Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jul. 31, 2019 | |
Document and entity information [abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jul. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | ROYAL BANK OF CANADA |
Entity Central Index Key | 0001000275 |
Current Fiscal Year End Date | --10-31 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (unaudited) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Assets | ||
Cash and due from banks | $ 26,863 | $ 30,209 |
Interest-bearing deposits with banks | 31,553 | 36,471 |
Securities | ||
Trading | 140,421 | 128,258 |
Investment, net of applicable allowance (Note 4) | 100,240 | 94,608 |
Securities | 240,661 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 309,640 | 294,602 |
Loans (Note 5) | ||
Retail | 416,583 | 399,452 |
Wholesale | 198,941 | 180,278 |
Loans | 615,524 | 579,730 |
Allowance for loan losses (Note 5) | (3,131) | (2,912) |
Loans, net | 612,393 | 576,818 |
Segregated fund net assets | 1,602 | 1,368 |
Other | ||
Customers' liability under acceptances | 17,101 | 15,641 |
Derivatives | 98,774 | 94,039 |
Premises and equipment | 3,058 | 2,832 |
Goodwill | 11,115 | 11,137 |
Other intangibles | 4,735 | 4,687 |
Other assets | 49,398 | 44,064 |
Total other assets | 184,181 | 172,400 |
Total assets | 1,406,893 | 1,334,734 |
Deposits (Note 6) | ||
Personal | 287,929 | 270,154 |
Business and government | 563,343 | 534,371 |
Bank | 29,939 | 32,521 |
Total deposits | 881,211 | 837,046 |
Segregated fund net liabilities | 1,602 | 1,368 |
Other | ||
Acceptances | 17,124 | 15,662 |
Obligations related to securities sold short | 33,602 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 220,027 | 206,814 |
Derivatives | 96,857 | 90,238 |
Insurance claims and policy benefit liabilities | 11,480 | 10,000 |
Other liabilities | 52,794 | 52,273 |
Total other liabilities | 431,884 | 407,234 |
Subordinated debentures | 9,818 | 9,131 |
Total liabilities | 1,324,515 | 1,254,779 |
Equity attributable to shareholders | ||
Retained earnings | 54,716 | 51,112 |
Other components of equity | 4,265 | 4,823 |
Total equity attributable to shareholders | 82,279 | 79,861 |
Non-controlling interests | 99 | 94 |
Total equity | 82,378 | 79,955 |
Total liabilities and equity | 1,406,893 | 1,334,734 |
Preferred shares [member] | ||
Equity attributable to shareholders | ||
Issued capital | 5,705 | 6,309 |
Common shares [member] | ||
Equity attributable to shareholders | ||
Issued capital | $ 17,593 | $ 17,617 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Interest and dividend income (Note 3) | ||||
Loans | $ 6,394 | $ 5,484 | $ 18,677 | $ 15,516 |
Securities | 1,770 | 1,486 | 5,168 | 4,236 |
Assets purchased under reverse repurchase agreements and securities borrowed | 2,353 | 1,501 | 6,692 | 3,894 |
Deposits and other | 93 | 155 | 354 | 385 |
Interest income | 10,610 | 8,626 | 30,891 | 24,031 |
Interest expense (Note 3) | ||||
Deposits and other | 3,254 | 2,633 | 9,682 | 6,840 |
Other liabilities | 2,218 | 1,312 | 6,165 | 3,494 |
Subordinated debentures | 90 | 85 | 275 | 235 |
Interest expense | 5,562 | 4,030 | 16,122 | 10,569 |
Net interest income | 5,048 | 4,596 | 14,769 | 13,462 |
Non-interest income | ||||
Insurance premiums, investment and fee income | 1,463 | 1,290 | 4,557 | 3,240 |
Trading revenue | 140 | 234 | 748 | 788 |
Investment management and custodial fees | 1,440 | 1,347 | 4,271 | 3,990 |
Mutual fund revenue | 924 | 908 | 2,696 | 2,655 |
Securities brokerage commissions | 324 | 334 | 982 | 1,023 |
Service charges | 480 | 458 | 1,414 | 1,341 |
Underwriting and other advisory fees | 488 | 541 | 1,387 | 1,539 |
Foreign exchange revenue, other than trading | 252 | 273 | 744 | 831 |
Card service revenue | 272 | 266 | 820 | 790 |
Credit fees | 322 | 378 | 925 | 1,023 |
Net gains on investment securities | 26 | 26 | 109 | 114 |
Share of profit in joint ventures and associates | 21 | (26) | 50 | 13 |
Other | 344 | 400 | 1,160 | 1,098 |
Non-interest income | 6,496 | 6,429 | 19,863 | 18,445 |
Total revenue | 11,544 | 11,025 | 34,632 | 31,907 |
Provision for credit losses (Notes 4 and 5) | 425 | 346 | 1,365 | 954 |
Insurance policyholder benefits, claims and acquisition expense | 1,046 | 925 | 3,431 | 2,182 |
Non-interest expense | ||||
Human resources (Note 7) | 3,615 | 3,521 | 10,880 | 10,347 |
Equipment | 449 | 416 | 1,325 | 1,174 |
Occupancy | 409 | 393 | 1,211 | 1,158 |
Communications | 281 | 260 | 794 | 733 |
Professional fees | 328 | 359 | 923 | 961 |
Amortization of other intangibles | 299 | 271 | 888 | 798 |
Other | 611 | 638 | 1,799 | 1,780 |
Non-interest expense | 5,992 | 5,858 | 17,820 | 16,951 |
Income before income taxes | 4,081 | 3,896 | 12,016 | 11,820 |
Income taxes | 818 | 787 | 2,351 | 2,639 |
Net income | 3,263 | 3,109 | 9,665 | 9,181 |
Net income attributable to: | ||||
Shareholders | 3,263 | 3,101 | 9,659 | 9,153 |
Non-controlling interests | 8 | 6 | 28 | |
Net income | $ 3,263 | $ 3,109 | $ 9,665 | $ 9,181 |
Basic earnings per share (in dollars) (Note 10) | $ 2.23 | $ 2.10 | $ 6.59 | $ 6.19 |
Diluted earnings per share (in dollars) (Note 10) | 2.22 | 2.10 | 6.57 | 6.16 |
Dividends per common share (in dollars) | $ 1.02 | $ 0.94 | $ 3.02 | $ 2.79 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Statement of comprehensive income [abstract] | ||||
Net income | $ 3,263 | $ 3,109 | $ 9,665 | $ 9,181 |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | ||||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 79 | 43 | 218 | 5 |
Provision for credit losses recognized in income | (2) | (9) | (12) | 15 |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (15) | (13) | (75) | (76) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 62 | 21 | 131 | (56) |
Foreign currency translation adjustments | ||||
Unrealized foreign currency translation gains (losses) | (1,246) | 415 | (115) | 387 |
Net foreign currency translation gains (losses) from hedging activities | 590 | (78) | 126 | (130) |
Reclassification of losses (gains) on foreign currency translation to income | 2 | |||
Reclassification of losses (gains) on net investment hedging activities to income | 2 | |||
Foreign currency translation adjustments | (656) | 337 | 15 | 257 |
Net change in cash flow hedges | ||||
Net gains (losses) on derivatives designated as cash flow hedges | (118) | (45) | (616) | 162 |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 11 | 28 | (88) | 19 |
Net change in cash flow hedges | (107) | (17) | (704) | 181 |
Items that will not be reclassified subsequently to income: | ||||
Remeasurements of employee benefit plans (Note 7) | (581) | 464 | (1,067) | 597 |
Net fair value change due to credit risk on financial liabilities designated as at fair value through profit or loss | 118 | (13) | 92 | 113 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | (10) | 2 | 27 | 1 |
Total items that will not be reclassified subsequently to income | (473) | 453 | (948) | 711 |
Total other comprehensive income (loss), net of taxes | (1,174) | 794 | (1,506) | 1,093 |
Total comprehensive income (loss) | 2,089 | 3,903 | 8,159 | 10,274 |
Total comprehensive income attributable to: | ||||
Shareholders | 2,090 | 3,894 | 8,153 | 10,245 |
Non-controlling interests | (1) | 9 | 6 | 29 |
Total comprehensive income (loss) | 2,089 | 3,903 | 8,159 | 10,274 |
Income taxes on other comprehensive income | ||||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 17 | 20 | 61 | 22 |
Provision for credit losses recognized in income | 9 | 5 | ||
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (7) | (10) | (39) | (40) |
Unrealized foreign currency translation gains (losses) | 1 | 2 | 1 | |
Net foreign currency translation gains (losses) from hedging activities | 207 | (23) | 47 | (43) |
Reclassification of losses (gains) on net investment hedging activities to income | 1 | |||
Net gains (losses) on derivatives designated as cash flow hedges | (40) | (16) | (219) | 89 |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 4 | 10 | (32) | (24) |
Remeasurements of employee benefit plans | (208) | 166 | (378) | 216 |
Net fair value change due to credit risk on financial liabilities designated as at fair value through profit or loss | 43 | (4) | 33 | 42 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 12 | 1 | 5 | (3) |
Total income tax expenses (recoveries) | $ 28 | $ 154 | $ (519) | $ 265 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes in Equity (unaudited) - CAD ($) $ in Millions | Total | Common shares [member] | Issued capital [member]Preferred shares [member] | Issued capital [member]Common shares [member] | Treasury shares [member]Preferred shares [member] | Treasury shares [member]Common shares [member] | Retained earnings [member] | Other components of equity [member] | Equity attributable to shareholders [member] | Non-controlling interests [member] | Available- for-sale securities [member]Other components of equity [member] | FVOCI securities and loans [member]Other components of equity [member] | Foreign currency translation reserve [member]Other components of equity [member] | Cash flow hedge reserve [member]Other components of equity [member] |
Equity at beginning of period (Previously stated [member]) at Oct. 31, 2017 | $ 74,428 | $ 6,413 | $ 17,730 | $ (27) | $ 45,359 | $ 4,354 | $ 73,829 | $ 599 | $ 378 | $ 3,545 | $ 431 | |||
Equity at beginning of period (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Oct. 31, 2017 | (637) | (558) | (79) | (637) | $ (378) | $ 299 | ||||||||
Equity at beginning of period (Balance After IFRS Adjustments [member]) at Oct. 31, 2017 | 73,791 | 6,413 | 17,730 | (27) | 44,801 | 4,275 | 73,192 | 599 | 299 | 3,545 | 431 | |||
Changes in equity | ||||||||||||||
Issues of share capital | 69 | 69 | 69 | |||||||||||
Common shares purchased for cancellation | (1,275) | $ (157) | (157) | (1,118) | (1,275) | |||||||||
Redemption of preferred shares | (105) | (107) | 2 | (105) | ||||||||||
Redemption of trust capital securities | (500) | (500) | ||||||||||||
Sales of treasury shares | 4,263 | $ 202 | 4,061 | 4,263 | ||||||||||
Purchases of treasury shares | (4,345) | (202) | (4,143) | (4,345) | ||||||||||
Share-based compensation awards | (6) | 69 | (6) | (6) | ||||||||||
Dividends on common shares | (4,030) | (4,030) | (4,030) | |||||||||||
Dividends on preferred shares and other | (251) | (214) | (214) | (37) | ||||||||||
Other | (13) | 125 | (138) | (13) | (138) | |||||||||
Net income | 9,181 | 9,153 | 9,153 | 28 | ||||||||||
Total other comprehensive income (loss), net of taxes | 1,093 | 711 | 381 | 1,092 | 1 | (56) | 256 | 181 | ||||||
Equity at end of period at Jul. 31, 2018 | 77,872 | 6,306 | 17,642 | (109) | 49,424 | 4,518 | 77,781 | 91 | 105 | 3,801 | 612 | |||
Equity at beginning of period at Apr. 30, 2018 | 76,025 | 6,306 | 17,634 | (3) | (95) | 47,405 | 4,178 | 75,425 | 600 | 84 | 3,465 | 629 | ||
Changes in equity | ||||||||||||||
Issues of share capital | 24 | 24 | 24 | |||||||||||
Common shares purchased for cancellation | (128) | (16) | (16) | (112) | (128) | |||||||||
Redemption of trust capital securities | (500) | (500) | ||||||||||||
Sales of treasury shares | 1,361 | 69 | 1,292 | 1,361 | ||||||||||
Purchases of treasury shares | (1,372) | (66) | (1,306) | (1,372) | ||||||||||
Share-based compensation awards | (2) | 24 | (2) | (2) | ||||||||||
Dividends on common shares | (1,355) | (1,355) | (1,355) | |||||||||||
Dividends on preferred shares and other | (89) | (71) | (71) | (18) | ||||||||||
Other | 5 | 5 | 5 | |||||||||||
Net income | 3,109 | 3,101 | 3,101 | 8 | ||||||||||
Total other comprehensive income (loss), net of taxes | 794 | 453 | 340 | 793 | 1 | 21 | 336 | (17) | ||||||
Equity at end of period at Jul. 31, 2018 | 77,872 | 6,306 | 17,642 | (109) | 49,424 | 4,518 | 77,781 | 91 | 105 | 3,801 | 612 | |||
Equity at beginning of period (Previously stated [member]) at Oct. 31, 2018 | 79,955 | 6,306 | 17,635 | 3 | (18) | 51,112 | 4,823 | 79,861 | 94 | (12) | 4,147 | 688 | ||
Equity at beginning of period (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Oct. 31, 2018 | (70) | (70) | (70) | |||||||||||
Equity at beginning of period (Balance After IFRS Adjustments [member]) at Oct. 31, 2018 | 79,885 | 6,306 | 17,635 | 3 | (18) | 51,042 | 4,823 | 79,791 | 94 | (12) | 4,147 | 688 | ||
Equity at beginning of period at Oct. 31, 2018 | 79,955 | |||||||||||||
Changes in equity | ||||||||||||||
Issues of share capital | 437 | 350 | 87 | 437 | ||||||||||
Common shares purchased for cancellation | (556) | (70) | (70) | (486) | (556) | |||||||||
Redemption of preferred shares | (950) | (950) | (950) | |||||||||||
Sales of treasury shares | 3,985 | 145 | 3,840 | 3,985 | ||||||||||
Purchases of treasury shares | (4,030) | (149) | (3,881) | (4,030) | ||||||||||
Share-based compensation awards | (15) | 87 | (15) | (15) | ||||||||||
Dividends on common shares | (4,337) | (4,337) | (4,337) | |||||||||||
Dividends on preferred shares and other | (206) | (205) | (205) | (1) | ||||||||||
Other | 6 | 6 | 6 | |||||||||||
Net income | 9,665 | 9,659 | 9,659 | 6 | ||||||||||
Total other comprehensive income (loss), net of taxes | (1,506) | (948) | (558) | (1,506) | 131 | 15 | (704) | |||||||
Equity at end of period at Jul. 31, 2019 | 82,378 | 5,706 | 17,652 | (1) | (59) | 54,716 | 4,265 | 82,279 | 99 | 119 | 4,162 | (16) | ||
Equity at beginning of period at Apr. 30, 2019 | 81,946 | 5,706 | 17,638 | (104) | 53,640 | 4,965 | 81,845 | 101 | 57 | 4,817 | 91 | |||
Changes in equity | ||||||||||||||
Issues of share capital | 38 | 38 | 38 | |||||||||||
Common shares purchased for cancellation | (197) | (24) | (24) | (173) | (197) | |||||||||
Sales of treasury shares | 1,059 | 20 | 1,039 | 1,059 | ||||||||||
Purchases of treasury shares | (1,015) | (21) | (994) | (1,015) | ||||||||||
Share-based compensation awards | (9) | $ 38 | (9) | (9) | ||||||||||
Dividends on common shares | (1,464) | (1,464) | (1,464) | |||||||||||
Dividends on preferred shares and other | (67) | (66) | (66) | (1) | ||||||||||
Other | (2) | (2) | (2) | |||||||||||
Net income | 3,263 | 3,263 | 3,263 | |||||||||||
Total other comprehensive income (loss), net of taxes | (1,174) | (473) | (700) | (1,173) | (1) | 62 | (655) | (107) | ||||||
Equity at end of period at Jul. 31, 2019 | $ 82,378 | $ 5,706 | $ 17,652 | $ (1) | $ (59) | $ 54,716 | $ 4,265 | $ 82,279 | $ 99 | $ 119 | $ 4,162 | $ (16) |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flows from operating activities | ||||
Net income | $ 3,263 | $ 3,109 | $ 9,665 | $ 9,181 |
Adjustments for non-cash items and others | ||||
Provision for credit losses | 425 | 346 | 1,365 | 954 |
Depreciation | 157 | 147 | 464 | 423 |
Deferred income taxes | (218) | 90 | (504) | 403 |
Amortization and impairment of other intangibles | 301 | 272 | 894 | 799 |
Net changes in investments in joint ventures and associates | (21) | 26 | (49) | (9) |
Losses (Gains) on investment securities | (27) | (24) | (123) | (118) |
Losses (Gains) on disposition of business | (40) | (40) | ||
Adjustments for net changes in operating assets and liabilities | ||||
Insurance claims and policy benefit liabilities | 474 | 342 | 1,480 | 323 |
Net change in accrued interest receivable and payable | 40 | 79 | 154 | 23 |
Current income taxes | 458 | (86) | (77) | (2,597) |
Derivative assets | (13,962) | 5,672 | (4,735) | 6,520 |
Derivative liabilities | 14,689 | (4,808) | 6,619 | (6,045) |
Trading securities | (1,505) | 4,782 | (12,163) | 4,169 |
Loans, net of securitizations | (10,485) | (12,012) | (36,240) | (30,286) |
Assets purchased under reverse repurchase agreements and securities borrowed | (120) | (2,986) | (15,038) | (43,194) |
Deposits, net of securitizations | 17,110 | 10,213 | 44,165 | 43,964 |
Obligations related to assets sold under repurchase agreements and securities loaned | (3,953) | 7,252 | 13,213 | 35,086 |
Obligations related to securities sold short | (447) | 145 | 1,355 | 3,184 |
Brokers and dealers receivable and payable | (485) | 1,302 | (801) | 358 |
Other | (2,559) | 1,692 | (6,456) | 448 |
Net cash from (used in) operating activities | 3,135 | 15,513 | 3,188 | 23,546 |
Cash flows from investing activities | ||||
Change in interest-bearing deposits with banks | (4,835) | (12,180) | 4,918 | (16,497) |
Proceeds from sale of investment securities | 5,438 | 5,497 | 14,294 | 15,994 |
Proceeds from maturity of investment securities | 9,776 | 8,071 | 32,074 | 26,956 |
Purchases of investment securities | (15,291) | (14,225) | (52,177) | (38,877) |
Net acquisitions of premises and equipment and other intangibles | (483) | (521) | (1,619) | (1,395) |
Proceeds from dispositions | 14 | 14 | ||
Cash used in acquisitions | (27) | (27) | ||
Net cash from (used in) investing activities | (5,422) | (13,344) | (2,537) | (13,805) |
Cash flows from financing activities | ||||
Redemption of trust capital securities | (500) | (500) | ||
Issuance of subordinated debentures | 1,500 | 1,500 | ||
Repayment of subordinated debentures | (1,000) | (1,000) | ||
Issue of common shares, net of issuance costs | 29 | 21 | 68 | 53 |
Common shares purchased for cancellation | (197) | (128) | (556) | (1,275) |
Issue of preferred shares, net of issuance costs | 350 | |||
Redemption of preferred shares | (950) | (105) | ||
Sales of treasury shares | 1,059 | 1,361 | 3,985 | 4,263 |
Purchases of treasury shares | (1,015) | (1,372) | (4,030) | (4,345) |
Dividends paid | (1,531) | (1,427) | (4,495) | (4,214) |
Dividends/distributions paid to non-controlling interests | (1) | (18) | (1) | (37) |
Change in short-term borrowings of subsidiaries | (2,293) | (898) | 793 | |
Net cash from (used in) financing activities | (3,449) | (2,961) | (4,336) | (6,160) |
Effect of exchange rate changes on cash and due from banks | (442) | 42 | 339 | 27 |
Net change in cash and due from banks | (6,178) | (750) | (3,346) | 3,608 |
Cash and due from banks at beginning of period | 33,041 | 32,765 | 30,209 | 28,407 |
Cash and due from banks at end of period | 26,863 | 32,015 | 26,863 | 32,015 |
Cash flows from operating activities include: | ||||
Amount of interest paid | 5,183 | 3,662 | 14,978 | 9,668 |
Amount of interest received | 10,135 | 8,278 | 29,612 | 22,967 |
Amount of dividends received | 651 | 446 | 1,632 | 1,285 |
Amount of income taxes paid | $ 625 | $ 908 | $ 2,374 | $ 5,076 |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - CAD ($) $ in Billions | Jul. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 |
Statement of cash flows [abstract] | ||||||
Mandatory reserve deposits at central banks | $ 2.3 | $ 2.3 | $ 2.4 | $ 2.7 | $ 2.6 | $ 2.3 |
General information
General information | 9 Months Ended |
Jul. 31, 2019 | |
Text block [abstract] | |
General information | Note 1 General information Our unaudited Interim Condensed Consolidated Financial Statements (Condensed Financial Statements) are presented in compliance with International Accounting Standard (IAS) 34 Interim Financial Reporting |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 9 Months Ended |
Jul. 31, 2019 | |
Text block [abstract] | |
Summary of significant accounting policies, estimates and judgments | Note 2 Summary of significant accounting policies, estimates and judgments Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2018 Annual Consolidated Financial Statements. Our significant accounting policies and future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2 of our audited 2018 Annual Consolidated Financial Statements. Changes in accounting policies During the first quarter, we adopted IFRS 15 Revenue from Contracts with Customers Commissions and fees Commissions and fees primarily relate to Investment management and custodial fees, Mutual fund revenue, Securities brokerage commissions, Services charges, Underwriting and other advisory fees, Card service revenue and Credit fees, and are recognized based on the applicable service contracts with customers. Investment management and custodial fees and Mutual fund revenue are generally calculated as a percentage of daily or period-end Commissions earned on Securities brokerage services and Service charges that are related to the provision of specific transaction type services are recognized when the service is fulfilled. Where services are provided over time, revenue is recognized as the services are provided. Underwriting and other advisory fees primarily relate to underwriting of new issuances of debt or equity and various advisory services. Underwriting fees are generally expressed as a percentage of the funds raised through issuance and are recognized when the service has been completed. Advisory fees vary depending on the scope and type of engagement and can be fixed in nature or contingent on a future event. Advisory fees are recognized over the period in which the service is provided and are recognized only to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Card service revenue primarily includes interchange revenue and annual card fees. Interchange revenue is calculated as a fixed percentage of the transaction amount and recognized when the card transaction is settled. Annual card fees are fixed fees and are recognized over a twelve month period. Credit fees are primarily earned for arranging syndicated loans and making credit available on undrawn facilities. The timing of the recognition of credit fees varies based on the nature of the services provided. When service fees and other costs are incurred in relation to commissions and fees earned, we record these costs on a gross basis in either Non-interest Non-interest |
Fair value of financial instrum
Fair value of financial instruments | 9 Months Ended |
Jul. 31, 2019 | |
Text block [abstract] | |
Fair value of financial instruments | Note 3 Fair value of financial instruments Carrying value and fair value of financial instruments The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2018 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter. As at July 31, 2019 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits with banks $ – $ 17,403 $ – $ – $ 14,150 $ 14,150 $ 31,553 $ 31,553 Securities Trading 131,515 8,906 – – – – 140,421 140,421 Investment, net of applicable allowance – – 53,757 470 46,013 46,235 100,240 100,462 131,515 8,906 53,757 470 46,013 46,235 240,661 240,883 Assets purchased under reverse repurchase agreements and securities borrowed 250,276 – – – 59,364 59,367 309,640 309,643 Loans, net of applicable allowance Retail 182 240 96 – 413,989 415,474 414,507 415,992 Wholesale 9,129 1,713 477 – 186,567 185,858 197,886 197,177 9,311 1,953 573 – 600,556 601,332 612,393 613,169 Other Derivatives 98,774 – – – – – 98,774 98,774 Other assets (1) 1,445 – – – 51,910 51,910 53,355 53,355 Financial liabilities Deposits Personal $ 134 $ 16,177 $ 271,618 $ 271,868 $ 287,929 $ 288,179 Business and government (2) (44 ) 115,832 447,555 448,732 563,343 564,520 Bank (3) – 2,948 26,991 27,018 29,939 29,966 90 134,957 746,164 747,618 881,211 882,665 Other Obligations related to securities sold short 33,602 – – – 33,602 33,602 Obligations related to assets sold under repurchase agreements and securities loaned – 213,818 6,209 6,210 220,027 220,028 Derivatives 96,857 – – – 96,857 96,857 Other liabilities (4) (1,328 ) 55 56,109 56,083 54,836 54,810 Subordinated debentures – – 9,818 9,953 9,818 9,953 As at October 31, 2018 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits with banks $ – $ 20,274 $ – $ – $ 16,197 $ 16,197 $ 36,471 $ 36,471 Securities Trading 121,031 7,227 – – – – 128,258 128,258 Investment, net of applicable allowance – – 48,093 406 46,109 45,367 94,608 93,866 121,031 7,227 48,093 406 46,109 45,367 222,866 222,124 Assets purchased under reverse repurchase agreements and securities borrowed 219,108 – – – 75,494 75,490 294,602 294,598 Loans, net of applicable allowance Retail 69 190 94 – 397,102 394,051 397,455 394,404 Wholesale 7,129 1,540 458 – 170,236 168,087 179,363 177,214 7,198 1,730 552 – 567,338 562,138 576,818 571,618 Other Derivatives 94,039 – – – – – 94,039 94,039 Other assets (1) 1,373 – – – 46,205 46,205 47,578 47,578 Financial liabilities Deposits Personal $ 150 $ 14,602 $ 255,402 $ 255,115 $ 270,154 $ 269,867 Business and government (2) (11 ) 103,446 430,936 431,158 534,371 534,593 Bank (3) – 7,072 25,449 25,462 32,521 32,534 139 125,120 711,787 711,735 837,046 836,994 Other Obligations related to securities sold short 32,247 – – – 32,247 32,247 Obligations related to assets sold under repurchase agreements and securities loaned – 201,839 4,975 4,976 206,814 206,815 Derivatives 90,238 – – – 90,238 90,238 Other liabilities (4) (1,434 ) 18 54,917 54,880 53,501 53,464 Subordinated debentures – – 9,131 9,319 9,131 9,319 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at July 31, 2019 October 31, 2018 Fair value measurements using Netting adjustments Fair value Fair value measurements using Netting adjustments Fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Interest-bearing deposits with banks $ – $ 17,403 $ – $ $ 17,403 $ – $ 20,274 $ – $ $ 20,274 Securities Trading Issued or guaranteed Canadian government debt (1) Federal 12,385 5,554 – 17,939 8,342 6,231 – 14,573 Provincial and municipal – 11,043 – 11,043 – 11,350 – 11,350 U.S. state, municipal and agencies debt (1) 1,016 38,129 64 39,209 2,068 31,030 66 33,164 Other OECD government debt (2) 1,633 4,573 – 6,206 1,151 9,018 – 10,169 Mortgage-backed securities (1) – 958 – 958 – 1,001 – 1,001 Asset-backed securities Non-CDO (3) – 844 2 846 – 1,023 110 1,133 Corporate debt and other debt – 22,034 21 22,055 2 22,303 21 22,326 Equities 39,017 2,012 1,136 42,165 30,847 2,547 1,148 34,542 54,051 85,147 1,223 140,421 42,410 84,503 1,345 128,258 Investment Issued or guaranteed Canadian government debt (1) Federal – 695 – 695 – 238 – 238 Provincial and municipal – 2,098 – 2,098 – 1,554 – 1,554 U.S. state, municipal and agencies debt (1) 20 15,798 – 15,818 – 18,136 – 18,136 Other OECD government debt – 4,692 – 4,692 – 1,470 – 1,470 Mortgage-backed securities (1) – 2,544 27 2,571 – 2,174 – 2,174 Asset-backed securities CDO – 7,204 – 7,204 – 6,239 – 6,239 Non-CDO – 853 – 853 – 863 – 863 Corporate debt and other debt – 19,674 152 19,826 – 17,227 192 17,419 Equities 41 112 293 446 42 103 237 382 Loan substitute securities – 24 – 24 – 24 – 24 61 53,694 472 54,227 42 48,028 429 48,499 Assets purchased under reverse repurchase agreements and securities borrowed – 250,276 – 250,276 – 219,108 – 219,108 Loans – 11,269 568 11,837 – 8,929 551 9,480 Other Derivatives Interest rate contracts – 42,885 321 43,206 1 33,862 222 34,085 Foreign exchange contracts – 41,335 36 41,371 – 43,253 53 43,306 Credit derivatives – 145 – 145 – 38 – 38 Other contracts 2,588 12,918 115 15,621 5,868 11,654 296 17,818 Valuation adjustments – (746 ) 4 (742 ) – (631 ) 6 (625 ) Total gross derivatives 2,588 96,537 476 99,601 5,869 88,176 577 94,622 Netting adjustments (827 ) (827 ) (583 ) (583 ) Total derivatives 98,774 94,039 Other assets 1,108 262 75 1,445 1,020 288 65 1,373 $ 57,808 $ 514,588 $ 2,814 $ (827 ) $574,383 $ 49,341 $ 469,306 $ 2,967 $ (583 ) $ 521,031 Financial Liabilities Deposits Personal $ – $ 16,251 $ 60 $ $ 16,311 $ – $ 14,362 $ 390 $ $ 14,752 Business and government – 115,788 – 115,788 – 103,440 (5 ) 103,435 Bank – 2,948 – 2,948 – 7,072 – 7,072 Other Obligations related to securities sold short 17,690 15,912 – 33,602 17,732 14,515 – 32,247 Obligations related to assets sold under repurchase agreements and securities loaned – 213,818 – 213,818 – 201,839 – 201,839 Derivatives Interest rate contracts – 35,986 902 36,888 – 29,620 726 30,346 Foreign exchange contracts – 42,138 48 42,186 – 41,836 32 41,868 Credit derivatives – 251 – 251 – 94 – 94 Other contracts 2,408 15,673 318 18,399 4,369 13,730 380 18,479 Valuation adjustments – (37 ) (3 ) (40 ) – 29 5 34 Total gross derivatives 2,408 94,011 1,265 97,684 4,369 85,309 1,143 90,821 Netting adjustments (827 ) (827 ) (583 ) (583 ) Total derivatives 96,857 90,238 Other liabilities 166 (1,498 ) 59 (1,273 ) 170 (1,654 ) 68 (1,416 ) $ 20,264 $ 457,230 $ 1,384 $ (827) $ 478,051 $ 22,271 $ 424,883 $ 1,596 $ (583 ) $ 448,167 (1) As at July 31, 2019, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $20,898 million and $nil (October 31, 2018 – $16,776 million and $nil), respectively, and in all fair value levels of Investment securities were $5,558 million and $1,771 million (October 31, 2018 – $4,713 million and $1,348 million), respectively. (2) OECD stands for Organisation for Economic Co-operation (3) CDO stands for collateralized debt obligations. Fair value measurements using significant unobservable inputs (Level 3 Instruments) A financial instrument is classified as Level 3 in the fair value hierarchy if one or more of its unobservable inputs may significantly affect the measurement of its fair value. In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are consistent with prevailing market evidence or management judgment. Due to the unobservable nature of the prices or rates, there may be uncertainty about the valuation of these Level 3 financial instruments. During the three months ended July 31, 2019, there were no significant changes made to the valuation techniques and ranges and weighted averages of unobservable inputs used in the determination of fair value of Level 3 financial instruments. As at July 31, 2019, the impacts of adjusting one or more of the unobservable inputs by reasonably possible alternative assumptions did not change significantly from the impacts disclosed in our 2018 Annual Consolidated Financial Statements. Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3 . For the three months ended July 31, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 67 $ – $ (1 ) $ – $ (2 ) $ – $ – $ 64 $ – Asset-backed securities Non-CDO 4 – – – (2 ) – – 2 1 Corporate debt and other debt 21 – – – – – – 21 – Equities 1,107 (20 ) (12 ) 76 (34 ) 20 (1 ) 1,136 (9 ) 1,199 (20 ) (13 ) 76 (38 ) 20 (1 ) 1,223 (8 ) Investment Mortgage-backed securities 28 – (1 ) – – – – 27 n.a. Corporate debt and other debt 146 – 5 – 1 – – 152 n.a. Equities 296 – (6 ) 5 (2 ) – – 293 n.a. Loan substitute securities – – – – – – – – n.a. 470 – (2 ) 5 (1 ) – – 472 n.a. Loans 759 9 – 276 (474 ) 2 (4 ) 568 (3 ) Other Net derivative balances (3) Interest rate contracts (585 ) 16 – (2 ) (5 ) (9 ) 4 (581 ) (4 ) Foreign exchange contracts 17 (14 ) (20 ) 2 1 2 – (12 ) 4 Other contracts (190 ) 10 4 (48 ) 12 2 7 (203 ) 5 Valuation adjustments 6 – – – 1 – – 7 – Other assets 66 13 (1 ) – (3 ) – – 75 13 $ 1,742 $ 14 $ (32 ) $ 309 $ (507 ) $ 17 $ 6 $ 1,549 $ 7 Liabilities Deposits Personal $ (192 ) $ (5 ) $ 1 $ (16 ) $ 16 $ (13 ) $ 149 $ (60 ) $ 4 Business and government – – – – – – – – – Other Other liabilities (56 ) (7 ) 1 – 3 – – (59 ) (7 ) $ (248 ) $ (12 ) $ 2 $ (16 ) $ 19 $ (13 ) $ 149 $ (119 ) $ (3 ) . For the three months ended July 31, 2018 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 66 $ – $ 1 $ – $ (2 ) $ – $ – $ 65 $ – Asset-backed securities Non-CDO 115 1 2 – (5 ) – – 113 1 Corporate debt and other debt 23 – – – (1 ) – – 22 – Equities 1,000 (27 ) 12 87 (16 ) 30 – 1,086 (11 ) 1,204 (26 ) 15 87 (24 ) 30 – 1,286 (10 ) Investment Mortgage-backed securities – – – – – – – – n.a. Corporate debt and other debt 33 – 1 – – 202 – 236 n.a. Equities 246 (1 ) (2 ) – – – – 243 n.a. Loan substitute securities 4 – – – – – – 4 n.a. 283 (1 ) (1 ) – – 202 – 483 n.a. Loans 687 2 – 131 (284 ) – (40 ) 496 2 Other Net derivative balances (3) Interest rate contracts (505 ) (18 ) – 21 72 – (6 ) (436 ) (18 ) Foreign exchange contracts 34 (10 ) (7 ) 12 – (1 ) (2 ) 26 (14 ) Other contracts (112 ) (13 ) (1 ) (71 ) 3 (42 ) 39 (197 ) 13 Valuation adjustments (22 ) – – – 18 – – (4 ) – Other assets – – (1 ) 71 – – – 70 – $ 1,569 $ (66 ) $ 5 $ 251 $ (215 ) $ 189 $ (9 ) $ 1,724 $ (27 ) Liabilities Deposits Personal $ (254 ) $ (13 ) $ (1 ) $ (54 ) $ 7 $ (238 ) $ 84 $ (469 ) $ (11 ) Business and government – – – – – – – – – Other Other liabilities (24 ) (2 ) – (35 ) 2 – – (59 ) – $ (278 ) $ (15 ) $ (1 ) $ (89 ) $ 9 $ (238 ) $ 84 $ (528 ) $ (11 ) . For the nine months ended July 31, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 66 $ (1 ) $ 1 $ – $ (2 ) $ – $ – $ 64 $ – Asset-backed securities Non-CDO 110 15 – – (123 ) – – 2 3 Corporate debt and other debt 21 1 – – (1 ) – – 21 – Equities 1,148 (67 ) 4 226 (212 ) 38 (1 ) 1,136 (26 ) 1,345 (52 ) 5 226 (338 ) 38 (1 ) 1,223 (23 ) Investment Mortgage-backed securities – – – 27 – – – 27 n.a. Corporate debt and other debt 192 (3 ) 18 – (55 ) – – 152 n.a. Equities 237 – 14 5 37 – – 293 n.a. Loan substitute securities – – – – – – – – n.a. 429 (3 ) 32 32 (18 ) – – 472 n.a. Loans 551 38 2 588 (478 ) 55 (188 ) 568 18 Other Net derivative balances (3) Interest rate contracts (504 ) (79 ) – (195 ) 219 (6 ) (16 ) (581 ) (41 ) Foreign exchange contracts 21 (20 ) (11 ) 3 1 1 (7 ) (12 ) 4 Other contracts (84 ) 90 1 (63 ) 2 (37 ) (112 ) (203 ) 79 Valuation adjustments 1 – – – 6 – – 7 – Other assets 65 23 – – (13 ) – – 75 23 $ 1,824 $ (3 ) $ 29 $ 591 $ (619 ) $ 51 $ (324 ) $ 1,549 $ 60 Liabilities Deposits Personal $ (390 ) $ (39 ) $ – $ (49 ) $ 27 $ (138 ) $ 529 $ (60 ) $ (1 ) Business and government 5 – – – – – (5 ) – – Other Other liabilities (68 ) (12 ) (1 ) 1 21 – – (59 ) (10 ) $ (453 ) $ (51 ) $ (1 ) $ (48 ) $ 48 $ (138 ) $ 524 $ (119 ) $ (11 ) . For the nine months ended July 31, 2018 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 508 $ 16 $ (4 ) $ – $ (455 ) $ – $ – $ 65 $ (2 ) Asset-backed securities Non-CDO 196 27 1 – (111 ) – – 113 12 Corporate debt and other debt 30 (2 ) – – (1 ) – (5 ) 22 (1 ) Equities 923 (127 ) 27 320 (89 ) 34 (2 ) 1,086 (48 ) 1,657 (86 ) 24 320 (656 ) 34 (7 ) 1,286 (39 ) Investment Mortgage-backed securities – – – – – – – – n.a. Corporate debt and other debt 29 (5 ) 6 – – 206 – 236 n.a. Equities 217 (1 ) 25 – 2 – – 243 n.a. Loan substitute securities 3 – 1 – – – – 4 n.a. 249 (6 ) 32 – 2 206 – 483 n.a. Loans 477 4 (1 ) 345 (289 ) – (40 ) 496 (3 ) Other Net derivative balances (3) Interest rate contracts (455 ) 16 – 71 73 – (141 ) (436 ) (2 ) Foreign exchange contracts 21 (6 ) (4 ) 11 3 4 (3 ) 26 (11 ) Other contracts (181 ) 35 – (87 ) (42 ) (55 ) 133 (197 ) (8 ) Valuation adjustments (16 ) – – – 12 – – (4 ) — Other assets – – (1 ) 71 – – – 70 — $ 1,752 $ (43 ) $ 50 $ 731 $ (897 ) $ 189 $ (58 ) $ 1,724 $ (63 ) Liabilities Deposits Personal $ (465 ) $ (58 ) $ (3 ) $ (221 ) $ 33 $ (398 ) $ 643 $ (469 ) $ 54 Business and government – – – – – – – – — Other Other liabilities (24 ) (3 ) – (40 ) 8 – – (59 ) — $ (489 ) $ (61 ) $ (3 ) $ (261 ) $ 41 $ (398 ) $ 643 $ (528 ) $ 54 (1) These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were $6 million for the three months ended July 31, 2019 (July 31, 2018 – gains of $1 million) and gains of $35 million for the nine months ended July 31, 2019 (July 31, 2018 – gains of $31 million), excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at July 31, 2019 included derivative assets of $476 million (July 31, 2018 – $643 million) and derivative liabilities of $1,265 million (July 31, 2018 – $1,254 million). n.a. not applicable Transfers between fair value hierarchy levels for instruments carried at fair value on a recurring basis Transfers between Level 1 and 2 are dependent on whether fair value is obtained on the basis of quoted market prices in active markets (Level 1). During the three months ended July 31, 2019, transfers out of Level 1 to Level 2 include Trading U.S. state, municipal and agencies debt of $610 million. During the three months ended July 31, 2019 there were no significant transfers out of Level 2 to Level 1. Transfers between Level 2 and Level 3 are primarily due to either a change in the market observability for an input, or a change in an unobservable input’s significance to a financial instrument’s fair value. During the three months ended July 31, 2019 there were no significant transfers out of Level 2 to Level 3. During the three months ended July 31, 2019, significant transfers out of Level 3 to Level 2 include $149 million in Personal deposits, due to changes in the significance of the unobservable inputs. Net interest income from financial instruments Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income. For the three months ended For the nine months ended (Millions of Canadian dollars) July 31 2019 July 31 2018 (1) July 31 2019 July 31 2018 (1) Interest and dividend income (2) , (3) Financial instruments measured at fair value through profit or loss $ 3,210 $ 2,109 $ 8,997 $ 5,617 Financial instruments measured at fair value through other comprehensive income 298 234 857 558 Financial instruments measured at amortized cost 7,102 6,283 21,037 17,856 10,610 8,626 30,891 24,031 Interest expense (2) Financial instruments measured at fair value through profit or loss $ 2,778 $ 1,730 $ 7,774 $ 4,464 Financial instruments measured at amortized cost 2,784 2,300 8,348 6,105 5,562 4,030 16,122 10,569 Net interest income $ 5,048 $ 4,596 $ 14,769 $ 13,462 (1) Amounts have been revised from those previously presented. (2) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Interim Consolidated Statements of Income: For the three months ended July 31, 2019, Interest income of $123 million (July 31, 2018 – $122 million), and Interest expense of $1 million (July 31, 2018 – $nil). For the nine months ended July 31, 2019, Interest income of $366 million (July 31, 2018 – $360 million), and Interest expense of $3 million (July 31, 2018 – $3 million). (3) Includes dividend income for the three months ended July 31, 2019 of $614 million (July 31, 2018 – $417 million) and for the nine months ended July 31, 2019 of $1,508 million (July 31, 2018 – $1,177 million). |
Securities
Securities | 9 Months Ended |
Jul. 31, 2019 | |
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Securities | Note 4 Securities Unrealized gains and losses on securities at FVOCI (1) (2) As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Issued or guaranteed Canadian government debt Federal (3) $ 693 $ 3 $ (1 ) $ 695 $ 244 $ – $ (6 ) $ 238 Provincial and municipal 2,033 66 (1 ) 2,098 1,578 2 (26 ) 1,554 U.S. state, municipal and agencies debt (3) 15,704 206 (92 ) 15,818 18,000 285 (149 ) 18,136 Other OECD government debt 4,693 2 (3 ) 4,692 1,469 2 (1 ) 1,470 Mortgage-backed securities (3) 2,577 2 (8 ) 2,571 2,176 1 (3 ) 2,174 Asset-backed securities CDO 7,228 2 (26 ) 7,204 6,248 1 (10 ) 6,239 Non-CDO 847 7 (1 ) 853 856 9 (2 ) 863 Corporate debt and other debt 19,762 73 (9 ) 19,826 17,439 22 (42 ) 17,419 Equities 233 215 (2 ) 446 197 186 (1 ) 382 Loan substitute securities 25 – (1 ) 24 25 – (1 ) 24 $ 53,795 $ 576 $ (144 ) $ 54,227 $ 48,232 $ 508 $ (241 ) $ 48,499 (1) Excludes $46,013 million of held-to-collect (2) Gross unrealized gains and losses includes $(1) million of allowance for credit losses on debt securities at FVOCI as at July 31, 2019 (October 31, 2018 – $11 million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, gross unrealized gains, gross unrealized losses and fair value related to commercial MBS are $1,775 million, $2 million, $6 million and $1,771 million, respectively as at July 31, 2019 (October 31, 2018 – $1,442 million, $nil, $6 million and $1,436 million, respectively). Allowance for credit losses on investment securities The following tables reconcile the opening and closing allowance for debt securities at FVOCI and amortized cost by stage. Reconciling items include the following: • Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance. • Purchases, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Sales and maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time. Allowance for credit losses – securities at FVOCI (1) For the three months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ – $ (4 ) $ 1 $ 40 $ 5 $ – $ 45 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – (36 ) – 36 – Purchases 1 – – 1 1 – – 1 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures – – (2 ) (2 ) – – – – Exchange rate and other – – – – – – – – Balance at end of period $ 5 $ – $ (6 ) $ (1 ) $ 4 $ 5 $ 36 $ 45 For the nine months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 4 $ 7 $ – $ 11 $ 3 $ 22 $ – $ 25 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – (36 ) – 36 – Purchases 4 – – 4 83 – – 83 Sales and maturities (2 ) (7 ) – (9 ) (47 ) (17 ) – (64 ) Changes in risk, parameters and exposures (1 ) – (6 ) (7 ) (1 ) 1 – – Exchange rate and other – – – – 2 (1 ) – 1 Balance at end of period $ 5 $ – $ (6 ) $ (1 ) $ 4 $ 5 $ 36 $ 45 (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. Allowance for credit losses – securities at amortized cost For the three months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 7 $ 23 $ – $ 30 $ 4 $ 31 $ – $ 35 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – (2 ) 2 – Purchases 2 – – 2 1 – – 1 Sales and maturities (1 ) – – (1 ) – – – – Changes in risk, parameters and exposures – (3 ) – (3 ) 1 8 – 9 Exchange rate and other (1 ) 1 – – 1 – – 1 Balance at end of period $ 7 $ 21 $ – $ 28 $ 7 $ 37 $ 2 $ 46 For the nine months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 6 $ 32 $ – $ 38 $ 9 $ 45 $ – $ 54 Provision for credit losses Transfers to stage 1 – – – – 3 (3 ) – – Transfers to stage 2 – – – – (7 ) 7 – – Transfers to stage 3 – – – – – (2 ) 2 – Purchases 6 – – 6 4 – – 4 Sales and maturities (1 ) – – (1 ) (2 ) (10 ) – (12 ) Changes in risk, parameters and exposures (3 ) (13 ) – (16 ) (1 ) 1 – – Exchange rate and other (1 ) 2 – 1 1 (1 ) – – Balance at end of period $ 7 $ 21 $ – $ 28 $ 7 $ 37 $ 2 $ 46 Credit risk exposure by internal risk rating The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses, as at the reporting date as outlined in the internal ratings maps in the Credit risk section of our 2018 Annual Report. As at July 31, 2019 October 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 53,219 $ 1 $ – $ 53,220 $ 46,956 $ 479 $ – $ 47,435 Non-investment 383 10 – 393 500 33 – 533 Impaired – – 144 144 – – 125 125 $ 53,602 $ 11 $ 144 $ 53,757 $ 47,456 $ 512 $ 125 $ 48,093 Items not subject to impairment (2) 470 406 $ 54,227 $ 48,499 Securities at amortized cost Investment grade $ 44,820 $ 44 $ – $ 44,864 $ 44,958 $ 119 $ – $ 45,077 Non-investment 616 561 – 1,177 367 703 – 1,070 Impaired – – – – – – – – $ 45,436 $ 605 $ – $ 46,041 $ 45,325 $ 822 $ – $ 46,147 Allowance for credit losses 7 21 – 28 6 32 – 38 Amortized cost $ 45,429 $ 584 $ – $ 46,013 $ 45,319 $ 790 $ – $ 46,109 (1) Includes $144 million of purchased credit impaired securities (October 31, 2018 – $125 million). (2) Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Loans and allowance for credit
Loans and allowance for credit losses | 9 Months Ended |
Jul. 31, 2019 | |
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Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Allowance for credit losses For the three months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance at Balance at Provision Net write-offs Exchange Balance at Retail Residential mortgages $ 395 $ 29 $ (10 ) $ (5 ) $ 409 $ 381 $ 20 $ (12 ) $ – $ 389 Personal 922 127 (116 ) (1 ) 932 876 138 (109 ) (3 ) 902 Credit cards 790 130 (130 ) (1 ) 789 694 129 (118 ) – 705 Small business 49 12 (7 ) (1 ) 53 52 16 (7 ) – 61 Wholesale 1,108 133 (89 ) (37 ) 1,115 1,012 34 (57 ) (5 ) 984 Customers’ liability under acceptances 26 (2 ) – (1 ) 23 15 1 – – 16 $ 3,290 $ $ ) $ (46 ) $ 3,321 $ 3,030 $ 338 $ (303 ) $ (8 ) $ 3,057 Presented as: Allowance for loan losses $ 3,093 $ 3,131 $ 2,808 $ 2,837 Other liabilities – Provisions 171 167 206 203 Customers’ liability under acceptances 26 23 15 16 Other components of equity – – 1 1 For the nine months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance at Balance at Provision Net write-offs Exchange Balance at Retail Residential mortgages $ 382 $ 60 $ (30 ) $ (3 ) $ 409 $ 378 $ 52 $ (35 ) $ (6 ) $ 389 Personal 895 398 (346 ) (15 ) 932 826 405 (318 ) (11 ) 902 Credit cards 760 405 (375 ) (1 ) 789 693 363 (351 ) – 705 Small business 51 25 (20 ) (3 ) 53 49 33 (19 ) (2 ) 61 Wholesale 979 495 (305 ) (54 ) 1,115 1,010 101 (93 ) (34 ) 984 Customers’ liability under acceptances 21 3 – (1 ) 23 20 (4 ) – – 16 $ 3,088 $ 1,386 $ (1,076 ) $ (77 ) $ 3,321 $ 2,976 $ 950 $ (816 ) $ (53 ) $ 3,057 Presented as: Allowance for loan losses $ 2,912 $ 3,131 $ 2,749 $ 2,837 Other liabilities – Provisions 154 167 207 203 Customers’ liability under acceptances 21 23 20 16 Other components of equity 1 – – 1 The following tables reconcile the opening and closing allowance for loans and commitments, by stage, for each major product category. Reconciling items include the following: • Transfers between stages, which are presumed to occur before any corresponding remeasurements of the allowance. • Originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments and additional draws on existing facilities; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time in stage 1 and stage 2. Allowance for credit losses – Retail and wholesale loans For the three months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 140 $ 63 $ 192 $ 395 $ 149 $ 62 $ 170 $ 381 Provision for credit losses Transfers to stage 1 21 (16 ) (5 ) – 10 (10 ) – – Transfers to stage 2 (4 ) 4 – – (4 ) 5 (1 ) – Transfers to stage 3 (1 ) (6 ) 7 – – (6 ) 6 – Originations 12 – – 12 18 – – 18 Maturities (4 ) (3 ) – (7 ) (3 ) (4 ) – (7 ) Changes in risk, parameters and exposures (19 ) 28 15 24 (20 ) 18 11 9 Write-offs – – (12 ) (12 ) – – (14 ) (14 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other (1 ) – (4 ) (5 ) 1 – (1 ) – Balance at end of period $ 144 $ 70 $ 195 $ 409 $ 151 $ 65 $ 173 $ 389 Personal Balance at beginning of period $ 238 $ 555 $ 129 $ 922 $ 253 $ 488 $ 135 $ 876 Provision for credit losses Transfers to stage 1 154 (154 ) – – 154 (154 ) – – Transfers to stage 2 (20 ) 20 – – (26 ) 27 (1 ) – Transfers to stage 3 – (41 ) 41 – (1 ) (36 ) 37 – Originations 27 – – 27 30 1 – 31 Maturities (8 ) (30 ) – (38 ) (9 ) (34 ) – (43 ) Changes in risk, parameters and exposures (148 ) 210 76 138 (143 ) 213 80 150 Write-offs – – (148 ) (148 ) – – (139 ) (139 ) Recoveries – – 32 32 – – 30 30 Exchange rate and other – – (1 ) (1 ) – – (3 ) (3 ) Balance at end of period $ 243 $ 560 $ 129 $ 932 $ 258 $ 505 $ 139 $ 902 Credit cards Balance at beginning of period $ 166 $ 624 $ – $ 790 $ 199 $ 495 $ – $ 694 Provision for credit losses Transfers to stage 1 116 (116 ) – – 153 (153 ) – – Transfers to stage 2 (19 ) 19 – – (21 ) 21 – – Transfers to stage 3 – (88 ) 88 – (1 ) (53 ) 54 – Originations 1 – – 1 4 1 – 5 Maturities (2 ) (8 ) – (10 ) (3 ) (12 ) – (15 ) Changes in risk, parameters and exposures (94 ) 191 42 139 (113 ) 188 64 139 Write-offs – – (167 ) (167 ) – – (151 ) (151 ) Recoveries – – 37 37 – – 33 33 Exchange rate and other 1 (2 ) – (1 ) (1 ) 1 – – Balance at end of period $ 169 $ 620 $ – $ 789 $ 217 $ 488 $ – $ 705 Small business Balance at beginning of period $ 15 $ 17 $ 17 $ 49 $ 15 $ 17 $ 20 $ 52 Provision for credit losses Transfers to stage 1 5 (5 ) – – 5 (5 ) – – Transfers to stage 2 – – – – (1 ) 1 – – Transfers to stage 3 – (3 ) 3 – – (2 ) 2 – Originations 2 – – 2 3 – – 3 Maturities (1 ) (2 ) – (3 ) (1 ) (3 ) – (4 ) Changes in risk, parameters and exposures (4 ) 9 8 13 (5 ) 15 7 17 Write-offs – – (9 ) (9 ) – – (9 ) (9 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other – – (1 ) (1 ) 1 – (1 ) – Balance at end of period $ 17 $ 16 $ 20 $ 53 $ 17 $ 23 $ 21 $ 61 Wholesale Balance at beginning of period $ 293 $ 358 $ 457 $ 1,108 $ 254 $ 295 $ 463 $ 1,012 Provision for credit losses Transfers to stage 1 35 (34 ) (1 ) – 23 (23 ) – – Transfers to stage 2 (8 ) 9 (1 ) – (14 ) 19 (5 ) – Transfers to stage 3 (2 ) (15 ) 17 – – (9 ) 9 – Originations 55 12 – 67 56 11 – 67 Maturities (39 ) (39 ) – (78 ) (34 ) (37 ) – (71 ) Changes in risk, parameters and exposures (51 ) 86 109 144 (15 ) 68 (15 ) 38 Write-offs – – (101 ) (101 ) – – (82 ) (82 ) Recoveries – – 12 12 – – 25 25 Exchange rate and other (3 ) (2 ) (32 ) (37 ) 2 2 (9 ) (5 ) Balance at end of period $ 280 $ 375 $ 460 $ 1,115 $ 272 $ 326 $ 386 $ 984 For the nine months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 142 $ 64 $ 176 $ 382 $ 140 $ 65 $ 173 $ 378 Provision for credit losses Transfers to stage 1 64 (52 ) (12 ) – 49 (49 ) – – Transfers to stage 2 (9 ) 11 (2 ) – (15 ) 17 (2 ) – Transfers to stage 3 (2 ) (24 ) 26 – (1 ) (14 ) 15 – Originations 35 – – 35 51 – – 51 Maturities (10 ) (6 ) – (16 ) (9 ) (9 ) – (18 ) Changes in risk, parameters and exposures (76 ) 77 40 41 (66 ) 54 31 19 Write-offs – – (34 ) (34 ) – – (39 ) (39 ) Recoveries – – 4 4 – – 4 4 Exchange rate and other – – (3 ) (3 ) 2 1 (9 ) (6 ) Balance at end of period $ 144 $ 70 $ 195 $ 409 $ 151 $ 65 $ 173 $ 389 Personal Balance at beginning of period $ 242 $ 512 $ 141 $ 895 $ 278 $ 427 $ 121 $ 826 Provision for credit losses Transfers to stage 1 428 (422 ) (6 ) – 576 (576 ) – – Transfers to stage 2 (66 ) 67 (1 ) – (118 ) 119 (1 ) – Transfers to stage 3 (1 ) (125 ) 126 – (2 ) (114 ) 116 – Originations 73 1 – 74 81 4 – 85 Maturities (20 ) (87 ) – (107 ) (25 ) (99 ) – (124 ) Changes in risk, parameters and exposures (414 ) 614 231 431 (530 ) 745 229 444 Write-offs – – (440 ) (440 ) – – (405 ) (405 ) Recoveries – – 94 94 – – 87 87 Exchange rate and other 1 – (16 ) (15 ) (2 ) (1 ) (8 ) (11 ) Balance at end of period $ 243 $ 560 $ 129 $ 932 $ 258 $ 505 $ 139 $ 902 Credit cards Balance at beginning of period $ 161 $ 599 $ – $ 760 $ 251 $ 442 $ – $ 693 Provision for credit losses Transfers to stage 1 344 (344 ) – – 597 (597 ) – – Transfers to stage 2 (58 ) 58 – – (102 ) 102 – – Transfers to stage 3 (1 ) (251 ) 252 – (2 ) (145 ) 147 – Originations 3 – – 3 10 2 – 12 Maturities (4 ) (19 ) – (23 ) (10 ) (55 ) – (65 ) Changes in risk, parameters and exposures (276 ) 578 123 425 (526 ) 738 204 416 Write-offs – – (478 ) (478 ) – – (448 ) (448 ) Recoveries – – 103 103 – – 97 97 Exchange rate and other – (1 ) – (1 ) (1 ) 1 – – Balance at end of period $ 169 $ 620 $ – $ 789 $ 217 $ 488 $ – $ 705 Small business Balance at beginning of period $ 17 $ 16 $ 18 $ 51 $ 15 $ 15 $ 19 $ 49 Provision for credit losses Transfers to stage 1 16 (16 ) – – 20 (20 ) – – Transfers to stage 2 (2 ) 2 – – (4 ) 4 – – Transfers to stage 3 – (8 ) 8 – – (8 ) 8 – Originations 7 – – 7 8 – – 8 Maturities (3 ) (6 ) – (9 ) (3 ) (7 ) – (10 ) Changes in risk, parameters and exposures (18 ) 28 17 27 (20 ) 39 16 35 Write-offs – – (26 ) (26 ) – – (25 ) (25 ) Recoveries – – 6 6 – – 6 6 Exchange rate and other – – (3 ) (3 ) 1 – (3 ) (2 ) Balance at end of period $ 17 $ 16 $ 20 $ 53 $ 17 $ 23 $ 21 $ 61 Wholesale Balance at beginning of period $ 274 $ 340 $ 365 $ 979 $ 251 $ 352 $ 407 $ 1,010 Provision for credit losses Transfers to stage 1 113 (103 ) (10 ) – 148 (148 ) – – Transfers to stage 2 (25 ) 28 (3 ) – (60 ) 68 (8 ) – Transfers to stage 3 (5 ) (48 ) 53 – (1 ) (28 ) 29 – Originations 182 39 – 221 167 28 – 195 Maturities (128 ) (118 ) – (246 ) (112 ) (145 ) – (257 ) Changes in risk, parameters and exposures (130 ) 235 415 520 (123 ) 199 87 163 Write-offs – – (337 ) (337 ) – – (145 ) (145 ) Recoveries – – 32 32 – – 52 52 Exchange rate and other (1 ) 2 (55 ) (54 ) 2 – (36 ) (34 ) Balance at end of period $ 280 $ 375 $ 460 $ 1,115 $ 272 $ 326 $ 386 $ 984 Credit risk exposure by internal risk rating The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of our 2018 Annual Report. As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Loans outstanding – Residential mortgages Low risk $ 232,712 $ 6,367 $ – $ 239,079 $ 222,026 $ 3,688 $ – $ 225,714 Medium risk 13,221 1,289 – 14,510 13,681 1,369 – 15,050 High risk 2,727 2,619 – 5,346 2,577 2,897 – 5,474 Not rated (1) 38,301 608 – 38,909 34,670 578 – 35,248 Impaired – – 709 709 – – 726 726 286,961 10,883 709 298,553 272,954 8,532 726 282,212 Items not subject to impairment (2) 422 259 Total 298,975 282,471 Loans outstanding – Personal Low risk $ 71,290 $ 1,699 $ – $ 72,989 $ 71,763 $ 1,256 $ – $ 73,019 Medium risk 5,997 2,042 – 8,039 6,124 1,925 – 8,049 High risk 937 1,649 – 2,586 998 1,672 – 2,670 Not rated (1) 8,290 41 – 8,331 8,595 64 – 8,659 Impaired – – 300 300 – – 303 303 Total 86,514 5,431 300 92,245 87,480 4,917 303 92,700 Loans outstanding – Credit cards Low risk $ 13,767 $ 102 $ – $ 13,869 $ 13,185 $ 100 $ – $ 13,285 Medium risk 2,185 1,727 – 3,912 2,234 1,632 – 3,866 High risk 130 1,335 – 1,465 139 1,331 – 1,470 Not rated (1) 819 32 – 851 764 30 – 794 Total 16,901 3,196 – 20,097 16,322 3,093 – 19,415 Loans outstanding – Small business Low risk $ 2,228 $ 45 $ – $ 2,273 $ 2,004 $ 46 $ – $ 2,050 Medium risk 2,321 109 – 2,430 2,230 102 – 2,332 High risk 118 197 – 315 95 178 – 273 Not rated (1) 197 – – 197 166 1 – 167 Impaired – – 51 51 – – 44 44 Total 4,864 351 51 5,266 4,495 327 44 4,866 Undrawn loan commitments – Retail Low risk $ 197,881 $ 1,943 $ – $ 199,824 $ 182,426 $ 1,270 $ – $ 183,696 Medium risk 7,832 240 – 8,072 10,794 239 – 11,033 High risk 727 207 – 934 3,740 166 – 3,906 Not rated (1) 2,730 29 – 2,759 2,584 35 – 2,619 Total 209,170 2,419 – 211,589 199,544 1,710 – 201,254 Wholesale – Loans outstanding Investment grade $ 50,609 $ 79 $ – $ 50,688 $ 46,869 $ 324 $ – $ 47,193 Non-investment 116,299 11,525 – 127,824 106,027 10,190 – 116,217 Not rated (1) 7,328 363 – 7,691 6,692 411 – 7,103 Impaired – – 1,896 1,896 – – 1,096 1,096 174,236 11,967 1,896 188,099 159,588 10,925 1,096 171,609 Items not subject to impairment (2) 10,842 8,669 Total 198,941 180,278 Undrawn loan commitments – Wholesale Investment grade $ 220,061 $ – $ – $ 220,061 $ 222,970 $ 93 $ – $ 223,063 Non-investment 90,263 8,030 – 98,293 88,828 7,069 – 95,897 Not rated (1) 4,557 – – 4,557 4,291 – – 4,291 Total 314,881 8,030 – 322,911 316,089 7,162 – 323,251 (1) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. (2) Items not subject to impairment are loans held at FVTPL. Loans past due but not impaired (1) As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) 1 to 29 days 30 to 89 days 90 days Total 1 to 29 days 30 to 89 days 90 days Total Retail $ 3,025 $ 1,285 $ 186 $ 4,496 $ 2,995 $ 1,402 $ 179 $ 4,576 Wholesale 1,301 405 21 1,727 1,246 468 – 1,714 $ 4,326 $ 1,690 $ 207 $ 6,223 $ 4,241 $ 1,870 $ 179 $ 6,290 (1) Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. |
Deposits
Deposits | 9 Months Ended |
Jul. 31, 2019 | |
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Deposits | Note 6 Deposits As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 140,474 $ 48,659 $ 98,796 $ 287,929 $ 135,101 $ 48,873 $ 86,180 $ 270,154 Business and government 246,937 12,106 304,300 563,343 238,617 8,606 287,148 534,371 Bank 8,403 173 21,363 29,939 8,750 299 23,472 32,521 $ 395,814 $ 60,938 $ 424,459 $ 881,211 $ 382,468 $ 57,778 $ 396,800 $ 837,046 Non-interest-bearing (4) Canada $ 90,308 $ 5,335 $ – $ 95,643 $ 88,119 $ 5,086 $ – $ 93,205 United States 32,451 – – 32,451 34,098 – – 34,098 Europe (5) 690 – – 690 564 – – 564 Other International 5,484 6 – 5,490 5,495 5 – 5,500 Interest-bearing (4) Canada 226,187 15,167 330,119 571,473 213,747 15,112 292,641 521,500 United States 3,995 36,502 49,929 90,426 2,478 33,099 67,211 102,788 Europe (5) 31,384 873 32,973 65,230 32,930 1,412 26,598 60,940 Other International 5,315 3,055 11,438 19,808 5,037 3,064 10,350 18,451 $ 395,814 $ 60,938 $ 424,459 $ 881,211 $ 382,468 $ 57,778 $ 396,800 $ 837,046 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which include both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at July 31, 2019, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $326 billion, $21 billion, $44 billion and $31 billion, respectively (October 31, 2018 – $309 billion, $20 billion, $38 billion and $32 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. Contractual maturities of term deposits As at (Millions of Canadian dollars) July 31 2019 October 31 2018 Within 1 year: less than 3 months $ 117,873 $ 89,553 3 to 6 months 40,755 59,109 6 to 12 months 92,765 80,773 1 to 2 years 61,462 51,798 2 to 3 years 36,338 45,550 3 to 4 years 21,616 21,127 4 to 5 years 25,735 23,863 Over 5 years 27,915 25,027 $ 424,459 $ 396,800 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more (1) $ 387,000 $ 362,000 (1) Amounts have been revised from those previously presented. |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 9 Months Ended |
Jul. 31, 2019 | |
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Employee benefits - Pension and other post-employment benefits | Note 7 Employee benefits – Pension and other post-employment benefits We offer a number of defined benefit and defined contribution plans which provide pension and post-employment benefits to eligible employees. The following tables present the composition of our pension and other post-employment benefit expense and the effects of remeasurements recorded in other comprehensive income. Pension and other post-employment benefit expense . For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Current service costs $ 74 $ 90 $ 10 $ 10 Net interest expense (income) (5 ) 2 16 16 Remeasurements of other long term benefits – – 4 (1 ) Administrative expense 4 4 – – Defined benefit pension expense $ 73 $ 96 $ 30 $ 25 Defined contribution pension expense 50 45 – – $ 123 $ 141 $ 30 $ 25 . For the nine months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Current service costs $ 222 $ 269 $ 29 $ 29 Net interest expense (income) (15 ) 6 49 50 Remeasurements of other long term benefits – – 10 (2 ) Administrative expense 12 11 – – Defined benefit pension expense $ 219 $ 286 $ 88 $ 77 Defined contribution pension expense 161 140 – – $ 380 $ 426 $ 88 $ 77 Pension and other post-employment benefit remeasurements (1) For the three months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Actuarial (gains) losses: Changes in financial assumptions (2) $ 932 $ (378 ) $ 63 $ (40 ) Experience adjustments – – (3 ) (3 ) Return on plan assets (excluding interest based on discount rate) (203 ) (209 ) – – $ 729 $ (587 ) $ 60 $ (43 ) For the nine months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Actuarial (gains) losses: Changes in financial assumptions (2) $ 2,192 $ (571 ) $ 180 $ (62 ) Experience adjustments – – (6 ) (9 ) Return on plan assets (excluding interest based on discount rate) (921 ) (171 ) – – $ 1,271 $ (742 ) $ 174 $ (71 ) (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Income taxes
Income taxes | 9 Months Ended |
Jul. 31, 2019 | |
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Income taxes | Tax examinations and assessments During the third quarter, we received a reassessment from the Canada Revenue Agency (CRA), in respect of the 2014 taxation year, which suggests that Royal Bank of Canada owes additional taxes of approximately $295 million as they have denied the deductibility of certain dividends. This amount represents the maximum additional tax owing for that year. The reassessment is consistent with the previously received proposal letters and reassessments, which were described in Note 22 of our 2018 Annual Consolidated Financial Statements. During the first quarter, we received reassessments that are consistent with the previously received proposal letters from the CRA in respect of the 2013 and 2012 taxation years. In all cases, we are confident that our tax filing position was appropriate and intend to defend ourselves vigorously. |
Significant capital and funding
Significant capital and funding transactions | 9 Months Ended |
Jul. 31, 2019 | |
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Significant capital and funding transactions | Note 9 Significant capital and funding transactions Preferred shares On November 2, 2018, we issued 14 million Non-Cumulative 5-Year 5-year Non-Cumulative 3-month On November 24, 2018, we redeemed all 10 million Non-Cumulative On February 24, 2019, we redeemed all 2.4 million Non-Cumulative Non-Cumulative Non-Cumulative 5-year Subordinated Debt On July 17, 2019, we redeemed all $1,000 million of our outstanding NVCC 3.04% subordinated debentures due on July 17, 2024 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. On July 25, 2019, we issued $1,500 million of NVCC subordinated debentures. The notes bear interest at a fixed rate of 2.74% per annum until July 25, 2024, and at the three-month Canadian Dollar Offered Rate plus 0.98% thereafter until their maturity on July 25, 2029. Common shares issued (1) For the three months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 545 $ 38 440 $ 24 Purchased for cancellation (3) (1,914 ) (24 ) (1,283 ) (16 ) (1,369 ) $ 14 (843 ) $ 8 For the nine months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 1,230 $ 87 1,105 $ 69 Purchased for cancellation (3) (5,705 ) (70 ) (12,837 ) (157 ) (4,475 ) $ 17 (11,732 ) $ (88 ) (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and nine months ended July 31, 2019 and July 31, 2018, our DRIP’s requirements were satisfied through open market share purchases. (2) Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. (3) During the three months ended July 31, 2019, we purchased for cancellation common shares at a total fair value of $197 million (average cost of $102.82 per share), with a book value of $24 million (book value of $12.28 per share). During the nine months ended July 31, 2019, we purchased for cancellation common shares at a total fair value of $556 million (average cost of $97.36 per share), with a book value of $70 million (book value of $12.26 per share). During the three months ended July 31, 2018, we purchased for cancellation common shares at a total fair value of $128 million (average cost of $99.21 per share), with a book value of $16 million (book value of $12.23 per share). During the nine months ended July 31, 2018, we purchased for cancellation common shares at a total fair value of $1,275 million (average cost of $99.28 per share), with a book value of $157 million (book value of $12.22 per share). |
Earnings per share
Earnings per share | 9 Months Ended |
Jul. 31, 2019 | |
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Earnings per share | Note 10 Earnings per share For the three months ended For the nine months ended (Millions of Canadian dollars, except share and per share amounts) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Basic earnings per share Net income $ 3,263 $ 3,109 $ 9,665 $ 9,181 Preferred share dividends (66 ) (70 ) (205 ) (214 ) Net income attributable to non-controlling – (8 ) (6 ) (28 ) Net income available to common shareholders 3,197 3,031 9,454 8,939 Weighted average number of common shares (in thousands) 1,434,276 1,440,477 1,435,485 1,445,136 Basic earnings per share (in dollars) $ 2.23 $ 2.10 $ 6.59 $ 6.19 Diluted earnings per share Net income available to common shareholders $ 3,197 $ 3,031 $ 9,454 $ 8,939 Dilutive impact of exchangeable shares 4 4 11 11 Net income available to common shareholders including dilutive impact of exchangeable shares 3,201 3,035 9,465 8,950 Weighted average number of common shares (in thousands) 1,434,276 1,440,477 1,435,485 1,445,136 Stock options (1) 2,056 2,547 2,102 2,776 Issuable under other share-based compensation plans 743 731 740 745 Exchangeable shares (2) 3,055 3,201 3,172 3,166 Average number of diluted common shares (in thousands) 1,440,130 1,446,956 1,441,499 1,451,823 Diluted earnings per share (in dollars) $ 2.22 $ 2.10 $ 6.57 $ 6.16 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended July 31, 2019, no outstanding options were excluded from the calculation of diluted earnings per share. For the three months ended July 31, 2018, an average of 738,258 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. For the nine months ended July 31, 2019, an average of 765,267 outstanding options with an average price of $102.33 were excluded from the calculation of diluted earnings per share. For the nine months ended July 31, 2018, an average of 630,088 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. (2) Includes exchangeable preferred shares. |
Legal and regulatory matters
Legal and regulatory matters | 9 Months Ended |
Jul. 31, 2019 | |
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Legal and regulatory matters | Note 11 Legal and regulatory matters We are a large global institution that is subject to many different complex legal and regulatory requirements that continue to evolve. As a result, we are and have been subject to a variety of legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulatory enforcement or criminal penalties. We review the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as we believe to be in our best interest. This is an area of significant judgment and uncertainty and the extent of our financial and other exposure to these proceedings after taking into account current accruals could be material to our results of operations in any particular period. Our significant legal proceedings and regulatory matters are those disclosed in our audited 2018 Annual Consolidated Financial Statements as updated below: LIBOR regulatory investigations and litigation In January 2019, a number of financial institutions, including Royal Bank of Canada and RBC Capital Markets LLC, were named in a purported class action in New York alleging violations of the U.S. antitrust laws and common law principles of unjust enrichment in the setting of London interbank offered rate (LIBOR) after the Intercontinental Exchange took over administration of the benchmark interest rate from the British Bankers’ Association in 2014. Based on the facts currently known, it is not possible at this time for us to predict the ultimate outcome of these proceedings or the timing of their resolution. Interchange fees litigation Two of the proposed class action proceedings for interchange fees, Watson and 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al. have had the following updates since our audited 2018 Annual Consolidated Financial Statements: The trial in the Watson proceeding has been rescheduled from October 14, 2019 to October 19, 2020. In 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al., in 2018, the Quebec trial court authorized the proceeding as a class action for Quebec merchants from 2007 to the present but refused to authorize the claims for damages under section 45 of the Competition Act (the Act) after March 12, 2010 or under section 49 of the Act. The merchants appealed and on July 25, 2019, the Quebec Court of Appeal allowed the appeal to also authorize the merchants to proceed under section 45 of the Act for claims after March 12, 2010 and for claims under section 49 of the Act. |
Results by business segment
Results by business segment | 9 Months Ended |
Jul. 31, 2019 | |
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Results by business segment | Note 12 Results by business segment . For the three months ended July 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,221 $ 773 $ – $ (16 ) $ 1,048 $ 22 $ 5,048 Non-interest 1,325 2,256 1,463 577 986 (111 ) 6,496 Total revenue 4,546 3,029 1,463 561 2,034 (89 ) 11,544 Provision for credit losses 341 27 – 1 56 – 425 Insurance policyholder benefits, claims and acquisition expense – – 1,046 – – – 1,046 Non-interest 1,959 2,183 149 411 1,269 21 5,992 Net income (loss) before income taxes 2,246 819 268 149 709 (110 ) 4,081 Income taxes (recoveries) 582 180 64 31 56 (95 ) 818 Net income $ 1,664 $ 639 $ 204 $ 118 $ 653 $ (15 ) $ 3,263 Non-interest Depreciation and amortization $ 159 $ 144 $ 12 $ 36 $ 105 $ – $ 456 . For the three months ended July 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,001 $ 679 $ – $ 32 $ 913 $ (29 ) $ 4,596 Non-interest 1,283 2,119 1,290 588 1,244 (95 ) 6,429 Total revenue 4,284 2,798 1,290 620 2,157 (124 ) 11,025 Provision for credit losses 339 3 – 1 3 – 346 Insurance policyholder benefits, claims and acquisition expense – – 925 – – – 925 Non-interest 1,910 2,059 153 416 1,312 8 5,858 Net income (loss) before income taxes 2,035 736 212 203 842 (132 ) 3,896 Income taxes (recoveries) 525 158 54 48 144 (142 ) 787 Net income $ 1,510 $ 578 $ 158 $ 155 $ 698 $ 10 $ 3,109 Non-interest Depreciation and amortization $ 147 $ 138 $ 9 $ 30 $ 94 $ – $ 418 . For the nine months ended July 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 9,415 $ 2,248 $ – $ (81 ) $ 3,111 $ 76 $ 14,769 Non-interest 3,882 6,708 4,557 1,860 3,190 (334 ) 19,863 Total revenue 13,297 8,956 4,557 1,779 6,301 (258 ) 34,632 Provision for credit losses 1,061 83 – 1 221 (1 ) 1,365 Insurance policyholder benefits, claims and acquisition expense – – 3,431 – – – 3,431 Non-interest 5,761 6,551 453 1,217 3,788 50 17,820 Net income (loss) before income taxes 6,475 2,322 673 561 2,292 (307 ) 12,016 Income taxes (recoveries) 1,691 501 149 131 210 (331 ) 2,351 Net income $ 4,784 $ 1,821 $ 524 $ 430 $ 2,082 $ 24 $ 9,665 Non-interest Depreciation and amortization $ 469 $ 443 $ 35 $ 105 $ 300 $ – $ 1,352 . For the nine months ended July 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 8,709 $ 1,923 $ – $ 278 $ 2,620 $ (68 ) $ 13,462 Non-interest 3,843 6,263 3,240 1,689 3,722 (312 ) 18,445 Total revenue 12,552 8,186 3,240 1,967 6,342 (380 ) 31,907 Provision for credit losses 956 (19 ) – 1 16 – 954 Insurance policyholder benefits, claims and acquisition expense – – 2,182 – – – 2,182 Non-interest 5,539 6,009 443 1,196 3,716 48 16,951 Net income (loss) before income taxes 6,057 2,196 615 770 2,610 (428 ) 11,820 Income taxes (recoveries) 1,567 484 158 184 499 (253 ) 2,639 Net income $ 4,490 $ 1,712 $ 457 $ 586 $ 2,111 $ (175 ) $ 9,181 Non-interest Depreciation and amortization $ 432 $ 401 $ 27 $ 90 $ 271 $ – $ 1,221 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. Total assets and total liabilities by business segment As at July 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 473,914 $ 101,068 $ 18,451 $ 149,863 $ 621,229 $ 42,368 $ 1,406,893 Total liabilities $ 473,942 $ 101,276 $ 18,429 $ 149,802 $ 620,925 $ (39,859 ) $ 1,324,515 As at October 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 453,879 $ 93,063 $ 16,210 $ 136,030 $ 590,950 $ 44,602 $ 1,334,734 Total liabilities $ 453,878 $ 93,162 $ 16,289 $ 135,944 $ 590,582 $ (35,076 ) $ 1,254,779 |
Capital management
Capital management | 9 Months Ended |
Jul. 31, 2019 | |
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Capital management | Note 13 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. During the third quarter of 2019, we complied with all capital and leverage requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except Capital ratios and leverage ratios) July 31 2019 October 31 2018 Capital (1) CET1 capital $ 60,938 $ 57,001 Tier 1 capital 66,615 63,279 Total capital 76,563 72,494 Risk-weighted Assets (RWA) used in calculation of capital ratios (1) (2) CET1 capital RWA $ 510,664 $ 495,528 Tier 1 capital RWA 510,664 495,993 Total capital RWA 510,664 496,459 Total capital RWA consisting of: (1) Credit risk $ 415,977 $ 401,534 Market risk 29,425 32,209 Operational risk 65,262 62,716 Total Capital RWA $ 510,664 $ 496,459 Capital ratios and Leverage ratios (1) CET1 ratio 11.9% 11.5% Tier 1 capital ratio 13.0% 12.8% Total capital ratio 15.0% 14.6% Leverage ratio 4.4% 4.4% Leverage ratio exposure (billions) $ 1,529.4 $ 1,450.8 (1) Capital, RWA, and capital ratios are calculated using OSFI Capital Adequacy Requirements based on the Basel III framework. The leverage ratio is calculated using OSFI Leverage Requirements Guideline based on the Basel III framework. (2) In fiscal 2018, amounts included CVA scalars of 80%, 83% and 86%, respectively. |
Significant dispositions
Significant dispositions | 9 Months Ended |
Jul. 31, 2019 | |
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Significant dispositions | Note 14 Significant dispositions Wealth Management On June 3, 2019, we entered into a definitive agreement to sell our private debt Global Asset Management business in the United Kingdom to Dyal Capital Partners. The transaction is subject to customary closing conditions. The assets, liabilities and equity that are included in the disposal group are not significant. |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 9 Months Ended |
Jul. 31, 2019 | |
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Changes in accounting policies | Changes in accounting policies During the first quarter, we adopted IFRS 15 Revenue from Contracts with Customers |
Commissions and fees | Commissions and fees Commissions and fees primarily relate to Investment management and custodial fees, Mutual fund revenue, Securities brokerage commissions, Services charges, Underwriting and other advisory fees, Card service revenue and Credit fees, and are recognized based on the applicable service contracts with customers. Investment management and custodial fees and Mutual fund revenue are generally calculated as a percentage of daily or period-end Commissions earned on Securities brokerage services and Service charges that are related to the provision of specific transaction type services are recognized when the service is fulfilled. Where services are provided over time, revenue is recognized as the services are provided. Underwriting and other advisory fees primarily relate to underwriting of new issuances of debt or equity and various advisory services. Underwriting fees are generally expressed as a percentage of the funds raised through issuance and are recognized when the service has been completed. Advisory fees vary depending on the scope and type of engagement and can be fixed in nature or contingent on a future event. Advisory fees are recognized over the period in which the service is provided and are recognized only to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Card service revenue primarily includes interchange revenue and annual card fees. Interchange revenue is calculated as a fixed percentage of the transaction amount and recognized when the card transaction is settled. Annual card fees are fixed fees and are recognized over a twelve month period. Credit fees are primarily earned for arranging syndicated loans and making credit available on undrawn facilities. The timing of the recognition of credit fees varies based on the nature of the services provided. When service fees and other costs are incurred in relation to commissions and fees earned, we record these costs on a gross basis in either Non-interest Non-interest |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
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Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument | The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2018 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter. As at July 31, 2019 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits with banks $ – $ 17,403 $ – $ – $ 14,150 $ 14,150 $ 31,553 $ 31,553 Securities Trading 131,515 8,906 – – – – 140,421 140,421 Investment, net of applicable allowance – – 53,757 470 46,013 46,235 100,240 100,462 131,515 8,906 53,757 470 46,013 46,235 240,661 240,883 Assets purchased under reverse repurchase agreements and securities borrowed 250,276 – – – 59,364 59,367 309,640 309,643 Loans, net of applicable allowance Retail 182 240 96 – 413,989 415,474 414,507 415,992 Wholesale 9,129 1,713 477 – 186,567 185,858 197,886 197,177 9,311 1,953 573 – 600,556 601,332 612,393 613,169 Other Derivatives 98,774 – – – – – 98,774 98,774 Other assets (1) 1,445 – – – 51,910 51,910 53,355 53,355 Financial liabilities Deposits Personal $ 134 $ 16,177 $ 271,618 $ 271,868 $ 287,929 $ 288,179 Business and government (2) (44 ) 115,832 447,555 448,732 563,343 564,520 Bank (3) – 2,948 26,991 27,018 29,939 29,966 90 134,957 746,164 747,618 881,211 882,665 Other Obligations related to securities sold short 33,602 – – – 33,602 33,602 Obligations related to assets sold under repurchase agreements and securities loaned – 213,818 6,209 6,210 220,027 220,028 Derivatives 96,857 – – – 96,857 96,857 Other liabilities (4) (1,328 ) 55 56,109 56,083 54,836 54,810 Subordinated debentures – – 9,818 9,953 9,818 9,953 As at October 31, 2018 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits with banks $ – $ 20,274 $ – $ – $ 16,197 $ 16,197 $ 36,471 $ 36,471 Securities Trading 121,031 7,227 – – – – 128,258 128,258 Investment, net of applicable allowance – – 48,093 406 46,109 45,367 94,608 93,866 121,031 7,227 48,093 406 46,109 45,367 222,866 222,124 Assets purchased under reverse repurchase agreements and securities borrowed 219,108 – – – 75,494 75,490 294,602 294,598 Loans, net of applicable allowance Retail 69 190 94 – 397,102 394,051 397,455 394,404 Wholesale 7,129 1,540 458 – 170,236 168,087 179,363 177,214 7,198 1,730 552 – 567,338 562,138 576,818 571,618 Other Derivatives 94,039 – – – – – 94,039 94,039 Other assets (1) 1,373 – – – 46,205 46,205 47,578 47,578 Financial liabilities Deposits Personal $ 150 $ 14,602 $ 255,402 $ 255,115 $ 270,154 $ 269,867 Business and government (2) (11 ) 103,446 430,936 431,158 534,371 534,593 Bank (3) – 7,072 25,449 25,462 32,521 32,534 139 125,120 711,787 711,735 837,046 836,994 Other Obligations related to securities sold short 32,247 – – – 32,247 32,247 Obligations related to assets sold under repurchase agreements and securities loaned – 201,839 4,975 4,976 206,814 206,815 Derivatives 90,238 – – – 90,238 90,238 Other liabilities (4) (1,434 ) 18 54,917 54,880 53,501 53,464 Subordinated debentures – – 9,131 9,319 9,131 9,319 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. |
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy | Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at July 31, 2019 October 31, 2018 Fair value measurements using Netting adjustments Fair value Fair value measurements using Netting adjustments Fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Interest-bearing deposits with banks $ – $ 17,403 $ – $ $ 17,403 $ – $ 20,274 $ – $ $ 20,274 Securities Trading Issued or guaranteed Canadian government debt (1) Federal 12,385 5,554 – 17,939 8,342 6,231 – 14,573 Provincial and municipal – 11,043 – 11,043 – 11,350 – 11,350 U.S. state, municipal and agencies debt (1) 1,016 38,129 64 39,209 2,068 31,030 66 33,164 Other OECD government debt (2) 1,633 4,573 – 6,206 1,151 9,018 – 10,169 Mortgage-backed securities (1) – 958 – 958 – 1,001 – 1,001 Asset-backed securities Non-CDO (3) – 844 2 846 – 1,023 110 1,133 Corporate debt and other debt – 22,034 21 22,055 2 22,303 21 22,326 Equities 39,017 2,012 1,136 42,165 30,847 2,547 1,148 34,542 54,051 85,147 1,223 140,421 42,410 84,503 1,345 128,258 Investment Issued or guaranteed Canadian government debt (1) Federal – 695 – 695 – 238 – 238 Provincial and municipal – 2,098 – 2,098 – 1,554 – 1,554 U.S. state, municipal and agencies debt (1) 20 15,798 – 15,818 – 18,136 – 18,136 Other OECD government debt – 4,692 – 4,692 – 1,470 – 1,470 Mortgage-backed securities (1) – 2,544 27 2,571 – 2,174 – 2,174 Asset-backed securities CDO – 7,204 – 7,204 – 6,239 – 6,239 Non-CDO – 853 – 853 – 863 – 863 Corporate debt and other debt – 19,674 152 19,826 – 17,227 192 17,419 Equities 41 112 293 446 42 103 237 382 Loan substitute securities – 24 – 24 – 24 – 24 61 53,694 472 54,227 42 48,028 429 48,499 Assets purchased under reverse repurchase agreements and securities borrowed – 250,276 – 250,276 – 219,108 – 219,108 Loans – 11,269 568 11,837 – 8,929 551 9,480 Other Derivatives Interest rate contracts – 42,885 321 43,206 1 33,862 222 34,085 Foreign exchange contracts – 41,335 36 41,371 – 43,253 53 43,306 Credit derivatives – 145 – 145 – 38 – 38 Other contracts 2,588 12,918 115 15,621 5,868 11,654 296 17,818 Valuation adjustments – (746 ) 4 (742 ) – (631 ) 6 (625 ) Total gross derivatives 2,588 96,537 476 99,601 5,869 88,176 577 94,622 Netting adjustments (827 ) (827 ) (583 ) (583 ) Total derivatives 98,774 94,039 Other assets 1,108 262 75 1,445 1,020 288 65 1,373 $ 57,808 $ 514,588 $ 2,814 $ (827 ) $574,383 $ 49,341 $ 469,306 $ 2,967 $ (583 ) $ 521,031 Financial Liabilities Deposits Personal $ – $ 16,251 $ 60 $ $ 16,311 $ – $ 14,362 $ 390 $ $ 14,752 Business and government – 115,788 – 115,788 – 103,440 (5 ) 103,435 Bank – 2,948 – 2,948 – 7,072 – 7,072 Other Obligations related to securities sold short 17,690 15,912 – 33,602 17,732 14,515 – 32,247 Obligations related to assets sold under repurchase agreements and securities loaned – 213,818 – 213,818 – 201,839 – 201,839 Derivatives Interest rate contracts – 35,986 902 36,888 – 29,620 726 30,346 Foreign exchange contracts – 42,138 48 42,186 – 41,836 32 41,868 Credit derivatives – 251 – 251 – 94 – 94 Other contracts 2,408 15,673 318 18,399 4,369 13,730 380 18,479 Valuation adjustments – (37 ) (3 ) (40 ) – 29 5 34 Total gross derivatives 2,408 94,011 1,265 97,684 4,369 85,309 1,143 90,821 Netting adjustments (827 ) (827 ) (583 ) (583 ) Total derivatives 96,857 90,238 Other liabilities 166 (1,498 ) 59 (1,273 ) 170 (1,654 ) 68 (1,416 ) $ 20,264 $ 457,230 $ 1,384 $ (827) $ 478,051 $ 22,271 $ 424,883 $ 1,596 $ (583 ) $ 448,167 (1) As at July 31, 2019, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $20,898 million and $nil (October 31, 2018 – $16,776 million and $nil), respectively, and in all fair value levels of Investment securities were $5,558 million and $1,771 million (October 31, 2018 – $4,713 million and $1,348 million), respectively. (2) OECD stands for Organisation for Economic Co-operation (3) CDO stands for collateralized debt obligations. |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3 . For the three months ended July 31, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 67 $ – $ (1 ) $ – $ (2 ) $ – $ – $ 64 $ – Asset-backed securities Non-CDO 4 – – – (2 ) – – 2 1 Corporate debt and other debt 21 – – – – – – 21 – Equities 1,107 (20 ) (12 ) 76 (34 ) 20 (1 ) 1,136 (9 ) 1,199 (20 ) (13 ) 76 (38 ) 20 (1 ) 1,223 (8 ) Investment Mortgage-backed securities 28 – (1 ) – – – – 27 n.a. Corporate debt and other debt 146 – 5 – 1 – – 152 n.a. Equities 296 – (6 ) 5 (2 ) – – 293 n.a. Loan substitute securities – – – – – – – – n.a. 470 – (2 ) 5 (1 ) – – 472 n.a. Loans 759 9 – 276 (474 ) 2 (4 ) 568 (3 ) Other Net derivative balances (3) Interest rate contracts (585 ) 16 – (2 ) (5 ) (9 ) 4 (581 ) (4 ) Foreign exchange contracts 17 (14 ) (20 ) 2 1 2 – (12 ) 4 Other contracts (190 ) 10 4 (48 ) 12 2 7 (203 ) 5 Valuation adjustments 6 – – – 1 – – 7 – Other assets 66 13 (1 ) – (3 ) – – 75 13 $ 1,742 $ 14 $ (32 ) $ 309 $ (507 ) $ 17 $ 6 $ 1,549 $ 7 Liabilities Deposits Personal $ (192 ) $ (5 ) $ 1 $ (16 ) $ 16 $ (13 ) $ 149 $ (60 ) $ 4 Business and government – – – – – – – – – Other Other liabilities (56 ) (7 ) 1 – 3 – – (59 ) (7 ) $ (248 ) $ (12 ) $ 2 $ (16 ) $ 19 $ (13 ) $ 149 $ (119 ) $ (3 ) . For the three months ended July 31, 2018 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 66 $ – $ 1 $ – $ (2 ) $ – $ – $ 65 $ – Asset-backed securities Non-CDO 115 1 2 – (5 ) – – 113 1 Corporate debt and other debt 23 – – – (1 ) – – 22 – Equities 1,000 (27 ) 12 87 (16 ) 30 – 1,086 (11 ) 1,204 (26 ) 15 87 (24 ) 30 – 1,286 (10 ) Investment Mortgage-backed securities – – – – – – – – n.a. Corporate debt and other debt 33 – 1 – – 202 – 236 n.a. Equities 246 (1 ) (2 ) – – – – 243 n.a. Loan substitute securities 4 – – – – – – 4 n.a. 283 (1 ) (1 ) – – 202 – 483 n.a. Loans 687 2 – 131 (284 ) – (40 ) 496 2 Other Net derivative balances (3) Interest rate contracts (505 ) (18 ) – 21 72 – (6 ) (436 ) (18 ) Foreign exchange contracts 34 (10 ) (7 ) 12 – (1 ) (2 ) 26 (14 ) Other contracts (112 ) (13 ) (1 ) (71 ) 3 (42 ) 39 (197 ) 13 Valuation adjustments (22 ) – – – 18 – – (4 ) – Other assets – – (1 ) 71 – – – 70 – $ 1,569 $ (66 ) $ 5 $ 251 $ (215 ) $ 189 $ (9 ) $ 1,724 $ (27 ) Liabilities Deposits Personal $ (254 ) $ (13 ) $ (1 ) $ (54 ) $ 7 $ (238 ) $ 84 $ (469 ) $ (11 ) Business and government – – – – – – – – – Other Other liabilities (24 ) (2 ) – (35 ) 2 – – (59 ) – $ (278 ) $ (15 ) $ (1 ) $ (89 ) $ 9 $ (238 ) $ 84 $ (528 ) $ (11 ) . For the nine months ended July 31, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 66 $ (1 ) $ 1 $ – $ (2 ) $ – $ – $ 64 $ – Asset-backed securities Non-CDO 110 15 – – (123 ) – – 2 3 Corporate debt and other debt 21 1 – – (1 ) – – 21 – Equities 1,148 (67 ) 4 226 (212 ) 38 (1 ) 1,136 (26 ) 1,345 (52 ) 5 226 (338 ) 38 (1 ) 1,223 (23 ) Investment Mortgage-backed securities – – – 27 – – – 27 n.a. Corporate debt and other debt 192 (3 ) 18 – (55 ) – – 152 n.a. Equities 237 – 14 5 37 – – 293 n.a. Loan substitute securities – – – – – – – – n.a. 429 (3 ) 32 32 (18 ) – – 472 n.a. Loans 551 38 2 588 (478 ) 55 (188 ) 568 18 Other Net derivative balances (3) Interest rate contracts (504 ) (79 ) – (195 ) 219 (6 ) (16 ) (581 ) (41 ) Foreign exchange contracts 21 (20 ) (11 ) 3 1 1 (7 ) (12 ) 4 Other contracts (84 ) 90 1 (63 ) 2 (37 ) (112 ) (203 ) 79 Valuation adjustments 1 – – – 6 – – 7 – Other assets 65 23 – – (13 ) – – 75 23 $ 1,824 $ (3 ) $ 29 $ 591 $ (619 ) $ 51 $ (324 ) $ 1,549 $ 60 Liabilities Deposits Personal $ (390 ) $ (39 ) $ – $ (49 ) $ 27 $ (138 ) $ 529 $ (60 ) $ (1 ) Business and government 5 – – – – – (5 ) – – Other Other liabilities (68 ) (12 ) (1 ) 1 21 – – (59 ) (10 ) $ (453 ) $ (51 ) $ (1 ) $ (48 ) $ 48 $ (138 ) $ 524 $ (119 ) $ (11 ) . For the nine months ended July 31, 2018 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Issued or guaranteed U.S. state, municipal and agencies debt $ 508 $ 16 $ (4 ) $ – $ (455 ) $ – $ – $ 65 $ (2 ) Asset-backed securities Non-CDO 196 27 1 – (111 ) – – 113 12 Corporate debt and other debt 30 (2 ) – – (1 ) – (5 ) 22 (1 ) Equities 923 (127 ) 27 320 (89 ) 34 (2 ) 1,086 (48 ) 1,657 (86 ) 24 320 (656 ) 34 (7 ) 1,286 (39 ) Investment Mortgage-backed securities – – – – – – – – n.a. Corporate debt and other debt 29 (5 ) 6 – – 206 – 236 n.a. Equities 217 (1 ) 25 – 2 – – 243 n.a. Loan substitute securities 3 – 1 – – – – 4 n.a. 249 (6 ) 32 – 2 206 – 483 n.a. Loans 477 4 (1 ) 345 (289 ) – (40 ) 496 (3 ) Other Net derivative balances (3) Interest rate contracts (455 ) 16 – 71 73 – (141 ) (436 ) (2 ) Foreign exchange contracts 21 (6 ) (4 ) 11 3 4 (3 ) 26 (11 ) Other contracts (181 ) 35 – (87 ) (42 ) (55 ) 133 (197 ) (8 ) Valuation adjustments (16 ) – – – 12 – – (4 ) — Other assets – – (1 ) 71 – – – 70 — $ 1,752 $ (43 ) $ 50 $ 731 $ (897 ) $ 189 $ (58 ) $ 1,724 $ (63 ) Liabilities Deposits Personal $ (465 ) $ (58 ) $ (3 ) $ (221 ) $ 33 $ (398 ) $ 643 $ (469 ) $ 54 Business and government – – – – – – – – — Other Other liabilities (24 ) (3 ) – (40 ) 8 – – (59 ) — $ (489 ) $ (61 ) $ (3 ) $ (261 ) $ 41 $ (398 ) $ 643 $ (528 ) $ 54 (1) These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were $6 million for the three months ended July 31, 2019 (July 31, 2018 – gains of $1 million) and gains of $35 million for the nine months ended July 31, 2019 (July 31, 2018 – gains of $31 million), excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at July 31, 2019 included derivative assets of $476 million (July 31, 2018 – $643 million) and derivative liabilities of $1,265 million (July 31, 2018 – $1,254 million). n.a. not applicable |
Summary of Net Interest Income from Financial Instruments | For the three months ended For the nine months ended (Millions of Canadian dollars) July 31 2019 July 31 2018 (1) July 31 2019 July 31 2018 (1) Interest and dividend income (2) , (3) Financial instruments measured at fair value through profit or loss $ 3,210 $ 2,109 $ 8,997 $ 5,617 Financial instruments measured at fair value through other comprehensive income 298 234 857 558 Financial instruments measured at amortized cost 7,102 6,283 21,037 17,856 10,610 8,626 30,891 24,031 Interest expense (2) Financial instruments measured at fair value through profit or loss $ 2,778 $ 1,730 $ 7,774 $ 4,464 Financial instruments measured at amortized cost 2,784 2,300 8,348 6,105 5,562 4,030 16,122 10,569 Net interest income $ 5,048 $ 4,596 $ 14,769 $ 13,462 (1) Amounts have been revised from those previously presented. (2) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Interim Consolidated Statements of Income: For the three months ended July 31, 2019, Interest income of $123 million (July 31, 2018 – $122 million), and Interest expense of $1 million (July 31, 2018 – $nil). For the nine months ended July 31, 2019, Interest income of $366 million (July 31, 2018 – $360 million), and Interest expense of $3 million (July 31, 2018 – $3 million). (3) Includes dividend income for the three months ended July 31, 2019 of $614 million (July 31, 2018 – $417 million) and for the nine months ended July 31, 2019 of $1,508 million (July 31, 2018 – $1,177 million). |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
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Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized gains and losses on securities at FVOCI (1) (2) As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Issued or guaranteed Canadian government debt Federal (3) $ 693 $ 3 $ (1 ) $ 695 $ 244 $ – $ (6 ) $ 238 Provincial and municipal 2,033 66 (1 ) 2,098 1,578 2 (26 ) 1,554 U.S. state, municipal and agencies debt (3) 15,704 206 (92 ) 15,818 18,000 285 (149 ) 18,136 Other OECD government debt 4,693 2 (3 ) 4,692 1,469 2 (1 ) 1,470 Mortgage-backed securities (3) 2,577 2 (8 ) 2,571 2,176 1 (3 ) 2,174 Asset-backed securities CDO 7,228 2 (26 ) 7,204 6,248 1 (10 ) 6,239 Non-CDO 847 7 (1 ) 853 856 9 (2 ) 863 Corporate debt and other debt 19,762 73 (9 ) 19,826 17,439 22 (42 ) 17,419 Equities 233 215 (2 ) 446 197 186 (1 ) 382 Loan substitute securities 25 – (1 ) 24 25 – (1 ) 24 $ 53,795 $ 576 $ (144 ) $ 54,227 $ 48,232 $ 508 $ (241 ) $ 48,499 (1) Excludes $46,013 million of held-to-collect (2) Gross unrealized gains and losses includes $(1) million of allowance for credit losses on debt securities at FVOCI as at July 31, 2019 (October 31, 2018 – $11 million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, gross unrealized gains, gross unrealized losses and fair value related to commercial MBS are $1,775 million, $2 million, $6 million and $1,771 million, respectively as at July 31, 2019 (October 31, 2018 – $1,442 million, $nil, $6 million and $1,436 million, respectively). |
Summary of Allowance for credit losses - Securities at FVOCI and Amortized Cost | Allowance for credit losses – securities at FVOCI (1) For the three months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ – $ (4 ) $ 1 $ 40 $ 5 $ – $ 45 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – (36 ) – 36 – Purchases 1 – – 1 1 – – 1 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures – – (2 ) (2 ) – – – – Exchange rate and other – – – – – – – – Balance at end of period $ 5 $ – $ (6 ) $ (1 ) $ 4 $ 5 $ 36 $ 45 For the nine months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 4 $ 7 $ – $ 11 $ 3 $ 22 $ – $ 25 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – (36 ) – 36 – Purchases 4 – – 4 83 – – 83 Sales and maturities (2 ) (7 ) – (9 ) (47 ) (17 ) – (64 ) Changes in risk, parameters and exposures (1 ) – (6 ) (7 ) (1 ) 1 – – Exchange rate and other – – – – 2 (1 ) – 1 Balance at end of period $ 5 $ – $ (6 ) $ (1 ) $ 4 $ 5 $ 36 $ 45 (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. Allowance for credit losses – securities at amortized cost For the three months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 7 $ 23 $ – $ 30 $ 4 $ 31 $ – $ 35 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – (2 ) 2 – Purchases 2 – – 2 1 – – 1 Sales and maturities (1 ) – – (1 ) – – – – Changes in risk, parameters and exposures – (3 ) – (3 ) 1 8 – 9 Exchange rate and other (1 ) 1 – – 1 – – 1 Balance at end of period $ 7 $ 21 $ – $ 28 $ 7 $ 37 $ 2 $ 46 For the nine months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 6 $ 32 $ – $ 38 $ 9 $ 45 $ – $ 54 Provision for credit losses Transfers to stage 1 – – – – 3 (3 ) – – Transfers to stage 2 – – – – (7 ) 7 – – Transfers to stage 3 – – – – – (2 ) 2 – Purchases 6 – – 6 4 – – 4 Sales and maturities (1 ) – – (1 ) (2 ) (10 ) – (12 ) Changes in risk, parameters and exposures (3 ) (13 ) – (16 ) (1 ) 1 – – Exchange rate and other (1 ) 2 – 1 1 (1 ) – – Balance at end of period $ 7 $ 21 $ – $ 28 $ 7 $ 37 $ 2 $ 46 |
Summary of Credit risk exposure on Investment Securities by internal risk rating | The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses, as at the reporting date as outlined in the internal ratings maps in the Credit risk section of our 2018 Annual Report. As at July 31, 2019 October 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 53,219 $ 1 $ – $ 53,220 $ 46,956 $ 479 $ – $ 47,435 Non-investment 383 10 – 393 500 33 – 533 Impaired – – 144 144 – – 125 125 $ 53,602 $ 11 $ 144 $ 53,757 $ 47,456 $ 512 $ 125 $ 48,093 Items not subject to impairment (2) 470 406 $ 54,227 $ 48,499 Securities at amortized cost Investment grade $ 44,820 $ 44 $ – $ 44,864 $ 44,958 $ 119 $ – $ 45,077 Non-investment 616 561 – 1,177 367 703 – 1,070 Impaired – – – – – – – – $ 45,436 $ 605 $ – $ 46,041 $ 45,325 $ 822 $ – $ 46,147 Allowance for credit losses 7 21 – 28 6 32 – 38 Amortized cost $ 45,429 $ 584 $ – $ 46,013 $ 45,319 $ 790 $ – $ 46,109 (1) Includes $144 million of purchased credit impaired securities (October 31, 2018 – $125 million). (2) Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Loans and allowance for credi_2
Loans and allowance for credit losses (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
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Disclosure of Allowance for Credit Losses | Allowance for credit losses For the three months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance at Balance at Provision Net write-offs Exchange Balance at Retail Residential mortgages $ 395 $ 29 $ (10 ) $ (5 ) $ 409 $ 381 $ 20 $ (12 ) $ – $ 389 Personal 922 127 (116 ) (1 ) 932 876 138 (109 ) (3 ) 902 Credit cards 790 130 (130 ) (1 ) 789 694 129 (118 ) – 705 Small business 49 12 (7 ) (1 ) 53 52 16 (7 ) – 61 Wholesale 1,108 133 (89 ) (37 ) 1,115 1,012 34 (57 ) (5 ) 984 Customers’ liability under acceptances 26 (2 ) – (1 ) 23 15 1 – – 16 $ 3,290 $ $ ) $ (46 ) $ 3,321 $ 3,030 $ 338 $ (303 ) $ (8 ) $ 3,057 Presented as: Allowance for loan losses $ 3,093 $ 3,131 $ 2,808 $ 2,837 Other liabilities – Provisions 171 167 206 203 Customers’ liability under acceptances 26 23 15 16 Other components of equity – – 1 1 For the nine months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance at Balance at Provision Net write-offs Exchange Balance at Retail Residential mortgages $ 382 $ 60 $ (30 ) $ (3 ) $ 409 $ 378 $ 52 $ (35 ) $ (6 ) $ 389 Personal 895 398 (346 ) (15 ) 932 826 405 (318 ) (11 ) 902 Credit cards 760 405 (375 ) (1 ) 789 693 363 (351 ) – 705 Small business 51 25 (20 ) (3 ) 53 49 33 (19 ) (2 ) 61 Wholesale 979 495 (305 ) (54 ) 1,115 1,010 101 (93 ) (34 ) 984 Customers’ liability under acceptances 21 3 – (1 ) 23 20 (4 ) – – 16 $ 3,088 $ 1,386 $ (1,076 ) $ (77 ) $ 3,321 $ 2,976 $ 950 $ (816 ) $ (53 ) $ 3,057 Presented as: Allowance for loan losses $ 2,912 $ 3,131 $ 2,749 $ 2,837 Other liabilities – Provisions 154 167 207 203 Customers’ liability under acceptances 21 23 20 16 Other components of equity 1 – – 1 |
Summary of Allowance for Credit Losses by Stage, for Each Major Product Category | Allowance for credit losses – Retail and wholesale loans For the three months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 140 $ 63 $ 192 $ 395 $ 149 $ 62 $ 170 $ 381 Provision for credit losses Transfers to stage 1 21 (16 ) (5 ) – 10 (10 ) – – Transfers to stage 2 (4 ) 4 – – (4 ) 5 (1 ) – Transfers to stage 3 (1 ) (6 ) 7 – – (6 ) 6 – Originations 12 – – 12 18 – – 18 Maturities (4 ) (3 ) – (7 ) (3 ) (4 ) – (7 ) Changes in risk, parameters and exposures (19 ) 28 15 24 (20 ) 18 11 9 Write-offs – – (12 ) (12 ) – – (14 ) (14 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other (1 ) – (4 ) (5 ) 1 – (1 ) – Balance at end of period $ 144 $ 70 $ 195 $ 409 $ 151 $ 65 $ 173 $ 389 Personal Balance at beginning of period $ 238 $ 555 $ 129 $ 922 $ 253 $ 488 $ 135 $ 876 Provision for credit losses Transfers to stage 1 154 (154 ) – – 154 (154 ) – – Transfers to stage 2 (20 ) 20 – – (26 ) 27 (1 ) – Transfers to stage 3 – (41 ) 41 – (1 ) (36 ) 37 – Originations 27 – – 27 30 1 – 31 Maturities (8 ) (30 ) – (38 ) (9 ) (34 ) – (43 ) Changes in risk, parameters and exposures (148 ) 210 76 138 (143 ) 213 80 150 Write-offs – – (148 ) (148 ) – – (139 ) (139 ) Recoveries – – 32 32 – – 30 30 Exchange rate and other – – (1 ) (1 ) – – (3 ) (3 ) Balance at end of period $ 243 $ 560 $ 129 $ 932 $ 258 $ 505 $ 139 $ 902 Credit cards Balance at beginning of period $ 166 $ 624 $ – $ 790 $ 199 $ 495 $ – $ 694 Provision for credit losses Transfers to stage 1 116 (116 ) – – 153 (153 ) – – Transfers to stage 2 (19 ) 19 – – (21 ) 21 – – Transfers to stage 3 – (88 ) 88 – (1 ) (53 ) 54 – Originations 1 – – 1 4 1 – 5 Maturities (2 ) (8 ) – (10 ) (3 ) (12 ) – (15 ) Changes in risk, parameters and exposures (94 ) 191 42 139 (113 ) 188 64 139 Write-offs – – (167 ) (167 ) – – (151 ) (151 ) Recoveries – – 37 37 – – 33 33 Exchange rate and other 1 (2 ) – (1 ) (1 ) 1 – – Balance at end of period $ 169 $ 620 $ – $ 789 $ 217 $ 488 $ – $ 705 Small business Balance at beginning of period $ 15 $ 17 $ 17 $ 49 $ 15 $ 17 $ 20 $ 52 Provision for credit losses Transfers to stage 1 5 (5 ) – – 5 (5 ) – – Transfers to stage 2 – – – – (1 ) 1 – – Transfers to stage 3 – (3 ) 3 – – (2 ) 2 – Originations 2 – – 2 3 – – 3 Maturities (1 ) (2 ) – (3 ) (1 ) (3 ) – (4 ) Changes in risk, parameters and exposures (4 ) 9 8 13 (5 ) 15 7 17 Write-offs – – (9 ) (9 ) – – (9 ) (9 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other – – (1 ) (1 ) 1 – (1 ) – Balance at end of period $ 17 $ 16 $ 20 $ 53 $ 17 $ 23 $ 21 $ 61 Wholesale Balance at beginning of period $ 293 $ 358 $ 457 $ 1,108 $ 254 $ 295 $ 463 $ 1,012 Provision for credit losses Transfers to stage 1 35 (34 ) (1 ) – 23 (23 ) – – Transfers to stage 2 (8 ) 9 (1 ) – (14 ) 19 (5 ) – Transfers to stage 3 (2 ) (15 ) 17 – – (9 ) 9 – Originations 55 12 – 67 56 11 – 67 Maturities (39 ) (39 ) – (78 ) (34 ) (37 ) – (71 ) Changes in risk, parameters and exposures (51 ) 86 109 144 (15 ) 68 (15 ) 38 Write-offs – – (101 ) (101 ) – – (82 ) (82 ) Recoveries – – 12 12 – – 25 25 Exchange rate and other (3 ) (2 ) (32 ) (37 ) 2 2 (9 ) (5 ) Balance at end of period $ 280 $ 375 $ 460 $ 1,115 $ 272 $ 326 $ 386 $ 984 For the nine months ended July 31, 2019 July 31, 2018 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 142 $ 64 $ 176 $ 382 $ 140 $ 65 $ 173 $ 378 Provision for credit losses Transfers to stage 1 64 (52 ) (12 ) – 49 (49 ) – – Transfers to stage 2 (9 ) 11 (2 ) – (15 ) 17 (2 ) – Transfers to stage 3 (2 ) (24 ) 26 – (1 ) (14 ) 15 – Originations 35 – – 35 51 – – 51 Maturities (10 ) (6 ) – (16 ) (9 ) (9 ) – (18 ) Changes in risk, parameters and exposures (76 ) 77 40 41 (66 ) 54 31 19 Write-offs – – (34 ) (34 ) – – (39 ) (39 ) Recoveries – – 4 4 – – 4 4 Exchange rate and other – – (3 ) (3 ) 2 1 (9 ) (6 ) Balance at end of period $ 144 $ 70 $ 195 $ 409 $ 151 $ 65 $ 173 $ 389 Personal Balance at beginning of period $ 242 $ 512 $ 141 $ 895 $ 278 $ 427 $ 121 $ 826 Provision for credit losses Transfers to stage 1 428 (422 ) (6 ) – 576 (576 ) – – Transfers to stage 2 (66 ) 67 (1 ) – (118 ) 119 (1 ) – Transfers to stage 3 (1 ) (125 ) 126 – (2 ) (114 ) 116 – Originations 73 1 – 74 81 4 – 85 Maturities (20 ) (87 ) – (107 ) (25 ) (99 ) – (124 ) Changes in risk, parameters and exposures (414 ) 614 231 431 (530 ) 745 229 444 Write-offs – – (440 ) (440 ) – – (405 ) (405 ) Recoveries – – 94 94 – – 87 87 Exchange rate and other 1 – (16 ) (15 ) (2 ) (1 ) (8 ) (11 ) Balance at end of period $ 243 $ 560 $ 129 $ 932 $ 258 $ 505 $ 139 $ 902 Credit cards Balance at beginning of period $ 161 $ 599 $ – $ 760 $ 251 $ 442 $ – $ 693 Provision for credit losses Transfers to stage 1 344 (344 ) – – 597 (597 ) – – Transfers to stage 2 (58 ) 58 – – (102 ) 102 – – Transfers to stage 3 (1 ) (251 ) 252 – (2 ) (145 ) 147 – Originations 3 – – 3 10 2 – 12 Maturities (4 ) (19 ) – (23 ) (10 ) (55 ) – (65 ) Changes in risk, parameters and exposures (276 ) 578 123 425 (526 ) 738 204 416 Write-offs – – (478 ) (478 ) – – (448 ) (448 ) Recoveries – – 103 103 – – 97 97 Exchange rate and other – (1 ) – (1 ) (1 ) 1 – – Balance at end of period $ 169 $ 620 $ – $ 789 $ 217 $ 488 $ – $ 705 Small business Balance at beginning of period $ 17 $ 16 $ 18 $ 51 $ 15 $ 15 $ 19 $ 49 Provision for credit losses Transfers to stage 1 16 (16 ) – – 20 (20 ) – – Transfers to stage 2 (2 ) 2 – – (4 ) 4 – – Transfers to stage 3 – (8 ) 8 – – (8 ) 8 – Originations 7 – – 7 8 – – 8 Maturities (3 ) (6 ) – (9 ) (3 ) (7 ) – (10 ) Changes in risk, parameters and exposures (18 ) 28 17 27 (20 ) 39 16 35 Write-offs – – (26 ) (26 ) – – (25 ) (25 ) Recoveries – – 6 6 – – 6 6 Exchange rate and other – – (3 ) (3 ) 1 – (3 ) (2 ) Balance at end of period $ 17 $ 16 $ 20 $ 53 $ 17 $ 23 $ 21 $ 61 Wholesale Balance at beginning of period $ 274 $ 340 $ 365 $ 979 $ 251 $ 352 $ 407 $ 1,010 Provision for credit losses Transfers to stage 1 113 (103 ) (10 ) – 148 (148 ) – – Transfers to stage 2 (25 ) 28 (3 ) – (60 ) 68 (8 ) – Transfers to stage 3 (5 ) (48 ) 53 – (1 ) (28 ) 29 – Originations 182 39 – 221 167 28 – 195 Maturities (128 ) (118 ) – (246 ) (112 ) (145 ) – (257 ) Changes in risk, parameters and exposures (130 ) 235 415 520 (123 ) 199 87 163 Write-offs – – (337 ) (337 ) – – (145 ) (145 ) Recoveries – – 32 32 – – 52 52 Exchange rate and other (1 ) 2 (55 ) (54 ) 2 – (36 ) (34 ) Balance at end of period $ 280 $ 375 $ 460 $ 1,115 $ 272 $ 326 $ 386 $ 984 |
Credit Risk Exposure by Internal Risk Rating | The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of our 2018 Annual Report. As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Loans outstanding – Residential mortgages Low risk $ 232,712 $ 6,367 $ – $ 239,079 $ 222,026 $ 3,688 $ – $ 225,714 Medium risk 13,221 1,289 – 14,510 13,681 1,369 – 15,050 High risk 2,727 2,619 – 5,346 2,577 2,897 – 5,474 Not rated (1) 38,301 608 – 38,909 34,670 578 – 35,248 Impaired – – 709 709 – – 726 726 286,961 10,883 709 298,553 272,954 8,532 726 282,212 Items not subject to impairment (2) 422 259 Total 298,975 282,471 Loans outstanding – Personal Low risk $ 71,290 $ 1,699 $ – $ 72,989 $ 71,763 $ 1,256 $ – $ 73,019 Medium risk 5,997 2,042 – 8,039 6,124 1,925 – 8,049 High risk 937 1,649 – 2,586 998 1,672 – 2,670 Not rated (1) 8,290 41 – 8,331 8,595 64 – 8,659 Impaired – – 300 300 – – 303 303 Total 86,514 5,431 300 92,245 87,480 4,917 303 92,700 Loans outstanding – Credit cards Low risk $ 13,767 $ 102 $ – $ 13,869 $ 13,185 $ 100 $ – $ 13,285 Medium risk 2,185 1,727 – 3,912 2,234 1,632 – 3,866 High risk 130 1,335 – 1,465 139 1,331 – 1,470 Not rated (1) 819 32 – 851 764 30 – 794 Total 16,901 3,196 – 20,097 16,322 3,093 – 19,415 Loans outstanding – Small business Low risk $ 2,228 $ 45 $ – $ 2,273 $ 2,004 $ 46 $ – $ 2,050 Medium risk 2,321 109 – 2,430 2,230 102 – 2,332 High risk 118 197 – 315 95 178 – 273 Not rated (1) 197 – – 197 166 1 – 167 Impaired – – 51 51 – – 44 44 Total 4,864 351 51 5,266 4,495 327 44 4,866 Undrawn loan commitments – Retail Low risk $ 197,881 $ 1,943 $ – $ 199,824 $ 182,426 $ 1,270 $ – $ 183,696 Medium risk 7,832 240 – 8,072 10,794 239 – 11,033 High risk 727 207 – 934 3,740 166 – 3,906 Not rated (1) 2,730 29 – 2,759 2,584 35 – 2,619 Total 209,170 2,419 – 211,589 199,544 1,710 – 201,254 Wholesale – Loans outstanding Investment grade $ 50,609 $ 79 $ – $ 50,688 $ 46,869 $ 324 $ – $ 47,193 Non-investment 116,299 11,525 – 127,824 106,027 10,190 – 116,217 Not rated (1) 7,328 363 – 7,691 6,692 411 – 7,103 Impaired – – 1,896 1,896 – – 1,096 1,096 174,236 11,967 1,896 188,099 159,588 10,925 1,096 171,609 Items not subject to impairment (2) 10,842 8,669 Total 198,941 180,278 Undrawn loan commitments – Wholesale Investment grade $ 220,061 $ – $ – $ 220,061 $ 222,970 $ 93 $ – $ 223,063 Non-investment 90,263 8,030 – 98,293 88,828 7,069 – 95,897 Not rated (1) 4,557 – – 4,557 4,291 – – 4,291 Total 314,881 8,030 – 322,911 316,089 7,162 – 323,251 (1) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. (2) Items not subject to impairment are loans held at FVTPL. |
Disclosure of Loans Past Due But Not Impaired | Loans past due but not impaired (1) As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) 1 to 29 days 30 to 89 days 90 days Total 1 to 29 days 30 to 89 days 90 days Total Retail $ 3,025 $ 1,285 $ 186 $ 4,496 $ 2,995 $ 1,402 $ 179 $ 4,576 Wholesale 1,301 405 21 1,727 1,246 468 – 1,714 $ 4,326 $ 1,690 $ 207 $ 6,223 $ 4,241 $ 1,870 $ 179 $ 6,290 (1) Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
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Summary of Deposit Liabilities | As at July 31, 2019 October 31, 2018 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 140,474 $ 48,659 $ 98,796 $ 287,929 $ 135,101 $ 48,873 $ 86,180 $ 270,154 Business and government 246,937 12,106 304,300 563,343 238,617 8,606 287,148 534,371 Bank 8,403 173 21,363 29,939 8,750 299 23,472 32,521 $ 395,814 $ 60,938 $ 424,459 $ 881,211 $ 382,468 $ 57,778 $ 396,800 $ 837,046 Non-interest-bearing (4) Canada $ 90,308 $ 5,335 $ – $ 95,643 $ 88,119 $ 5,086 $ – $ 93,205 United States 32,451 – – 32,451 34,098 – – 34,098 Europe (5) 690 – – 690 564 – – 564 Other International 5,484 6 – 5,490 5,495 5 – 5,500 Interest-bearing (4) Canada 226,187 15,167 330,119 571,473 213,747 15,112 292,641 521,500 United States 3,995 36,502 49,929 90,426 2,478 33,099 67,211 102,788 Europe (5) 31,384 873 32,973 65,230 32,930 1,412 26,598 60,940 Other International 5,315 3,055 11,438 19,808 5,037 3,064 10,350 18,451 $ 395,814 $ 60,938 $ 424,459 $ 881,211 $ 382,468 $ 57,778 $ 396,800 $ 837,046 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which include both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at July 31, 2019, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $326 billion, $21 billion, $44 billion and $31 billion, respectively (October 31, 2018 – $309 billion, $20 billion, $38 billion and $32 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. |
Summary of Contractual Maturities of Term Deposits | Contractual maturities of term deposits As at (Millions of Canadian dollars) July 31 2019 October 31 2018 Within 1 year: less than 3 months $ 117,873 $ 89,553 3 to 6 months 40,755 59,109 6 to 12 months 92,765 80,773 1 to 2 years 61,462 51,798 2 to 3 years 36,338 45,550 3 to 4 years 21,616 21,127 4 to 5 years 25,735 23,863 Over 5 years 27,915 25,027 $ 424,459 $ 396,800 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more (1) $ 387,000 $ 362,000 (1) Amounts have been revised from those previously presented. |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
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Summary of Composition of Pension and Other Post-Employment Benefit Expense | Pension and other post-employment benefit expense . For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Current service costs $ 74 $ 90 $ 10 $ 10 Net interest expense (income) (5 ) 2 16 16 Remeasurements of other long term benefits – – 4 (1 ) Administrative expense 4 4 – – Defined benefit pension expense $ 73 $ 96 $ 30 $ 25 Defined contribution pension expense 50 45 – – $ 123 $ 141 $ 30 $ 25 . For the nine months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Current service costs $ 222 $ 269 $ 29 $ 29 Net interest expense (income) (15 ) 6 49 50 Remeasurements of other long term benefits – – 10 (2 ) Administrative expense 12 11 – – Defined benefit pension expense $ 219 $ 286 $ 88 $ 77 Defined contribution pension expense 161 140 – – $ 380 $ 426 $ 88 $ 77 |
Summary of Composition of Remeasurements Recorded in OCI Related to Pension and Other Post Employment Benefit Plans | Pension and other post-employment benefit remeasurements (1) For the three months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Actuarial (gains) losses: Changes in financial assumptions (2) $ 932 $ (378 ) $ 63 $ (40 ) Experience adjustments – – (3 ) (3 ) Return on plan assets (excluding interest based on discount rate) (203 ) (209 ) – – $ 729 $ (587 ) $ 60 $ (43 ) For the nine months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Actuarial (gains) losses: Changes in financial assumptions (2) $ 2,192 $ (571 ) $ 180 $ (62 ) Experience adjustments – – (6 ) (9 ) Return on plan assets (excluding interest based on discount rate) (921 ) (171 ) – – $ 1,271 $ (742 ) $ 174 $ (71 ) (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Significant capital and fundi_2
Significant capital and funding transactions (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
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Summary of Common Shares Issued | Common shares issued (1) For the three months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 545 $ 38 440 $ 24 Purchased for cancellation (3) (1,914 ) (24 ) (1,283 ) (16 ) (1,369 ) $ 14 (843 ) $ 8 For the nine months ended July 31, 2019 July 31, 2018 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 1,230 $ 87 1,105 $ 69 Purchased for cancellation (3) (5,705 ) (70 ) (12,837 ) (157 ) (4,475 ) $ 17 (11,732 ) $ (88 ) (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and nine months ended July 31, 2019 and July 31, 2018, our DRIP’s requirements were satisfied through open market share purchases. (2) Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. (3) During the three months ended July 31, 2019, we purchased for cancellation common shares at a total fair value of $197 million (average cost of $102.82 per share), with a book value of $24 million (book value of $12.28 per share). During the nine months ended July 31, 2019, we purchased for cancellation common shares at a total fair value of $556 million (average cost of $97.36 per share), with a book value of $70 million (book value of $12.26 per share). During the three months ended July 31, 2018, we purchased for cancellation common shares at a total fair value of $128 million (average cost of $99.21 per share), with a book value of $16 million (book value of $12.23 per share). During the nine months ended July 31, 2018, we purchased for cancellation common shares at a total fair value of $1,275 million (average cost of $99.28 per share), with a book value of $157 million (book value of $12.22 per share). |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Text block [abstract] | |
Summary of Earnings Per Share | For the three months ended For the nine months ended (Millions of Canadian dollars, except share and per share amounts) July 31 2019 July 31 2018 July 31 2019 July 31 2018 Basic earnings per share Net income $ 3,263 $ 3,109 $ 9,665 $ 9,181 Preferred share dividends (66 ) (70 ) (205 ) (214 ) Net income attributable to non-controlling – (8 ) (6 ) (28 ) Net income available to common shareholders 3,197 3,031 9,454 8,939 Weighted average number of common shares (in thousands) 1,434,276 1,440,477 1,435,485 1,445,136 Basic earnings per share (in dollars) $ 2.23 $ 2.10 $ 6.59 $ 6.19 Diluted earnings per share Net income available to common shareholders $ 3,197 $ 3,031 $ 9,454 $ 8,939 Dilutive impact of exchangeable shares 4 4 11 11 Net income available to common shareholders including dilutive impact of exchangeable shares 3,201 3,035 9,465 8,950 Weighted average number of common shares (in thousands) 1,434,276 1,440,477 1,435,485 1,445,136 Stock options (1) 2,056 2,547 2,102 2,776 Issuable under other share-based compensation plans 743 731 740 745 Exchangeable shares (2) 3,055 3,201 3,172 3,166 Average number of diluted common shares (in thousands) 1,440,130 1,446,956 1,441,499 1,451,823 Diluted earnings per share (in dollars) $ 2.22 $ 2.10 $ 6.57 $ 6.16 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended July 31, 2019, no outstanding options were excluded from the calculation of diluted earnings per share. For the three months ended July 31, 2018, an average of 738,258 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. For the nine months ended July 31, 2019, an average of 765,267 outstanding options with an average price of $102.33 were excluded from the calculation of diluted earnings per share. For the nine months ended July 31, 2018, an average of 630,088 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. (2) Includes exchangeable preferred shares. |
Results by business segment (Ta
Results by business segment (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Text block [abstract] | |
Disclosure of operating segments | . For the three months ended July 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,221 $ 773 $ – $ (16 ) $ 1,048 $ 22 $ 5,048 Non-interest 1,325 2,256 1,463 577 986 (111 ) 6,496 Total revenue 4,546 3,029 1,463 561 2,034 (89 ) 11,544 Provision for credit losses 341 27 – 1 56 – 425 Insurance policyholder benefits, claims and acquisition expense – – 1,046 – – – 1,046 Non-interest 1,959 2,183 149 411 1,269 21 5,992 Net income (loss) before income taxes 2,246 819 268 149 709 (110 ) 4,081 Income taxes (recoveries) 582 180 64 31 56 (95 ) 818 Net income $ 1,664 $ 639 $ 204 $ 118 $ 653 $ (15 ) $ 3,263 Non-interest Depreciation and amortization $ 159 $ 144 $ 12 $ 36 $ 105 $ – $ 456 . For the three months ended July 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,001 $ 679 $ – $ 32 $ 913 $ (29 ) $ 4,596 Non-interest 1,283 2,119 1,290 588 1,244 (95 ) 6,429 Total revenue 4,284 2,798 1,290 620 2,157 (124 ) 11,025 Provision for credit losses 339 3 – 1 3 – 346 Insurance policyholder benefits, claims and acquisition expense – – 925 – – – 925 Non-interest 1,910 2,059 153 416 1,312 8 5,858 Net income (loss) before income taxes 2,035 736 212 203 842 (132 ) 3,896 Income taxes (recoveries) 525 158 54 48 144 (142 ) 787 Net income $ 1,510 $ 578 $ 158 $ 155 $ 698 $ 10 $ 3,109 Non-interest Depreciation and amortization $ 147 $ 138 $ 9 $ 30 $ 94 $ – $ 418 . For the nine months ended July 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 9,415 $ 2,248 $ – $ (81 ) $ 3,111 $ 76 $ 14,769 Non-interest 3,882 6,708 4,557 1,860 3,190 (334 ) 19,863 Total revenue 13,297 8,956 4,557 1,779 6,301 (258 ) 34,632 Provision for credit losses 1,061 83 – 1 221 (1 ) 1,365 Insurance policyholder benefits, claims and acquisition expense – – 3,431 – – – 3,431 Non-interest 5,761 6,551 453 1,217 3,788 50 17,820 Net income (loss) before income taxes 6,475 2,322 673 561 2,292 (307 ) 12,016 Income taxes (recoveries) 1,691 501 149 131 210 (331 ) 2,351 Net income $ 4,784 $ 1,821 $ 524 $ 430 $ 2,082 $ 24 $ 9,665 Non-interest Depreciation and amortization $ 469 $ 443 $ 35 $ 105 $ 300 $ – $ 1,352 . For the nine months ended July 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 8,709 $ 1,923 $ – $ 278 $ 2,620 $ (68 ) $ 13,462 Non-interest 3,843 6,263 3,240 1,689 3,722 (312 ) 18,445 Total revenue 12,552 8,186 3,240 1,967 6,342 (380 ) 31,907 Provision for credit losses 956 (19 ) – 1 16 – 954 Insurance policyholder benefits, claims and acquisition expense – – 2,182 – – – 2,182 Non-interest 5,539 6,009 443 1,196 3,716 48 16,951 Net income (loss) before income taxes 6,057 2,196 615 770 2,610 (428 ) 11,820 Income taxes (recoveries) 1,567 484 158 184 499 (253 ) 2,639 Net income $ 4,490 $ 1,712 $ 457 $ 586 $ 2,111 $ (175 ) $ 9,181 Non-interest Depreciation and amortization $ 432 $ 401 $ 27 $ 90 $ 271 $ – $ 1,221 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. Total assets and total liabilities by business segment As at July 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 473,914 $ 101,068 $ 18,451 $ 149,863 $ 621,229 $ 42,368 $ 1,406,893 Total liabilities $ 473,942 $ 101,276 $ 18,429 $ 149,802 $ 620,925 $ (39,859 ) $ 1,324,515 As at October 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 453,879 $ 93,063 $ 16,210 $ 136,030 $ 590,950 $ 44,602 $ 1,334,734 Total liabilities $ 453,878 $ 93,162 $ 16,289 $ 135,944 $ 590,582 $ (35,076 ) $ 1,254,779 |
Capital management (Tables)
Capital management (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Text block [abstract] | |
Summary of Regulatory Capital and Capital Ratios | During the third quarter of 2019, we complied with all capital and leverage requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except Capital ratios and leverage ratios) July 31 2019 October 31 2018 Capital (1) CET1 capital $ 60,938 $ 57,001 Tier 1 capital 66,615 63,279 Total capital 76,563 72,494 Risk-weighted Assets (RWA) used in calculation of capital ratios (1) (2) CET1 capital RWA $ 510,664 $ 495,528 Tier 1 capital RWA 510,664 495,993 Total capital RWA 510,664 496,459 Total capital RWA consisting of: (1) Credit risk $ 415,977 $ 401,534 Market risk 29,425 32,209 Operational risk 65,262 62,716 Total Capital RWA $ 510,664 $ 496,459 Capital ratios and Leverage ratios (1) CET1 ratio 11.9% 11.5% Tier 1 capital ratio 13.0% 12.8% Total capital ratio 15.0% 14.6% Leverage ratio 4.4% 4.4% Leverage ratio exposure (billions) $ 1,529.4 $ 1,450.8 (1) Capital, RWA, and capital ratios are calculated using OSFI Capital Adequacy Requirements based on the Basel III framework. The leverage ratio is calculated using OSFI Leverage Requirements Guideline based on the Basel III framework. (2) In fiscal 2018, amounts included CVA scalars of 80%, 83% and 86%, respectively. |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Apr. 30, 2019 | Nov. 01, 2018 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 |
Disclosure of initial application of standards or interpretations [line items] | |||||||
Equity | $ 82,378 | $ 81,946 | $ 79,955 | $ 77,872 | $ 76,025 | ||
Retained earnings [member] | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
Equity | $ 54,716 | $ 53,640 | $ 49,424 | $ 47,405 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
Equity | (70) | $ (637) | |||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Retained earnings [member] | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
Equity | $ (70) | $ (558) | |||||
IFRS 15 [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Retained earnings [member] | |||||||
Disclosure of initial application of standards or interpretations [line items] | |||||||
Equity | $ (70) |
Fair value of financial instr_3
Fair value of financial instruments - Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Financial assets | ||
Interest-bearing deposits with banks | $ 31,553 | $ 36,471 |
Securities | ||
Trading | 140,421 | 128,258 |
Investment, net of applicable allowance | 100,240 | 94,608 |
Securities | 240,661 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 309,640 | 294,602 |
Loans, net of applicable allowance | ||
Loans, net | 612,393 | 576,818 |
Other | ||
Derivatives | 98,774 | 94,039 |
Deposits | ||
Personal | 287,929 | 270,154 |
Business and government | 563,343 | 534,371 |
Bank | 29,939 | 32,521 |
Deposits | 881,211 | 837,046 |
Other | ||
Obligations related to securities sold short | 33,602 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 220,027 | 206,814 |
Derivatives | 96,857 | 90,238 |
Subordinated debentures | 9,818 | 9,131 |
Financial assets classified as at FVTPL [member] | ||
Securities | ||
Trading | 131,515 | 121,031 |
Securities | 131,515 | 121,031 |
Assets purchased under reverse repurchase agreements and securities borrowed | 250,276 | 219,108 |
Loans, net of applicable allowance | ||
Retail | 182 | 69 |
Wholesale | 9,129 | 7,129 |
Loans, net | 9,311 | 7,198 |
Other | ||
Derivatives | 98,774 | 94,039 |
Other assets | 1,445 | 1,373 |
Financial assets designated as at FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 17,403 | 20,274 |
Securities | ||
Trading | 8,906 | 7,227 |
Securities | 8,906 | 7,227 |
Loans, net of applicable allowance | ||
Retail | 240 | 190 |
Wholesale | 1,713 | 1,540 |
Loans, net | 1,953 | 1,730 |
Financial assets classified as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 53,757 | 48,093 |
Securities | 53,757 | 48,093 |
Loans, net of applicable allowance | ||
Retail | 96 | 94 |
Wholesale | 477 | 458 |
Loans, net | 573 | 552 |
Financial assets designated as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 470 | 406 |
Securities | 470 | 406 |
Financial liabilities classified as at FVTPL [member] | ||
Deposits | ||
Personal | 134 | 150 |
Business and government | (44) | (11) |
Deposits | 90 | 139 |
Other | ||
Obligations related to securities sold short | 33,602 | 32,247 |
Derivatives | 96,857 | 90,238 |
Other liabilities | (1,328) | (1,434) |
Financial liabilities designated as at FVTPL [member] | ||
Deposits | ||
Personal | 16,177 | 14,602 |
Business and government | 115,832 | 103,446 |
Bank | 2,948 | 7,072 |
Deposits | 134,957 | 125,120 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 213,818 | 201,839 |
Other liabilities | 55 | 18 |
Fair value of financial instruments not measured at fair value [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 14,150 | 16,197 |
Securities | ||
Investment, net of applicable allowance | 46,235 | 45,367 |
Securities | 46,235 | 45,367 |
Assets purchased under reverse repurchase agreements and securities borrowed | 59,367 | 75,490 |
Loans, net of applicable allowance | ||
Retail | 415,474 | 394,051 |
Wholesale | 185,858 | 168,087 |
Loans, net | 601,332 | 562,138 |
Other | ||
Other assets | 51,910 | 46,205 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 271,868 | 255,115 |
Business and government | 448,732 | 431,158 |
Bank | 27,018 | 25,462 |
Deposits | 747,618 | 711,735 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 6,210 | 4,976 |
Other liabilities | 56,083 | 54,880 |
Subordinated debentures | 9,953 | 9,319 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 31,553 | 36,471 |
Securities | ||
Trading | 140,421 | 128,258 |
Investment, net of applicable allowance | 100,240 | 94,608 |
Securities | 240,661 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 309,640 | 294,602 |
Loans, net of applicable allowance | ||
Retail | 414,507 | 397,455 |
Wholesale | 197,886 | 179,363 |
Loans, net | 612,393 | 576,818 |
Other | ||
Derivatives | 98,774 | 94,039 |
Other assets | 53,355 | 47,578 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 14,150 | 16,197 |
Securities | ||
Investment, net of applicable allowance | 46,013 | 46,109 |
Securities | 46,013 | 46,109 |
Assets purchased under reverse repurchase agreements and securities borrowed | 59,364 | 75,494 |
Loans, net of applicable allowance | ||
Retail | 413,989 | 397,102 |
Wholesale | 186,567 | 170,236 |
Loans, net | 600,556 | 567,338 |
Other | ||
Other assets | 51,910 | 46,205 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 31,553 | 36,471 |
Securities | ||
Trading | 140,421 | 128,258 |
Investment, net of applicable allowance | 100,462 | 93,866 |
Securities | 240,883 | 222,124 |
Assets purchased under reverse repurchase agreements and securities borrowed | 309,643 | 294,598 |
Loans, net of applicable allowance | ||
Retail | 415,992 | 394,404 |
Wholesale | 197,177 | 177,214 |
Loans, net | 613,169 | 571,618 |
Other | ||
Derivatives | 98,774 | 94,039 |
Other assets | 53,355 | 47,578 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 287,929 | 270,154 |
Business and government | 563,343 | 534,371 |
Bank | 29,939 | 32,521 |
Deposits | 881,211 | 837,046 |
Other | ||
Obligations related to securities sold short | 33,602 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 220,027 | 206,814 |
Derivatives | 96,857 | 90,238 |
Other liabilities | 54,836 | 53,501 |
Subordinated debentures | 9,818 | 9,131 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 271,618 | 255,402 |
Business and government | 447,555 | 430,936 |
Bank | 26,991 | 25,449 |
Deposits | 746,164 | 711,787 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 6,209 | 4,975 |
Other liabilities | 56,109 | 54,917 |
Subordinated debentures | 9,818 | 9,131 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 288,179 | 269,867 |
Business and government | 564,520 | 534,593 |
Bank | 29,966 | 32,534 |
Deposits | 882,665 | 836,994 |
Other | ||
Obligations related to securities sold short | 33,602 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 220,028 | 206,815 |
Derivatives | 96,857 | 90,238 |
Other liabilities | 54,810 | 53,464 |
Subordinated debentures | $ 9,953 | $ 9,319 |
Fair value of financial instr_4
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 |
Financial assets | ||||||
Interest-bearing deposits with banks | $ 31,553 | $ 36,471 | ||||
Trading | ||||||
Trading securities | 140,421 | 128,258 | ||||
Investment | ||||||
Investment securitites | 100,240 | 94,608 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 309,640 | 294,602 | ||||
Loans | 612,393 | 576,818 | ||||
Derivatives | ||||||
Derivatives | 98,774 | 94,039 | ||||
Deposits | ||||||
Personal | 287,929 | 270,154 | ||||
Business and government | 563,343 | 534,371 | ||||
Bank | 29,939 | 32,521 | ||||
Other | ||||||
Obligations related to securities sold short | 33,602 | 32,247 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 220,027 | 206,814 | ||||
Derivatives | ||||||
Total derivatives | 96,857 | 90,238 | ||||
Netting adjustments [member] | ||||||
Derivatives | ||||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (827) | (583) | ||||
Financial assets | (827) | (583) | ||||
Derivatives | ||||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (827) | (583) | ||||
Financial liabilities | (827) | (583) | ||||
Total gross fair value [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 54,051 | 42,410 | ||||
Investment | ||||||
Investment securitites | 61 | 42 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 2,588 | 5,869 | ||||
Other assets | 1,108 | 1,020 | ||||
Financial assets | 57,808 | 49,341 | ||||
Other | ||||||
Obligations related to securities sold short | 17,690 | 17,732 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 2,408 | 4,369 | ||||
Other liabilities | 166 | 170 | ||||
Financial liabilities | 20,264 | 22,271 | ||||
Total gross fair value [member] | Level 2 [member] | ||||||
Financial assets | ||||||
Interest-bearing deposits with banks | 17,403 | 20,274 | ||||
Trading | ||||||
Trading securities | 85,147 | 84,503 | ||||
Investment | ||||||
Investment securitites | 53,694 | 48,028 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 250,276 | 219,108 | ||||
Loans | 11,269 | 8,929 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 96,537 | 88,176 | ||||
Other assets | 262 | 288 | ||||
Financial assets | 514,588 | 469,306 | ||||
Deposits | ||||||
Personal | 16,251 | 14,362 | ||||
Business and government | 115,788 | 103,440 | ||||
Bank | 2,948 | 7,072 | ||||
Other | ||||||
Obligations related to securities sold short | 15,912 | 14,515 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 213,818 | 201,839 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 94,011 | 85,309 | ||||
Other liabilities | (1,498) | (1,654) | ||||
Financial liabilities | 457,230 | 424,883 | ||||
Total gross fair value [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 1,223 | 1,345 | ||||
Investment | ||||||
Investment securitites | 472 | 429 | ||||
Loans | 568 | 551 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 476 | 577 | ||||
Other assets | 75 | 65 | ||||
Financial assets | 2,814 | 2,967 | ||||
Deposits | ||||||
Personal | 60 | 390 | ||||
Business and government | (5) | |||||
Derivatives | ||||||
Total gross derivatives, liabilities | 1,265 | 1,143 | ||||
Other liabilities | 59 | 68 | ||||
Financial liabilities | 1,384 | 1,596 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 12,385 | 8,342 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 5,554 | 6,231 | ||||
Investment | ||||||
Investment securitites | 695 | 238 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 11,043 | 11,350 | ||||
Investment | ||||||
Investment securitites | 2,098 | 1,554 | ||||
Total gross fair value [member] | US state, municipal and agencies debt - issued or guaranteed [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 1,016 | 2,068 | ||||
Investment | ||||||
Investment securitites | 20 | |||||
Total gross fair value [member] | US state, municipal and agencies debt - issued or guaranteed [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 38,129 | 31,030 | ||||
Investment | ||||||
Investment securitites | 15,798 | 18,136 | ||||
Total gross fair value [member] | US state, municipal and agencies debt - issued or guaranteed [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 64 | 66 | ||||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 1,633 | 1,151 | ||||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 4,573 | 9,018 | ||||
Investment | ||||||
Investment securitites | 4,692 | 1,470 | ||||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 958 | 1,001 | ||||
Investment | ||||||
Investment securitites | 2,544 | 2,174 | ||||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | ||||||
Investment | ||||||
Investment securitites | 27 | |||||
Total gross fair value [member] | Asset-backed securities, Non-CDO [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 844 | 1,023 | ||||
Investment | ||||||
Investment securitites | 853 | 863 | ||||
Total gross fair value [member] | Asset-backed securities, Non-CDO [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 2 | 110 | ||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 2 | |||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 22,034 | 22,303 | ||||
Investment | ||||||
Investment securitites | 19,674 | 17,227 | ||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 21 | 21 | ||||
Investment | ||||||
Investment securitites | 152 | 192 | ||||
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 39,017 | 30,847 | ||||
Investment | ||||||
Investment securitites | 41 | 42 | ||||
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 2,012 | 2,547 | ||||
Investment | ||||||
Investment securitites | 112 | 103 | ||||
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 1,136 | 1,148 | ||||
Investment | ||||||
Investment securitites | 293 | 237 | ||||
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | ||||||
Investment | ||||||
Investment securitites | 7,204 | 6,239 | ||||
Total gross fair value [member] | Loan substitute securities [member] | Level 2 [member] | ||||||
Investment | ||||||
Investment securitites | 24 | 24 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 1 | |||||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 42,885 | 33,862 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 321 | 222 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 41,335 | 43,253 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 36 | 53 | ||||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 145 | 38 | ||||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 2,588 | 5,868 | ||||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 12,918 | 11,654 | ||||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 115 | 296 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | (746) | (631) | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 4 | 6 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 35,986 | 29,620 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 902 | 726 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 42,138 | 41,836 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 48 | 32 | ||||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 251 | 94 | ||||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 2,408 | 4,369 | ||||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 15,673 | 13,730 | ||||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 318 | 380 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | (37) | 29 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | (3) | 5 | ||||
Recurring [member] | ||||||
Financial assets | ||||||
Interest-bearing deposits with banks | 17,403 | 20,274 | ||||
Trading | ||||||
Trading securities | 140,421 | 128,258 | ||||
Investment | ||||||
Investment securitites | 54,227 | 48,499 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 250,276 | 219,108 | ||||
Loans | 11,837 | 9,480 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 99,601 | 94,622 | ||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (827) | (583) | ||||
Derivatives | 98,774 | 94,039 | ||||
Other assets | 1,445 | 1,373 | ||||
Financial assets | 574,383 | 521,031 | ||||
Deposits | ||||||
Personal | 16,311 | 14,752 | ||||
Business and government | 115,788 | 103,435 | ||||
Bank | 2,948 | 7,072 | ||||
Other | ||||||
Obligations related to securities sold short | 33,602 | 32,247 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 213,818 | 201,839 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 97,684 | 90,821 | ||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (827) | (583) | ||||
Total derivatives | 96,857 | 90,238 | ||||
Other liabilities | (1,273) | (1,416) | ||||
Financial liabilities | 478,051 | 448,167 | ||||
Recurring [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Financial assets | 1,549 | $ 1,742 | 1,824 | $ 1,724 | $ 1,569 | $ 1,752 |
Derivatives | ||||||
Financial liabilities | (119) | $ (248) | (453) | $ (528) | $ (278) | $ (489) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | ||||||
Trading | ||||||
Trading securities | 17,939 | 14,573 | ||||
Investment | ||||||
Investment securitites | 695 | 238 | ||||
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||||||
Trading | ||||||
Trading securities | 11,043 | 11,350 | ||||
Investment | ||||||
Investment securitites | 2,098 | 1,554 | ||||
Recurring [member] | US state, municipal and agencies debt - issued or guaranteed [member] | ||||||
Trading | ||||||
Trading securities | 39,209 | 33,164 | ||||
Investment | ||||||
Investment securitites | 15,818 | 18,136 | ||||
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | ||||||
Trading | ||||||
Trading securities | 6,206 | 10,169 | ||||
Investment | ||||||
Investment securitites | 4,692 | 1,470 | ||||
Recurring [member] | Mortgage-backed securities [member] | ||||||
Trading | ||||||
Trading securities | 958 | 1,001 | ||||
Investment | ||||||
Investment securitites | 2,571 | 2,174 | ||||
Recurring [member] | Asset-backed securities, Non-CDO [member] | ||||||
Trading | ||||||
Trading securities | 846 | 1,133 | ||||
Investment | ||||||
Investment securitites | 853 | 863 | ||||
Recurring [member] | Corporate debt and other debt [member] | ||||||
Trading | ||||||
Trading securities | 22,055 | 22,326 | ||||
Investment | ||||||
Investment securitites | 19,826 | 17,419 | ||||
Recurring [member] | Equity securities [member] | ||||||
Trading | ||||||
Trading securities | 42,165 | 34,542 | ||||
Investment | ||||||
Investment securitites | 446 | 382 | ||||
Recurring [member] | Asset-backed securities, CDO [member] | ||||||
Investment | ||||||
Investment securitites | 7,204 | 6,239 | ||||
Recurring [member] | Loan substitute securities [member] | ||||||
Investment | ||||||
Investment securitites | 24 | 24 | ||||
Recurring [member] | Interest rate contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 43,206 | 34,085 | ||||
Recurring [member] | Foreign exchange contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 41,371 | 43,306 | ||||
Recurring [member] | Credit derivatives [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 145 | 38 | ||||
Recurring [member] | Other contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 15,621 | 17,818 | ||||
Recurring [member] | Valuation adjustments [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | (742) | (625) | ||||
Recurring [member] | Interest rate contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 36,888 | 30,346 | ||||
Recurring [member] | Foreign exchange contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 42,186 | 41,868 | ||||
Recurring [member] | Credit derivatives [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 251 | 94 | ||||
Recurring [member] | Other contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 18,399 | 18,479 | ||||
Recurring [member] | Valuation adjustments [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | $ (40) | $ 34 |
Fair value of financial instr_5
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 140,421 | $ 128,258 |
Investment securities | 100,240 | 94,608 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 20,898 | 16,776 |
Investment securities | 5,558 | 4,713 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 1,771 | $ 1,348 |
Fair value of financial instr_6
Fair value of financial instruments - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Detail) - Recurring [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | $ 521,031 | |||
Fair value assets, ending balance | $ 574,383 | 574,383 | ||
Fair value liabilities, beginning balance | 448,167 | |||
Fair value liabilities, ending balance | 478,051 | 478,051 | ||
Level 3 [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 1,742 | $ 1,569 | 1,824 | $ 1,752 |
Gains (losses) included in earnings | 14 | (66) | (3) | (43) |
Gains (losses) included in OCI | (32) | 5 | 29 | 50 |
Purchases (issuances) | 309 | 251 | 591 | 731 |
Settlement (sales) and other | (507) | (215) | (619) | (897) |
Transfers into Level 3 | 17 | 189 | 51 | 189 |
Transfers out of Level 3 | 6 | (9) | (324) | (58) |
Fair value assets, ending balance | 1,549 | 1,724 | 1,549 | 1,724 |
Gains (losses) included in earnings for positions still held | 7 | (27) | 60 | (63) |
Fair value liabilities, beginning balance | (248) | (278) | (453) | (489) |
Gains (losses) included in earnings | (12) | (15) | (51) | (61) |
Gains (losses) included in OCI | 2 | (1) | (1) | (3) |
Purchases (issuances) | (16) | (89) | (48) | (261) |
Settlement (sales) and other | 19 | 9 | 48 | 41 |
Transfers into Level 3 | (13) | (238) | (138) | (398) |
Transfers out of Level 3 | 149 | 84 | 524 | 643 |
Fair value liabilities, ending balance | (119) | (528) | (119) | (528) |
Gains (losses) included in earnings for positions still held | (3) | (11) | (11) | 54 |
Level 3 [member] | Investment [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 470 | 283 | 429 | 249 |
Gains (losses) included in earnings | (1) | (3) | (6) | |
Gains (losses) included in OCI | (2) | (1) | 32 | 32 |
Purchases (issuances) | 5 | 32 | ||
Settlement (sales) and other | (1) | (18) | 2 | |
Transfers into Level 3 | 202 | 206 | ||
Fair value assets, ending balance | 472 | 483 | 472 | 483 |
Level 3 [member] | Corporate debt and other debt [member] | Investment [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 146 | 33 | 192 | 29 |
Gains (losses) included in earnings | (3) | (5) | ||
Gains (losses) included in OCI | 5 | 1 | 18 | 6 |
Settlement (sales) and other | 1 | (55) | ||
Transfers into Level 3 | 202 | 206 | ||
Fair value assets, ending balance | 152 | 236 | 152 | 236 |
Level 3 [member] | Equities [member] | Investment [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 296 | 246 | 237 | 217 |
Gains (losses) included in earnings | (1) | (1) | ||
Gains (losses) included in OCI | (6) | (2) | 14 | 25 |
Purchases (issuances) | 5 | 5 | ||
Settlement (sales) and other | (2) | 37 | 2 | |
Fair value assets, ending balance | 293 | 243 | 293 | 243 |
Level 3 [member] | Mortgage-backed securities [member] | Investment [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 28 | |||
Gains (losses) included in OCI | (1) | |||
Purchases (issuances) | 27 | |||
Fair value assets, ending balance | 27 | 27 | ||
Level 3 [member] | Loans [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 759 | 687 | 551 | 477 |
Gains (losses) included in earnings | 9 | 2 | 38 | 4 |
Gains (losses) included in OCI | 2 | (1) | ||
Purchases (issuances) | 276 | 131 | 588 | 345 |
Settlement (sales) and other | (474) | (284) | (478) | (289) |
Transfers into Level 3 | 2 | 55 | ||
Transfers out of Level 3 | (4) | (40) | (188) | (40) |
Fair value assets, ending balance | 568 | 496 | 568 | 496 |
Gains (losses) included in earnings for positions still held | (3) | 2 | 18 | (3) |
Level 3 [member] | Interest rate contracts [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | (585) | (505) | (504) | (455) |
Gains (losses) included in earnings | 16 | (18) | (79) | 16 |
Purchases (issuances) | (2) | 21 | (195) | 71 |
Settlement (sales) and other | (5) | 72 | 219 | 73 |
Transfers into Level 3 | (9) | (6) | ||
Transfers out of Level 3 | 4 | (6) | (16) | (141) |
Fair value assets, ending balance | (581) | (436) | (581) | (436) |
Gains (losses) included in earnings for positions still held | (4) | (18) | (41) | (2) |
Level 3 [member] | Foreign exchange contracts [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 17 | 34 | 21 | 21 |
Gains (losses) included in earnings | (14) | (10) | (20) | (6) |
Gains (losses) included in OCI | (20) | (7) | (11) | (4) |
Purchases (issuances) | 2 | 12 | 3 | 11 |
Settlement (sales) and other | 1 | 1 | 3 | |
Transfers into Level 3 | 2 | (1) | 1 | 4 |
Transfers out of Level 3 | (2) | (7) | (3) | |
Fair value assets, ending balance | (12) | 26 | (12) | 26 |
Gains (losses) included in earnings for positions still held | 4 | (14) | 4 | (11) |
Level 3 [member] | Other contracts [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | (190) | (112) | (84) | (181) |
Gains (losses) included in earnings | 10 | (13) | 90 | 35 |
Gains (losses) included in OCI | 4 | (1) | 1 | |
Purchases (issuances) | (48) | (71) | (63) | (87) |
Settlement (sales) and other | 12 | 3 | 2 | (42) |
Transfers into Level 3 | 2 | (42) | (37) | (55) |
Transfers out of Level 3 | 7 | 39 | (112) | 133 |
Fair value assets, ending balance | (203) | (197) | (203) | (197) |
Gains (losses) included in earnings for positions still held | 5 | 13 | 79 | (8) |
Level 3 [member] | Valuation adjustments [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 6 | (22) | 1 | (16) |
Settlement (sales) and other | 1 | 18 | 6 | 12 |
Fair value assets, ending balance | 7 | (4) | 7 | (4) |
Level 3 [member] | Other assets [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 66 | 65 | ||
Gains (losses) included in earnings | 13 | 23 | ||
Gains (losses) included in OCI | (1) | (1) | (1) | |
Purchases (issuances) | 71 | 71 | ||
Settlement (sales) and other | (3) | (13) | ||
Fair value assets, ending balance | 75 | 70 | 75 | 70 |
Gains (losses) included in earnings for positions still held | 13 | 23 | ||
Level 3 [member] | Trading Securities [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 1,199 | 1,204 | 1,345 | 1,657 |
Gains (losses) included in earnings | (20) | (26) | (52) | (86) |
Gains (losses) included in OCI | (13) | 15 | 5 | 24 |
Purchases (issuances) | 76 | 87 | 226 | 320 |
Settlement (sales) and other | (38) | (24) | (338) | (656) |
Transfers into Level 3 | 20 | 30 | 38 | 34 |
Transfers out of Level 3 | (1) | (1) | (7) | |
Fair value assets, ending balance | 1,223 | 1,286 | 1,223 | 1,286 |
Gains (losses) included in earnings for positions still held | (8) | (10) | (23) | (39) |
Level 3 [member] | Trading Securities [member] | US state, municipal and agencies debt - issued or guaranteed [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 67 | 66 | 66 | 508 |
Gains (losses) included in earnings | (1) | 16 | ||
Gains (losses) included in OCI | (1) | 1 | 1 | (4) |
Settlement (sales) and other | (2) | (2) | (2) | (455) |
Fair value assets, ending balance | 64 | 65 | 64 | 65 |
Gains (losses) included in earnings for positions still held | (2) | |||
Level 3 [member] | Trading Securities [member] | Asset-backed securities, Non-CDO [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 4 | 115 | 110 | 196 |
Gains (losses) included in earnings | 1 | 15 | 27 | |
Gains (losses) included in OCI | 2 | 1 | ||
Settlement (sales) and other | (2) | (5) | (123) | (111) |
Fair value assets, ending balance | 2 | 113 | 2 | 113 |
Gains (losses) included in earnings for positions still held | 1 | 1 | 3 | 12 |
Level 3 [member] | Trading Securities [member] | Corporate debt and other debt [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 21 | 23 | 21 | 30 |
Gains (losses) included in earnings | 1 | (2) | ||
Settlement (sales) and other | (1) | (1) | (1) | |
Transfers out of Level 3 | (5) | |||
Fair value assets, ending balance | 21 | 22 | 21 | 22 |
Gains (losses) included in earnings for positions still held | (1) | |||
Level 3 [member] | Trading Securities [member] | Equities [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 1,107 | 1,000 | 1,148 | 923 |
Gains (losses) included in earnings | (20) | (27) | (67) | (127) |
Gains (losses) included in OCI | (12) | 12 | 4 | 27 |
Purchases (issuances) | 76 | 87 | 226 | 320 |
Settlement (sales) and other | (34) | (16) | (212) | (89) |
Transfers into Level 3 | 20 | 30 | 38 | 34 |
Transfers out of Level 3 | (1) | (1) | (2) | |
Fair value assets, ending balance | 1,136 | 1,086 | 1,136 | 1,086 |
Gains (losses) included in earnings for positions still held | (9) | (11) | (26) | (48) |
Level 3 [member] | Loan substitute securities [member] | Investment [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value assets, beginning balance | 4 | 3 | ||
Gains (losses) included in OCI | 1 | |||
Fair value assets, ending balance | 4 | 4 | ||
Level 3 [member] | Deposits - Personal [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value liabilities, beginning balance | (192) | (254) | (390) | (465) |
Gains (losses) included in earnings | (5) | (13) | (39) | (58) |
Gains (losses) included in OCI | 1 | (1) | (3) | |
Purchases (issuances) | (16) | (54) | (49) | (221) |
Settlement (sales) and other | 16 | 7 | 27 | 33 |
Transfers into Level 3 | (13) | (238) | (138) | (398) |
Transfers out of Level 3 | 149 | 84 | 529 | 643 |
Fair value liabilities, ending balance | (60) | (469) | (60) | (469) |
Gains (losses) included in earnings for positions still held | 4 | (11) | (1) | 54 |
Level 3 [member] | Deposits - Business and government [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value liabilities, beginning balance | 5 | |||
Transfers out of Level 3 | (5) | |||
Level 3 [member] | Other liabilities [member] | ||||
Disclosure of fair value measurements of assets and liabilities [line items] | ||||
Fair value liabilities, beginning balance | (56) | (24) | (68) | (24) |
Gains (losses) included in earnings | (7) | (2) | (12) | (3) |
Gains (losses) included in OCI | 1 | (1) | ||
Purchases (issuances) | (35) | 1 | (40) | |
Settlement (sales) and other | 3 | 2 | 21 | 8 |
Fair value liabilities, ending balance | (59) | $ (59) | (59) | $ (59) |
Gains (losses) included in earnings for positions still held | $ (7) | $ (10) |
Fair value of financial instr_7
Fair value of financial instruments - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Disclosure of fair value measurements of assets and liabilities [line items] | |||||
Derivative assets | $ 98,774 | $ 98,774 | $ 94,039 | ||
Derivative liabilities | 96,857 | 96,857 | 90,238 | ||
Recurring [member] | |||||
Disclosure of fair value measurements of assets and liabilities [line items] | |||||
Derivative assets | 98,774 | 98,774 | 94,039 | ||
Derivative liabilities | 96,857 | 96,857 | $ 90,238 | ||
Investment [member] | Recurring [member] | Level 3 [member] | |||||
Disclosure of fair value measurements of assets and liabilities [line items] | |||||
Unrealized gains (losses), excluding foreign currency translation, recognized in OCI | 6 | $ 1 | 35 | $ 31 | |
Net derivative balances, category [Member] | Recurring [member] | Level 3 [member] | |||||
Disclosure of fair value measurements of assets and liabilities [line items] | |||||
Derivative assets | 476 | 643 | 476 | 643 | |
Derivative liabilities | $ 1,265 | $ 1,254 | $ 1,265 | $ 1,254 |
Fair value of financial instr_8
Fair value of financial instrument - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jul. 31, 2019CAD ($) | |
Trading Securities [member] | US state, municipal and agencies debt - issued or guaranteed [member] | |
Disclosure of fair value measurements of assets and liabilities [line items] | |
Transfers out of Level 1 to Level 2 | $ 610 |
Personal deposits [member] | |
Disclosure of fair value measurements of assets and liabilities [line items] | |
Transfers out of Level 3 to Level 2 | $ 149 |
Fair value of financial instr_9
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | $ 10,610 | $ 8,626 | $ 30,891 | $ 24,031 |
Interest expense | 5,562 | 4,030 | 16,122 | 10,569 |
Net interest income | 5,048 | 4,596 | 14,769 | 13,462 |
Interest and dividend income [member] | Financial assets measured at fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 3,210 | 2,109 | 8,997 | 5,617 |
Interest and dividend income [member] | Financial assets measured at fair value through other comprehensive income [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 298 | 234 | 857 | 558 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 7,102 | 6,283 | 21,037 | 17,856 |
Interest expense [member] | Financial assets measured at fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest expense | 2,778 | 1,730 | 7,774 | 4,464 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest expense | $ 2,784 | $ 2,300 | $ 8,348 | $ 6,105 |
Fair value of financial inst_10
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | $ 1,463 | $ 1,290 | $ 4,557 | $ 3,240 |
Dividend income | 614 | 417 | 1,508 | 1,177 |
Interest income [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | 123 | 122 | 366 | 360 |
Interest expense [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | $ 1 | $ 0 | $ 3 | $ 3 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 53,795 | $ 48,232 |
Gross unrealized gains | 576 | 508 |
Gross unrealized losses | (144) | (241) |
Fair value | 54,227 | 48,499 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 693 | 244 |
Gross unrealized gains | 3 | |
Gross unrealized losses | (1) | (6) |
Fair value | 695 | 238 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,033 | 1,578 |
Gross unrealized gains | 66 | 2 |
Gross unrealized losses | (1) | (26) |
Fair value | 2,098 | 1,554 |
US state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 15,704 | 18,000 |
Gross unrealized gains | 206 | 285 |
Gross unrealized losses | (92) | (149) |
Fair value | 15,818 | 18,136 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 4,693 | 1,469 |
Gross unrealized gains | 2 | 2 |
Gross unrealized losses | (3) | (1) |
Fair value | 4,692 | 1,470 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,577 | 2,176 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (8) | (3) |
Fair value | 2,571 | 2,174 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,228 | 6,248 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (26) | (10) |
Fair value | 7,204 | 6,239 |
Asset-backed securities, Non-CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 847 | 856 |
Gross unrealized gains | 7 | 9 |
Gross unrealized losses | (1) | (2) |
Fair value | 853 | 863 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 19,762 | 17,439 |
Gross unrealized gains | 73 | 22 |
Gross unrealized losses | (9) | (42) |
Fair value | 19,826 | 17,419 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 233 | 197 |
Gross unrealized gains | 215 | 186 |
Gross unrealized losses | (2) | (1) |
Fair value | 446 | 382 |
Loan substitute securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 25 | 25 |
Gross unrealized losses | (1) | (1) |
Fair value | $ 24 | $ 24 |
Securities - Summary of Unrea_2
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Allowance for credit losses on debt securities at FVOCI | $ (1) | $ 11 |
Amortized cost | 53,795 | 48,232 |
Gross unrealized gains on securities measured at FVOCI | 576 | 508 |
Gross unrealized losses on securities measured at FVOCI | 144 | 241 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 1,775 | 1,442 |
Gross unrealized gains on securities measured at FVOCI | 2 | 0 |
Gross unrealized losses on securities measured at FVOCI | 6 | 6 |
Fair value | 1,771 | 1,436 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 46,013 | $ 46,109 |
Securities - Summary of Allowan
Securities - Summary of Allowance for Credit Losses - Securities at FVOCI (Detail) - Debt securities at fair value through other comprehensive income [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | $ 1 | $ 45 | $ 11 | $ 25 |
Provision for credit losses | ||||
Purchases | 1 | 1 | 4 | 83 |
Sales and maturities | (1) | (1) | (9) | (64) |
Changes in risk, parameters and exposures | (2) | (7) | ||
Exchange rate and other | 1 | |||
Balance at end of period | (1) | 45 | (1) | 45 |
Performing Stage one [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | 5 | 40 | 4 | 3 |
Provision for credit losses | ||||
Transfers to Stage 3 | (36) | (36) | ||
Purchases | 1 | 1 | 4 | 83 |
Sales and maturities | (1) | (1) | (2) | (47) |
Changes in risk, parameters and exposures | (1) | (1) | ||
Exchange rate and other | 2 | |||
Balance at end of period | 5 | 4 | 5 | 4 |
Performing Stage two [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | 5 | 7 | 22 | |
Provision for credit losses | ||||
Sales and maturities | (7) | (17) | ||
Changes in risk, parameters and exposures | 1 | |||
Exchange rate and other | (1) | |||
Balance at end of period | 5 | 5 | ||
Impaired Stage three [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | (4) | |||
Provision for credit losses | ||||
Transfers to Stage 3 | 36 | 36 | ||
Changes in risk, parameters and exposures | (2) | (6) | ||
Balance at end of period | $ (6) | $ 36 | $ (6) | $ 36 |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Credit Losses - Securities at Amortized Cost (Detail) - Debt securities at amortized cost [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 30 | $ 35 | $ 38 | $ 54 |
Provision for credit losses | ||||
Purchases | 2 | 1 | 6 | 4 |
Sales and maturities | (1) | (1) | (12) | |
Changes in risk, parameters and exposures | (3) | 9 | (16) | |
Exchange rate and other | 1 | 1 | ||
Balance at end of period | 28 | 46 | 28 | 46 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 7 | 4 | 6 | 9 |
Provision for credit losses | ||||
Transfers to Stage 1 | 3 | |||
Transfers to Stage 2 | (7) | |||
Purchases | 2 | 1 | 6 | 4 |
Sales and maturities | (1) | (1) | (2) | |
Changes in risk, parameters and exposures | 1 | (3) | (1) | |
Exchange rate and other | (1) | 1 | (1) | 1 |
Balance at end of period | 7 | 7 | 7 | 7 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 23 | 31 | 32 | 45 |
Provision for credit losses | ||||
Transfers to Stage 1 | (3) | |||
Transfers to Stage 2 | 7 | |||
Transfers to Stage 3 | (2) | (2) | ||
Sales and maturities | (10) | |||
Changes in risk, parameters and exposures | (3) | 8 | (13) | 1 |
Exchange rate and other | 1 | 2 | (1) | |
Balance at end of period | $ 21 | 37 | $ 21 | 37 |
Impaired Stage three [member] | ||||
Provision for credit losses | ||||
Transfers to Stage 3 | 2 | 2 | ||
Balance at end of period | $ 2 | $ 2 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 53,795 | $ 48,232 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 53,220 | 47,435 |
Non-investment grade | 393 | 533 |
Impaired | 144 | 125 |
Carrying amount of securities measured at FVOCI subject to impairment | 53,757 | 48,093 |
Items not subject to impairment | 470 | 406 |
Carrying amount of securities measured at FVOCI | 54,227 | 48,499 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 44,864 | 45,077 |
Non-investment grade | 1,177 | 1,070 |
Amount before allowance for credit losses | 46,041 | 46,147 |
Allowance for credit losses | 28 | 38 |
Amortized cost | 46,013 | 46,109 |
Performing Stage one [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 53,219 | 46,956 |
Non-investment grade | 383 | 500 |
Carrying amount of securities measured at FVOCI subject to impairment | 53,602 | 47,456 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 44,820 | 44,958 |
Non-investment grade | 616 | 367 |
Amount before allowance for credit losses | 45,436 | 45,325 |
Allowance for credit losses | 7 | 6 |
Amortized cost | 45,429 | 45,319 |
Performing Stage two [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 1 | 479 |
Non-investment grade | 10 | 33 |
Carrying amount of securities measured at FVOCI subject to impairment | 11 | 512 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 44 | 119 |
Non-investment grade | 561 | 703 |
Amount before allowance for credit losses | 605 | 822 |
Allowance for credit losses | 21 | 32 |
Amortized cost | 584 | 790 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 144 | 125 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 144 | $ 125 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 144 | $ 125 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Customers' liability under acceptances [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 26 | $ 15 | $ 21 | $ 20 |
Provision for credit losses | (2) | 1 | 3 | (4) |
Exchange rate changes/other | (1) | (1) | ||
Balance at end of period | 23 | 16 | 23 | 16 |
Allowance for credit losses [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 3,290 | 3,030 | 3,088 | 2,976 |
Provision for credit losses | 429 | 338 | 1,386 | 950 |
Net write-offs | (352) | (303) | (1,076) | (816) |
Exchange rate changes/other | (46) | (8) | (77) | (53) |
Balance at end of period | 3,321 | 3,057 | 3,321 | 3,057 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 3,093 | 2,808 | 2,912 | 2,749 |
Balance at end of period | 3,131 | 2,837 | 3,131 | 2,837 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 171 | 206 | 154 | 207 |
Balance at end of period | 167 | 203 | 167 | 203 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 26 | 15 | 21 | 20 |
Balance at end of period | 23 | 16 | 23 | 16 |
Allowance for credit losses [member] | Other components of equity [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1 | 1 | ||
Balance at end of period | 1 | 1 | ||
Retail [member] | Residential mortgages [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 395 | 381 | 382 | 378 |
Provision for credit losses | 29 | 20 | 60 | 52 |
Net write-offs | (10) | (12) | (30) | (35) |
Exchange rate changes/other | (5) | (3) | (6) | |
Balance at end of period | 409 | 389 | 409 | 389 |
Retail [member] | Personal [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 922 | 876 | 895 | 826 |
Provision for credit losses | 127 | 138 | 398 | 405 |
Net write-offs | (116) | (109) | (346) | (318) |
Exchange rate changes/other | (1) | (3) | (15) | (11) |
Balance at end of period | 932 | 902 | 932 | 902 |
Retail [member] | Credit cards [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 790 | 694 | 760 | 693 |
Provision for credit losses | 130 | 129 | 405 | 363 |
Net write-offs | (130) | (118) | (375) | (351) |
Exchange rate changes/other | (1) | (1) | ||
Balance at end of period | 789 | 705 | 789 | 705 |
Retail [member] | Small business [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 49 | 52 | 51 | 49 |
Provision for credit losses | 12 | 16 | 25 | 33 |
Net write-offs | (7) | (7) | (20) | (19) |
Exchange rate changes/other | (1) | (3) | (2) | |
Balance at end of period | 53 | 61 | 53 | 61 |
Wholesale [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1,108 | 1,012 | 979 | 1,010 |
Provision for credit losses | 133 | 34 | 495 | 101 |
Net write-offs | (89) | (57) | (305) | (93) |
Exchange rate changes/other | (37) | (5) | (54) | (34) |
Balance at end of period | $ 1,115 | $ 984 | $ 1,115 | $ 984 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Residential Mortgages (Detail) - Retail [member] - Residential mortgages [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 395 | $ 381 | $ 382 | $ 378 |
Provision for credit losses | ||||
Originations | 12 | 18 | 35 | 51 |
Maturities | (7) | (7) | (16) | (18) |
Changes in risk, parameters and exposures | 24 | 9 | 41 | 19 |
Write-offs | (12) | (14) | (34) | (39) |
Recoveries | 2 | 2 | 4 | 4 |
Exchange rate and other | (5) | (3) | (6) | |
Balance at end of period | 409 | 389 | 409 | 389 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 140 | 149 | 142 | 140 |
Provision for credit losses | ||||
Transfers to Stage 1 | 21 | 10 | 64 | 49 |
Transfers to Stage 2 | (4) | (4) | (9) | (15) |
Transfers to Stage 3 | (1) | (2) | (1) | |
Originations | 12 | 18 | 35 | 51 |
Maturities | (4) | (3) | (10) | (9) |
Changes in risk, parameters and exposures | (19) | (20) | (76) | (66) |
Exchange rate and other | (1) | 1 | 2 | |
Balance at end of period | 144 | 151 | 144 | 151 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 63 | 62 | 64 | 65 |
Provision for credit losses | ||||
Transfers to Stage 1 | (16) | (10) | (52) | (49) |
Transfers to Stage 2 | 4 | 5 | 11 | 17 |
Transfers to Stage 3 | (6) | (6) | (24) | (14) |
Maturities | (3) | (4) | (6) | (9) |
Changes in risk, parameters and exposures | 28 | 18 | 77 | 54 |
Exchange rate and other | 1 | |||
Balance at end of period | 70 | 65 | 70 | 65 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 192 | 170 | 176 | 173 |
Provision for credit losses | ||||
Transfers to Stage 1 | (5) | (12) | ||
Transfers to Stage 2 | (1) | (2) | (2) | |
Transfers to Stage 3 | 7 | 6 | 26 | 15 |
Changes in risk, parameters and exposures | 15 | 11 | 40 | 31 |
Write-offs | (12) | (14) | (34) | (39) |
Recoveries | 2 | 2 | 4 | 4 |
Exchange rate and other | (4) | (1) | (3) | (9) |
Balance at end of period | $ 195 | $ 173 | $ 195 | $ 173 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Personal (Detail) - Retail [member] - Personal [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 922 | $ 876 | $ 895 | $ 826 |
Provision for credit losses | ||||
Originations | 27 | 31 | 74 | 85 |
Maturities | (38) | (43) | (107) | (124) |
Changes in risk, parameters and exposures | 138 | 150 | 431 | 444 |
Write-offs | (148) | (139) | (440) | (405) |
Recoveries | 32 | 30 | 94 | 87 |
Exchange rate and other | (1) | (3) | (15) | (11) |
Balance at end of period | 932 | 902 | 932 | 902 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 238 | 253 | 242 | 278 |
Provision for credit losses | ||||
Transfers to Stage 1 | 154 | 154 | 428 | 576 |
Transfers to Stage 2 | (20) | (26) | (66) | (118) |
Transfers to Stage 3 | (1) | (1) | (2) | |
Originations | 27 | 30 | 73 | 81 |
Maturities | (8) | (9) | (20) | (25) |
Changes in risk, parameters and exposures | (148) | (143) | (414) | (530) |
Exchange rate and other | 1 | (2) | ||
Balance at end of period | 243 | 258 | 243 | 258 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 555 | 488 | 512 | 427 |
Provision for credit losses | ||||
Transfers to Stage 1 | (154) | (154) | (422) | (576) |
Transfers to Stage 2 | 20 | 27 | 67 | 119 |
Transfers to Stage 3 | (41) | (36) | (125) | (114) |
Originations | 1 | 1 | 4 | |
Maturities | (30) | (34) | (87) | (99) |
Changes in risk, parameters and exposures | 210 | 213 | 614 | 745 |
Exchange rate and other | (1) | |||
Balance at end of period | 560 | 505 | 560 | 505 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 129 | 135 | 141 | 121 |
Provision for credit losses | ||||
Transfers to Stage 1 | (6) | |||
Transfers to Stage 2 | (1) | (1) | (1) | |
Transfers to Stage 3 | 41 | 37 | 126 | 116 |
Changes in risk, parameters and exposures | 76 | 80 | 231 | 229 |
Write-offs | (148) | (139) | (440) | (405) |
Recoveries | 32 | 30 | 94 | 87 |
Exchange rate and other | (1) | (3) | (16) | (8) |
Balance at end of period | $ 129 | $ 139 | $ 129 | $ 139 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Credit Cards (Detail) - Retail [member] - Credit cards [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 790 | $ 694 | $ 760 | $ 693 |
Provision for credit losses | ||||
Originations | 1 | 5 | 3 | 12 |
Maturities | (10) | (15) | (23) | (65) |
Changes in risk, parameters and exposures | 139 | 139 | 425 | 416 |
Write-offs | (167) | (151) | (478) | (448) |
Recoveries | 37 | 33 | 103 | 97 |
Exchange rate and other | (1) | (1) | ||
Balance at end of period | 789 | 705 | 789 | 705 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 166 | 199 | 161 | 251 |
Provision for credit losses | ||||
Transfers to Stage 1 | 116 | 153 | 344 | 597 |
Transfers to Stage 2 | (19) | (21) | (58) | (102) |
Transfers to Stage 3 | (1) | (1) | (2) | |
Originations | 1 | 4 | 3 | 10 |
Maturities | (2) | (3) | (4) | (10) |
Changes in risk, parameters and exposures | (94) | (113) | (276) | (526) |
Exchange rate and other | 1 | (1) | (1) | |
Balance at end of period | 169 | 217 | 169 | 217 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 624 | 495 | 599 | 442 |
Provision for credit losses | ||||
Transfers to Stage 1 | (116) | (153) | (344) | (597) |
Transfers to Stage 2 | 19 | 21 | 58 | 102 |
Transfers to Stage 3 | (88) | (53) | (251) | (145) |
Originations | 1 | 2 | ||
Maturities | (8) | (12) | (19) | (55) |
Changes in risk, parameters and exposures | 191 | 188 | 578 | 738 |
Exchange rate and other | (2) | 1 | (1) | 1 |
Balance at end of period | 620 | 488 | 620 | 488 |
Impaired Stage three [member] | ||||
Provision for credit losses | ||||
Transfers to Stage 3 | 88 | 54 | 252 | 147 |
Changes in risk, parameters and exposures | 42 | 64 | 123 | 204 |
Write-offs | (167) | (151) | (478) | (448) |
Recoveries | $ 37 | $ 33 | $ 103 | $ 97 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Small Business (Detail) - Retail [member] - Small business [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 49 | $ 52 | $ 51 | $ 49 |
Provision for credit losses | ||||
Originations | 2 | 3 | 7 | 8 |
Maturities | (3) | (4) | (9) | (10) |
Changes in risk, parameters and exposures | 13 | 17 | 27 | 35 |
Write-offs | (9) | (9) | (26) | (25) |
Recoveries | 2 | 2 | 6 | 6 |
Exchange rate and other | (1) | (3) | (2) | |
Balance at end of period | 53 | 61 | 53 | 61 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 15 | 15 | 17 | 15 |
Provision for credit losses | ||||
Transfers to Stage 1 | 5 | 5 | 16 | 20 |
Transfers to Stage 2 | (1) | (2) | (4) | |
Originations | 2 | 3 | 7 | 8 |
Maturities | (1) | (1) | (3) | (3) |
Changes in risk, parameters and exposures | (4) | (5) | (18) | (20) |
Exchange rate and other | 1 | 1 | ||
Balance at end of period | 17 | 17 | 17 | 17 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 17 | 17 | 16 | 15 |
Provision for credit losses | ||||
Transfers to Stage 1 | (5) | (5) | (16) | (20) |
Transfers to Stage 2 | 1 | 2 | 4 | |
Transfers to Stage 3 | (3) | (2) | (8) | (8) |
Maturities | (2) | (3) | (6) | (7) |
Changes in risk, parameters and exposures | 9 | 15 | 28 | 39 |
Balance at end of period | 16 | 23 | 16 | 23 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 17 | 20 | 18 | 19 |
Provision for credit losses | ||||
Transfers to Stage 3 | 3 | 2 | 8 | 8 |
Changes in risk, parameters and exposures | 8 | 7 | 17 | 16 |
Write-offs | (9) | (9) | (26) | (25) |
Recoveries | 2 | 2 | 6 | 6 |
Exchange rate and other | (1) | (1) | (3) | (3) |
Balance at end of period | $ 20 | $ 21 | $ 20 | $ 21 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Wholesale (Detail) - Wholesale [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 1,108 | $ 1,012 | $ 979 | $ 1,010 |
Provision for credit losses | ||||
Originations | 67 | 67 | 221 | 195 |
Maturities | (78) | (71) | (246) | (257) |
Changes in risk, parameters and exposures | 144 | 38 | 520 | 163 |
Write-offs | (101) | (82) | (337) | (145) |
Recoveries | 12 | 25 | 32 | 52 |
Exchange rate and other | (37) | (5) | (54) | (34) |
Balance at end of period | 1,115 | 984 | 1,115 | 984 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 293 | 254 | 274 | 251 |
Provision for credit losses | ||||
Transfers to Stage 1 | 35 | 23 | 113 | 148 |
Transfers to Stage 2 | (8) | (14) | (25) | (60) |
Transfers to Stage 3 | (2) | (5) | (1) | |
Originations | 55 | 56 | 182 | 167 |
Maturities | (39) | (34) | (128) | (112) |
Changes in risk, parameters and exposures | (51) | (15) | (130) | (123) |
Exchange rate and other | (3) | 2 | (1) | 2 |
Balance at end of period | 280 | 272 | 280 | 272 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 358 | 295 | 340 | 352 |
Provision for credit losses | ||||
Transfers to Stage 1 | (34) | (23) | (103) | (148) |
Transfers to Stage 2 | 9 | 19 | 28 | 68 |
Transfers to Stage 3 | (15) | (9) | (48) | (28) |
Originations | 12 | 11 | 39 | 28 |
Maturities | (39) | (37) | (118) | (145) |
Changes in risk, parameters and exposures | 86 | 68 | 235 | 199 |
Exchange rate and other | (2) | 2 | 2 | |
Balance at end of period | 375 | 326 | 375 | 326 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 457 | 463 | 365 | 407 |
Provision for credit losses | ||||
Transfers to Stage 1 | (1) | (10) | ||
Transfers to Stage 2 | (1) | (5) | (3) | (8) |
Transfers to Stage 3 | 17 | 9 | 53 | 29 |
Changes in risk, parameters and exposures | 109 | (15) | 415 | 87 |
Write-offs | (101) | (82) | (337) | (145) |
Recoveries | 12 | 25 | 32 | 52 |
Exchange rate and other | (32) | (9) | (55) | (36) |
Balance at end of period | $ 460 | $ 386 | $ 460 | $ 386 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Residential Mortgage (Detail) - Residential mortgages [member] - Retail loans [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 298,553 | $ 282,212 |
Items not subject to impairment | 422 | 259 |
Gross carrying amount of financial assets | 298,975 | 282,471 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 239,079 | 225,714 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 14,510 | 15,050 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,346 | 5,474 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 38,909 | 35,248 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 709 | 726 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 286,961 | 272,954 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 232,712 | 222,026 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,221 | 13,681 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,727 | 2,577 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 38,301 | 34,670 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,883 | 8,532 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,367 | 3,688 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,289 | 1,369 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,619 | 2,897 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 608 | 578 |
Stage three exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 709 | 726 |
Stage three exposure [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 709 | $ 726 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Personal (Detail) - Personal [member] - Retail loans [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 92,245 | $ 92,700 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 72,989 | 73,019 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,039 | 8,049 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,586 | 2,670 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,331 | 8,659 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 300 | 303 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 86,514 | 87,480 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 71,290 | 71,763 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,997 | 6,124 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 937 | 998 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,290 | 8,595 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,431 | 4,917 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,699 | 1,256 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,042 | 1,925 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,649 | 1,672 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 41 | 64 |
Stage three exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 300 | 303 |
Stage three exposure [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 300 | $ 303 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Credit Cards (Detail) - Credit cards [member] - Retail loans [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 20,097 | $ 19,415 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,869 | 13,285 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,912 | 3,866 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,465 | 1,470 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 851 | 794 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 16,901 | 16,322 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,767 | 13,185 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,185 | 2,234 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 130 | 139 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 819 | 764 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,196 | 3,093 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 102 | 100 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,727 | 1,632 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,335 | 1,331 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 32 | $ 30 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Small Business (Detail) - Small business [member] - Retail loans [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 5,266 | $ 4,866 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,273 | 2,050 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,430 | 2,332 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 315 | 273 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 197 | 167 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 51 | 44 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,864 | 4,495 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,228 | 2,004 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,321 | 2,230 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 118 | 95 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 197 | 166 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 351 | 327 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 45 | 46 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 109 | 102 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 197 | 178 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1 | |
Stage three exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 51 | 44 |
Stage three exposure [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 51 | $ 44 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Retail (Detail) - Undrawn loan commitments - retail [member] - Retail loans [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 211,589 | $ 201,254 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 199,824 | 183,696 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,072 | 11,033 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 934 | 3,906 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,759 | 2,619 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 209,170 | 199,544 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 197,881 | 182,426 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,832 | 10,794 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 727 | 3,740 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,730 | 2,584 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,419 | 1,710 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,943 | 1,270 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 240 | 239 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 207 | 166 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 29 | $ 35 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Wholesale (Detail) - Wholesale [member] - Loans outstanding [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 188,099 | $ 171,609 |
Items not subject to impairment | 10,842 | 8,669 |
Gross carrying amount of financial assets | 198,941 | 180,278 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 50,688 | 47,193 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 127,824 | 116,217 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,691 | 7,103 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,896 | 1,096 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 174,236 | 159,588 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 50,609 | 46,869 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 116,299 | 106,027 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,328 | 6,692 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,967 | 10,925 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 79 | 324 |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,525 | 10,190 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 363 | 411 |
Stage three exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,896 | 1,096 |
Stage three exposure [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1,896 | $ 1,096 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Wholesale (Detail) - Wholesale [member] - Undrawn loan commitments [member] - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 322,911 | $ 323,251 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 220,061 | 223,063 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 98,293 | 95,897 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,557 | 4,291 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 314,881 | 316,089 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 220,061 | 222,970 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 90,263 | 88,828 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,557 | 4,291 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,030 | 7,162 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 93 | |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 8,030 | $ 7,069 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 6,223 | $ 6,290 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 4,496 | 4,576 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,727 | 1,714 |
1 to 29 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 4,326 | 4,241 |
1 to 29 days [member] | Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 3,025 | 2,995 |
1 to 29 days [member] | Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,301 | 1,246 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,690 | 1,870 |
30 to 89 days [member] | Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,285 | 1,402 |
30 to 89 days [member] | Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 405 | 468 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 207 | 179 |
90 Days and Greater [member] | Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 186 | $ 179 |
90 Days and Greater [member] | Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 21 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits [line items] | ||
Term | $ 424,459 | $ 396,800 |
Total deposits | 881,211 | 837,046 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 140,474 | 135,101 |
Notice | 48,659 | 48,873 |
Term | 98,796 | 86,180 |
Total deposits | 287,929 | 270,154 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 246,937 | 238,617 |
Notice | 12,106 | 8,606 |
Term | 304,300 | 287,148 |
Total deposits | 563,343 | 534,371 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 8,403 | 8,750 |
Notice | 173 | 299 |
Term | 21,363 | 23,472 |
Total deposits | 29,939 | 32,521 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 395,814 | 382,468 |
Notice | 60,938 | 57,778 |
Term | 424,459 | 396,800 |
Total deposits | 881,211 | 837,046 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 90,308 | 88,119 |
Notice | 5,335 | 5,086 |
Total deposits | 95,643 | 93,205 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 226,187 | 213,747 |
Notice | 15,167 | 15,112 |
Term | 330,119 | 292,641 |
Total deposits | 571,473 | 521,500 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 32,451 | 34,098 |
Total deposits | 32,451 | 34,098 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 3,995 | 2,478 |
Notice | 36,502 | 33,099 |
Term | 49,929 | 67,211 |
Total deposits | 90,426 | 102,788 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 690 | 564 |
Total deposits | 690 | 564 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 31,384 | 32,930 |
Notice | 873 | 1,412 |
Term | 32,973 | 26,598 |
Total deposits | 65,230 | 60,940 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,484 | 5,495 |
Notice | 6 | 5 |
Total deposits | 5,490 | 5,500 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,315 | 5,037 |
Notice | 3,055 | 3,064 |
Term | 11,438 | 10,350 |
Total deposits | $ 19,808 | $ 18,451 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits [line items] | ||
Total deposits | $ 881,211 | $ 837,046 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 326,000 | 309,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 21,000 | 20,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 44,000 | 38,000 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 31,000 | $ 32,000 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 424,459 | $ 396,800 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 387,000 | 362,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 117,873 | 89,553 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 40,755 | 59,109 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 92,765 | 80,773 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 61,462 | 51,798 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 36,338 | 45,550 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 21,616 | 21,127 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 25,735 | 23,863 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 27,915 | $ 25,027 |
Employee benefits - Pension a_3
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Pension and Other Post-employment Benefit Expense (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of pension and other post employment plan [line items] | ||||
Total pension and other post-employment benefit expense | $ 3,615 | $ 3,521 | $ 10,880 | $ 10,347 |
Defined benefit pension plans [member] | Pension Expense [member] | ||||
Disclosure of pension and other post employment plan [line items] | ||||
Current service costs | 74 | 90 | 222 | 269 |
Net interest expense (income) | (5) | 2 | (15) | 6 |
Administrative expense | 4 | 4 | 12 | 11 |
Defined benefit pension expense | 73 | 96 | 219 | 286 |
Defined contribution pension plans [member] | Pension Expense [member] | ||||
Disclosure of pension and other post employment plan [line items] | ||||
Defined contribution pension expense | 50 | 45 | 161 | 140 |
Defined benefit and contribution pension plans [member] | Pension Expense [member] | ||||
Disclosure of pension and other post employment plan [line items] | ||||
Total pension and other post-employment benefit expense | 123 | 141 | 380 | 426 |
Other post employment benefit [member] | Other post employment benefit expense [member] | ||||
Disclosure of pension and other post employment plan [line items] | ||||
Current service costs | 10 | 10 | 29 | 29 |
Net interest expense (income) | 16 | 16 | 49 | 50 |
Remeasurements of other long term benefits | 4 | (1) | 10 | (2) |
Defined benefit pension expense | 30 | 25 | 88 | 77 |
Total pension and other post-employment benefit expense | $ 30 | $ 25 | $ 88 | $ 77 |
Employee benefits - Pension a_4
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Remeasurements Recorded in OCI (Detail) - Remeasurements of Employee Benefit Plans to OCI [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Defined benefit pension plans [member] | ||||
Actuarial (gains) losses: | ||||
Changes in financial assumptions | $ 932 | $ (378) | $ 2,192 | $ (571) |
Return on plan assets (excluding interest based on discount rate) | (203) | (209) | (921) | (171) |
Total remeasurements of employee benefit plans | 729 | (587) | 1,271 | (742) |
Other post employment benefit [member] | ||||
Actuarial (gains) losses: | ||||
Changes in financial assumptions | 63 | (40) | 180 | (62) |
Experience adjustments | (3) | (3) | (6) | (9) |
Total remeasurements of employee benefit plans | $ 60 | $ (43) | $ 174 | $ (71) |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) $ in Millions | 9 Months Ended |
Jul. 31, 2019CAD ($) | |
2014 taxation years [member] | |
Additional details on Income taxes [line items] | |
Amount of tax reassessment on dividend received deduction | $ 295 |
Significant capital and fundi_3
Significant capital and funding transactions - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | Jul. 25, 2019 | Feb. 24, 2019 | Nov. 24, 2018 | Nov. 02, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||||||
Proceeds from issue of preference shares | $ 38 | $ 24 | $ 437 | $ 69 | ||||
Series BO non-cumulative five year rate reset first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of preferred shares issued | 14 | |||||||
Preferred shares issued price per share | $ 25 | |||||||
Proceeds from issue of preference shares | $ 350 | |||||||
Earliest redemption date | Feb. 24, 2024 | |||||||
Initial period annual yield | 4.80% | |||||||
Dividend rate reset | The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Government of Canada bond yield plus a premium of 2.38%. Holders have the option to convert their shares into Non-Cumulative Floating Rate First Preferred Shares, Series BP, subject to certain conditions, on the earliest redemption date and every fifth year thereafter at a rate equal to the 3-month Government of Canada Treasury Bill yield plus 2.38%. | |||||||
Premium | 2.38% | |||||||
Redemption price per share | $ 25 | |||||||
Preference shares redemption conditions | Subject to the consent of OSFI and the requirements of the Bank Act (Canada), we may redeem the Series BO Preferred Shares in whole or in part at a price per share of $25 on the earliest redemption date and every fifth year thereafter. The Series BO Preferred Shares include NVCC provisions which are necessary for the shares to qualify as Tier 1 regulatory capital. | |||||||
Series AD non-cumulative fixed rate first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 25 | |||||||
Number of shares redeemed | 10 | |||||||
Series AK non cumulative fixed rate first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 25 | |||||||
Number of shares redeemed | 2.4 | |||||||
Series AJ non-cumulative 5-year rate reset first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 25 | |||||||
Number of shares redeemed | 13.6 | |||||||
Series AL non-cumulative 5-year rate reset first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 25 | |||||||
Number of shares redeemed | 12 | |||||||
Subordinated debentures [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dated subordinated liabilities | $ 1,000 | $ 1,000 | ||||||
Interest rate | 2.74% | 3.04% | 3.04% | |||||
Maturity | Jul. 25, 2019 | July 17, 2024 | ||||||
Redemption date | Jul. 17, 2019 | |||||||
Percentage of principal amount | 100.00% | |||||||
Dated subordinated issued | $ 1,500 | |||||||
Borrowings adjustment to interest rate | 0.98% | |||||||
Borrowings, interest rate basis | The notes bear interest at a fixed rate of 2.74% per annum until July 25, 2024, and at the three-month Canadian Dollar Offered Rate plus 0.98% thereafter until their maturity on July 25, 2029. |
Significant capital and fundi_4
Significant capital and funding transactions - Summary of Common Shares Issued (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Issued in connection with share-based compensation plans | $ (9) | $ (2) | $ (15) | $ (6) |
Purchased for cancellation | $ (197) | $ (128) | $ (556) | $ (1,275) |
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued in connection with share-based compensation plans, shares | 545 | 440 | 1,230 | 1,105 |
Purchased for cancellation, shares | (1,914) | (1,283) | (5,705) | (12,837) |
Increase (decrease) in number of ordinary shares issued, shares | (1,369) | (843) | (4,475) | (11,732) |
Issued in connection with share-based compensation plans | $ 38 | $ 24 | $ 87 | $ 69 |
Purchased for cancellation | (24) | (16) | (70) | (157) |
Increase (decrease) in equity | $ 14 | $ 8 | $ 17 | $ (88) |
Significant capital and fundi_5
Significant capital and funding transactions - Summary of Common Shares Issued (Parenthetical) (Detail) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Book value of shares purchased for cancellation | $ 197 | $ 128 | $ 556 | $ 1,275 |
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Fair value of shares purchased for cancellation | $ 197 | $ 128 | $ 556 | $ 1,275 |
Average cost of shares purchased for cancellation | $ 102.82 | $ 99.21 | $ 97.36 | $ 99.28 |
Book value of shares purchased for cancellation | $ 24 | $ 16 | $ 70 | $ 157 |
Average book value of shares purchased for cancellation | $ 12.28 | $ 12.23 | $ 12.26 | $ 12.22 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Basic earnings per share | ||||
Net income | $ 3,263 | $ 3,109 | $ 9,665 | $ 9,181 |
Preferred share dividends | (67) | (89) | (206) | (251) |
Net income attributable to non-controlling interests | (8) | (6) | (28) | |
Net income available to common shareholders | $ 3,197 | $ 3,031 | $ 9,454 | $ 8,939 |
Weighted average number of common shares (in thousands) | 1,434,276 | 1,440,477 | 1,435,485 | 1,445,136 |
Basic earnings per share (in dollars) | $ 2.23 | $ 2.10 | $ 6.59 | $ 6.19 |
Diluted earnings per share | ||||
Net income available to common shareholders | $ 3,197 | $ 3,031 | $ 9,454 | $ 8,939 |
Dilutive impact of exchangeable shares | 4 | 4 | 11 | 11 |
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 3,201 | $ 3,035 | $ 9,465 | $ 8,950 |
Weighted average number of common shares (in thousands) | 1,434,276 | 1,440,477 | 1,435,485 | 1,445,136 |
Stock options | 2,056 | 2,547 | 2,102 | 2,776 |
Issuable under other share-based compensation plans | 743 | 731 | 740 | 745 |
Exchangeable shares | 3,055 | 3,201 | 3,172 | 3,166 |
Average number of diluted common shares (in thousands) | 1,440,130 | 1,446,956 | 1,441,499 | 1,451,823 |
Diluted earnings per share (in dollars) | $ 2.22 | $ 2.10 | $ 6.57 | $ 6.16 |
Equity attributable to shareholders [member] | ||||
Basic earnings per share | ||||
Net income | $ 3,263 | $ 3,101 | $ 9,659 | $ 9,153 |
Preferred share dividends | $ (66) | $ (71) | $ (205) | $ (214) |
Earnings per share - Summary _2
Earnings per share - Summary of Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [member] - CAD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Earnings per share [line items] | ||||
Outstanding options excluded from calculation of diluted earnings per share | 0 | 738,258 | 765,267 | 630,088 |
Average exercise price | $ 102.33 | $ 102.33 | $ 102.33 | $ 102.33 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 5,048 | $ 4,596 | $ 14,769 | $ 13,462 | |
Non-interest income | 6,496 | 6,429 | 19,863 | 18,445 | |
Total revenue | 11,544 | 11,025 | 34,632 | 31,907 | |
Provision for credit losses | 425 | 346 | 1,365 | 954 | |
Insurance policyholder benefits, claims and acquisition expense | 1,046 | 925 | 3,431 | 2,182 | |
Non-interest expense | 5,992 | 5,858 | 17,820 | 16,951 | |
Net income (loss) before income taxes | 4,081 | 3,896 | 12,016 | 11,820 | |
Income taxes (recoveries) | 818 | 787 | 2,351 | 2,639 | |
Net income | 3,263 | 3,109 | 9,665 | 9,181 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 456 | 418 | 1,352 | 1,221 | |
Total assets | 1,406,893 | 1,406,893 | $ 1,334,734 | ||
Total liabilities | 1,324,515 | 1,324,515 | 1,254,779 | ||
Operating segments [member] | Personal & Commercial Banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 3,221 | 3,001 | 9,415 | 8,709 | |
Non-interest income | 1,325 | 1,283 | 3,882 | 3,843 | |
Total revenue | 4,546 | 4,284 | 13,297 | 12,552 | |
Provision for credit losses | 341 | 339 | 1,061 | 956 | |
Non-interest expense | 1,959 | 1,910 | 5,761 | 5,539 | |
Net income (loss) before income taxes | 2,246 | 2,035 | 6,475 | 6,057 | |
Income taxes (recoveries) | 582 | 525 | 1,691 | 1,567 | |
Net income | 1,664 | 1,510 | 4,784 | 4,490 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 159 | 147 | 469 | 432 | |
Total assets | 473,914 | 473,914 | 453,879 | ||
Total liabilities | 473,942 | 473,942 | 453,878 | ||
Operating segments [member] | Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 773 | 679 | 2,248 | 1,923 | |
Non-interest income | 2,256 | 2,119 | 6,708 | 6,263 | |
Total revenue | 3,029 | 2,798 | 8,956 | 8,186 | |
Provision for credit losses | 27 | 3 | 83 | (19) | |
Non-interest expense | 2,183 | 2,059 | 6,551 | 6,009 | |
Net income (loss) before income taxes | 819 | 736 | 2,322 | 2,196 | |
Income taxes (recoveries) | 180 | 158 | 501 | 484 | |
Net income | 639 | 578 | 1,821 | 1,712 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 144 | 138 | 443 | 401 | |
Total assets | 101,068 | 101,068 | 93,063 | ||
Total liabilities | 101,276 | 101,276 | 93,162 | ||
Operating segments [member] | Insurance [member] | |||||
Disclosure of operating segments [line items] | |||||
Non-interest income | 1,463 | 1,290 | 4,557 | 3,240 | |
Total revenue | 1,463 | 1,290 | 4,557 | 3,240 | |
Insurance policyholder benefits, claims and acquisition expense | 1,046 | 925 | 3,431 | 2,182 | |
Non-interest expense | 149 | 153 | 453 | 443 | |
Net income (loss) before income taxes | 268 | 212 | 673 | 615 | |
Income taxes (recoveries) | 64 | 54 | 149 | 158 | |
Net income | 204 | 158 | 524 | 457 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 12 | 9 | 35 | 27 | |
Total assets | 18,451 | 18,451 | 16,210 | ||
Total liabilities | 18,429 | 18,429 | 16,289 | ||
Operating segments [member] | Investor & Treasury Services [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | (16) | 32 | (81) | 278 | |
Non-interest income | 577 | 588 | 1,860 | 1,689 | |
Total revenue | 561 | 620 | 1,779 | 1,967 | |
Provision for credit losses | 1 | 1 | 1 | 1 | |
Non-interest expense | 411 | 416 | 1,217 | 1,196 | |
Net income (loss) before income taxes | 149 | 203 | 561 | 770 | |
Income taxes (recoveries) | 31 | 48 | 131 | 184 | |
Net income | 118 | 155 | 430 | 586 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 36 | 30 | 105 | 90 | |
Total assets | 149,863 | 149,863 | 136,030 | ||
Total liabilities | 149,802 | 149,802 | 135,944 | ||
Operating segments [member] | Capital Markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,048 | 913 | 3,111 | 2,620 | |
Non-interest income | 986 | 1,244 | 3,190 | 3,722 | |
Total revenue | 2,034 | 2,157 | 6,301 | 6,342 | |
Provision for credit losses | 56 | 3 | 221 | 16 | |
Non-interest expense | 1,269 | 1,312 | 3,788 | 3,716 | |
Net income (loss) before income taxes | 709 | 842 | 2,292 | 2,610 | |
Income taxes (recoveries) | 56 | 144 | 210 | 499 | |
Net income | 653 | 698 | 2,082 | 2,111 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 105 | 94 | 300 | 271 | |
Total assets | 621,229 | 621,229 | 590,950 | ||
Total liabilities | 620,925 | 620,925 | 590,582 | ||
Elimination of intersegment amounts [member] | Corporate Support [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 22 | (29) | 76 | (68) | |
Non-interest income | (111) | (95) | (334) | (312) | |
Total revenue | (89) | (124) | (258) | (380) | |
Provision for credit losses | (1) | ||||
Non-interest expense | 21 | 8 | 50 | 48 | |
Net income (loss) before income taxes | (110) | (132) | (307) | (428) | |
Income taxes (recoveries) | (95) | (142) | (331) | (253) | |
Net income | (15) | $ 10 | 24 | $ (175) | |
Non-interest expense includes: | |||||
Total assets | 42,368 | 42,368 | 44,602 | ||
Total liabilities | $ (39,859) | $ (39,859) | $ (35,076) |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Jul. 31, 2019 | Oct. 31, 2018 |
Capital | ||
CET1 capital | $ 60,938 | $ 57,001 |
Tier 1 capital | 66,615 | 63,279 |
Total capital | 76,563 | 72,494 |
Risk-weighted Assets (RWA) used in calculation of capital ratios | ||
CET1 capital RWA | 510,664 | 495,528 |
Tier 1 capital RWA | 510,664 | 495,993 |
Total capital RWA | 510,664 | 496,459 |
Total capital RWA consisting of: | ||
Credit risk | 415,977 | 401,534 |
Market risk | 29,425 | 32,209 |
Operational risk | 65,262 | 62,716 |
Total Capital RWA | $ 510,664 | $ 496,459 |
Capital ratios and Leverage ratios | ||
CET1 ratio | 11.90% | 11.50% |
Tier 1 capital ratio | 13.00% | 12.80% |
Total capital ratio | 15.00% | 14.60% |
Leverage ratio | 4.40% | 4.40% |
Leverage ratio exposure (billions) | $ 1,529,400 | $ 1,450,800 |
Capital management - Summary _2
Capital management - Summary of Regulatory Capital and Capital Ratios (Parenthetical) (Detail) | Oct. 31, 2018 |
Regulatory capital and capital ratios [abstract] | |
Credit Valuation Adjustment scalar Common Equity Tier 1 capital | 80.00% |
Credit Valuation Adjustment scalar Tier 1 capital | 83.00% |
Credit Valuation Adjustment scalar Total capital | 86.00% |