tax, goods and services tax and other sales and sundry taxes. For a year-over-year breakdown of government levies and taxes, see Table 4 in the Supplemental Information section of the 2014 Annual Report .

In 2014, we purchased more than $4 billion worth of goods and services from approximately 16,000 suppliers in North America. Of that amount, approximately $3.0 billion was spent through our Canadian operations and approximately $1.3 billion was spent through our U.S. operations. Total premises and equipment costs were $1,908 million and included rental of real estate premises, furniture and fixtures, property taxes, computers and equipment. For a year-over-year breakdown, see Table 4 in the Supplemental Information section of the 2014 Annual Report .

Category: Bank

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