Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2019shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ROYAL BANK OF CANADA |
Entity Central Index Key | 0001000275 |
Entity Accounting Standard | IFRS |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 1,430,678,036 |
Entity Interactive Data Current | Yes |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Assets | ||
Cash and due from banks | $ 26,310 | $ 30,209 |
Interest-bearing deposits with banks | 38,345 | 36,471 |
Securities (Note 4) | ||
Trading | 146,534 | 128,258 |
Investment, net of applicable allowance | 102,470 | 94,608 |
Securities | 249,004 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 |
Loans (Note 5) | ||
Retail | 426,086 | 399,452 |
Wholesale | 195,870 | 180,278 |
Loans | 621,956 | 579,730 |
Allowance for loan losses (Note 5) | (3,100) | (2,912) |
Loans, net | 618,856 | 576,818 |
Segregated fund net assets (Note 16) | 1,663 | 1,368 |
Other | ||
Customers' liability under acceptances | 18,062 | 15,641 |
Derivatives (Note 8) | 101,560 | 94,039 |
Premises and equipment (Note 9) | 3,191 | 2,832 |
Goodwill (Note 10) | 11,236 | 11,137 |
Other intangibles (Note 10) | 4,674 | 4,687 |
Other assets (Note 13) | 49,073 | 44,064 |
Total other assets | 187,796 | 172,400 |
Total assets | 1,428,935 | 1,334,734 |
Deposits (Note 14) | ||
Personal | 294,732 | 270,154 |
Business and government | 565,482 | 533,522 |
Bank | 25,791 | 32,521 |
Total deposits | 886,005 | 836,197 |
Segregated fund net liabilities (Note 16) | 1,663 | 1,368 |
Other | ||
Acceptances | 18,091 | 15,662 |
Obligations related to securities sold short | 35,069 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 |
Derivatives (Note 8) | 98,543 | 90,238 |
Insurance claims and policy benefit liabilities (Note 15) | 11,401 | 10,000 |
Other liabilities (Note 18) | 58,137 | 53,122 |
Total other liabilities | 447,827 | 408,083 |
Subordinated debentures (Note 19) | 9,815 | 9,131 |
Total liabilities | 1,345,310 | 1,254,779 |
Equity attributable to shareholders (Note 21) | ||
Retained earnings | 55,981 | 51,112 |
Other components of equity | 4,248 | 4,823 |
Total equity attributable to shareholders | 83,523 | 79,861 |
Non-controlling interests | 102 | 94 |
Total equity | 83,625 | 79,955 |
Total liabilities and equity | 1,428,935 | 1,334,734 |
Preferred shares [member] | ||
Equity attributable to shareholders (Note 21) | ||
Issued capital | 5,707 | 6,309 |
Common shares [member] | ||
Equity attributable to shareholders (Note 21) | ||
Issued capital | $ 17,587 | $ 17,617 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Interest and dividend income (Note 3) | ||
Loans | $ 24,863 | $ 21,249 |
Securities | 6,827 | 5,670 |
Assets purchased under reverse repurchase agreements and securities borrowed | 8,960 | 5,536 |
Deposits and other | 683 | 566 |
Interest income | 41,333 | 33,021 |
Interest expense (Note 3) | ||
Deposits and other | 12,988 | 9,842 |
Other liabilities | 8,231 | 4,905 |
Subordinated debentures | 365 | 322 |
Interest expense | 21,584 | 15,069 |
Net interest income | 19,749 | 17,952 |
Non-interest income | ||
Insurance premiums, investment and fee income (Note 15) | 5,710 | 4,279 |
Trading revenue | 995 | 1,150 |
Investment management and custodial fees | 5,748 | 5,377 |
Mutual fund revenue | 3,628 | 3,551 |
Securities brokerage commissions | 1,305 | 1,372 |
Service charges | 1,907 | 1,800 |
Underwriting and other advisory fees | 1,815 | 2,053 |
Foreign exchange revenue, other than trading | 986 | 1,098 |
Card service revenue | 1,072 | 1,054 |
Credit fees | 1,269 | 1,394 |
Net gains on investment securities | 125 | 147 |
Share of profit in joint ventures and associates (Note 12) | 76 | 21 |
Other | 1,617 | 1,328 |
Non-interest income | 26,253 | 24,624 |
Total revenue | 46,002 | 42,576 |
Provision for credit losses (Notes 4 and 5) | 1,864 | 1,307 |
Insurance policyholder benefits, claims and acquisition expense (Note 15) | 4,085 | 2,676 |
Non-interest expense | ||
Human resources (Notes 17 and 22) | 14,600 | 13,776 |
Equipment | 1,777 | 1,593 |
Occupancy | 1,635 | 1,558 |
Communications | 1,090 | 1,049 |
Professional fees | 1,305 | 1,379 |
Amortization of other intangibles (Note 10) | 1,197 | 1,077 |
Other | 2,535 | 2,401 |
Non-interest expense | 24,139 | 22,833 |
Income before income taxes | 15,914 | 15,760 |
Income taxes (Note 23) | 3,043 | 3,329 |
Net income | 12,871 | 12,431 |
Net income attributable to: | ||
Shareholders | 12,860 | 12,400 |
Non-controlling interests | 11 | 31 |
Net income | $ 12,871 | $ 12,431 |
Basic earnings per share (in dollars) (Note 24) | $ 8.78 | $ 8.39 |
Diluted earnings per share (in dollars) (Note 24) | 8.75 | 8.36 |
Dividends per common share (in dollars) | $ 4.07 | $ 3.77 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 12,871 | $ 12,431 |
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 | 192 | (70) |
Provision for credit losses recognized in income | (14) | (9) |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (133) | (94) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 45 | (173) |
Foreign currency translation adjustments | ||
Unrealized foreign currency translation gains (losses) | 65 | 840 |
Net foreign currency translation gains (losses) from hedging activities | 5 | (237) |
Reclassification of losses (gains) on foreign currency translation to income | 2 | |
Reclassification of losses (gains) on net investment hedging activities to income | 1 | |
Foreign currency translation adjustments | 73 | 603 |
Net change in cash flow hedges | ||
Net gains (losses) on derivatives designated as cash flow hedges | (559) | 150 |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | (135) | 107 |
Net change in cash flow hedges | (694) | 257 |
Items that will not be reclassified subsequently to income: | ||
Remeasurements of employee benefit plans (Note 17) | (942) | 724 |
Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss | 51 | 123 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 25 | (2) |
Total items that will not be reclassified subsequently to income | (866) | 845 |
Total other comprehensive income (loss), net of taxes | (1,442) | 1,532 |
Total comprehensive income (loss) | 11,429 | 13,963 |
Total comprehensive income attributable to: | ||
Shareholders | 11,419 | 13,931 |
Non-controlling interests | 10 | 32 |
Total comprehensive income (loss) | $ 11,429 | $ 13,963 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Millions | Total | 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] | 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] |
Balance at beginning of period 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 | 92 | 92 | 92 | |||||||||
Common shares purchased for cancellation | (1,522) | (187) | (1,335) | (1,522) | ||||||||
Redemption of preferred shares | (105) | (107) | 2 | (105) | ||||||||
Redemption of trust capital securities | (500) | (500) | ||||||||||
Sales of treasury shares | 5,738 | $ 259 | 5,479 | 5,738 | ||||||||
Purchases of treasury shares | (5,726) | (256) | (5,470) | (5,726) | ||||||||
Share-based compensation awards | (10) | (10) | (10) | |||||||||
Dividends on common shares | (5,442) | (5,442) | (5,442) | |||||||||
Dividends on preferred shares and other | (322) | (285) | (285) | (37) | ||||||||
Other | (2) | 136 | (138) | (2) | (138) | |||||||
Net income | 12,431 | 12,400 | 12,400 | 31 | ||||||||
Total other comprehensive income (loss), net of taxes | 1,532 | 845 | 686 | 1,531 | 1 | (173) | 602 | 257 | ||||
Balance at end 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 |
Balance at end of period (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Oct. 31, 2018 | (94) | (94) | (94) | |||||||||
Balance at end of period (Balance After IFRS Adjustments [member]) at Oct. 31, 2018 | 79,861 | 6,306 | 17,635 | 3 | (18) | 51,018 | 4,823 | 79,767 | 94 | (12) | 4,147 | 688 |
Balance at end of period at Oct. 31, 2018 | 79,955 | 6,306 | 17,635 | 3 | (18) | 51,112 | 4,823 | 79,861 | 94 | (12) | 4,147 | 688 |
Changes in equity | ||||||||||||
Issues of share capital | 486 | 350 | 136 | 486 | ||||||||
Common shares purchased for cancellation | (1,030) | (126) | (904) | (1,030) | ||||||||
Redemption of preferred shares | (950) | (950) | (950) | |||||||||
Sales of treasury shares | 5,522 | 182 | 5,340 | 5,522 | ||||||||
Purchases of treasury shares | (5,564) | (184) | (5,380) | (5,564) | ||||||||
Share-based compensation awards | (23) | (23) | (23) | |||||||||
Dividends on common shares | (5,840) | (5,840) | (5,840) | |||||||||
Dividends on preferred shares and other | (271) | (269) | (269) | (2) | ||||||||
Other | 5 | 5 | 5 | |||||||||
Net income | 12,871 | 12,860 | 12,860 | 11 | ||||||||
Total other comprehensive income (loss), net of taxes | (1,442) | (866) | (575) | (1,441) | (1) | 45 | 74 | (694) | ||||
Balance at end of period at Oct. 31, 2019 | $ 83,625 | $ 5,706 | $ 17,645 | $ 1 | $ (58) | $ 55,981 | $ 4,248 | $ 83,523 | $ 102 | $ 33 | $ 4,221 | $ (6) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 12,871 | $ 12,431 |
Adjustments for non-cash items and others | ||
Provision for credit losses | 1,864 | 1,307 |
Depreciation | 627 | 569 |
Deferred income taxes | (519) | 459 |
Amortization and impairment of other intangibles | 1,307 | 1,083 |
Net changes in investments in joint ventures and associates | (74) | (1) |
Losses (Gains) on investment securities | (213) | (149) |
Losses (Gains) on disposition of businesses | (158) | (40) |
Adjustments for net changes in operating assets and liabilities | ||
Insurance claims and policy benefit liabilities | 1,401 | 218 |
Net change in accrued interest receivable and payable | 199 | 162 |
Current income taxes | (26) | (2,707) |
Derivative assets | (7,521) | 984 |
Derivative liabilities | 8,305 | (1,889) |
Trading securities | (18,276) | 2,297 |
Loans, net of securitizations | (42,672) | (41,477) |
Assets purchased under reverse repurchase agreements and securities borrowed | (12,359) | (73,626) |
Obligations related to assets sold under repurchase agreements and securities loaned | 19,772 | 63,730 |
Obligations related to securities sold short | 2,822 | 2,239 |
Deposits, net of securitizations | 49,808 | 48,499 |
Brokers and dealers receivable and payable | (480) | 147 |
Other | (2,413) | 3,238 |
Net cash from (used in) operating activities | 14,265 | 17,474 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | (1,874) | (3,809) |
Proceeds from sales and maturities of investment securities | 65,377 | 57,108 |
Purchases of investment securities | (72,435) | (59,286) |
Net acquisitions of premises and equipment and other intangibles | (2,261) | (1,980) |
Proceeds from dispositions | 173 | 14 |
Cash used in acquisitions | (106) | (65) |
Net cash from (used in) investing activities | (11,126) | (8,018) |
Cash flows from financing activities | ||
Redemption of trust capital securities | (500) | |
Issuance of subordinated debentures | 1,500 | |
Repayment of subordinated debentures | (1,100) | |
Issue of common shares, net of issuance costs | 105 | 72 |
Common shares purchased for cancellation | (1,030) | (1,522) |
Issue of preferred shares, net of issuance costs | 350 | |
Redemption of preferred shares | (950) | (105) |
Sales of treasury shares | 5,522 | 5,738 |
Purchases of treasury shares | (5,564) | (5,726) |
Dividends paid | (6,025) | (5,640) |
Dividends/distributions paid to non-controlling interests | (2) | (37) |
Change in short-term borrowings of subsidiaries | (263) | |
Net cash from (used in) financing activities | (7,457) | (7,720) |
Effect of exchange rate changes on cash and due from banks | 419 | 66 |
Net change in cash and due from banks | (3,899) | 1,802 |
Cash and due from banks at beginning of period | 30,209 | 28,407 |
Cash and due from banks at end of period | 26,310 | 30,209 |
Cash flows from operating activities include: | ||
Amount of interest paid | 19,984 | 13,513 |
Amount of interest received | 39,500 | 31,386 |
Amount of dividends received | 2,209 | 1,706 |
Amount of income taxes paid | $ 2,977 | $ 5,818 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Statement of cash flows [abstract] | |||
Mandatory reserve deposits at central banks | $ 2.6 | $ 2.4 | $ 2.3 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
IFRS 7 Disclosure | The shaded text along with the tables specifically marked with an asterisk (*) in the following sections of the MD&A represent our disclosures on credit, market and liquidity and funding risks in accordance with IFRS 7 , Financial Instruments: Disclosures Transactional/positional risk drivers Credit risk Credit risk is the risk of loss associated with an obligor’s potential inability or unwillingness to fulfill its contractual obligations on a timely basis and may arise directly from the risk of default of a primary obligor (e.g., issuer, debtor, counterparty, borrower or policyholder), indirectly from a secondary obligor (e.g., guarantor or reinsurer), through off-balance non-trading We balance our risk and return by setting the following objectives for the management of credit risk: • Ensuring credit quality is not compromised for growth; • Mitigating credit risk in transactions, relationships and portfolios; • Using our credit risk rating and scoring systems or other approved credit risk assessment or rating methodologies, policies and tools; • Pricing appropriately for the credit risk taken; • Detecting and preventing inappropriate credit risk through effective systems and controls; • Applying consistent credit risk exposure measurements; • Ongoing credit risk monitoring and administration; • Transferring credit risk to third parties where appropriate through approved credit risk mitigation techniques (e.g., sale, hedging, insurance, securitization); and • Avoiding activities that are inconsistent with our values, Code of Conduct or policies. The Enterprise Credit Risk Management Framework (ECRMF) describes the principles, methodologies, systems, roles and responsibilities, reports and controls that exist for managing credit risk within the enterprise. Additional supporting policies exist that are designed to provide further clarification of roles and responsibilities, acceptable practices, limits and key controls within the enterprise. Credit risk measurement We quantify credit risk at both the individual obligor and portfolio levels to manage expected credit losses and minimize unexpected losses in order to limit earnings volatility and ensure we are adequately capitalized. We employ a variety of risk measurement methodologies to measure and quantify credit risk for our wholesale and retail credit portfolios. The wholesale portfolio is comprised of businesses, sovereigns, public sector entities, banks and other financial institutions, as well as certain high net worth individuals and small businesses. The retail portfolio is comprised of residential mortgages, personal loans, credit cards, and small business loans. Our credit risk rating systems are designed to assess and quantify the risk inherent in credit activities in an accurate and consistent manner. The resulting ratings and scores are then used for both client- and transaction-level risk decision-making and as key inputs for our risk measurement and capital calculations. Measurement of economic and regulatory capital Economic capital, which is our internal quantification of risks, is used for limit setting and internal capital adequacy and allocation of capital to Insurance. Our methodology for allocating capital to our business segments, other than Insurance, is based on regulatory requirements. For further details, refer to the Capital management section. In measuring credit risk to determine regulatory capital, two principal approaches are available: Internal Ratings Based (IRB) Approach and Standardized Approach. The Standardized Approach applies primarily to our Caribbean banking operations and City National and is based on risk weights prescribed by OSFI that are used to calculate risk-weighted assets (RWA) for credit risk exposure. The IRB Approach, which applies to most of our credit risk exposures, utilizes three key parameters which form the basis of our credit risk measures for both regulatory and economic capital. • Probability of default (PD): An estimated percentage that represents the likelihood of default within a given time period of an obligor for a specific rating grade or for a particular pool of exposure. • Exposure at default (EAD): An amount expected to be owed by an obligor at the time of default. • Loss given default (LGD): An estimated percentage of EAD that is not expected to be recovered during the collections and recovery process. These parameters are determined based primarily on historical experience from internal credit risk rating systems in accordance with supervisory standards. Each credit facility is assigned an LGD rate that is largely driven by factors that impact the extent of losses anticipated in the event the obligor defaults. These factors mainly include seniority of debt, collateral and the industry sector in which the obligor operates. Estimated LGD rates draw primarily on internal loss experiences. Where we have limited internal loss data, we also refer to appropriate external data to supplement the estimation process. LGD rates are estimated to reflect conditions that might be expected to prevail in a period of an economic downturn, with additional conservatism added to reflect data limitations and statistical uncertainties identified in the estimation process. EAD is estimated based on the current exposure to the obligor and the possible future changes in that exposure driven by factors such as the nature of the credit commitment. As with LGD, rates are estimated to reflect an economic downturn, with added conservatism to reflect data and statistical uncertainties identified in the modelling process. Estimates of PD, LGD and EAD are updated, and then validated and back-tested by an independent validation team within the bank, on an annual basis. In addition, quarterly monitoring and back-testing is performed by the estimation team. These ratings and risk measurements are used to determine our expected losses as well as economic and regulatory capital, setting of risk limits, portfolio management and product pricing. Financial and regulatory measurement distinctions Expected loss models are used for both regulatory capital and accounting purposes. Under both models, expected losses are calculated as the product of PD, LGD and EAD. However, there are certain key differences under current Basel and IFRS reporting frameworks which could lead to significantly different expected loss estimates, including: • Basel PDs are based on long-run • Basel PDs consider the probability of default over the next 12 months. IFRS PDs consider the probability of default over the next 12 months only for instruments in stage 1. Expected credit losses for instruments in stage 2 are calculated using lifetime PDs. • Basel LGDs are based on severe but plausible downturn economic conditions. IFRS LGDs are based on current conditions, adjusted for estimates of future conditions that will impact LGD under probability-weighted macroeconomic scenarios. For further details, refer to the Critical accounting policies and estimates section. Gross credit risk exposure Gross credit risk is categorized as i) lending-related and other credit risk or ii) trading-related credit risk; and is calculated based on the Basel III framework. Under this method, EAD for all lending-related and other credit transactions and trading-related repo-style transactions is calculated before taking into account any collateral and is inclusive of an estimate of Lending-related and other credit risk includes: • Loans and acceptances outstanding, undrawn commitments, and other exposures, including contingent liabilities such as letters of credit and guarantees, debt securities carried at FVOCI or amortized cost and deposits with financial institutions. Undrawn commitments represent an estimate of the contractual amount that may be drawn upon at the time of default of an obligor. Trading-related credit risk includes: • Repo-style transactions, which include repurchase and reverse repurchase agreements and securities lending and borrowing transactions. For repo-style transactions, gross exposure represents the amount at which securities were initially financed, before taking collateral into account. • Derivative amounts which represent the credit equivalent amount, as defined by OSFI as the replacement cost plus an add-on Credit risk assessment Wholesale credit risk The wholesale credit risk rating system is designed to measure the credit risk inherent in our wholesale credit activities. Each obligor is assigned a borrower risk rating (BRR), reflecting an assessment of the credit quality of the obligor. Each BRR has a PD calibrated against it. The BRR differentiates the riskiness of obligors and represents our evaluation of the obligor’s ability and willingness to meet its contractual obligations on time over a three year time horizon. The assignment of BRRs is based on the evaluation of the obligor’s business risk and financial risk through fundamental credit analysis, as well as data-driven modelling. The determination of the PD associated with each BRR relies primarily on internal default history since 2006. PD estimates are designed to be a long-run Our rating system is designed to stratify obligors into 22 grades. The following table aligns the relative rankings of our 22-grade Internal ratings map* Table 4 2 PD Bands Ratings Business and Bank Sovereign BRR S&P Moody’s Description 1 0.0000% – 0.0300% 0.0000% – 0.0155% 1+ AAA Aaa Investment Grade 2 0.0000% – 0.0300% 0.0156% – 0.0265% 1H AA+ Aa1 3 0.0301% – 0.0375% 0.0266% – 0.0375% 1M AA Aa2 4 0.0376% – 0.0490% 1L AA- Aa3 5 0.0491% – 0.0650% 2+H A+ A1 6 0.0651% – 0.0810% 2+M A A2 7 0.0811% – 0.1120% 2+L A- A3 8 0.1121% – 0.1800% 2H BBB+ Baa1 9 0.1801% – 0.2620% 2M BBB Baa2 10 0.2621% – 0.3845% 2L BBB- Baa3 11 0.3846% – 0.6480% 2-H BB+ Ba1 Non-investment 12 0.6481% – 0.9625% 2-M BB Ba2 13 0.9626% – 1.4070% 2-L BB- Ba3 14 1.4071% – 2.1785% 3+H B+ B1 15 2.1786% – 3.4210% 3+M B B2 16 3.4211% – 5.2775% 3+L B- B3 17 5.2776% – 7.9410% 3H CCC+ Caa1 18 7.9411% – 11.4475% 3M CCC Caa2 19 11.4476% – 19.6535% 3L CCC- Caa3 20 19.6536% – 99.9990% 4 CC Ca 21 100% 5 C C Impaired 22 100% 6 D C * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. Retail credit risk Credit scoring is the primary risk rating system for assessing obligor and transaction risk for retail exposures. Scoring models use internal and external data to assess and “score” borrowers, predict future performance and manage limits for existing loans and collection activities. Credit scores are one of the factors employed in the acquisition of new clients and management of existing clients. The credit score of the borrower is used to assess the predicted credit risk for each independent acquisition or account management action, leading to an automated decision or guidance for an adjudicator. Credit scoring improves credit decision quality, adjudication timeframes and consistency in the credit decision process and facilitates risk-based pricing. To arrive at a retail risk rating, borrower scores are categorized and associated with PDs for further grouping into risk rating categories. The following table maps PD bands to various risk levels for retail exposures: Internal ratings map* Table 4 3 PD bands Description 0.000% – 1.718% Low risk 1.719% – 6.430% Medium risk 6.431% – 99.99% High risk 100% Impaired/Default * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. Credit risk mitigation We seek to reduce our exposure to credit risk through a variety of means, including the structuring of transactions and the use of collateral. Structuring of transactions Specific credit policies and procedures set out the requirements for structuring transactions. Risk mitigants include the use of guarantees, collateral, seniority, loan-to-value Collateral When we advance credit, we often require obligors to pledge collateral as security. The extent of risk mitigation provided by collateral depends on the amount, type and quality of the collateral taken. Specific requirements relating to collateral valuation and management are set out in our credit risk management policies. The types of collateral used to secure credit or trading facilities within the bank are varied. For example, our securities financing and collateralized OTC derivatives activities are primarily secured by cash and highly-rated liquid government and agency securities. Wholesale lending to business clients is often secured by pledges of the assets of the business, such as accounts receivable, inventory, operating assets and commercial real estate. In Canadian Banking and Wealth Management, collateral typically consists of a pledge over a real estate property, or a portfolio of debt securities and equities trading on a recognized exchange. • We employ a risk-based approach to property valuation. Property valuation methods include automated valuation models (AVM) and appraisals. An AVM is a tool that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. Using a risk-based approach, we also employ appraisals which can include drive-by on-site There were no significant changes regarding our risk management policies on collateral or to the quality of the collateral held during the period. Credit risk approval The Board, GE, GRC and other senior management committees work together to ensure the ECRMF and supporting policies, processes and procedures exist to manage credit risk and approve related credit risk limits. Reports are provided to the Board, the GRC, and senior executives to keep them informed of our risk profile, including significant credit risk issues, shifts in exposures and trending information, to ensure appropriate and timely actions can be taken where necessary. Our enterprise-wide credit risk policies set out the minimum requirements for the management of credit risk in a variety of borrower, transactional and portfolio management contexts. Transaction approval Credit transactions are approved in accordance with the delegated credit risk approval authorities and are subject to our credit rules policy, which outlines the minimum standards for managing credit risk at the individual client relationship and/or transaction level. Product approval Proposals for credit products and services are comprehensively reviewed and approved under a risk assessment framework and are subject to approval authorities which increase as the level of risk increases. New and amended products must be reviewed relative to all risk drivers, including credit risk. All existing products must be reviewed following a risk-based assessment approach on a regular basis. Credit risk limits • Credit risk limits are set by the Board and take into account both regulatory constraints and internal risk management judgment. Limits are established at the following levels: single name limits (notional and economic capital), geographic (country and region) limits (notional and economic capital), industry sector limits (notional and economic capital), product and portfolio limits, and underwriting and distribution risk limits. These limits apply across businesses, portfolios, transactions and products. • We manage credit exposures and limits to ensure alignment with our risk appetite, to maintain our target business mix and to ensure that there is no undue concentration risk. • Concentration risk is defined as the risk arising from large exposures that are highly correlated such that their ability to meet contractual obligations could be similarly affected by changes in economic, political or other risk drivers. • Credit concentration limits are reviewed on a regular basis after taking into account business, economic, financial and regulatory environments. Market risk Market risk is defined to be the impact of market prices upon our financial condition. This includes potential gains or losses due to changes in market determined variables such as interest rates, credit spreads, equity prices, commodity prices, foreign exchange rates and implied volatilities . Market risk controls – FVTPL positions As an element of the ERAF, the Board approves our overall market risk constraints. GRM creates and manages the control structure for FVTPL positions which ensures that business is conducted consistent with Board requirements. The Market and Trading Credit Risk function within GRM is responsible for creating and managing the controls and governance procedures that ensure that risk taken is consistent with risk appetite constraints set by the Board. These controls include limits on probabilistic measures of potential loss such as Value-at-Risk Value-at-Risk Value-at-Risk one-day Stressed Value-at-Risk one-year two-year VaR and SVaR are statistical estimates based on historical market data and should be interpreted with knowledge of their limitations, which include the following: • VaR and SVaR will not be predictive of future losses if the realized market movements differ significantly from the historical periods used to compute them. • VaR and SVaR project potential losses over a one-day • VaR and SVaR are measured using positions at close of business and do not include the impact of trading activity over the course of a day. We validate our VaR and SVaR measures through a variety of means – including subjecting the models to vetting and validation by a group independent of the model developers and by back-testing the VaR against daily marked-to-market Stress Tests marked-to-market. Market risk measures – FVTPL positions VaR and SVaR The following table presents our Market risk VaR and Market risk SVaR figures for 2019 and 2018. Market risk VaR* Table 5 2 October 31, 2019 October 31, 2018 For the year ended For the year ended (Millions of Canadian dollars) As at Average High Low As at Average High Low Equity $ 22 $ 19 $ 32 $ 11 $ 34 $ 14 $ 40 $ 6 Foreign exchange 3 4 13 2 12 4 12 2 Commodities 2 2 4 1 2 2 3 1 Interest rate (1) 13 14 19 11 15 17 30 10 Credit specific (2) 5 5 6 4 5 5 6 4 Diversification (3) (17 ) (17 ) n.m n.m. (29 ) (17 ) n.m. n.m. Market risk VaR $ 28 $ 27 $ 45 $ 15 $ 39 $ 25 $ 44 $ 13 Market risk Stressed VaR $ 85 $ 106 $ 161 $ 76 $ 91 $ 79 $ 149 $ 40 * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. (1) General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. (2) Credit specific risk captures issuer-specific credit spread volatility. (3) Market risk VaR is less than the sum of the individual risk factor VaR results due to portfolio diversification. n.m. not meaningful Market risk controls – Structural Interest Rate Risk (SIRR) positions (1) The interest rate risk arising from traditional banking products, such as deposits and loans, is referred to as SIRR and is subject to limits and controls. SIRR measures also include related hedges as well as the interest rate risk from securities held for liquidity management. Factors contributing to SIRR include the mismatch between asset and liability repricing dates, relative changes in asset and liability rates, and other product features that could affect the expected timing of cash flows, such as options to pre-pay loans or redeem term deposits prior to contractual maturity. The Board approves the risk appetite for SIRR, and the Asset-Liability Committee (ALCO), along with GRM, provides ongoing governance of SIRR measurement and management through risk policies, limits, operating standards and other controls. SIRR reports are reviewed regularly by GRM, ALCO, the GRC, the Risk Committee of the Board and the Board. SIRR measurement To monitor and control SIRR, we assess two primary metrics, Net Interest Income (NII) risk and Economic Value of Equity (EVE) risk, under a range of market shocks, scenarios, and time horizons. Market scenarios include currency-specific parallel and non-parallel In measuring NII risk, detailed structural balance sheets and income statements are dynamically simulated to determine the impact of market stress scenarios on projected NII. Assets, liabilities and off-balance Management of NII and EVE risk is complementary and supports our efforts to generate a sustainable high-quality NII stream. NII and EVE risks for specific units are measured daily, weekly or monthly depending on their materiality, complexity and hedge strategy. A number of assumptions affecting cash flows, product re-pricing non-maturity Market risk measures – Structural Interest Rate Sensitivities The following table shows the potential before-tax 12-month (1) SIRR positions include impact of derivatives in hedge accounting relationships and FVOCI securities used for interest rate risk management. Market risk – SIRR measures* Table 5 3 2019 2018 EVE risk NII risk (1) (Millions of Canadian dollars) Canadian U.S. dollar (2) Total Canadian U.S. dollar (2) Total EVE risk NII risk (1) Before-tax 100 bps increase in rates $ (1,151 ) $ (205 ) $ (1,356 ) $ 351 $ 128 $ 479 $ (1,140 ) $ 505 100 bps decrease in rates 1,027 (107 ) 920 (486 ) (151 ) (637 ) 755 (582 ) Before-tax 200 bps increase in rates $ (2,311 ) $ (690 ) $ (3,001 ) $ 620 $ 247 $ 867 $ (2,407 ) $ 923 200 bps decrease in rates 2,030 (86 ) 1,944 (1,071 ) (285 ) (1,356 ) 1,067 (1,370 ) * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. (1) Represents the 12-month (2) Represents the impact on the SIRR portfolios held in our City National and U.S. banking operations. Non-trading Foreign exchange rate risk is the potential adverse impact on earnings and economic value due to changes in foreign currency rates. Our revenue, expenses and income denominated in currencies other than the Canadian dollar are subject to fluctuations as a result of changes in the value of the average Canadian dollar relative to the average value of those currencies. Our most significant exposure is to the U.S. dollar, due to our operations in the U.S. and other activities conducted in U.S. dollars. Other significant exposures are to the British pound and the Euro, due to our activities conducted internationally in these currencies. A strengthening or weakening of the Canadian dollar compared to the U.S. dollar, British pound and the Euro could reduce or increase, as applicable, the translated value of our foreign currency denominated revenue, expenses and earnings and could have a significant effect on the results of our operations. We are also exposed to foreign exchange rate risk arising from our investments in foreign operations. For unhedged equity investments, when the Canadian dollar appreciates against other currencies, the unrealized translation losses on net foreign investments decreases our shareholders’ equity through the other components of equity and decreases the translated value of the RWA of the foreign currency-denominated asset. The reverse is true when the Canadian dollar depreciates against other currencies. Consequently, we consider these impacts in selecting an appropriate level of our investments in foreign operations to be hedged . Liquidity and funding risk Liquidity and funding risk (liquidity risk) is the risk that we may be unable to generate sufficient cash or its equivalents in a timely and cost-effective manner to meet our commitments as they come due. Liquidity risk arises from mismatches in the timing and value of on-balance sheet and off-balance sheet cash flows. Our liquidity profile is structured to ensure that we have sufficient liquidity to satisfy current and prospective commitments in both normal and stressed conditions. To achieve this goal, we operate under a comprehensive Liquidity Risk Management Framework (LRMF) and Pledging Policy. We also employ several liquidity risk mitigation strategies that include: • Achieving an appropriate balance between the level of exposure allowed under our risk appetite and the cost of risk mitigation; • Maintaining broad funding access, including preserving and promoting a reliable base of core client deposits and ongoing access to diversified wholesale funding sources; • A comprehensive liquidity stress testing program, contingency, recovery and resolution planning and status monitoring to ensure sufficiency of unencumbered marketable securities and demonstrated capacity to monetize specific asset classes; • Governance of pledging activity through limits and liquid asset buffers for potential pledging activity; • Timely and granular risk measurement information; • Transparent liquidity transfer pricing and cost allocation; and • Our three lines of defense governance model. Risk control Our liquidity risk objectives, policies and methodologies are reviewed regularly, and are updated to reflect changing market conditions and business mix. This includes aligning with local regulatory developments. We continue to maintain liquidity and funding that is appropriate for the execution of our strategy. Liquidity risk remains well within our risk appetite. The Board annually approves the delegation of liquidity risk authorities to senior management. The Risk Committee of the Board annually approves the LRMF and the Pledging Policy and is responsible for their oversight. The Board, the Risk Committee of the Board, the GRC and the ALCO regularly review reporting on our enterprise-wide liquidity position. The GRC, the Policy Review Committee (PRC) and/or the ALCO also review liquidity documents prepared for the Board or its committees. • The PRC annually approves the Liquidity Risk Policy (LRP), which establishes minimum risk control elements in accordance with the Board-approved risk appetite and the LRMF. • The ALCO annually approves the Liquidity Contingency Plan (LCP) and provides strategic direction and oversight to Corporate Treasury, other functions, and business segments on the management of liquidity. These policies are supported by operational, desk and product-level policies that implement risk control elements, such as parameters, methodologies, management limits and authorities that govern the measurement and management of liquidity. Stress testing is also employed to assess the robustness of the control framework and inform liquidity contingency plans. Risk measurement Liquidity risk is measured by applying scenario-specific assumptions against our assets and liabilities and off-balance To manage liquidity risk within our liquidity risk appetite, we set limits on various metrics reflecting a range of time horizons and severity of stress conditions and develop contingency, recovery and resolution plans. Our liquidity risk measurement and control activities are divided into three categories as follows: Structural (longer-term) liquidity risk To guide our secured and unsecured wholesale term funding activities, we employ an internal metric to manage and control the structural alignment between long-term illiquid assets and longer-term funding sourced from wholesale investors and core relationship deposits. Tactical (shorter-term) liquidity risk To address potential immediate cash flow risks in times of stress, we use short-term net cash flow limits to control risk of material units, subsidiaries and currencies, and perform stress testing assessments. Net cash flow positions are determined by applying internally-derived risk assumptions and parameters to known and anticipated cash flows for all material unencumbered assets, liabilities and off-balance Contingency liquidity risk Contingency liquidity risk planning assesses the impact of sudden stress events and our planned responses. Our LCP, maintained and administered by Corporate Treasury, has been developed to guide our potential responses to liquidity crises. Under leadership of Corporate Treasury, both enterprise and regional Liquidity Crisis Teams (LCT) meet regularly to assess our liquidity status, approve the LCP, and in times of stress provide valuable linkages to front line and risk functions to support the crisis management process. LCT’s include members from key business segments, GRM, Finance, Operations, and Communications with relevant subject matter expertise. Funding Funding strategy Core funding, comprising capital, longer-term wholesale liabilities and a diversified pool of personal and, to a lesser extent, commercial and institutional deposits, is the foundation of our structural liquidity position. We primarily use residential mortgage and credit card securitization programs as alternative sources of funding and for liquidity and asset/liability management purposes. Our total secured long-term funding includes outstanding mortgage-backed securities (MBS) sold, covered bonds that are collateralized with residential mortgages and securities backed by credit card receivables. Long-term funding sources* Table 5 7 As at (Millions of Canadian dollars) October 31 October 31 Unsecured long-term funding $ 94,662 $ 102,325 Secured long-term funding 63,853 64,843 Subordinated debentures 9,788 9,397 $ 168,303 $ 176,565 * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. We also raise long-term funding using Canadian Senior Notes, Canadian National Housing Act MBS, Canada Mortgage Bonds, credit card receivable-backed securities, Kangaroo Bonds (issued in the Australian domestic market by foreign firms) and Yankee Certificates of Deposit (issued in the U.S. domestic market by foreign firms). Contractual maturities of financial liabilities and off-balance The following tables provide remaining contractual maturity analysis of our financial liabilities and off-balance mark-to-market off-balance Contractual maturities of financial liabilities and off-balance Table 6 4 As at October 31, 2019 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1) $ 406,042 $ 315,398 $ 50,218 $ 83,651 $ 30,560 $ 885,869 Other Acceptances – 18,091 – – – 18,091 Obligations related to securities sold short – 35,125 – – – 35,125 Obligations related to assets sold under repurchase agreements and securities loaned 5,977 220,592 4 – – 226,573 Other liabilities 617 31,794 190 640 8,512 41,753 Subordinated debentures – – – 316 9,499 9,815 412,636 621,000 50,412 84,607 48,571 1,217,226 Off-balance Financial guarantees ( 2 $ 16,608 $ – $ – $ – $ – $ 16,608 Lease commitments – 805 719 1,619 3,032 6,175 Commitments to extend credit ( 2 226,021 38,148 6 1 – 264,176 242,629 38,953 725 1,620 3,032 286,959 Total financial liabilities and off-balance $ 655,265 $ 659,953 $ 51,137 $ 86,227 $ 51,603 $ 1,504,185 As at October 31, 2018 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1), ( 3 $ 382,847 $ 287,928 $ 52,108 $ 91,154 $ 24,240 $ 838,277 Other Acceptances – 15,657 5 – – 15,662 Obligations related to securities sold short – 32,222 – – – 32,222 Obligations related to assets sold under repurchase agreements and securities loaned 7,240 199,574 – – – 206,814 Other liabilities ( 3 1,753 28,568 98 383 7,700 38,502 Subordinated debentures – 103 – 318 8,710 9,131 391,840 564,052 52,211 91,855 40,650 1,140,608 Off-balance Financial guarantees ( 2 $ 15,502 $ – $ – $ – $ – $ 15,502 Lease commitments – 784 695 1,517 2,814 5,810 Commitments to extend credit ( 2 224,058 38,528 2 29 – 262,617 239,560 39,312 697 1,546 2,814 283,929 Total financial liabilities and off-balance $ 631,400 $ 603,364 $ 52,908 $ 93,401 $ 43,464 $ 1,424,537 * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. (1) A major portion of relationship-based deposits are repayable on demand or at short notice on a contractual basis while, in practice, these customer balances form a core base for our operations and liquidity needs, as explained in the preceding Deposit and funding profile. (2) We believe that it is highly unlikely that all or substantially all of these guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. The management of the liquidity risk associated with potential extensions of funds is outlined in the preceding Risk measurement section. (3) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. |
General information
General information | 12 Months Ended |
Oct. 31, 2019 | |
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General information | Note 1 General information Royal Bank of Canada and its subsidiaries (the Bank) provide diversified financial services including Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services and Capital Markets products and services on a global basis. Refer to Note 28 for further details on our business segments. The parent bank, Royal Bank of Canada, is a Schedule I Bank under the Bank Act These Consolidated Financial Statements are prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Unless otherwise stated, monetary amounts are stated in Canadian dollars. Tabular information is stated in millions of dollars, except as noted. These Consolidated Financial Statements also comply with Subsection 308 of the Bank Act On December 3, 2019, the Board of Directors authorized the Consolidated Financial Statements for issue. |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of significant accounting policies, estimates and judgments | Note 2 Summary of significant accounting policies, estimates and judgments The significant accounting policies used in the preparation of these Consolidated Financial Statements, including the accounting requirements prescribed by OSFI, are summarized below. These accounting policies conform, in all material respects, to IFRS. Except where otherwise noted, the same accounting policies have been applied to all periods presented. General Use of estimates and assumptions In preparing our Consolidated Financial Statements, management is required to make subjective estimates and assumptions that affect the reported amount of assets, liabilities, net income and related disclosures. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key sources of estimation uncertainty include: determination of fair value of financial instruments, the allowance for credit losses, insurance claims and policy benefit liabilities, pensions and other post-employment benefits, income taxes, carrying value of goodwill and other intangible assets, litigation provisions, and deferred revenue under the credit card customer loyalty reward program. Accordingly, actual results may differ from these and other estimates thereby impacting our future Consolidated Financial Statements. Refer to the relevant accounting policies in this Note for details on our use of estimates and assumptions. Significant judgments In preparation of these Consolidated Financial Statements, management is required to make significant judgments that affect the carrying amounts of certain assets and liabilities, and the reported amounts of revenues and expenses recorded during the period. Significant judgments have been made in the following areas and discussed as noted in the Consolidated Financial Statements: Consolidation of structured entities Note 2 Note 7 Application of the effective interest method Note 2 Fair value of financial instruments Note 2 Note 3 Derecognition of financial assets Note 2 Note 6 Allowance for credit losses Note 2 Note 4 Note 5 Income taxes Note 2 Note 23 Employee benefits Note 2 Note 17 Provisions Note 2 Note 25 Note 26 Goodwill and other intangibles Note 2 Note 10 Basis of consolidation Our Consolidated Financial Statements include the assets and liabilities and results of operations of the parent company, Royal Bank of Canada, and its subsidiaries including certain structured entities, after elimination of intercompany transactions, balances, revenues and expenses. Consolidation Subsidiaries are those entities, including structured entities, over which we have control. We control an entity when we are exposed, or have rights, to variable returns from our involvement with the entity and have the ability to affect those returns through our power over the investee. We have power over an entity when we have existing rights that give us the current ability to direct the activities that most significantly affect the entity’s returns (relevant activities). Power may be determined on the basis of voting rights or, in the case of structured entities, other contractual arrangements. We are not deemed to control an entity when we exercise power over an entity in an agency capacity. In determining whether we are acting as an agent, we consider the overall relationship between us, the investee and other parties to the arrangement with respect to the following factors: (i) the scope of our decision-making power; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and (iv) our exposure to variability of returns. The determination of control is based on the current facts and circumstances and is continuously assessed. In some circumstances, different factors and conditions may indicate that different parties control an entity depending on whether those factors and conditions are assessed in isolation or in totality. Significant judgment is applied in assessing the relevant factors and conditions in totality when determining whether we control an entity. Specifically, judgment is applied in assessing whether we have substantive decision-making rights over the relevant activities and whether we are exercising our power as a principal or an agent. We consolidate all subsidiaries from the date we obtain control and cease consolidation when an entity is no longer controlled by us. Our consolidation conclusions affect the classification and amount of assets, liabilities, revenues and expenses reported in our Consolidated Financial Statements. Non-controlling non-controlling Investments in joint ventures and associates Our investments in associated corporations and limited partnerships over which we have significant influence are accounted for using the equity method. The equity method is also applied to our interests in joint ventures over which we have joint control. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of the investee’s net profit or loss, including our proportionate share of the investee’s Other comprehensive income (OCI), subsequent to the date of acquisition. Non-current Non-current Non-current A disposal group is classified as a discontinued operation if it meets the following conditions: (i) it is a component that can be distinguished operationally and financially from the rest of our operations and (ii) it represents either a separate major line of business or is part of a single co-ordinated Changes in accounting policies During the first quarter, we adopted IFRS 15 Revenue from Contracts with Customers million (1) , on an after tax basis as at November 1, 2018 (the date of initial application), to align with the recognition of certain fees with the transfer of the performance obligations. Financial Instruments Classification of financial assets Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell All other debt instruments are measured at FVTPL. Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of Management’s Discussion and Analysis, and the activities undertaken to manage those risks; • Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and (1) Revised from the amount previously presented. • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models fall into three categories, which are indicative of the key strategies used to generate returns: • HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent. • HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model. • Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading SPPI assessment Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. Securities Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded as Trading revenue or Non-interest Investment securities include all securities classified as FVOCI and amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in interest income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses (PCL). When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as Net gains on Investment securities in Non-interest Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in PCL and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gains on Investment securities in Non-interest Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest income. We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest Fair value option A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an accounting mismatch). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial Financial assets designated as FVTPL are recorded at fair value and any unrealized gain or loss arising due to changes in fair value is included in Trading revenue or Non-interest Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI will not be reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Trading revenue or Non-interest Determination of fair value The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine fair value by incorporating all factors that market participants would consider in setting a price, including commonly accepted valuation approaches. The Board of Directors provides oversight on valuation of financial instruments, primarily through the Audit Committee and Risk Committee. The Audit Committee reviews the presentation and disclosure of financial instruments that are measured at fair value, while the Risk Committee assesses the adequacy of governance structures and control processes for the valuation of these instruments. We have established policies, procedures and controls for valuation methodologies and techniques to ensure that fair value is reasonably estimated. Major valuation processes and controls include, but are not limited to, profit and loss decomposition, independent price verification (IPV) and model validation standards. These control processes are managed by either Finance or Group Risk Management and are independent of the relevant businesses and their trading functions. Profit and loss decomposition is a process to explain the fair value changes of certain positions and is performed daily for trading portfolios. All fair value instruments are subject to IPV, a process whereby trading function valuations are verified against external market prices and other relevant market data. Market data sources include traded prices, brokers and price vendors. We give priority to those third-party pricing services and prices having the highest and most consistent accuracy. The level of accuracy is determined over time by comparing third-party price values to traders’ or system values, to other pricing service values and, when available, to actual trade data. Quoted prices for identical instruments from pricing services or brokers are generally not adjusted unless there are issues such as stale prices. If multiple quotes for identical instruments are received, fair value is based on an average of the prices received or the quote from the most reliable vendor, after the outlier prices that fall outside of the pricing range are removed. Other valuation techniques are used when a price or quote is not available. Some valuation processes use models to determine fair value. We have a systematic and consistent approach to control the use of models. Valuation models are approved for use within our model risk management framework. The framework addresses, among other things, model development standards, validation processes and procedures and approval authorities. Model validation ensures that a model is suitable for its intended use and sets parameters for its use. All models are revalidated regularly by qualified personnel who are independent of the model design and development. Annually our model risk profile is reported to the Board of Directors. IFRS 13 Fair Value Measurement We record valuation adjustments to appropriately reflect counterparty credit quality of our derivative portfolio, differences between the actual counterparty collateral discount curve and standard overnight index swap (OIS) discounting for collateralized derivatives, funding valuation adjustments (FVA) for uncollateralized and under-collateralized over-the-counter bid-offer Non-interest Valuation adjustments are recorded for the credit risk of our derivative portfolios in order to arrive at their fair values. Credit valuation adjustments (CVA) take into account our counterparties’ creditworthiness, the current and potential future mark-to-market Non-interest FVA are also calculated to incorporate the cost and benefit of funding in the valuation of uncollateralized and under-collateralized OTC derivatives. Future expected cash flows of these derivatives are discounted to reflect the cost and benefit of funding the derivatives by using a funding curve, implied volatilities and correlations as inputs. Where required, a valuation adjustment is made to reflect the unrealized gain or loss at inception of a financial instrument contract where the fair value of that financial instrument is not obtained from a quoted market price or cannot be evidenced by other observable market transactions based on a valuation technique incorporating observable market data. A bid-offer mid-market mid-market Some valuation models require parameter calibration from such factors as market observable option prices. The calibration of parameters may be sensitive to factors such as the choice of instruments or optimization methodology. A valuation adjustment is also estimated to mitigate the uncertainties of parameter calibration and model limitations. In determining fair value, a hierarchy is used which prioritizes the inputs to valuation techniques. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Determination of fair value based on this hierarchy requires the use of observable market data whenever available. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model inputs that are either observable, or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are one or more inputs that are unobservable and significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available at the measurement date. The availability of inputs for valuation may affect the selection of valuation techniques. The classification of a financial instrument in the hierarchy for disclosure purposes is based upon the lowest level of input that is significant to the measurement of fair value. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. For more complex or illiquid instruments, significant judgment is required in the determination of the model used, the selection of model inputs, and in some cases the application of valuation adjustments to the model value or quoted price for inactively traded financial instruments, as the selection of model inputs may be subjective and the inputs may be unobservable. Unobservable inputs are inherently uncertain as there is little or no market data available from which to determine the level at which the transaction would occur under normal business circumstances. Appropriate parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation adjustments are assessed in all such instances. Loans Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses. Interest on loans is recognized in Interest income using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below. Allowance for credit losses An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans measured at amortized cost is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets. Off-balance off-balance We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model: • Performing financial assets • Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date. • Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. • Impaired financial assets • Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount. The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable. Increases or decreases in the required ACL attributable to purchases and new originations, derecognitions or maturities, and changes in risk, parameters and exposures due to changes in loss expectations or stage transfers are recorded in PCL. Write-offs and recoveries of amounts previously written off are recorded against ACL. The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three stages and the application of forward looking information. The underlying assumptions and estimates may result in changes to the provisions from period to period that significantly affect our results of operations. Measurement of expected credit losses Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information including internal and external ratings, historical credit loss experience, and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s PD, loss given default (LGD), and EAD discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument. An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modeled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses. For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature. Expected credit losses are discounted to the reporting period date using the effective interest rate. Expected life For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Judgment is required in determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices. Assessment of significant increase in credit risk The assessment of significant increase in credit risk requires significant judgment. Movements between Stage 1 and Stage 2 are based on whether an instrument’s credit risk as at the reporting date has increased significantly relative to the date it was initially recognized. For the purposes of this assessment, credit risk is based on an instrument’s lifetime PD, not the losses we expect to incur. The assessment is generally performed at the instrument level. Our assessment of significant increases in credit risk is performed at least quarterly based on three factors. If any of the following factors indicates that a significant increase in credit risk has occurred, the instrument is moved from Stage 1 to Stage 2: (1) We have established thresholds for significant increases in credit risk based on both a percentage and absolute change in lifetime PD relative to initial recognition. For our wholesale portfolio, a decrease in the borrower’s risk rating is also required to determine that credit risk has increased significantly. (2) Additional qualitative reviews are performed to assess the staging results and make adjustments, as necessary, to better reflect the positions whose credit risk has increased significantly. (3) Instruments which are 30 days past due are generally considered to have experienced a significant increase in credit risk, even if our other metrics do not indicate that a significant increase in credit risk has occurred. The thresholds for movement between Stage 1 and Stage 2 are symmetrical. After a financial asset has transferred to Stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to Stage 1. For certain instruments with low credit risk as at the reporting date, it is presumed that credit risk has not increased significantly relative to initial recognition. Credit risk is considered to be low if the instrument has a low risk of default, and the borrower has the ability to fulfill their contractual obligations both in the near term and in the longer term, including periods of adverse changes in the economic or business environment. Certain interest-bearing deposits with banks, assets purchased under reverse repurchase agreements, insurance policy loans, and liquidity facilities extended to our multi-seller conduits have been identified as having low credit risk. Use of forward-looking information The measurement of expected credit losses for each stage and the assessment of significant increase in credit risk considers information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation and application of forward-looking information requires significant judgment. The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year period, subsequently reverting to long-run Our estimation of expected credit losses in Stage 1 and Stage 2 is a discounted probability-weighted estimate that considers a minimum of three future macroeconomic scenarios. Our base case scenario is based on macroeconomic forecasts published by our internal economics group. Upside and downside scenarios vary relative to our base case scenario based on reasonably possible alternative macroeconomic conditions. Additional and more severe downside scenarios are designed to capture a broader range of potential credit losses in certain sectors. Scenario design, including the identification of additional downside scenarios, occurs at least on an annual basis and more frequently if conditions warrant. Scenarios are designed to capture a wide range of possible outcomes and weighted according to our |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Oct. 31, 2019 | |
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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. For measurement purposes, they are carried at fair value when conditions requiring separation are met . As at October 31, 2019 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 22,283 $ – $ – $ 16,062 $ 16,062 $ 38,345 $ 38,345 Securities Trading 137,600 8,934 – – – – 146,534 146,534 Investment, net of applicable allowance – – 57,223 463 44,784 45,104 102,470 102,790 137,600 8,934 57,223 463 44,784 45,104 249,004 249,324 Assets purchased under reverse repurchase agreements and securities borrowed 246,068 – – – 60,893 60,894 306,961 306,962 Loans, net of applicable allowance Retail 275 242 95 – 423,469 424,416 424,081 425,028 Wholesale 7,055 1,856 451 – 185,413 184,645 194,775 194,007 7,330 2,098 546 – 608,882 609,061 618,856 619,035 Other Derivatives 101,560 – – – – – 101,560 101,560 Other assets (1) 3,156 – – – 50,375 50,375 53,531 53,531 Financial liabilities Deposits Personal $ 140 $ 17,394 $ 277,198 $ 277,353 $ 294,732 $ 294,887 Business and government (2) 151 111,389 453,942 452,536 565,482 564,076 Bank (3) – 3,032 22,759 22,773 25,791 25,805 291 131,815 753,899 752,662 886,005 884,768 Other Obligations related to securities sold short 35,069 – – – 35,069 35,069 Obligations related to assets sold under repurchase agreements and securities loaned – 218,612 7,974 7,974 226,586 226,586 Derivatives 98,543 – – – 98,543 98,543 Other liabilities (4) (1,209 ) 91 61,039 61,024 59,921 59,906 Subordinated debentures – – 9,815 9,930 9,815 9,930 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 Total 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), (3) (11 ) 102,597 430,936 431,158 533,522 533,744 Bank (4) – 7,072 25,449 25,462 32,521 32,534 139 124,271 711,787 711,735 836,197 836,145 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 (3), (5) (1,434 ) 18 55,766 55,729 54,350 54,313 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) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. (4) Bank deposits refer to deposits from regulated banks and central banks. (5) Includes Acceptances and financial instruments recognized in Other liabilities . Financial assets designated as fair value through profit or loss For our financial assets designated as FVTPL, we measure the change in fair value attributable to changes in credit risk as the difference between the total change in the fair value of the instrument during the period and the change in fair value calculated using the appropriate risk-free yield curves. For the years ended October 31, 2019 and October 31, 2018, there were no significant changes in the fair value of the loans and receivables designated as FVTPL attributable to changes in credit risk. As at October 31, 2019, the extent to which credit derivatives or similar instruments mitigate the maximum exposure to credit risk was $514 million (October 31, 2018 – $nil) . Financial liabilities designated as fair value through profit or loss For our financial liabilities designated as FVTPL, we take into account changes in our own credit spread and the expected duration of the instrument to measure the change in fair value attributable to changes in credit risk. . As at or for the year ended October 31, 2019 (1) (Millions of Canadian dollars) Contractual Carrying Difference Changes in fair value attributable During the period Cumulative (2) Term deposits Personal $ 17,307 $ 17,394 $ 87 $ 3 $ 22 Business and government (3) 110,763 111,389 626 (76 ) 210 Bank ( 4 3,031 3,032 1 – – 131,101 131,815 714 (73 ) 232 Obligations related to assets sold under repurchase agreements and securities loaned 218,604 218,612 8 – – Other liabilities 91 91 – – – $ 349,796 $ 350,518 $ 722 $ (73 ) $ 232 . As at or for the year ended October 31, 2018 (1) (Millions of Canadian dollars) Contractual Carrying Difference Changes in fair value attributable During the period Cumulative (2) Term deposits Personal $ 14,726 $ 14,602 $ (124 ) $ (41 ) $ 19 Business and government (3), (5) 102,640 102,597 (43 ) (134 ) 285 Bank (4) 7,067 7,072 5 – – 124,433 124,271 (162 ) (175 ) 304 Obligations related to assets sold under repurchase agreements and securities loaned 201,924 201,839 (85 ) – – Other liabilities 18 18 – – – $ 326,375 $ 326,128 $ (247 ) $ (175 ) $ 304 (1) There are no changes in fair value attributable to changes in credit risk included in net income for positions still held. (2) The cumulative change is measured from the initial designation of the liabilities as FVTPL. For the year ended October 31, 2019, $4 million of fair value losses previously included in OCI relate to financial liabilities derecognized during the year (October 31, 2018 – $7 million fair value losses). (3) Business and government term deposits include amounts from regulated deposit-taking institutions other than regulated banks. (4) Bank term deposits refer to amounts from regulated banks and central banks. (5) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. Net gains (losses) from financial instruments classified and designated as fair value through profit or loss Financial instruments classified as FVTPL, which includes mainly trading securities, derivatives, trading liabilities, and financial assets and liabilities designated as FVTPL are measured at fair value with realized and unrealized gains and losses recognized in Non-interest For the year ended (Millions of Canadian dollars) October 31 October 31 Net gains (losses) (1) Classified as fair value through profit or loss (2) $ 3,564 $ (265 ) Designated as fair value through profit or loss (3), (4) (1,821 ) 2,067 $ 1,743 $ 1,802 By product line (1) Interest rate and credit (4), (5) $ 1,534 $ 1,535 Equities (144 ) (164 ) Foreign exchange and commodities 353 431 $ 1,743 $ 1,802 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Net gains from financial instruments designated as FVTPL of $1,303 million (October 31, 2018 – losses of $400 million). (2) Excludes derivatives designated in a hedging relationship. Refer to Note 8 for net gains (losses) on these derivatives. (3) For the year ended October 31, 2019, $1,810 million of net fair value losses on financial liabilities designated as FVTPL, other than those attributable to changes in our own credit risk, were included in Non-interest (4) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (5) Includes gains (losses) recognized on cross currency interest rate swaps. 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 year ended (Millions of Canadian dollars) October 31 October 31 (1) Interest and dividend income (2), (3) Financial instruments measured at fair value through profit or loss (4) $ 12,103 $ 7,800 Financial instruments measured at fair value through other comprehensive income 1,132 802 Financial instruments measured at amortized cost 28,098 24,419 41,333 33,021 Interest expense (2) Financial instruments measured at fair value through profit or loss (4) $ 10,507 $ 6,542 Financial instruments measured at amortized cost 11,077 8,527 21,584 15,069 Net interest income $ 19,749 $ 17,952 (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 Consolidated Statements of Income: Interest income of $486 million (October 31, 2018 – $479 million), and Interest expense of $4 million (October 31, 2018 – $4 million). (3) Includes dividend income for the year ended October 31, 2019 of $2,057 million (October 31, 2018 – $1,561 million), which is presented in Interest and dividend income in the Consolidated Statements of Income. (4) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. Fee income arising from financial instruments For the year ended October 31, 2019, we earned $5,270 million in fees from banking services (October 31, 2018 – $5,426 million). For the year ended October 31, 2019, we also earned $12,117 million in fees from investment management, trust, custodial, underwriting, brokerage and other similar fiduciary services to retail and institutional clients (October 31, 2018 – $11,944 million). These fees are included in Non-interest Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at October 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 $ – $ 22,283 $ – $ $ 22,283 $ – $ 20,274 $ – $ $ 20,274 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 14,655 5,474 – 20,129 8,342 6,231 – 14,573 Provincial and municipal – 11,282 – 11,282 – 11,350 – 11,350 U.S. state, municipal and agencies (1) 2,050 39,584 58 41,692 2,068 31,030 66 33,164 Other OECD government (2) 2,786 3,710 – 6,496 1,151 9,018 – 10,169 Mortgage-backed securities (1) – 482 – 482 – 1,001 – 1,001 Asset-backed securities Non-CDO – 1,333 2 1,335 – 1,023 110 1,133 Corporate debt and other debt 1 23,643 21 23,665 2 22,303 21 22,326 Equities 38,309 1,925 1,219 41,453 30,847 2,547 1,148 34,542 57,801 87,433 1,300 146,534 42,410 84,503 1,345 128,258 Investment Debt issued or guaranteed by: Canadian government (1) Federal – 657 – 657 – 238 – 238 Provincial and municipal – 2,898 – 2,898 – 1,554 – 1,554 U.S. state, municipal and agencies (1) 210 20,666 – 20,876 – 18,136 – 18,136 Other OECD government – 4,251 – 4,251 – 1,470 – 1,470 Mortgage-backed securities (1) – 2,675 27 2,702 – 2,174 – 2,174 Asset-backed securities CDO – 7,300 – 7,300 – 6,239 – 6,239 Non-CDO – 849 – 849 – 863 – 863 Corporate debt and other debt – 17,537 153 17,690 – 17,227 192 17,419 Equities 42 127 294 463 42 127 237 406 252 56,960 474 57,686 42 48,028 429 48,499 Assets purchased under reverse repurchase agreements and securities borrowed – 246,068 – 246,068 – 219,108 – 219,108 Loans – 9,294 680 9,974 – 8,929 551 9,480 Other Derivatives Interest rate contracts 1 46,095 349 46,445 1 33,862 222 34,085 Foreign exchange contracts – 40,768 48 40,816 – 43,253 53 43,306 Credit derivatives – 169 – 169 – 38 – 38 Other contracts 2,852 12,674 11 15,537 5,868 11,654 296 17,818 Valuation adjustments – (712 ) 15 (697 ) – (631 ) 6 (625 ) Total gross derivatives 2,853 98,994 423 102,270 5,869 88,176 577 94,622 Netting adjustments (710 ) (710 ) (583 ) (583 ) Total derivatives 101,560 94,039 Other assets 1,119 1,960 77 3,156 1,020 288 65 1,373 $ 62,025 $ 522,992 $ 2,954 $ (710 ) $ 587,261 $ 49,341 $ 469,306 $ 2,967 $ (583 ) $ 521,031 Financial liabilities Deposits Personal $ – $ 17,378 $ 156 $ $ 17,534 $ – $ 14,362 $ 390 $ $ 14,752 Business and government (4) – 111,540 – 111,540 – 102,591 (5 ) 102,586 Bank – 3,032 – 3,032 – 7,072 – 7,072 Other Obligations related to securities sold short 20,512 14,557 – 35,069 17,732 14,515 – 32,247 Obligations related to assets sold under repurchase agreements and securities loaned – 218,612 – 218,612 – 201,839 – 201,839 Derivatives Interest rate contracts – 39,165 934 40,099 – 29,620 726 30,346 Foreign exchange contracts – 40,183 27 40,210 – 41,836 32 41,868 Credit derivatives – 282 – 282 – 94 – 94 Other contracts 2,675 15,776 206 18,657 4,369 13,730 380 18,479 Valuation adjustments – 12 (7 ) 5 – 29 5 34 Total gross derivatives 2,675 95,418 1,160 99,253 4,369 85,309 1,143 90,821 Netting adjustments (710 ) (710 ) (583 ) (583 ) Total derivatives 98,543 90,238 Other liabilities 102 (1,280 ) 60 (1,118 ) 170 (1,654 ) 68 (1,416 ) $ 23,289 $ 459,257 $ 1,376 $ (710 ) $ 483,212 $ 22,271 $ 424,034 $ 1,596 $ (583 ) $ 447,318 (1) As at October 31, 2019, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $22,365 million and $nil (October 31, 2018 – $16,776 million and $nil), respectively, and in all fair value levels of Investment securities were $6,474 million and $2,046 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. (4) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. Fair values of our significant assets and liabilities measured on a recurring basis are determined and classified in the fair value hierarchy table using the following valuation techniques and inputs. Interest-bearing deposits with banks The majority of our Interest-bearing deposits with banks are designated as FVTPL. These FVTPL deposits are composed of short-dated deposits placed with banks, and are included in Interest-bearing deposits with banks in the fair value hierarchy table. The fair values of these instruments are determined using the discounted cash flow method. The inputs to the valuation models include interest rate swap curves and credit spreads, where applicable. They are classified as Level 2 instruments in the hierarchy as the inputs are observable. Government bonds (Canadian, U.S. and other OECD governments) Government bonds are included in Canadian government debt, U.S. state, municipal and agencies debt, Other OECD government debt and Obligations related to securities sold short in the fair value hierarchy table. The fair values of government issued or guaranteed debt securities in active markets are determined by reference to recent transaction prices, broker quotes, or third-party vendor prices and are classified as Level 1 in the hierarchy. The fair values of securities that are not traded in active markets are based on either security prices, or valuation techniques using implied yields and risk spreads derived from prices of actively traded and similar government securities. Securities with observable prices or rate inputs as compared to transaction prices, dealer quotes or vendor prices are classified as Level 2 in the hierarchy. Securities where inputs are unobservable are classified as Level 3 in the hierarchy. Corporate and U.S. municipal bonds The fair values of corporate and U.S. municipal bonds, which are included in Corporate debt and other debt, U.S. state, municipal and agencies debt and Obligations related to securities sold short in the fair value hierarchy table, are determined using either recently executed transaction prices, broker quotes, pricing services, or in certain instances, the discounted cash flow method using rate inputs such as benchmark yields (Canadian Dealer Offered Rate, LIBOR and other similar reference rates) and risk spreads of comparable securities. Securities with observable prices or rate inputs are classified as Level 2 in the hierarchy. Securities where inputs are unobservable are classified as Level 3 in the hierarchy. Asset-backed securities and Mortgage-backed securities Asset-backed securities (ABS) and MBS are included in Asset-backed securities, Mortgage-backed securities, Canadian government debt, U.S. state, municipal and agencies debt, and Obligations related to securities sold short in the fair value hierarchy table. Inputs for valuation of ABS and MBS are, when available, traded prices, dealer or lead manager quotes, broker quotes and vendor prices of the identical securities. When prices of the identical securities are not readily available, we use industry standard models with inputs such as discount margins, yields, default, prepayment and loss severity rates that are implied from transaction prices, dealer quotes or vendor prices of comparable instruments. Where security prices and inputs are observable, ABS and MBS are classified as Level 2 in the hierarchy. Otherwise, they are classified as Level 3 in the hierarchy. Equities Equities consist of listed and unlisted common shares, private equities, mutual funds and hedge funds with certain redemption restrictions and are included in equities and obligations for securities sold short. The fair values of common shares are based on quoted prices in active markets, where available, and are classified as Level 1 in the hierarchy. Where quoted prices in active markets are not readily available, fair value is determined based on quoted market prices for similar securities or through valuation techniques, such as multiples of earnings and the discounted cash flow method with forecasted cash flows and discount rate as inputs. Private equities are classified as Level 3 in the hierarchy as their inputs are not observable. Hedge funds are valued using Net Asset Values (NAV). If we can redeem a hedge fund at NAV prior to the next quarter end, the fund is classified as Level 2 in the hierarchy. Otherwise, it is classified as Level 3 in the hierarchy. Loans Loans include base metal loans, corporate loans, banker acceptances and asset-backed financing loans. Fair values are determined based on market prices, if available, or discounted cash flow method using the following inputs: market interest rates, base metal commodity prices, market based spreads of assets with similar credit ratings and terms to maturity, LGD, expected default frequency implied from credit derivative prices, if available, and relevant pricing information such as contractual rate, origination and maturity dates, redemption price, coupon payment frequency and day count convention. Loans with market prices or observable inputs are classified as Level 2 in the hierarchy and loans with unobservable inputs that have significant impacts on the fair values are classified as Level 3 in the hierarchy. Derivatives The fair values of exchange-traded derivatives, such as interest rate and equity options and futures, are based on quoted market prices and are classified as Level 1 in the hierarchy. OTC derivatives primarily consist of interest rate contracts, foreign exchange contracts and credit derivatives. The exchange-traded or OTC interest rate, foreign exchange and equity derivatives are included in Interest rate contracts, Foreign exchange contracts and Other contracts, respectively, in the fair value hierarchy table. The fair values of OTC derivatives are determined using valuation models when quoted market prices or third-party consensus pricing information are not available. The valuation models, such as discounted cash flow method or Black-Scholes option model, incorporate observable or unobservable inputs for interest and foreign exchange rates, equity and commodity prices (including indices), credit spreads, corresponding market volatility levels, and other market-based pricing factors. Other adjustments to fair value include bid-offer, Securities borrowed or purchased under resale agreements and securities loaned or sold under repurchase agreements In the fair value hierarchy table, these instruments are included in Assets purchased under reverse repurchase agreements and securities borrowed, and Obligations related to assets sold under repurchase agreements and securities loaned. The fair values of these contracts are determined using valuation techniques such as the discounted cash flow method using interest rate curves as inputs. They are classified as Level 2 instruments in the hierarchy as the inputs are observable. Deposits A majority of our deposits are measured at amortized cost but certain deposits are designated as FVTPL. These FVTPL deposits include deposits taken from clients, issuances of certificates of deposits and promissory notes, and interest rate and equity linked notes. The fair values of these instruments are determined using the discounted cash flow method and derivative option valuation models. The inputs to the valuation models include benchmark yield curves, credit spreads, interest rates, equity and interest rate volatility, dividends and correlation, where applicable. They are classified as Level 2 or 3 instruments in the hierarchy, depending on the significance of the unobservable credit spreads, volatility, dividend and correlation rates. Quantitative information about fair value measurements using significant unobservable inputs (Level 3 Instruments) The following table presents fair values of our significant Level 3 financial instruments, valuation techniques used to determine their fair values, ranges and weighted averages of unobservable inputs. As at October 31, 2019 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values Products Reporting line in the fair value hierarchy table Assets Liabilities Valuation techniques Significant unobservable inputs (3) Low High Weighted / Inputs Non-derivative Auction rate securities Discounted cash flows Discount margins 1.60% 3.00% 1.65% U.S. state, municipal and agencies debt 58 Default rates 3.00% 3.00% 3.00% Asset-backed securities 2 Prepayment rates 8.00% 8.00% 8.00% Recovery rates 96.50% 96.50% 96.50% Corporate debt Price-based Prices $ 20.00 $131.78 $ 110.30 Corporate debt and other debt 24 Discounted cash flows Credit spread 1.02% 11.34% 6.18% Loans 680 Credit enhancement 11.82% 15.75% 13.13% Government debt and municipal bonds Price-based Prices $ 65.50 $100.00 $ 65.67 U.S. state, municipal and agencies debt – Discounted cash flows Yields 4.70% 6.63% 5.80% Mortgage-backed securities 27 Corporate debt and other debt 150 Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 4.00X 24.90X 10.23X Equities 1,513 Price-based P/E multiples 9.70X 29.90X 16.11X Derivative related liabilities 10 Discounted cash flows EV/Rev multiples 0.90X 5.93X 3.55X Liquidity discounts (4) 10.00% 40.00% 17.6 4 Discount rate 10.00% 12.00% 10.45% NAV / prices (5) n.a. n.a. n.a. Derivative financial instruments Interest rate derivatives and interest-rate-linked structured notes (7) Derivative related assets 380 Discounted cash flows Interest rates 1.27% 2.16% Even Derivative related liabilities 943 Option pricing model CPI swap rates 1.40% 2.00% Even IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (7) Discounted cash flows Dividend yields 0.10% 8.77% Lower Derivative related assets 11 Option pricing model Equity (EQ)-EQ 34.00% 95.40% Middle Deposits 156 EQ-FX (71.40)% 30.50% Middle Derivative related liabilities 180 EQ volatilities 4.00% 110.00% Upper Other Derivative related assets 32 Other assets 77 Deposits – Derivative related liabilities 27 Other liabilities 60 Total $ 2,954 $ 1,376 As at October 31, 2018 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Significant Range of input values (1), (2) Products Reporting line in the fair value Assets Liabilities Valuation Low High Weighted Non-derivative Auction rate securities Discounted cash flows Discount margins 1.32% 2.70% 1.95% U.S. state, municipal and agencies debt 45 Default rates 3.00% 3.00% 3.00% Asset-backed securities 110 Prepayment rates 4.00% 5.50% 4.56% Recovery rates 96.50% 97.50% 96.59% Corporate debt Price-based Prices $ 72.00 $ 123.06 $ 103.84 Corporate debt and other debt 28 Discounted cash flows Credit spread 0.90% 11.30% 4.50% Loans 551 Credit enhancement 11.80% 15.80% 13.10% Government debt and municipal bonds Price-based Prices $ 65.50 $ 100.00 $ 66.41 U.S. state, municipal and agencies debt 21 Discounted cash flows Yields 3.50% 7.60% 5.75% Mortgage-backed securities – Corporate debt and other debt 185 Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 6.16X 17.80X 14.46X Equities 1,385 Price-based P/E multiples 9.10X 26.41X 18.26X Derivative related liabilities 24 Discounted cash flows EV/Rev multiples 0.90X 6.63X 4.86X Liquidity discounts (4) 10.00% 40.00% 18.27% Discount rate 10.52% 10.52% 10.52% NAV / prices (5) n.a. n.a. n.a. Derivative financial instruments Interest rate derivatives and interest-rate-linked structured notes (7) Derivative related assets 260 Discounted cash flows Interest rates 2.30% 3.00% Even Derivative related liabilities 740 Option pricing model CPI swap rates 1.90% 2.10% Even IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (7) Discounted cash flows Dividend yields 0.30% 8.40% Lower Derivative related assets 281 Option pricing model Equity (EQ)-EQ correlations (55.00 )% 100.00% Middle Deposits 390 EQ-FX (71.40)% 30.50% Middle Derivative related liabilities 328 EQ volatilities 8.00% 164.00% Upper Other Derivative related assets 36 Other assets 65 Deposits (5 ) Derivative related liabilities 51 Other liabilities 68 Total $ 2,967 $ 1,596 (1) The low and high input values represent the actual highest and lowest level inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the different underlying instruments within the product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. Where provided, the weighted average of the input values is calculated based on the relative fair values of the instruments within the product category. The weighted averages for derivatives are not presented in the table as they would not provide a comparable metric; instead, distribution of significant unobservable inputs within the range for each product category is indicated in the table. (2) Price-based inputs are significant for certain debt securities and are based on external benchmarks, comparable proxy instruments or pre-quarter-end (3) The acronyms stand for the following: (i) Enterprise Value (EV); (ii) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); (iii) Price / Earnings (P/E); (iv) Revenue (Rev); (v) Consumer Price Index (CPI); (vi) Interest Rate (IR); (vii) Foreign Exchange (FX); and (viii) Equity (EQ). (4) Fair value of securities with liquidity discount inputs totalled $255 million (October 31, 2018 – $207 million). (5) NAV of a hedge fund is total fair value of assets less liabilities divided by the number of fund units. Private equities are valued based on NAV or valuation techniques. The range for NAV per unit or price per share has not been disclosed for the hedge funds or private equities due to the dispersion of prices given the diverse nature of the investments. (6) The level of aggregation and diversity within each derivative instrument category may result in certain ranges of inputs being wide and inputs being unevenly distributed across the range. In the table, we indicated whether the majority of the inputs are concentrated toward the upper, middle, or lower end of the range, or evenly distributed throughout the range. (7) The structured notes contain embedded equity or interest rate derivatives with unobservable inputs that are similar to those of the equity or interest rate derivatives. (8) Other primarily includes certain insignificant instruments such as commodity derivatives, foreign exchange derivatives, contingent considerations, bank-owned life insurance and retractable shares. n.a. not applicable Sensitivity to unobservable inputs and interrelationships between unobservable inputs Yield, credit spreads/discount margins A financial instrument’s yield is the interest rate used to discount future cash flows in a valuation model. An increase in the yield, in isolation, would result in a decrease in a fair value measurement and vice versa. A credit spread/discount margin is the difference between a debt instrument’s yield and a benchmark instrument’s yield. Benchmark instruments have high credit quality ratings, similar maturities and are often government bonds. The credit spread/discount margin therefore represents the discount rate used to determine the present value of future cash flows of an asset to reflect the market return required for uncertainty in the estimated cash flows. The credit spread/discount margin for an instrument forms part of the yield used in a discounted cash flow method. Funding spread Funding spreads are credit spreads specific to funding or deposit rates. A decrease in funding spreads, on its own, will increase the fair value of our liabilities, and vice versa. Default rates A default rate is the rate at which borrowers fail to make scheduled loan payments. A decrease in the default rate will typically increase the fair value of the loan, and vice versa. This effect will be significantly more pronounced for a non-government Prepayment rates A prepayment rate is the rate at which a loan will be repaid in advance of its expected amortization schedule. Prepayments change the future cash flows of a loan. An increase in the prepayment rate in isolation will result in an increase in fair value when the loan interest rate is lower than the current reinvestment rate, and a decrease in the prepayment rate in isolation will result in a decrease in fair value when the loan interest rate is lower than the current reinvestment rate. Prepayment rates are generally negatively correlated with interest rates. Recovery and loss severity rates A recovery rate is an estimation of the amount that can be collected in a loan default scenario. The recovery rate is the recovered amount divided by the loan balance due, expressed as a percentage. The inverse concept of recovery is loss severity. Loss severity rate is an estimation of the loan amount not collected when a loan defaults. The loss severity rate is the loss amount divided by the loan balance due, expressed as a percentage. Generally, an increase in the recovery rate or a decrease in the loss severity rate will increase the loan fair value, and vice versa. Volatility rates Volatility measures the po |
Securities
Securities | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Securities | Note 4 Securities Carrying value of securities As at October 31, 2019 Term to maturity (1) With no Total (Millions of Canadian dollars) Within 3 3 months 1 year to 5 years to Over Trading (2) Debt issued or guaranteed by: Canadian government $ 1,974 $ 11,265 $ 7,783 $ 1,778 $ 8,611 $ – $ 31,411 U.S. state, municipal and agencies 771 7,122 8,601 9,537 15,661 – 41,692 Other OECD government 538 1,418 2,211 1,466 863 – 6,496 Mortgage-backed securities – – – – 482 – 482 Asset-backed securities 359 63 308 267 338 – 1,335 Corporate debt and other debt Bankers’ acceptances 433 – – – – – 433 Certificates of deposit 586 383 75 20 6 – 1,070 Other (3) 1,369 2,773 8,268 2,827 6,925 – 22,162 Equities – – – – – 41,453 41,453 6,030 23,024 27,246 15,895 32,886 41,453 146,534 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost – 5 596 – 54 – 655 Fair value – 5 595 – 57 – 657 Yield (4) – 1.1% 1.4% – 4.2% – 1.7% Provincial and municipal Amortized cost – 4 954 13 1,907 – 2,878 Fair value – 4 953 14 1,927 – 2,898 Yield (4) – 4.8% 2.7% 4.5% 2.8% – 2.8% U.S. state, municipal and agencies Amortized cost 1,597 1,085 3,290 829 13,986 – 20,787 Fair value 1,598 1,087 3,294 844 14,053 – 20,876 Yield (4) 2.1% 1.8% 2.0% 2.9% 2.7% – 2.5% Other OECD government Amortized cost 236 178 3,839 1 – – 4,254 Fair value 236 178 3,836 1 – – 4,251 Yield (4) 1.2% 2.1% 2.4% 3.8% – – 2.3% Mortgage-backed securities Amortized cost – – – 206 2,503 – 2,709 Fair value – – – 205 2,497 – 2,702 Yield (4) – – – 3.0% 2.7% – 2.7% Asset-backed securities Amortized cost 1 – 8 3,982 4,190 – 8,181 Fair value – – 8 3,972 4,169 – 8,149 Yield (4) 0.0% – 3.2% 3.2% 3.1% – 3.2% Corporate debt and other debt Amortized cost 1,564 3,222 12,668 79 122 – 17,655 Fair value 1,565 3,225 12,673 89 138 – 17,690 Yield (4) 1.4% 1.9% 2.0% 2.0% 3.1% – 1.9% Equities Cost – – – – – 248 248 Fair value (5) – – – – – 463 463 Amortized cost 3,398 4,494 21,355 5,110 22,762 248 57,367 Fair value 3,399 4,499 21,359 5,125 22,841 463 57,686 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 682 1,978 9,831 1,515 – – 14,006 U.S. state, municipal and agencies 297 478 1,680 2,018 12,190 – 16,663 Other OECD government 2,252 1,431 1,634 – – – 5,317 Asset-backed securities – 9 616 – – – 625 Corporate debt and other debt 400 1,853 5,717 145 58 – 8,173 Amortized cost, net of allowance 3,631 5,749 19,478 3,678 12,248 – 44,784 Fair value 3,631 5,822 19,628 3,746 12,277 – 45,104 Total carrying value of securities $ 13,060 $ 33,272 $ 68,083 $ 24,698 $ 67,975 $ 41,916 $ 249,004 As at October 31, 2018 Term to maturity (1) With no (Millions of Canadian dollars) Within 3 3 months 1 year to 5 years to Over Total Trading (2) Debt issued or guaranteed by: Canadian government $ 1,860 $ 7,237 $ 7,983 $ 2,244 $ 6,599 $ – $ 25,923 U.S. state, municipal and agencies 595 3,715 9,836 5,119 13,899 – 33,164 Other OECD government 1,367 3,932 3,456 635 779 – 10,169 Mortgage-backed securities – – 114 93 794 – 1,001 Asset-backed securities 126 14 215 369 409 – 1,133 Corporate debt and other debt Bankers’ acceptances 326 – – – – – 326 Certificates of deposit 300 84 48 3 25 – 460 Other (3) 2,120 4,058 6,720 3,099 5,543 – 21,540 Equities – – – – – 34,542 34,542 6,694 19,040 28,372 11,562 28,048 34,542 128,258 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost – – 173 15 56 – 244 Fair value – – 169 15 54 – 238 Yield (4) – – 1.7% 1.8% 4.5% – 2.3% Provincial and municipal Amortized cost – 51 673 236 618 – 1,578 Fair value – 51 672 234 597 – 1,554 Yield (4) – 1.7% 2.9% 2.0% 4.0% – 3.1% U.S. state, municipal and agencies Amortized cost 1,355 132 2,766 635 13,112 – 18,000 Fair value 1,355 131 2,768 643 13,239 – 18,136 Yield (4) 2.4% 2.1% 2.3% 3.2% 3.0% – 2.8% Other OECD government Amortized cost 225 86 1,090 67 1 – 1,469 Fair value 225 86 1,091 67 1 – 1,470 Yield (4) 0.6% 2.4% 2.3% 1.4% 4.2% – 2.0% Mortgage-backed securities Amortized cost – – 59 193 1,924 – 2,176 Fair value – – 59 193 1,922 – 2,174 Yield (4) – – 1.6% 3.4% 2.9% – 2.9% Asset-backed securities Amortized cost – – – 2,662 4,442 – 7,104 Fair value – – – 2,657 4,445 – 7,102 Yield (4) – – – 3.6% 3.4% – 3.4% Corporate debt and other debt Amortized cost 4,119 1,769 10,785 399 367 – 17,439 Fair value 4,120 1,772 10,783 390 354 – 17,419 Yield (4) 1.5% 1.8% 2.0% 3.0% 4.1% – 1.9% Equities Cost – – – – – 222 222 Fair value (5) – – – – – 406 406 Amortized cost 5,699 2,038 15,546 4,207 20,520 222 48,232 Fair value 5,700 2,040 15,542 4,199 20,612 406 48,499 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 1,762 1,427 10,863 2,381 – – 16,433 U.S. state, municipal and agencies 69 115 2,231 2,177 9,736 – 14,328 Other OECD government 2,601 1,386 2,800 – – – 6,787 Asset-backed securities – 5 1,035 29 – – 1,069 Corporate debt and other debt 253 1,434 5,566 161 78 – 7,492 Amortized cost, net of allowance 4,685 4,367 22,495 4,748 9,814 – 46,109 Fair value 4,687 4,360 22,286 4,635 9,399 – 45,367 Total carrying value of securities $ 17,079 $ 25,447 $ 66,409 $ 20,509 $ 58,474 $ 34,948 $ 222,866 (1) Actual maturities may differ from contractual maturities shown above as borrowers may have the right to extend or prepay obligations with or without penalties. (2) Trading securities and FVOCI securities are recorded at fair value. Amortized cost securities, included in Investment securities, are recorded at amortized cost and presented net of allowance for credit losses. (3) Primarily composed of corporate debt, supra-national debt, and commercial paper. (4) The weighted average yield is derived using the contractual interest rate and the carrying value at the end of the year for the respective securities. (5) Certain equity securities that are not held-for-trading Unrealized gains and losses on securities at FVOCI (1) , As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Cost/ Gross Gross Fair Cost/ Gross Gross Fair Debt issued or guaranteed by: Canadian government Federal (3) $ 655 $ 3 $ (1 ) $ 657 $ 244 $ – $ (6 ) $ 238 Provincial and municipal 2,878 43 (23 ) 2,898 1,578 2 (26 ) 1,554 U.S. state, municipal and agencies (3) 20,787 215 (126 ) 20,876 18,000 285 (149 ) 18,136 Other OECD government 4,254 2 (5 ) 4,251 1,469 2 (1 ) 1,470 Mortgage-backed securities (3) 2,709 1 (8 ) 2,702 2,176 1 (3 ) 2,174 Asset-backed securities CDO 7,334 1 (35 ) 7,300 6,248 1 (10 ) 6,239 Non-CDO 847 4 (2 ) 849 856 9 (2 ) 863 Corporate debt and other debt 17,655 45 (10 ) 17,690 17,439 22 (42 ) 17,419 Equities 248 218 (3 ) 463 222 186 (2 ) 406 $ 57,367 $ 532 $ (213 ) $ 57,686 $ 48,232 $ 508 $ (241 ) $ 48,499 (1) Excludes $44,784 million of held-to-collect (2) Gross unrealized gains and losses includes $(3) million of allowance for credit losses on debt securities at FVOCI as at October 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 $2,051 million, $1 million, $6 million and $2,046 million, respectively as at October 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 year ended October 31, 2019 October 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 – – – – 5 (5 ) – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – (36 ) – 36 – Purchases 5 – – 5 85 – – 85 Sales and maturities (3 ) (7 ) – (10 ) (47 ) (17 ) 25 (39 ) Changes in risk, parameters and exposures (2 ) 1 (8 ) (9 ) (8 ) 7 – (1 ) Write-offs – – – – – – (62 ) (62 ) Exchange rate and other – (1 ) 1 – 2 – 1 3 Balance at end of period $ 4 $ – $ (7 ) $ (3 ) $ 4 $ 7 $ – $ 11 (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. (2) Reflects changes in the allowance for purchased credit impaired securities. Allowance for credit losses – securities at amortized cost For the year ended October 31, 2019 October 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 7 – – 7 5 – – 5 Sales and maturities (1 ) – – (1 ) (3 ) (11 ) – (14 ) Changes in risk, parameters and exposures (6 ) (15 ) – (21 ) (2 ) (3 ) – (5 ) Write-offs – – – – – – (2 ) (2 ) Exchange rate and other (1 ) 2 – 1 1 (1 ) – – Balance at end of period $ 5 $ 19 $ – $ 24 $ 6 $ 32 $ – $ 38 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 at October 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 $ 56,671 $ 1 $ – $ 56,672 $ 46,956 $ 479 $ – $ 47,435 Non-investment 400 1 – 401 500 33 – 533 Impaired – – 150 150 – – 125 125 $ 57,071 $ 2 $ 150 $ 57,223 $ 47,456 $ 512 $ 125 $ 48,093 Items not subject to impairment (2) 463 406 $ 57,686 $ 48,499 Securities at amortized cost Investment grade $ 43,681 $ 46 $ – $ 43,727 $ 44,958 $ 119 $ – $ 45,077 Non-investment 695 386 – 1,081 367 703 – 1,070 Impaired – – – – – – – – $ 44,376 $ 432 $ – $ 44,808 $ 45,325 $ 822 $ – $ 46,147 Allowance for credit losses 5 19 – 24 6 32 – 38 Amortized cost $ 44,371 $ 413 $ – $ 44,784 $ 45,319 $ 790 $ – $ 46,109 (1) Includes $150 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 | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Loans by geography and portfolio net of allowance As at October 31, 2019 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 287,767 $ 17,012 $ 3,312 $ 308,091 $ (402 ) $ 307,689 Personal 81,547 7,399 3,304 92,250 (762 ) 91,488 Credit cards (3) 19,617 439 255 20,311 (791 ) 19,520 Small business (4) 5,434 – – 5,434 (50 ) 5,384 Wholesale (2) , 124,312 53,782 17,776 195,870 (1,095 ) 194,775 Total loans $ 518,677 $ 78,632 $ 24,647 $ 621,956 $ (3,100 ) $ 618,856 Undrawn loan commitments – Retail 208,336 5,063 801 214,200 (225 ) Undrawn loan commitments – Wholesale 101,017 176,022 54,982 332,021 (70 ) As at October 31, 2018 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 265,831 $ 13,493 $ 3,147 $ 282,471 $ (382 ) $ 282,089 Personal 82,112 7,172 3,416 92,700 (841 ) 91,859 Credit cards (3) 18,793 368 254 19,415 (725 ) 18,690 Small business (4) 4,866 – – 4,866 (49 ) 4,817 Wholesale (2) , 103,069 59,442 17,767 180,278 (915 ) 179,363 Total loans $ 474,671 $ 80,475 $ 24,584 $ 579,730 $ (2,912 ) $ 576,818 Undrawn loan commitments – Retail (6) 199,395 4,007 1,250 204,652 (90 ) Undrawn loan commitments – Wholesale (6) 96,146 169,910 53,797 319,853 (64 ) (1) Excludes allowance for loans measured at FVOCI of $nil (October 31, 2018 – $1 million). (2) Geographic information is based on residence of the borrower. (3) The credit cards business is managed as a single portfolio and includes both consumer and business cards. (4) Includes small business exposure managed on a pooled basis. (5) Includes small business exposure managed on an individual client basis. (6) Amounts have been revised from those previously presented. Loans maturity and rate sensitivity As at October 31, 2019 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under 1 year (2) 1 to 5 years Over 5 years Total Floating Fixed Non-rate- Total Retail $ 216,610 $ 187,721 $ 21,755 $ 426,086 $ 114,736 $ 304,448 $ 6,902 $ 426,086 Wholesale 154,445 30,512 10,913 195,870 27,329 165,502 3,039 195,870 Total loans $ 371,055 $ 218,233 $ 32,668 $ 621,956 $ 142,065 $ 469,950 $ 9,941 $ 621,956 Allowance for loan losses (3,100 ) (3,100 ) Total loans net of allowance for loan losses $ 618,856 $ 618,856 As at October 31, 2018 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under 1 year (2) 1 to 5 Over 5 years Total Floating Fixed Non-rate- Total Retail $ 217,188 $ 163,291 $ 18,973 $ 399,452 $ 123,826 $ 268,793 $ 6,833 $ 399,452 Wholesale 144,208 27,789 8,281 180,278 31,016 147,970 1,292 180,278 Total loans $ 361,396 $ 191,080 $ 27,254 $ 579,730 $ 154,842 $ 416,763 $ 8,125 $ 579,730 Allowance for loan losses (2,912 ) (2,912 ) Total loans net of allowance for loan losses $ 576,818 $ 576,818 (1) Generally, based on the earlier of contractual repricing or maturity date. (2) Includes variable rate loans that can be repriced at the clients’ discretion without penalty. Allowance for credit losses For the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Balance at Provision Net write-offs (1) Exchange Balance Balance at Provision Net write-offs (1) Exchange Balance Retail Residential mortgages $ 382 $ 68 $ (37 ) $ (11 ) $ 402 $ 378 $ 47 $ (43 ) $ – $ 382 Personal 895 526 (474 ) (12 ) 935 826 513 (431 ) (13 ) 895 Credit cards 760 590 (518 ) – 832 693 534 (468 ) 1 760 Small business 51 41 (28 ) (3 ) 61 49 33 (28 ) (3 ) 51 Wholesale 979 661 (397 ) (78 ) 1,165 1,010 156 (142 ) (45 ) 979 Customers’ liability under acceptances 21 5 – (2 ) 24 20 – – 1 21 $ 3,088 $ 1,891 $ (1,454 ) $ (106 ) $ 3,419 $ 2,976 $ 1,283 $ (1,112 ) $ (59 ) $ 3,088 Presented as: Allowance for loan losses $ 2,912 $ 3,100 $ 2,749 $ 2,912 Other liabilities – Provisions 154 295 207 154 Customers’ liability under acceptances 21 24 20 21 Other components of equity 1 – – 1 (1) Loans written-off write-off. written-off The following table reconciles the opening and closing allowance for loans and commitments, by stage, for each major product category. Reconciling items include the following: • Model changes, which generally comprise the impact of significant changes to the quantitative models used to estimate expected credit losses and any staging impacts that may arise. • 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 W For the year ended October 31, 2019 October 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 Model changes – – – – 20 2 4 26 Transfers to stage 1 87 (66 ) (21 ) – 59 (59 ) – – Transfers to stage 2 (13 ) 16 (3 ) – (18 ) 23 (5 ) – Transfers to stage 3 (3 ) (31 ) 34 – (2 ) (16 ) 18 – Originations 51 – – 51 63 1 – 64 Maturities (14 ) (10 ) – (24 ) (13 ) (10 ) – (23 ) Changes in risk, parameters and exposures (104 ) 104 41 41 (110 ) 56 34 (20 ) Write-offs – – (45 ) (45 ) – – (51 ) (51 ) Recoveries – – 8 8 – – 8 8 Exchange rate and other – – (11 ) (11 ) 3 2 (5 ) – Balance at end of period $ 146 $ 77 $ 179 $ 402 $ 142 $ 64 $ 176 $ 382 Personal Balance at beginning of period $ 242 $ 512 $ 141 $ 895 $ 278 $ 427 $ 121 $ 826 Provision for credit losses Model changes 23 (48 ) – (25 ) (10 ) 1 (6 ) (15 ) Transfers to stage 1 544 (537 ) (7 ) – 712 (712 ) – – Transfers to stage 2 (87 ) 88 (1 ) – (140 ) 141 (1 ) – Transfers to stage 3 (2 ) (142 ) 144 – (3 ) (157 ) 160 – Originations 101 1 – 102 107 5 – 112 Maturities (31 ) (112 ) – (143 ) (33 ) (130 ) – (163 ) Changes in risk, parameters and exposures (517 ) 758 351 592 (668 ) 938 309 579 Write-offs – – (600 ) (600 ) – – (552 ) (552 ) Recoveries – – 126 126 – – 121 121 Exchange rate and other (1 ) – (11 ) (12 ) (1 ) (1 ) (11 ) (13 ) Balance at end of period $ 272 $ 520 $ 143 $ 935 $ 242 $ 512 $ 141 $ 895 Credit cards Balance at beginning of period $ 161 $ 599 $ – $ 760 $ 251 $ 442 $ – $ 693 Provision for credit losses Model changes – – – – (65 ) 64 – (1 ) Transfers to stage 1 452 (452 ) – – 693 (693 ) – – Transfers to stage 2 (81 ) 81 – – (123 ) 123 – – Transfers to stage 3 (2 ) (341 ) 343 – (2 ) (227 ) 229 – Originations 5 – – 5 11 2 – 13 Maturities (5 ) (27 ) – (32 ) (12 ) (60 ) – (72 ) Changes in risk, parameters and exposures (358 ) 800 175 617 (592 ) 947 239 594 Write-offs – – (655 ) (655 ) – – (599 ) (599 ) Recoveries – – 137 137 – – 131 131 Exchange rate and other 1 (1 ) – – – 1 – 1 Balance at end of period $ 173 $ 659 $ – $ 832 $ 161 $ 599 $ – $ 760 Small business Balance at beginning of period $ 17 $ 16 $ 18 $ 51 $ 15 $ 15 $ 19 $ 49 Provision for credit losses Model changes 11 (7 ) – 4 – – – – Transfers to stage 1 18 (18 ) – – 31 (31 ) – – Transfers to stage 2 (3 ) 3 – – (5 ) 5 – – Transfers to stage 3 – (9 ) 9 – – (11 ) 11 – Originations 13 – – 13 10 – – 10 Maturities (5 ) (8 ) – (13 ) (4 ) (9 ) – (13 ) Changes in risk, parameters and exposures (22 ) 32 27 37 (31 ) 48 19 36 Write-offs – – (36 ) (36 ) – – (35 ) (35 ) Recoveries – – 8 8 – – 7 7 Exchange rate and other – 1 (4 ) (3 ) 1 (1 ) (3 ) (3 ) Balance at end of period $ 29 $ 10 $ 22 $ 61 $ 17 $ 16 $ 18 $ 51 Wholesale Balance at beginning of period $ 274 $ 340 $ 365 $ 979 $ 251 $ 352 $ 407 $ 1,010 Provision for credit losses Model changes – – – – (17 ) (12 ) (6 ) (35 ) Transfers to stage 1 145 (133 ) (12 ) – 207 (207 ) – – Transfers to stage 2 (33 ) 36 (3 ) – (66 ) 93 (27 ) – Transfers to stage 3 (5 ) (57 ) 62 – (2 ) (43 ) 45 – Originations 239 44 – 283 227 46 – 273 Maturities (162 ) (165 ) – (327 ) (153 ) (179 ) – (332 ) Changes in risk, parameters and exposures (178 ) 331 552 705 (176 ) 289 137 250 Write-offs – – (440 ) (440 ) – – (207 ) (207 ) Recoveries – – 43 43 – – 65 65 Exchange rate and other 1 – (79 ) (78 ) 3 1 (49 ) (45 ) Balance at end of period $ 281 $ 396 $ 488 $ 1,165 $ 274 $ 340 $ 365 $ 979 Key inputs and assumptions The measurement of expected credit losses is a complex calculation that involves a large number of interrelated inputs and assumptions. The key drivers of changes in expected credit losses include the following: • Changes in the credit quality of the borrower or instrument, primarily reflected in changes in internal risk ratings; • Changes in forward-looking macroeconomic conditions, specifically the macroeconomic variables to which our models are calibrated, which are those most closely correlated with credit losses in the relevant portfolio; • Changes in scenario design and the weights assigned to each scenario; and • Transfers between stages, which can be trigge re Internal risk ratings Internal risk ratings are assigned according to the risk management framework outlined under the headings “Wholesale credit risk” and “Retail credit risk” of the Credit risk section of Management’s Discussion and Analysis. Changes in internal risk ratings are primarily reflected in the PD parameters, which are estimated based on our historical loss experience at the relevant risk segment or risk rating level, adjusted for forward-looking information. Forward looking macroeconomic variables The PD, LGD and EAD inputs used to estimate stage 1 and stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year period, reverting to long-run The following table shows the primary macroeconomic variables used in the models to estimate ACL on performing loans, commitments, and acceptances. The downside scenario reflects a negative macroeconomic event occurring within the first 12 months, with conditions deteriorating for up to two years, followed by a recovery for the remainder of the period. This scenario is grounded in historical experience and assumes a monetary policy response that returns the economy to a long-run, period. The upside scenario reflects stronger economic growth than the base scenario for the first two years, without a monetary policy response, followed by a return to a long-run sustainable growth rate within the forecast period. As at October 31, 2019 October 31, 2018 Base Scenario Upside Downside Base Scenario Upside Downside Driver Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Unemployment rate: (1) Canada 5.8% 6.0% 5.4% 4.8% 6.6% 6.8% 5.8% 6.0% 5.7% 5.1% 6.8% 7.1% U.S. 3.8% 4.2% 3.7% 3.4% 4.8% 5.3% 3.6% 4.1% 3.6% 3.3% 4.8% 5.3% Gross domestic product: (2) Canada 1.6% 1.8% 2.4% 2.1% (2.0)% 2.8% 1.7% 1.7% 2.3% 2.1% (2.0)% 2.7% U.S. 1.7% 1.5% 2.1% 1.9% (2.3)% 2.6% 2.1% 1.4% 2.1% 1.9% (2.3)% 2.6% Oil price (West Texas Intermediate) average price (US$) (3) $ 59 $ 68 $ 69 $ 70 $ 43 $ 56 $ 76 $ 72 $ 88 $ 76 $ 56 $ 61 Canadian housing price index growth rate (4) 4.5% 4.7% 5.3% 2.5% (9.2)% 5.8% 0.1% 3.9% 5.3% 2.5% (9.2)% 5.8% (1) Represents the average quarterly unemployment level over the period. (2) Represents the average quarter-over-quarter gross domestic product annualized over the period. (3) Represents the average quarterly price per barrel over the period. (4) Growth rates are calculated on an annualized basis spanning years 2 to 5. The primary variables driving credit losses in our retail portfolios are Canadian unemployment rates, Canadian gross domestic product and Canadian housing price index. The Canadian overnight interest rate also impacts our retail portfolios. Our wholesale portfolios are affected by all of the variables in the table above; however, the specific variables differ by sector. Other variables also impact our wholesale portfolios including, but not limited to, the U.S. 10 year BBB corporate bond yields, the U.S. 10 year government bond yields, the TSX and S&P 500 indices, natural gas prices (Henry Hub) and the commercial real estate price index. Increases in the following macroeconomic variables will generally correlate with higher expected credit losses: Canadian and U.S. unemployment rates, Canadian overnight interest rates, U.S. 10 year BBB corporate bond yields, and U.S. 10 year government bond yields. Increases in the following macroeconomic variables will generally correlate with lower expected credit losses: Canadian housing price index, Canadian and U.S. gross domestic products, TSX index, S&P 500 index, oil prices, natural gas prices, and commercial real estate price index. In addition to the scenarios described above, two additional downside scenarios were designed for the energy and real estate sectors. The average oil price (West Texas Intermediate) used in our energy downside scenario in the next 12 months is $25 per barrel, and subsequently recovers to an average price of $45 per barrel in the following 2 to 5 years (October 31, 2018 – $27 and $45 per barrel). The housing price index in our real estate downside scenario contracts by 30% in the next twelve months, and subsequently recovers to an average growth rate of 11% on an annualized basis in the following 2 to 5 years (October 31, 2018 – (30)% and 11%). Scenario design and weightings Our estimation of expected credit losses in stage 1 and stage 2 considers five distinct future macroeconomic scenarios. Scenarios are designed to capture a wide range of possible outcomes and are weighted according to our expectation of the relative likelihood of the range of outcomes that each scenario represents at the reporting date. We then weight each scenario to take into account historical frequency, current trends, and forward-looking conditions which will change over time. The base case scenario is based on forecasts of the expected rate, value or yield for each of the macroeconomic variables identified above. The upside and downside scenarios are set by adjusting our base projections to construct reasonably possible scenarios and weightings that are more optimistic and pessimistic, respectively, than the base case. As described above, two additional downside scenarios capture the non-linear The impact of each of our five scenarios varies across our portfolios given the portfolios have different sensitivities to movements in each macroeconomic variable. The impact of weighting these multiple scenarios increased our ACL on performing loans, relative to our base scenario, by $376 million at October 31, 2019 (October 31, 2018 – $290 million). Transfers between stages Transfers between stage 1 and stage 2 are based on the assessment of significant increases in credit risk relative to initial recognition, as described in Note 2. The impact of moving from 12 months expected credit losses to lifetime expected credit losses, or vice versa, varies by product and is dependent on the expected remaining life at the date of the transfer. Stage transfers may result in significant fluctuations in expected credit losses. The following table illustrates the impact of staging on our ACL by comparing our allowance if all performing loans were in stage 1 to the actual ACL recorded on these assets. As at October 31, 2019 October 31, 2018 ACL – All performing Impact of Stage 1 and 2 ACL – All performing Impact of Stage 1 and 2 Performing loans (1) $ 1,737 $ 826 $ 2,563 $ 1,526 $ 841 $ 2,367 (1) Represents loans and commitments in stage 1 and stage 2. 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 Management’s Discussion and Analysis. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Retail Loans outstanding – Residential mortgages Low risk $ 238,377 $ 6,764 $ – $ 245,141 $ 222,026 $ 3,688 $ – $ 225,714 Medium risk 14,033 1,347 – 15,380 13,681 1,369 – 15,050 High risk 2,843 2,722 – 5,565 2,577 2,897 – 5,474 Not rated (2) 40,030 726 – 40,756 34,670 578 – 35,248 Impaired – – 732 732 – – 726 726 295,283 11,559 732 307,574 272,954 8,532 726 282,212 Items not subject to impairment (3) 517 259 Total 308,091 282,471 Loans outstanding – Personal Low risk $ 71,619 $ 1,944 $ – $ 73,563 $ 71,763 $ 1,256 $ – $ 73,019 Medium risk 5,254 3,011 – 8,265 6,124 1,925 – 8,049 High risk 843 1,874 – 2,717 998 1,672 – 2,670 Not rated (2) 7,293 105 – 7,398 8,595 64 – 8,659 Impaired – – 307 307 – – 303 303 Total 85,009 6,934 307 92,250 87,480 4,917 303 92,700 Loans outstanding – Credit cards Low risk $ 13,840 $ 103 $ – $ 13,943 $ 13,185 $ 100 $ – $ 13,285 Medium risk 2,250 1,827 – 4,077 2,234 1,632 – 3,866 High risk 137 1,432 – 1,569 139 1,331 – 1,470 Not rated (2) 677 45 – 722 764 30 – 794 Total 16,904 3,407 – 20,311 16,322 3,093 – 19,415 Loans outstanding –Small business Low risk $ 2,200 $ 107 $ – $ 2,307 $ 2,004 $ 46 $ – $ 2,050 Medium risk 2,163 563 – 2,726 2,230 102 – 2,332 High risk 138 196 – 334 95 178 – 273 Not rated (2) 10 – – 10 166 1 – 167 Impaired – – 57 57 – – 44 44 Total 4,511 866 57 5,434 4,495 327 44 4,866 Undrawn loan commitments – Retail (4) Low risk $ 196,743 $ 1,894 $ – $ 198,637 $ 182,426 $ 1,270 $ – $ 183,696 Medium risk 8,251 246 – 8,497 10,794 239 – 11,033 High risk 851 208 – 1,059 3,740 166 – 3,906 Not rated (2) 5,861 146 – 6,007 5,937 80 – 6,017 Total 211,706 2,494 – 214,200 202,897 1,755 – 204,652 Wholesale – Loans outstanding Investment grade $ 47,133 $ 97 $ – $ 47,230 $ 46,869 $ 324 $ – $ 47,193 Non-investment 119,778 11,940 – 131,718 106,027 10,190 – 116,217 Not rated (2) 5,862 320 – 6,182 6,692 411 – 7,103 Impaired – – 1,829 1,829 – – 1,096 1,096 172,773 12,357 1,829 186,959 159,588 10,925 1,096 171,609 Items not subject to impairment (3) 8,911 8,669 Total 195,870 180,278 Undrawn loan commitments – Wholesale (4) Investment grade $ 222,819 $ 18 $ – $ 222,837 $ 220,626 $ 92 $ – $ 220,718 Non-investment 96,191 9,007 – 105,198 87,894 6,995 – 94,889 Not rated (2) 3,986 – – 3,986 4,246 – – 4,246 Total 322,996 9,025 – 332,021 312,766 7,087 – 319,853 (1) As at October 31, 2019, 86% of credit-impaired loans were either fully or partially collateralized (October 31, 2018 – 88%). For details on the types of collateral held against credit-impaired assets and our policies on collateral, refer to the Credit risk mitigation section of Management’s Discussion and Analysis. (2) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessments or rating methodologies, policies and tools to manage our credit risk. (3) Items not subject to impairment are loans held at FVTPL. (4) Amounts have been revised from those previously presented. Loans past due but not impaired (1) As at October 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 $ 3,173 $ 1,369 $ 186 $ 4,728 $ 2,995 $ 1,402 $ 179 $ 4,576 Wholesale 1,543 460 3 2,006 1,246 468 – 1,714 $ 4,716 $ 1,829 $ 189 $ 6,734 $ 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. |
Derecognition of financial asse
Derecognition of financial assets | 12 Months Ended |
Oct. 31, 2019 | |
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Derecognition of financial assets | Note 6 Derecognition of financial assets We enter into transactions in which we transfer financial assets such as loans or securities to structured entities or other third parties. The majority of assets transferred under repurchase agreements, securities lending agreements, and in our Canadian residential mortgage securitization transactions do not qualify for derecognition as we continue to be exposed to substantially all of the risks and rewards of the transferred assets, such as prepayment, credit, price, interest rate and foreign exchange risks. Transferred financial assets not derecognized Securitization of Canadian residential mortgage loans We periodically securitize insured Canadian residential mortgage loans through the creation of MBS pools under the National Housing Act MBS (NHA MBS) program. All loans securitized under the NHA MBS program are required to be insured by the Canadian Mortgage and Housing Corporation (CMHC) or a third-party insurer. We require the borrower to pay for mortgage insurance when the loan amount is greater than 80% of the original appraised value of the property (loan-to-value We sell the NHA MBS pools primarily to a government-sponsored structured entity under the Canada Mortgage Bond (CMB) program. The entity periodically issues CMBs, which are guaranteed by the government, and sells them to third-party investors. Proceeds of the CMB issuances are used by the entity to purchase the NHA MBS pools from eligible NHA MBS issuers who participate in the issuance of a particular CMB series. Our continuing involvement includes servicing the underlying residential mortgage loans we have securitized, either ourselves or through a third-party servicer. We also act as counterparty in interest rate swap agreements where we pay the entity the interest due to CMB investors and receive the interest on the underlying MBS and reinvested assets. As part of the swaps, we are also required to maintain a principal reinvestment account for principal payments received on the underlying mortgage loans to meet the repayment obligation upon maturity of the CMB. We reinvest the collected principal payments in permitted investments as outlined in the swap agreements. We have determined that certain of the NHA MBS program loans transferred to the entity do not qualify for derecognition as we have not transferred substantially all of the risks and rewards of ownership. As a result, these transferred MBS continue to be classified as residential mortgage loans and recognized on our Consolidated Balance Sheets. The cash received for these transferred MBS is treated as a secured borrowing and a corresponding liability is recorded in Deposits – Business and government on our Consolidated Balance Sheets. Securities sold under repurchase agreements and securities loaned We also enter into transactions such as repurchase agreements and securities lending agreements where we transfer assets under agreements to repurchase them at a future date and retain substantially all of the risks and rewards associated with the assets. These transferred assets remain on our Consolidated Balance Sheets and are accounted for as collateralized borrowing transactions. The following table provides information on the carrying amount and fair value of the transferred assets that did not qualify for derecognition, and their associated liabilities. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Canadian (1), (2) Securities (3) Securities (3) Total Canadian (1), (2) Securities (3) Securities (3) Total Carrying amount of transferred assets that do not qualify for derecognition $ 32,794 $ 220,250 $ 6,336 $ 259,380 $ 34,105 $ 202,543 $ 4,271 $ 240,919 Carrying amount of associated liabilities 32,615 220,250 6,336 259,201 33,975 202,543 4,271 240,789 Fair value of transferred assets $ 32,757 $ 220,250 $ 6,336 $ 259,343 $ 33,490 $ 202,544 $ 4,271 $ 240,305 Fair value of associated liabilities 33,143 220,250 6,336 259,729 33,916 202,544 4,271 240,731 Fair value of net position $ (386 ) $ – $ – $ (386 ) $ (426 ) $ – $ – $ (426 ) (1) Includes Canadian residential mortgage loans transferred primarily to Canada Housing Trust at the initial securitization and other permitted investments used for funding requirements after the initial securitization. (2) CMB investors have legal recourse only to the transferred assets, and do not have recourse to our general assets. (3) Does not include over-collateralization of assets pledged. |
Structured entities
Structured entities | 12 Months Ended |
Oct. 31, 2019 | |
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Structured entities | Note 7 Structured entities In the normal course of business, we engage in a variety of financial transactions with structured entities to support our financing and investing needs as well as those of our customers. A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are generally created to achieve a narrow and well defined objective with restrictions around their ongoing activities. We consolidate a structured entity when we control the entity in accordance with our accounting policy as described in Note 2. In other cases, we may sponsor or have an interest in such an entity but may not consolidate it. Consolidated structured entities We consolidate the following structured entities, whose assets and liabilities are recorded on our Consolidated Balance Sheets. Third-party investors in these structured entities generally have recourse only to the assets of the related entity and do not have recourse to our general assets unless we breach our contractual obligations to those entities. In the ordinary course of business, the assets of each consolidated structured entity can generally only be used to settle the obligations of that entity. RBC-administered We generally do not maintain ownership in the multi-seller conduits that we administer and generally do not have rights to, or control of, their assets. However, we issue asset-backed commercial paper (ABCP) through a multi-seller conduit that does not have a first loss investor with substantive power to direct the significant operating activities of the conduit. This conduit is consolidated because we have exposure to variability of returns from performance in the multi-seller arrangements through providing transaction-specific and program-wide liquidity, credit and loan facilities to the conduit and have decision-making power over the relevant activities. As of October 31, 2019, $1.2 billion of financial assets held by the conduit was included in Loans (October 31, 2018 – $2.4 billion) and $0.7 billion of ABCP issued by the conduit was included in Deposits (October 31, 2018 – $1.3 billion) on our Consolidated Balance Sheets. Credit card securitization vehicle We securitize a portion of our credit card receivables through a structured entity on a revolving basis. The entity purchases co-ownership co-ownership co-ownership We continue to service the credit card receivables and perform an administrative role for the entity. We also retain risk in the underlying pool of credit card receivables through our retained interest in the transferred assets, the cash reserve balance we fund from time to time, and also through certain subordinated notes which we retain. Additionally, we may own some senior notes as investments or for market-making activities, we have provided subordinated loans to the entity to pay upfront expenses, and we act as counterparty to interest rate and cross currency swap agreements which hedge the entity’s interest rate and currency risk exposure. We consolidate the structured entity because we have decision-making power over the timing and size of future issuances and other relevant activities which were predetermined by us at inception. We also obtain significant funding benefits and are exposed to variability from the performance of the underlying credit card receivables through our retained interest. As at October 31, 2019, $7.1 billion of notes issued by our credit card securitization vehicle were included in Deposits on our Consolidated Balance Sheets (October 31, 2018 – $8.5 billion). Collateralized commercial paper vehicle We established a funding vehicle that provides loans to us and finances those loans by issuing commercial paper to third-party investors. The structured entity’s commercial paper carries an equivalent credit rating to RBC because we are obligated to advance funds to the entity in the event there are insufficient funds from other sources to settle maturing commercial paper. We pledge collateral to secure the loans and are exposed to the market and credit risks of the pledged securities. We consolidate the structured entity because we have decision-making power over the relevant activities, are the sole borrower from the structure, and are exposed to a majority of the residual ownership risks through the credit support provided. As at October 31, 2019, $16.2 billion of commercial paper issued by the vehicle was included in Deposits on our Consolidated Balance Sheets (October 31, 2018 – $16.6 billion). Covered bonds We periodically transfer mortgages to RBC Covered Bond Guarantor Limited Partnership (the Guarantor LP) to support funding activities and asset coverage requirements under our covered bonds program. The Guarantor LP was created to guarantee interest and principal payments under the covered bond program. The covered bonds guaranteed by the Guarantor LP are direct, unsecured and unconditional obligations of RBC; therefore, investors have a claim against the Bank which will continue if the covered bonds are not paid by the Bank and the mortgage assets in the Guarantor LP are insufficient to satisfy the obligations owing on the covered bonds. We act as general partner, limited partner, swap counterparty, lender and liquidity provider to the Guarantor LP, servicer for the underlying mortgages as well as the registered issuer of the covered bonds. We consolidate the Guarantor LP as we have the decision-making power over the relevant activities through our role as general partner and are exposed to variability from the performance of the underlying mortgages. As at October 31, 2019, the total amount of mortgages transferred and outstanding was $53.9 billion (October 31, 2018 – $53 .0 Municipal bond TOB structures We sell taxable and tax-exempt We consolidate both the CE trust and TOB trust when we are the holder of the residual certificate as we have decision-making power over the relevant activities, including the selection of the underlying municipal bonds and the ability to terminate the structure, and are exposed to variability from the performance of the underlying municipal bonds. As at October 31, 2019, $8.3 billion of municipal bonds were included in Investment securities related to consolidated TOB structures (October 31, 2018 – $7.1 billion) and a corresponding $8.7 billion of floating-rate certificates were included in Deposits on our Consolidated Balance Sheets (October 31, 2018 – $7.6 billion). RBC managed investment funds We are sponsors and investment managers of mutual and pooled funds, which give us the ability to direct the investment decisions of the funds. We consolidate those mutual and pooled funds in which our interests, which include direct investment in seed capital plus management or performance fees, indicate that we are acting as a principal. As at October 31, 2019, $465 million of Trading securities held in the consolidated funds (October 31, 2018 – $548 million) and $95 million of Other liabilities representing the fund units held by third parties (October 31, 2018 – $128 million) were recorded on our Consolidated Balance Sheets. Unconsolidated structured entities We have interests in certain structured entities that we do not consolidate but have recorded assets and liabilities on our Consolidated Balance Sheets related to our transactions and involvement with these entities. The following table presents the assets and liabilities recorded on our Consolidated Balance Sheets and our maximum exposure to loss related to our interests in unconsolidated structured entities. It also presents the size of each class of unconsolidated structured entity, as measured by the total assets of the entities in which we have an interest. As at October 31, 2019 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance Securities $ 75 $ – $ 1,865 $ – $ 503 $ 2,443 Loans – 2,718 – 6,392 1,517 10,627 Derivatives 97 – – – 83 180 Other assets – 60 – – 244 304 $ 172 $ 2,778 $ 1,865 $ 6,392 $ 2,347 $ 13,554 On-balance Derivatives $ 20 $ – $ – $ – $ – $ 20 Other liabilities 30 – – – – 30 $ 50 $ – $ – $ – $ – $ 50 Maximum exposure to loss (2) $ 38,032 $ 6,446 $ 2,123 $ 10,756 $ 2,667 $ 60,024 Total assets of unconsolidated structured entities $ 37,192 $ 17,571 $ 412,046 $ 84,282 $ 293,423 $ 844,514 As at October 31, 2018 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance Securities $ 65 $ – $ 2,721 $ – $ 906 $ 3,692 Loans – 2,301 – 6,292 1,647 10,240 Derivatives – – – – 52 52 Other assets – 176 – – 288 464 $ 65 $ 2,477 $ 2,721 $ 6,292 $ 2,893 $ 14,448 On-balance Derivatives $ 84 $ – $ – $ – $ – $ 84 Other liabilities – – – – – – $ 84 $ – $ – $ – $ – $ 84 Maximum exposure to loss (2) $ 38,342 $ 5,477 $ 2,981 $ 10,215 $ 3,556 $ 60,571 Total assets of unconsolidated structured entities $ 37,590 $ 15,776 $ 523,176 $ 67,446 $ 454,567 $ 1,098,555 (1) Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $23.6 billion as at October 31, 2019 (October 31, 2018 – $24.7 billion). (2) The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance Below is a description of our involvement with each significant class of unconsolidated structured entity. Multi-seller conduits We administer multi-seller ABCP conduit programs. Multi-seller conduits primarily purchase financial assets from clients and finance those purchases by issuing ABCP. In certain multi-seller conduit arrangements, we do not maintain any ownership of the multi-seller conduits that we administer and have no rights to, or control of, its assets. As the administrative agent, we earn a residual fee for providing services such as coordinating funding activities, transaction structuring, documentation, execution and monitoring. The ABCP issued by each multi-seller conduit is in the conduit’s own name with recourse to the financial assets owned by the multi-seller conduit, and is non-recourse We provide transaction-specific and program-wide liquidity facilities to the multi-seller conduits. In addition, we provide program-wide credit enhancement to the multi-seller conduits which obligate us to purchase assets or advance funds in the event the multi-seller conduit does not otherwise have funds from other sources, such as from the liquidity facilities, to settle maturing ABCP. In some cases, we or another third party may provide transaction-specific credit enhancement which can take various forms. We receive market-based fees for providing these liquidity and credit facilities. For certain transactions, we act as counterparty to foreign exchange forward contracts and interest rate swaps to facilitate our clients’ securitization of fixed rate and/or foreign currency denominated assets through the conduits. These derivatives expose us to foreign exchange and interest rate risks that are centrally managed by our foreign exchange trading and swap desks, respectively, and credit risk on the underlying assets that is mitigated by the credit enhancement described below. Each transaction is structured with transaction-specific first loss protection provided by the third-party seller. This enhancement can take various forms, including but not limited to overcollateralization, excess spread, subordinated classes of financial assets, guarantees or letters of credit. The amount of this enhancement varies but is generally sized to cover a multiple of loss experience. An unrelated third party (expected loss investor) absorbs losses, up to a maximum contractual amount, that may occur in the future on the assets in the multi-seller conduits before the multi-seller conduits’ debt holders and us. In return for assuming this multi-seller conduit first-loss position, each multi-seller conduit pays the expected loss investor a return commensurate with its risk position. The expected loss investor has substantive power to direct the majority of the activities which significantly impact the conduit’s economic performance, including initial selection and approval of the asset purchase commitments and liquidity facilities, approval of renewal and amendment of these transactions and facilities, sale or transfer of assets, ongoing monitoring of asset performance, mitigation of losses, and management of the ABCP liabilities. We do not consolidate these multi-seller conduits as we do not control the conduit as noted above. Structured finance We purchased U.S. ARS from certain trusts (U.S. ARS Trusts) which fund their long-term investments in student loans by issuing short-term senior and subordinated notes. We are subject to losses on these U.S. ARS Trusts if defaults are experienced on the underlying student loans; however, the principal and accrued interest on the student loans are guaranteed by U.S. government agencies. We act as auction agent for some of these entities but have no legal obligation to purchase the notes issued by these entities in the auction process. We do not consolidate these U.S. ARS Trusts as we do not have decision-making power over the investing and financing activities of the Trusts, which are the activities that most significantly affect the performance of the Trusts. Additionally, we invest in certain municipal bond TOB structures that we do not consolidate. These structures are similar to those consolidated municipal bond TOB structures described above; however, the residual certificates are held by third-parties. We provide liquidity facilities on the floating-rate certificates which may be drawn if certificates are tendered but not able to be remarketed. We do not have decision-making power over the relevant activities of the structures; therefore, we do not consolidate these structures. The assets transferred into these programs are derecognized from our Consolidated Balance Sheets. We provide senior warehouse financing to structured entities that are established by third parties to acquire loans for the purposes of issuing a term collateralized loan obligation (CLO) transaction. Subordinated financing is provided during the warehouse phase by one or more third-party equity investors. We act as the arranger and placement agent for the term CLO transaction. Proceeds from the sale of the term CLO are used to repay our senior warehouse financing, at which point we have no further involvement with the transaction. We do not consolidate these CLO structures as we do not have decision-making power over the relevant activities of the entity, which include the initial selection and subsequent management of the underlying debt portfolio. We provide senior financing to unaffiliated structured entities that are established by third parties to acquire loans. These facilities tend to be longer in term than the CLO warehouse facilities and benefit from credit enhancement designed to cover a multiple of historical losses. We do not consolidate these structures as we do not have decision making power over the relevant activities of the entity, which include the initial selection and subsequent management of the underlying debt portfolio. Non-RBC We enter into fee-based We provide liquidity facilities to certain third-party investment funds. The funds issue unsecured variable-rate preferred shares and invest in portfolios of tax-exempt Third-party securitization vehicles We hold interests in securitization vehicles that provide funding to certain third parties on whose behalf the entities were created. The activities of these entities are limited to the purchase and sale of specified financial assets from the sponsor. We, as well as other financial institutions, are obligated to provide funding up to our maximum commitment level and are exposed to credit losses on the underlying assets after various credit enhancements. Enhancements can take various forms, including but not limited to overcollateralization, excess spread, subordinated classes of financial assets, guarantees or letters of credit. The amount of this enhancement varies but is generally sized to cover a multiple of loss experience. We do not consolidate these entities as we do not have decision-making power over the relevant activities, including the entities’ investing and financing activities. Other Other unconsolidated structured entities include managed investment funds, credit investment products and tax credit funds. We are sponsors and investment managers of mutual and pooled funds, which gives us the ability to direct the investment decisions of the funds. We do not consolidate those mutual and pooled funds if we exercise our decision-making power as an agent on behalf of other unit holders. We use structured entities to generally transform credit derivatives into cash instruments, to distribute credit risk and to create customized credit products to meet investors’ specific requirements. We enter into derivative contracts, including credit derivatives, to purchase protection from these entities (credit protection) and convert various risk factors such as yield, currency or credit risk of underlying assets to meet the needs of the investors. We act as sole arranger and swap provider for certain entities and, in some cases, fulfill other administrative functions for the entities. We do not consolidate these credit investment product entities as we do not have decision-making power over the relevant activities, which include selection of the collateral and reference portfolio, and are not exposed to a majority of the benefits or risks of the entities. We created certain funds to pass through tax credits received from underlying low-income We also purchase passive interests in renewable energy tax credit entities created and controlled by third parties. We do not consolidate these third party funds as we do not have decision-making power over the relevant activities and our investments are managed as part of larger portfolios which are held for trading purposes. Other interests in unconsolidated structured entities In the normal course of business, we buy and sell passive interests in certain third-party structured entities, including mutual funds, exchange traded funds, and government-sponsored ABS on-balance Sponsored entities We are a sponsor of certain structured entities in which we have interests but do not consolidate. In determining whether we are a sponsor of a structured entity, we consider both qualitative and quantitative factors, including the purpose and nature of the entity, our initial and continuing involvement and whether we hold subordinated interests in the entity. We are considered to be the sponsor of certain credit investment products, tax credit entities, RBC managed mutual funds and a commercial mortgage securitization vehicle. During the year ended October 31, 2019, we transferred commercial mortgages with a carrying amount of $696 million (October 31, 2018 – $352 million) to a sponsored securitization vehicle in which we did not have any interests as at the end of the reporting period. Financial support provided to structured entities During the years ended October 31, 2019 and 2018, we have not provided any financial or non-financial |
Derivative financial instrument
Derivative financial instruments and hedging activities | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Derivative financial instruments and hedging activities | Note 8 Derivative financial instruments and hedging activities Derivative instruments are categorized as either financial or non-financial Non-financial Financial derivatives Forwards and futures Forward contracts are non-standardized Interest rate forwards (forward rate agreements) and futures are contractual obligations to buy or sell an interest-rate sensitive financial instrument on a predetermined future date at a specified price. Foreign exchange forwards and futures are contractual obligations to exchange one currency for another at a specified price for settlement at a predetermined future date. Equity forwards and futures are contractual obligations to buy or sell at a fixed value (the specified price) of an equity index, a basket of stocks or a single stock at a predetermined future date. Swaps Swaps are OTC contracts in which two counterparties exchange a series of cash flows based on agreed upon rates applied to a notional amount. Examples of swap agreements are described below. Interest rate swaps are agreements where two counterparties exchange a series of payments based on different interest rates applied to a notional amount in a single currency. Certain interest rate swaps are transacted and settled through clearing houses which act as central counterparties. Cross currency swaps involve the exchange of fixed payments in one currency for the receipt of fixed payments in another currency. Cross currency interest rate swaps involve the exchange of both interest and notional amounts in two different currencies. Equity swaps are contracts in which one counterparty agrees to pay or receive from the other cash flows based on changes in the value of an equity index, a basket of stocks or a single stock. Options Options are contractual agreements under which the seller (writer) grants the purchaser the right, but not the obligation, either to buy (call option) or sell (put option) a security, exchange rate, interest rate, or other financial instrument or commodity at a specified price, at or by a predetermined future date. The seller (writer) of an option can also settle the contract by paying the cash settlement value of the purchaser’s right. The seller (writer) receives a premium from the purchaser for this right. The various option agreements that we enter into include but are not limited to interest rate options, foreign currency options, equity options and index options. Credit derivatives Credit derivatives are OTC contracts that transfer credit risk related to an underlying financial instrument (referenced asset) from one counterparty to another. Credit derivatives include credit default swaps, credit default baskets and total return swaps. Credit default swaps provide protection against the decline in the value of the referenced asset as a result of specified credit events such as default or bankruptcy. They are similar in structure to an option, whereby the purchaser pays a premium to the seller of the credit default swap in return for payment contingent on a credit event affecting the referenced asset. Credit default baskets are similar to credit default swaps except that the underlying referenced financial instrument is a group of assets instead of a single asset. Total return swaps are contracts where one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a referenced asset or group of assets, including any returns such as interest earned on these assets, in exchange for amounts that are based on prevailing market funding rates. Other derivative products Other contracts are stable value and equity derivative contracts. Non-financial Other contracts also include non-financial Derivatives issued for trading purposes Most of our derivative transactions relate to client-driven sales and trading activities, and associated market risk hedging. Sales activities include the structuring and marketing of derivative products to clients, enabling them to modify or reduce risks. Trading involves market-making, positioning and arbitrage activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenue based on spread and volume. Positioning involves the active management of derivative transactions with the expectation of profiting from favourable movements in prices, rates, or indices. Arbitrage activities involve identifying and profiting from price differentials between markets and product types. Any realized and unrealized gains or losses on derivatives used for trading purposes are recognized immediately in Non-interest Derivatives issued for other-than-trading purposes We also use derivatives for purposes other than trading, primarily for hedging, in conjunction with the management of interest rate, credit, equity and foreign exchange risk related to our funding, lending, investment activities and asset/liability management. Interest rate swaps are used to manage our exposure to interest rate risk by modifying the repricing or maturity characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. Purchased options are used to hedge redeemable deposits and other options embedded in consumer products. We manage our exposure to foreign currency risk with cross currency swaps and foreign exchange forward contracts. We predominantly use credit derivatives to manage our credit exposures. We mitigate industry sector concentrations and single-name exposures related to our credit portfolio by purchasing credit derivatives to transfer credit risk to third parties. Certain derivatives and cash instruments are specifically designated and qualify for hedge accounting. From time to time, we also enter into derivative transactions to economically hedge certain exposures that do not otherwise qualify for hedge accounting, or where hedge accounting is not considered economically feasible to implement. In such circumstances, changes in fair value are reflected in Other income in Non-interest Notional amount of derivatives by term to maturity (absolute amounts) As at October 31, 2019 (1) Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 2,014,752 $ 179,624 $ 387 $ 2,194,763 $ 2,186,862 $ 7,901 Swaps 3,294,746 5,026,410 3,331,025 11,652,181 11,180,497 471,684 Options purchased 83,247 462,599 174,042 719,888 719,888 – Options written 77,601 464,906 182,690 725,197 725,197 – Foreign exchange contracts Forward contracts 1,715,266 30,523 985 1,746,774 1,724,606 22,168 Cross currency swaps 79,264 50,416 55,166 184,846 177,622 7,224 Cross currency interest rate swaps 469,910 894,250 425,301 1,789,461 1,743,465 45,996 Options purchased 54,756 14,409 3,061 72,226 72,226 – Options written 54,985 14,969 3,383 73,337 73,337 – Credit derivatives (2) 2,693 14,724 3,437 20,854 20,341 513 Other contracts (3) 201,489 90,436 18,463 310,388 303,893 6,495 Exchange-traded contracts Interest rate contracts Futures – long positions 107,054 118,805 187 226,046 226,046 – Futures – short positions 363,947 120,247 46 484,240 484,240 – Options purchased 56,657 36,985 – 93,642 93,642 – Options written 59,840 16,395 – 76,235 76,235 – Foreign exchange contracts Futures – long positions 28 – – 28 28 – Futures – short positions – – – – – – Other contracts 214,725 44,245 – 258,970 258,970 – $ 8,850,960 $ 7,579,943 $ 4,198,173 $ 20,629,076 $ 20,067,095 $ 561,981 As at October 31, 2018 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 1,895,613 $ 8,788 $ – $ 1,904,401 $ 1,904,401 $ – Swaps 4,535,040 4,377,512 2,856,403 11,768,955 11,424,094 344,861 Options purchased 101,663 155,985 27,273 284,921 284,921 – Options written 87,254 156,886 37,217 281,357 281,357 – Foreign exchange contracts Forward contracts 1,397,520 30,688 616 1,428,824 1,420,575 8,249 Cross currency swaps 30,358 4,379 1,170 35,907 27,545 8,362 Cross currency interest rate swaps 347,477 767,742 365,880 1,481,099 1,430,437 50,662 Options purchased 33,202 11,037 1,807 46,046 46,046 – Options written 37,716 12,250 4,515 54,481 54,481 – Credit derivatives (2) 1,578 5,263 3,424 10,265 9,752 513 Other contracts 81,720 66,686 17,409 165,815 161,323 4,492 Exchange-traded contracts Interest rate contracts Futures – long positions 38,825 22,465 11 61,301 61,301 – Futures – short positions 32,424 23,072 6 55,502 55,502 – Options purchased 2,587 3,312 – 5,899 5,899 – Options written 2,544 1,291 – 3,835 3,835 – Foreign exchange contracts Futures – long positions 277 – – 277 277 – Futures – short positions 340 – – 340 340 – Other contracts 228,549 59,308 372 288,229 288,229 – $ 8,854,687 $ 5,706,664 $ 3,316,103 $ 17,877,454 $ 17,460,315 $ 417,139 (1) On November 1, 2018, we prospectively implemented the standardized approach for measuring counterparty credit risk (SA-CCR) (2) Credit derivatives with a notional value of $0.5 billion (October 31, 2018 – $0.5 billion) are economic hedges. Trading credit derivatives comprise protection purchased of $12.6 billion (October 31, 2018 – $6.2 billion) and protection sold of $7.7 billion (October 31, 2018 – $3.6 billion). (3) Under SA-CCR, Fair value of derivative instruments (1) As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Positive Negative Positive Negative Held or issued for trading purposes Interest rate contracts Forward rate agreements $ 30 $ 31 $ 308 $ 232 Swaps 39,669 32,570 29,340 25,501 Options purchased 5,898 – 3,211 – Options written – 6,756 – 3,471 45,597 39,357 32,859 29,204 Foreign exchange contracts Forward contracts 11,263 11,755 13,367 12,929 Cross currency swaps 529 223 174 258 Cross currency interest rate swaps 26,569 26,188 26,837 25,849 Options purchased 1,242 – 1,540 – Options written – 898 – 1,272 39,603 39,064 41,918 40,308 Credit derivatives 169 279 38 89 Other contracts 15,356 18,517 17,668 18,300 100,725 97,217 92,483 87,901 Held or issued for other-than-trading purposes Interest rate contracts Swaps 848 742 1,226 1,142 848 742 1,226 1,142 Foreign exchange contracts Forward contracts 116 118 31 33 Cross currency swaps 193 527 212 423 Cross currency interest rate swaps 904 501 1,145 1,104 1,213 1,146 1,388 1,560 Credit derivatives – 3 – 5 Other contracts 181 140 150 179 2,242 2,031 2,764 2,886 Total gross fair values before: 102,967 99,248 95,247 90,787 Valuation adjustments determined on a pooled basis (697 ) 5 (625 ) 34 Impact of netting agreements that qualify for balance sheet offset (710 ) (710 ) (583 ) (583 ) $ 101,560 $ 98,543 $ 94,039 $ 90,238 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. Fair value of derivative instruments by term to maturity (1) As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Less than 1 through Over Total Less than 1 through Over Total Derivative assets $ 25,342 $ 28,568 $ 47,650 $ 101,560 $ 28,241 $ 29,197 $ 36,601 $ 94,039 Derivative liabilities 25,495 26,503 46,545 98,543 26,720 27,013 36,505 90,238 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. Derivative-related credit risk Credit risk from derivative transactions is generated by the potential for the counterparty to default on its contractual obligations when one or more transactions have a positive market value to us. Therefore, derivative-related credit risk is represented by the positive fair value of the instrument and is normally a small fraction of the contract’s notional amount. We subject our derivative transactions to the same credit approval, limit and monitoring standards that we use for managing other transactions that create credit exposure. This includes evaluating the creditworthiness of counterparties, and managing the size, diversification and maturity structure of the portfolio. Credit utilization for all products is compared with established limits on a continual basis and is subject to a standard exception reporting process. We use a single internal rating system for all credit risk exposure. In most cases, these internal ratings approximate the external risk ratings of public rating agencies. Offsetting is a technique that can reduce credit exposure from derivatives and is generally facilitated through the use of master netting agreements and achieved when specific criteria are met in accordance with our accounting policy in Note 2. A master netting agreement provides for a single net settlement of all financial instruments covered by the agreement in the event of default. However, credit risk is reduced only to the extent that our financial obligations to the same counterparty can be set off against obligations of the counterparty to us. We maximize the use of master netting agreements to reduce derivative-related credit exposure. Our overall exposure to credit risk that is reduced through master netting agreements may change substantially following the reporting date as the exposure is affected by each transaction subject to the agreement as well as by changes in underlying market rates. Measurement of our credit exposure arising out of derivative transactions is reduced to reflect the effects of netting in cases where the enforceability of that netting is supported by appropriate legal analysis as documented in our trading credit risk policies. The use of collateral is another significant credit mitigation technique for managing derivative-related counterparty credit risk. Mark-to-market Replacement cost and credit equivalent amounts are determined in accordance with OSFI’s non-modelled SA-CCR non-modelled Derivative-related credit risk (1) As at . October 31, 2019 (2) October 31, 2018 (Millions of Canadian dollars) Replacement Credit (3) Risk-weighted (4) Replacement Credit (3) Risk-weighted (4) Over-the-counter Interest rate contracts Forward rate agreements $ 18 $ 73 $ 19 $ 307 $ 324 $ 13 Swaps 6,487 15,911 6,229 9,671 20,321 3,363 Options purchased 149 547 326 610 857 407 Options written – 256 113 – – – Foreign exchange contracts Forward contracts 2,333 15,822 3,899 4,589 10,944 3,439 Swaps 3,047 15,678 4,001 9,342 13,718 5,002 Options purchased 404 908 285 443 1,100 478 Options written 4 213 67 – – – Credit derivatives (5) 156 613 40 71 770 153 Other contracts 1,972 10,766 4,853 9,709 9,959 4,303 Exchange-traded contracts 5,439 19,630 393 2,912 11,285 225 $ 20,009 $ 80,417 $ 20,225 $ 37,654 $ 69,278 $ 17,383 (1) The amounts presented are net of master netting agreements in accordance with CAR guidelines. (2) On November 1, 2018, we prospectively implemented SA-CCR (3) Beginning on November 1, 2018, the credit equivalent amount includes collateral in accordance with CAR guidelines. As at October 31, 2018, the credit equivalent amount included $16 billion of collateral applied. (4) The risk-weighted balances are calculated in accordance with CAR guidelines and exclude CVA of $13 billion (October 31, 2018 – $12 billion). (5) The October 31, 2018 amounts exclude credit derivatives issued for other-than-trading purposes related to bought protection. Replacement cost of derivative instruments by risk rating and by counterparty type As at October 31, 2019 (1) Risk rating (2) Counterparty type (3) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive replacement cost $ 27,126 $ 38,812 $ 20,620 $ 16,409 $ 102,967 $ 48,509 $ 18,126 $ 36,332 $ 102,967 Impact of master netting agreements and applicable margins 23,146 35,088 16,719 8,005 82,958 47,376 17,705 17,877 82,958 Replacement cost (after netting agreements) $ 3,980 $ 3,724 $ 3,901 $ 8,404 $ 20,009 $ 1,133 $ 421 $ 18,455 $ 20,009 As at October 31, 2018 Risk rating (2) Counterparty type (3) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive replacement cost $ 25,458 $ 32,693 $ 21,215 $ 15,881 $ 95,247 $ 42,937 $ 18,749 $ 33,561 $ 95,247 Impact of master netting agreements 14,544 24,255 15,046 3,748 57,593 36,081 8,348 13,164 57,593 Replacement cost (after netting agreements) $ 10,914 $ 8,438 $ 6,169 $ 12,133 $ 37,654 $ 6,856 $ 10,401 $ 20,397 $ 37,654 (1) On November 1, 2018, we prospectively implemented SA-CCR (2) Our internal risk ratings for major counterparty types approximate those of public ratings agencies. Ratings of AAA, AA, A and BBB represent investment grade ratings and ratings of BB or lower represent non-investment (3) Counterparty type is defined in accordance with CAR guidelines. Derivatives in hedging relationships We apply hedge accounting to minimize volatility in earnings and capital caused by changes in interest rates or foreign exchange rates. Interest rate and currency fluctuations will either cause assets and liabilities to appreciate or depreciate in market value or cause variability in forecasted cash flows. When a hedging relationship is effective, gains, losses, revenue and expenses of the hedging instrument will offset the gains, losses, revenue and expenses of the hedged item. Derivatives used in hedging relationships are recorded in Other Assets – Derivatives or Other Liabilities – Derivatives on the Balance Sheet. Foreign currency-denominated liabilities used in net investment hedging relationships are recorded in Deposits – Business and Government and Subordinated debentures on the Balance Sheet. Gains and losses relating to hedging ineffectiveness is recorded in Non-Interest Net-interest Non-interest We assess and measure the effectiveness of a hedging relationship based on the change in the fair value or cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item attributable to the hedged risk. When cash instruments are designated as hedges of foreign exchange risks, only changes in their value due to foreign exchange risk are included in the assessment and measurement of hedge effectiveness. Potential sources of ineffectiveness can be attributed to differences between hedging instruments and hedged items: • Mismatches in the terms of hedged items and hedging instruments, for example the frequency and timing of when interest rates are reset and frequency of payment. • Difference in the discounting factors between the hedged item and the hedging instrument, taking into consideration the different reset frequency of the hedged item and hedging instrument. • Hedging derivatives with a non-zero Below is a description of our risk management strategy for each risk exposure that we decide to hedge: Interest rate risk We use interest rate contracts to manage our exposure to interest rate risk by modifying the repricing characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. The swaps are designated in either a fair value hedge or a cash flow hedge and predominately reference Interbank Offered Rates (IBORs) across multiple jurisdictions. Certain swaps will be affected by the Interest Rate Benchmark Reform as the market transitions to alternative risk free or nearly risk free rates by the end of 2021. For fair value hedges, we use interest rate contracts to manage the fair value movements of our fixed-rate instruments due to changes in benchmark interest. The interest rate swaps are entered into on a one-to-one We also use interest rate swaps in fair value hedges to manage interest rate risk from residential mortgage assets and funding liabilities. Our exposure from this portfolio changes with the origination of new loans, repayments of existing loans, and sale of securitized mortgages. Accordingly, we have adopted dynamic hedging for that portfolio, in which the hedge relationship is rebalanced on a more frequent basis, such as on a bi-weekly For cash flow hedges, we use interest rate swaps to manage the exposure to cash flow variability of our variable rate instruments as a result of changes in benchmark interest rates. The variable rate instruments and forecast transactions which reference certain IBORs will be affected by the Interest Rate Benchmark Reform. Whilst some of the interest rate derivatives are entered into on a one-to-one basis to manage a specific exposure, other interest rate derivatives may be entered into for managing interest rate risks of a portfolio of assets and liabilities. Foreign exchange risk We manage our exposure to foreign currency risk with cross currency swaps in a cash flow hedge, and foreign exchange forward contracts in a net investment hedge. Certain cash instruments may also be designated in a net investment hedge, where applicable. For cash flow hedges, we use cross currency swaps and forward contracts to manage the cash flow variability arising from fluctuations in foreign exchange rates on our issued foreign denominated fixed rate liabilities and highly probable forecasted transactions. The maturity profile and repayment terms of these swaps are matched to those of our foreign denominated exposures to limit our cash flow volatility from changes in foreign exchange rates. For net investment hedges, we use a combination of foreign exchange forwards and cash instruments, such as foreign denominated deposit liabilities, some of which reference IBORs that will be affected by the Interest Rate Benchmark Reform, to manage our foreign exchange risk arising from our investments in foreign operations. Our most significant exposures include U.S. dollar, British pound and Euro. When hedging net investments in foreign operations using foreign exchange forwards, only the undiscounted spot element of the foreign exchange forward is designated as the hedging instrument. Accordingly, changes in the fair value of the hedging instrument as a result of changes in forward rates and the effects of discounting are not included in the hedging effectiveness assessment. Foreign operations are only hedged to the extent of the liability or notional amount of the derivative; we generally do not expect to incur significant ineffectiveness on hedges of net investments in foreign operations. Equity price risk We use total return swaps in cash flow hedges to mitigate the cash flow variability of the expected payment associated with our cash settled share-based compensation plan for certain key employees by exchanging interest payments for indexed RBC share price change and dividend returns. Credit risk We predominantly use credit derivatives to economically hedge our credit exposures. We mitigate industry sector concentrations and single-name exposures related to our credit portfolio by purchasing credit derivatives to transfer credit risk to third parties. Derivative instruments designated in hedging relationships The following table presents the fair values of the derivative instruments and the principal amounts of the non-derivative Derivatives and non-derivative (1) As at October 31, 2019 October 31, 2018 Designated as hedging Designated as hedging (Millions of Canadian dollars) Fair Cash Net Not designated Fair (2) Cash (2) Net Not designated (2) Assets Derivative instruments $ 146 $ 77 $ 52 $ 101,285 $ 404 $ 12 $ 13 $ 93,610 Liabilities Derivative instruments 187 526 70 97,760 4 413 28 89,793 Non-derivative – – 27,688 n.a. – – 25,565 n.a. (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. (2) Amounts have been revised from those previously presented. n.a. not applicable The following tables provide the maturity analysis of the notional amounts and the weighted average rates of the hedging instruments and their carrying amounts by types of hedging relationships: Fair value hedges As at October 31, 2019 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 4,625 $ 20,439 $ 3,909 $ 28,973 $ 2 $ 187 Hedge of fixed rate liabilities 16,003 48,361 9,065 73,429 144 – Weighted average fixed interest rate Hedge of fixed rate assets 1.9% 2.2% 2.7% 2.2% Hedge of fixed rate liabilities 1.7% 1.8% 1.8% 1.7% As at October 31, 2018 Notional amounts Carrying amount (1) (2) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 2,518 $ 12,778 $ 4,668 $ 19,964 $ 311 $ 4 Hedge of fixed rate liabilities 14,946 47,658 7,432 70,036 93 – Weighted average fixed interest rate Hedge of fixed rate assets 1.1% 2.4% 2.8% 2.3% Hedge of fixed rate liabilities 1.6% 1.8% 1.8% 1.8% (1) The carrying value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. (2) Amounts have been revised from those previously presented. Cash flow hedges As at October 31, 2019 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 17,327 $ 11,729 $ 1,696 $ 30,752 $ – $ – Hedge of variable rate liabilities 200 54,610 4,803 59,613 – – Weighted average fixed interest rate Hedge of variable rate assets 2.1% 2.0% 2.6% 2.1% Hedge of variable rate liabilities 2.6% 1.9% 2.4% 2.0% Foreign exchange risk Cross currency swaps $ 2,937 $ 63 $ 88 $ 3,088 $ 2 $ 526 Weighted average CAD-CHF exchange rate – – – – Weighted average CAD-EUR – 1.48 1.55 1.52 Weighted average USD-EUR 1.33 – – 1.33 As at October 31, 2018 Notional amounts Carrying amount (1) (2) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 12,686 $ 12,805 $ 1,615 $ 27,106 $ – $ – Hedge of variable rate liabilities 2,000 38,256 3,978 44,234 – – Weighted average fixed interest rate Hedge of variable rate assets 2.2% 2.4% 2.7% 2.3% Hedge of variable rate liabilities 2.1% 1.9% 2.5% 2.0% Foreign exchange risk Cross currency swaps $ 326 $ 2,978 $ 153 $ 3,457 $ 12 $ 368 Weighted average CAD-CHF 1.27 – – 1.27 Weighted average CAD-EUR – – 1.52 1.52 Weighted average USD-EUR – 1.33 – 1.33 (1) The carrying value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. (2) Amounts have been revised from those previously presented. Net investment hedges As at October 31, 2019 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 8,701 $ 14,843 $ 4,144 $ 27,688 n.a. $ 27,859 Weighted average CAD-USD 1.31 1.29 1.31 1.30 Weighted average CAD-EUR – – 1.51 1.51 Weighted average CAD-GBP – 1.69 – 1.69 Forward contracts $ 5,355 $ – $ – $ 5,355 $ 52 $ 70 Weighted average CAD-USD 1.33 – – 1.33 Weighted average CAD-EUR 1.47 – – 1.47 Weighted average CAD-GBP 1.67 – – 1.67 As at October 31, 2018 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 3,457 $ 18,233 $ 3,875 $ 25,565 n.a . $ 25,043 Weighted average CAD-USD 1.20 1.28 1.31 1.27 Weighted average CAD-EUR – – 1.53 1.53 Weighted average CAD-GBP 1.91 1.69 – 1.73 Forward contracts $ 3,372 $ – $ – $ 3,372 $ 13 $ 28 Weighted average CAD-USD 1.31 – – 1.31 Weighted average CAD-EUR 1.49 – – 1.49 Weighted average CAD-GBP 1.68 – – 1.68 n.a. not applicable The following tables present the details of the hedged items categorized by their hedging relationships: Fair value hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2019 Carrying amount Accumulated amount of fair (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet item(s): Changes in fair Interest rate risk Fixed rate assets (1) $ 29,985 $ – $ 569 $ – Securities – Investment, net of applicable allowance; Loans – $ 1,028 Fixed rate liabilities (1) – 74,099 – 693 Deposits – Business and government; Subordinated debentures (2,045 ) As at and for the year ended October 31, 2018 Carrying amount Accumulated amount of fair value adjustments on the hedged item included in the (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet item(s): Changes in fair Interest rate risk Fixed rate assets (1) $ 20,172 $ – $ (529 ) $ – Securities – Investment, net of applicable allowance; Loans – Retail $ (650 ) Fixed rate liabilities (1) – 68,714 – (1,302 ) Deposits – Business and government; 1,018 (1) As at October 31, 2019, the accumulated amount of fair value hedge adjustments remaining in the Balance Sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a loss of $53 million for fixed-rate assets and a loss of $170 million for fixed-rate liabilities (October 31, 2018 – $105 million and $277 million, respectively). Cash flow and net investment hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2019 Balance sheet item(s): Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ (608 ) $ 163 $ 84 Variable rate liabilities Deposits – Business and government; Deposits – Personal 1,274 (372 ) 70 Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail (5 ) (1 ) – Fixed rate liabilities Deposits – Business and government 125 9 – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. (7 ) (5,407 ) (871 ) As at and for the year ended October 31, 2018 Balance sheet item(s): Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ 308 $ (187 ) $ (171 ) Variable rate liabilities Deposits – Business and government; (769 ) 706 477 Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail 19 (4 ) – Fixed rate liabilities Deposits – Business and government 60 95 – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. 315 (5,365 ) (923 ) n.a. not applicable Effectiveness of designated hedging relationships For the year ended October 31, 2019 (Millions of Canadian dollars) Change in fair value Hedge (1) Changes in the value of Amount reclassified Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ (1,060 ) $ (32 ) $ – $ – Interest rate contracts – fixed rate liabilities 2,032 (13 ) – – Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets 605 8 582 (25 ) Interest rate contracts – variable rate liabilities (1,261 ) (5 ) (1,265 ) 220 Foreign exchange risk Cross currency swap – fixed rate assets 5 – 8 5 Cross currency swap – fixed rate liabilities (125 ) – (193 ) (106 ) Net investment hedges Foreign exchange risk Foreign currency liabilities (50 ) – (50 ) – Forward contracts 57 – 57 (2 ) For the year ended October 31, 2018 (Millions of Canadian dollars) Change in fair value of hedging instrument Hedge ineffectiveness recognized in income Changes in the value of the hedging instrument recognized in OCI Amount reclassified from hedge reserves Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ 605 $ (45 ) $ – $ – Interest rate contracts – fixed rate liabilities (1,000 ) 18 – – Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets (318 ) (11 ) (275 ) (37 ) Interest rate contracts – variable rate liabilities 751 (1 ) 674 101 Foreign exchange risk Cross currency swap – fixed rate assets (19 ) – (10 ) (7 ) Cross currency swap – fixed rate liabilities (61 ) – (137 ) (165 ) Net investment hedges Foreign exchange risk Foreign currency liabilities (331 ) – (331 ) |
Premises and equipment
Premises and equipment | 12 Months Ended |
Oct. 31, 2019 | |
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Premises and equipment | Note 9 For the year ended October 31, 2019 (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Total Cost Balance at beginning of period $ 153 $ 1,399 $ 2,123 $ 1,373 $ 2,726 $ 264 $ 8,038 Additions (1) – – 195 129 81 591 996 Transfers from work in process – 4 84 82 262 (432 ) – Disposals – (10 ) (68 ) (29 ) (65 ) – (172 ) Foreign exchange translation – – 3 (1 ) 2 – 4 Other – 2 (12 ) 3 (5 ) 9 (3 ) Balance at end of period $ 153 $ 1,395 $ 2,325 $ 1,557 $ 3,001 $ 432 $ 8,863 Accumulated depreciation Balance at beginning of period $ – $ 669 $ 1,556 $ 1,051 $ 1,930 $ – $ 5,206 Depreciation – 45 273 113 196 – 627 Disposals – (8 ) (61 ) (26 ) (56 ) – (151 ) Foreign exchange translation – – 1 – 1 – 2 Other – (3 ) (11 ) (1 ) 3 – (12 ) Balance at end of period $ – $ 703 $ 1,758 $ 1,137 $ 2,074 $ – $ 5,672 Net carrying amount at end of period $ 153 $ 692 $ 567 $ 420 $ 927 $ 432 $ 3,191 For the year ended October 31, 2018 (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Total Cost Balance at beginning of period $ 157 $ 1,363 $ 1,875 $ 1,314 $ 2,586 $ 153 $ 7,448 Additions (1) – – 255 43 61 374 733 Transfers from work in process – 7 44 56 184 (291 ) – Disposals (5 ) (17 ) (50 ) (41 ) (73 ) – (186 ) Foreign exchange translation 1 5 4 4 8 – 22 Other – 41 (5 ) (3 ) (40 ) 28 21 Balance at end of period $ 153 $ 1,399 $ 2,123 $ 1,373 $ 2,726 $ 264 $ 8,038 Accumulated depreciation Balance at beginning of period $ – $ 608 $ 1,367 $ 984 $ 1,819 $ – $ 4,778 Depreciation – 44 246 100 179 – 569 Disposals – (10 ) (48 ) (34 ) (55 ) – (147 ) Foreign exchange translation – 2 1 2 6 – 11 Other – 25 (10 ) (1 ) (19 ) – (5 ) Balance at end of period $ – $ 669 $ 1,556 $ 1,051 $ 1,930 $ – $ 5,206 Net carrying amount at end of period $ 153 $ 730 $ 567 $ 322 $ 796 $ 264 $ 2,832 (1) As at October 31, 2019, we had total contractual commitments of $338 million to acquire premises and equipment (October 31, 2018 – $273 million). |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Oct. 31, 2019 | |
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Goodwill and other intangible assets | Note 10 Goodwill and other intangible assets Goodwill For the year ended October 31, 2019 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,528 $ 1,729 $ 579 $ 1,986 $ 2,870 $ 118 $ 112 $ 148 $ 1,067 $ 11,137 Acquisitions 27 – – – 71 – – – – 98 Dispositions – – – (20 ) – – – – – (20 ) Currency translations – (2 ) – 19 2 2 – – – 21 Balance at end of period $ 2,555 $ 1,727 $ 579 $ 1,985 $ 2,943 $ 120 $ 112 $ 148 $ 1,067 $ 11,236 For the year ended October 31, 2018 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,527 $ 1,694 $ 576 $ 2,006 $ 2,745 $ 120 $ 112 $ 148 $ 1,049 $ 10,977 Acquisitions 1 – – – 80 – – – – 81 Dispositions – – – – (8 ) – – – – (8 ) Currency translations – 35 3 (20 ) 53 (2 ) – – 18 87 Balance at end of period $ 2,528 $ 1,729 $ 579 $ 1,986 $ 2,870 $ 118 $ 112 $ 148 $ 1,067 $ 11,137 We perform our annual impairment test by comparing the carrying amount of each CGU to its recoverable amount. The recoverable amount of a CGU is represented by its value in use, except in circumstances where the carrying amount of a CGU exceeds its value in use. In such cases, the greater of the CGU’s fair value less costs of disposal and its value in use is the recoverable amount. Our annual impairment test is performed as at August 1. In our 2019 and 2018 annual impairment tests, the recoverable amounts of our Caribbean Banking and International Wealth Management CGUs were based on their fair value less costs of disposal. The recoverable amounts of all other CGUs tested were based on their value in use. Value in use We calculate value in use using a five-year discounted cash flow method, with the exception of our U.S. Wealth Management (including City National) CGU where cash flow projections covering a six-year mid-term CGU-specific The estimation of value in use involves significant judgment in the determination of inputs to the discounted cash flow model and is most sensitive to changes in future cash flows, discount rates and terminal growth rates applied to cash flows beyond the forecast period. The sensitivity of key inputs and assumptions used was tested by recalculating the recoverable amount using reasonably possible changes to those assumptions. The post-tax The terminal growth rates and pre-tax As at August 1, 2019 August 1, 2018 Discount (1) Terminal Discount (1), (2) Terminal Group of cash generating units Canadian Banking 10.2% 3.0% 10.0% 3.0% Caribbean Banking 11.9 4.2 11.8 4.3 Canadian Wealth Management 11.2 3.0 11.2 3.0 Global Asset Management 11.1 3.0 11.0 3.0 U.S. Wealth Management (including City National) 11.2 3.0 11.0 3.0 International Wealth Management 10.8 3.0 10.1 3.0 Insurance 11.0 3.0 11.0 3.0 Investor & Treasury Services 10.9 3.0 11.2 3.0 Capital Markets 11.8 3.0 12.4 3.0 (1) Pre-tax post-tax (2) Discount rates have been revised from those previously presented. Fair value less costs of disposal – Caribbean Banking For our Caribbean Banking CGU, we calculated fair value less costs of disposal using a discounted cash flow method that projects future cash flows over a 5-year 5-year We use significant judgement to determine inputs to the discounted cash flow model which is most sensitive to changes in future cash flows, discount rates and terminal growth rates applied to cash flows beyond the forecast period. The sensitivity of these key inputs was tested by applying a reasonably possible change to these assumptions. As at August 1, 2019, the recoverable amount of our Caribbean Banking CGU, based on fair value less costs of disposal, was 126% of its carrying amount. If the post-tax Fair value less costs of disposal – International Wealth Management For our International Wealth Management CGU, we calculated fair value less costs of disposal using a multiples-based approach. Each business within the CGU was valued using either a Price-to-assets-under-administration Price-to-revenue The estimation of fair value less costs of disposal involves significant judgment in the determination of the appropriate valuation approach and inputs and is most sensitive to changes in the P/AUA and P/Rev multiples. These key inputs were tested for sensitivity by reducing each multiple to the low end of the range of reasonably possible inputs considered. As at August 1, 2019, no reasonably possible change in an individual key input or assumption, as described, would result in the CGU’s carrying amount exceeding its recoverable amount based on fair value less costs of disposal. Other intangible assets For the year ended October 31, 2019 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 5,984 $ 1,582 $ 1,750 $ 1,768 $ 1,146 $ 12,230 Additions 42 49 – – 1,184 1,275 Acquisitions through business combinations – 16 – 6 – 22 Transfers 1,009 42 – – (1,051 ) – Dispositions – (1 ) – – – (1 ) Impairment losses (94 ) (6 ) – – (42 ) (142 ) Currency translations – 1 1 7 (2 ) 7 Other changes – 1 (184 ) (8 ) 5 (186 ) Balance at end of period $ 6,941 $ 1,684 $ 1,567 $ 1,773 $ 1,240 $ 13,205 Accumulated amortization Balance at beginning of period $ (4,501 ) $ (1,226 ) $ (654 ) $ (1,162 ) $ – $ (7,543 ) Amortization charge for the year (793 ) (121 ) (159 ) (124 ) – (1,197 ) Dispositions – – – – – – Impairment losses 30 2 – – – 32 Currency translations (1 ) (1 ) 1 (6 ) – (7 ) Other changes 9 (11 ) 185 1 – 184 Balance at end of period $ (5,256 ) $ (1,357 ) $ (627 ) $ (1,291 ) $ – $ (8,531 ) Net balance at end of period $ 1,685 $ 327 $ 940 $ 482 $ 1,240 $ 4,674 For the year ended October 31, 2018 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 5,143 $ 1,432 $ 1,715 $ 1,753 $ 892 $ 10,935 Additions 40 79 – – 1,111 1,230 Acquisitions through business combinations – – – 16 – 16 Transfers 798 51 – – (849 ) – Dispositions (1 ) (1 ) – – (2 ) (4 ) Impairment losses (1 ) – – – (7 ) (8 ) Currency translations 16 11 35 (1 ) 4 65 Other changes (11 ) 10 – – (3 ) (4 ) Balance at end of period $ 5,984 $ 1,582 $ 1,750 $ 1,768 $ 1,146 $ 12,230 Accumulated amortization Balance at beginning of period $ (3,825 ) $ (1,094 ) $ (487 ) $ (1,022 ) $ – $ (6,428 ) Amortization charge for the year (669 ) (112 ) (153 ) (143 ) – (1,077 ) Dispositions 1 1 – – – 2 Impairment losses – – – – – – Currency translations (11 ) (7 ) (14 ) 3 – (29 ) Other changes 3 (14 ) – – – (11 ) Balance at end of period $ (4,501 ) $ (1,226 ) $ (654 ) $ (1,162 ) $ – $ (7,543 ) Net balance at end of period $ 1,483 $ 356 $ 1,096 $ 606 $ 1,146 $ 4,687 |
Significant dispositions
Significant dispositions | 12 Months Ended |
Oct. 31, 2019 | |
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Significant dispositions | Note 11 Significant dispositions Wealth Management On October 30, 2019, we completed the sale of our private debt Global Asset Management business in the United Kingdom to Dyal Capital Partners. As a result of the transaction, we recorded a pre-tax million in Non-interest income – Other after-tax). |
Joint ventures and associated c
Joint ventures and associated companies | 12 Months Ended |
Oct. 31, 2019 | |
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Joint ventures and associated companies | Note 12 Joint ventures and associated companies The following table summarizes the carrying value of our interests in joint ventures and associated companies accounted for under the equity method as well as our share of the income of those entities. Joint ventures Associated companies As at and for the year ended (Millions of Canadian dollars) October 31 October 31 October 31 October 31 Carrying amount $ 178 $ 165 $ 474 $ 521 Share of: Net income $ 107 $ 113 $ (31 ) $ (92 ) We do not have any joint ventures or associated companies that are individually material to our financial results. During the year ended October 31, 2019, we recognized impairment losses of $2 million with respect to our interests in joint ventures and associated companies (October 31, 2018 – impairment losses of $12 million). Certain of our subsidiaries, joint ventures and associates are subject to regulatory requirements of the jurisdictions in which they operate. When these subsidiaries, joint ventures and associates are subject to such requirements, they may be restricted from transferring to us our share of their assets in the form of cash dividends, loans or advances. As at October 31, 2019, restricted net assets of these subsidiaries, joint ventures and associates were $34.9 billion (October 31, 2018 – $33.9 billion). |
Other assets
Other assets | 12 Months Ended |
Oct. 31, 2019 | |
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Other assets | Note 13 Other assets As at (Millions of Canadian dollars) October 31 October 31 Cash collateral $ 15,629 $ 14,467 Margin deposits 5,688 4,940 Receivable from brokers, dealers and clients 2,511 2,868 Accounts receivable and prepaids 4,569 4,047 Investments in joint ventures and associates 652 686 Employee benefit assets 147 626 Insurance-related assets Collateral loans 926 991 Policy loans 95 99 Reinsurance assets 748 656 Other 78 163 Deferred income tax asset 1,989 1,475 Taxes receivable 5,553 5,456 Accrued interest receivable 2,866 2,641 Precious metals 416 361 Commodity trading receivables 4,232 1,898 Other 2,974 2,690 $ 49,073 $ 44,064 |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2019 | |
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Deposits | Note 14 Deposits As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 143,958 $ 49,806 $ 100,968 $ 294,732 $ 135,101 $ 48,873 $ 86,180 $ 270,154 Business and government (4) 253,113 13,867 298,502 565,482 238,617 8,606 286,299 533,522 Bank 8,363 920 16,508 25,791 8,750 299 23,472 32,521 $ 405,434 $ 64,593 $ 415,978 $ 886,005 $ 382,468 $ 57,778 $ 395,951 $ 836,197 Non-interest-bearing (5) Canada $ 93,163 $ 5,692 $ 137 $ 98,992 $ 88,119 $ 5,086 $ – $ 93,205 United States 34,632 – – 34,632 34,098 – – 34,098 Europe (6) 760 – – 760 564 – – 564 Other International 5,225 5 – 5,230 5,495 5 – 5,500 Interest-bearing (5) Canada 228,386 15,306 333,118 576,810 213,747 15,112 292,641 521,500 United States 4,704 39,626 41,776 86,106 2,478 33,099 67,211 102,788 Europe (4), (6) 33,073 825 30,090 63,988 32,930 1,412 25,749 60,091 Other International 5,491 3,139 10,857 19,487 5,037 3,064 10,350 18,451 $ 405,434 $ 64,593 $ 415,978 $ 886,005 $ 382,468 $ 57,778 $ 395,951 $ 836,197 (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) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. (5) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at October 31, 2019, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $321 billion, $23 billion, $45 billion and $31 billion, respectively (October 31, 2018 – $309 billion, $20 billion, $38 billion and $31 billion, respectively). (6) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. Contractual maturities of term deposits As at (Millions of Canadian dollars) October 31 October 31 Within 1 year: less than 3 months $ 94,585 $ 89,553 3 to 6 months 62,814 59,109 6 to 12 months 92,507 80,773 1 to 2 years 50,055 51,798 2 to 3 years 31,852 45,550 3 to 4 years 31,373 21,127 4 to 5 years 21,130 23,863 Over 5 years (1) 31,662 24,178 $ 415,978 $ 395,951 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more (2) $ 379,000 $ 362,000 (1) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. (2) Aggregate amounts of term deposits in denominations of one hundred thousand dollars or more have been revised from those previously presented. Average deposit balances and average rates of interest For the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except for percentage amounts) Average Average Average Average Canada $ 650,555 1.60% $ 603,582 1.28% United States 129,903 1.17 131,715 1.00 Europe (1) 63,333 1.15 59,916 0.91 Other International 26,290 1.20 23,788 1.11 $ 870,081 1.49% $ 819,001 1.20% (1) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Insurance
Insurance | 12 Months Ended |
Oct. 31, 2019 | |
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Insurance | Note 15 Insurance Risk management Insurance risk is the risk of fluctuations in the timing, frequency or severity of insured events, relative to our expectations at the time of underwriting. We do not have a high degree of concentration risk due to our geographic diversity and business mix. Concentration risk is not a major concern for the life and health insurance business as it does not have a material level of region-specific characteristics. Reinsurance is also used for a majority of our businesses to lower our risk profile and limit the liability on a single claim. We manage underwriting and pricing risk through the use of underwriting guidelines which detail the class, nature and type of business that may be accepted, pricing policies by product line and centralized control of policy wordings. The risk that claims are handled or paid inappropriately is mitigated by using a range of information technology (IT) system controls and manual processes conducted by experienced staff. These, together with a range of detailed policies and procedures, ensure that all claims are handled in a timely, appropriate and accurate manner. Reinsurance In the ordinary course of business, our insurance operations reinsure risks to other insurance and reinsurance companies in order to lower our risk profile, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries from our direct obligations to the insured parties. We evaluate the financial condition of the reinsurers and monitor our concentrations of credit risks to minimize our exposure to losses from reinsurer insolvency. Reinsurance amounts (ceded premiums) included in Non-interest Net premiums and claims For the year ended (Millions of Canadian dollars) October 31 October 31 Gross premiums $ 4,209 $ 4,236 Premiums ceded to reinsurers (225 ) (204 ) Net premiums $ 3,984 $ 4,032 Gross claims and benefits (1) $ 3,990 $ 2,615 Reinsurers’ share of claims and benefits (241 ) (224 ) Net claims $ 3,749 $ 2,391 (1) Includes the change in fair value of investments backing our policyholder liabilities, which are largely offset in revenue. Insurance claims and policy benefit liabilities All actuarial assumptions are set in conjunction with Canadian Institute of Actuaries Standards of Practice and OSFI requirements. The assumptions that have the greatest effect on the measurement of insurance liabilities, the processes used to determine them and the assumptions used as at October 31, 2019 are as follows: Life insurance Mortality and morbidity – Mortality estimates are based on standard industry insured mortality tables, adjusted where appropriate to reflect our own experience. Morbidity assumptions are made with respect to the rates of claim incidence and claim termination for health insurance policies and are based on a combination of industry and our own experience. Future investment yield – Assumptions are based on the current yield rate, a reinvestment assumption and an allowance for future credit losses for each line of business, and are developed using interest rate scenario testing, including prescribed scenarios for determination of minimum liabilities as set out in the actuarial standards. Policyholder behaviour non-payment Significant insurance assumptions As at October 31 October 31 Life Insurance Canadian Insurance Mortality rates (1) 0.12% 0.11% Morbidity rates (2) 1.82 1.82 Future reinvestment yield (3) 3.69 3.80 Lapse rates (4) 0.50 0.50 International Insurance Mortality rates (1) 0.57 0.52 Future reinvestment yield (3) 3.06 3.14 (1) Average annual death rate for the largest portfolio of insured policies. (2) Average net settlement rate for the individual and group disability insurance portfolio. (3) Ultimate reinvestment rate of the insurance operations. (4) Ultimate policy termination rate (lapse rate) for the largest permanent life insurance portfolio that relies on higher termination rate to maintain its profitability (lapse-supported policies). Insurance claims and policy benefit liabilities The following table summarizes our gross and reinsurers’ share of insurance liabilities at the end of the year. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Life insurance policyholder liabilities Life, health and annuity $ 11,339 $ 601 $ 10,738 $ 9,982 $ 493 $ 9,489 Investment contracts (1) 38 – 38 42 – 42 $ 11,377 $ 601 $ 10,776 $ 10,024 $ 493 $ 9,531 Non-life Unearned premium provision (1) $ 29 $ – $ 29 $ 26 $ – $ 26 Unpaid claims provision 62 2 60 18 3 15 $ 91 $ 2 $ 89 $ 44 $ 3 $ 41 $ 11,468 $ 603 $ 10,865 $ 10,068 $ 496 $ 9,572 (1) Insurance liabilities for investment contracts and unearned premium provision are reported in Other liabilities on the Consolidated Balance Sheets. Reconciliation of life insurance policyholder liabilities For the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Balances at beginning of period $ 10,024 $ 493 $ 9,531 $ 9,687 $ 393 $ 9,294 New and in-force 1,479 103 1,376 502 83 419 Changes in assumption and methodology (122 ) 5 (127 ) (173 ) 17 (190 ) Net change in investment contracts (4 ) – (4 ) 8 – 8 Balances at end of period $ 11,377 $ 601 $ 10,776 $ 10,024 $ 493 $ 9,531 The net increase in Insurance claims and policy benefit liabilities over the prior year was comprised of the net increase in life and health liabilities and reinsurance attributable to market movements on assets backing life and health liabilities and business growth. During the year, we reviewed all key actuarial methods and assumptions which are used in determining the policy benefit liabilities resulting in a $127 million net decrease to insurance liabilities comprised of: (i) a decrease of $104 million for revised actuarial reserves for updated growth assumptions on investments in equity and commercial real estate; (ii) a decrease of $78 million due to reinsurance contract renegotiations; (iii) a decrease of $17 million due to valuation system and data changes and (iv) an increase of $72 million arising from insurance risk related assumption updates largely due to mortality, morbidity, maintenance, property and casualty margin for adverse deviation and expense assumptions, impacting both gross and ceded insurance policyholder liabilities. Sensitivity analysis The following table presents the sensitivity of the level of insurance policyholder liabilities disclosed in this note to reasonably possible changes in the actuarial assumptions used to calculate them. The percentage change in each variable is applied to a range of existing actuarial modelling assumptions to derive the possible impact on net income. The analyses are performed where a single assumption is changed while holding other assumptions constant, which is unlikely to occur in practice. Net income impact (Millions of Canadian dollars, except for percentage amounts) Change in October 31 October 31 Increase in market interest rates (1) 1% $ (7 ) $ (2 ) Decrease in market interest rates (1) 1 4 – Increase in equity market values (2) 10 1 6 Decrease in equity market values (2) 10 (3 ) (8 ) Increase in maintenance expenses (3) 5 (33 ) (29 ) Life Insurance (3) Adverse change in annuitant mortality rates 2 (205 ) (131 ) Adverse change in assurance mortality rates 2 (60 ) (59 ) Adverse change in morbidity rates 5 (205 ) (188 ) Adverse change in lapse rates 10 (247 ) (226 ) (1) Sensitivities for market interest rates include the expected current period earnings impact of a 100 basis points shift in the yield curve by increasing the current reinvestment rates while holding the assumed ultimate rates constant. The sensitivity consists of both the impact on assumed reinvestment rates in the actuarial liabilities and any changes in fair value of assets and liabilities from the yield curve shift. (2) Sensitivities to changes in equity market values are composed of the expected current period earnings impact from differences in the changes in fair value of the equity asset holdings and the partially offsetting impact on the actuarial liabilities. (3) Sensitivities to changes in maintenance expenses and life insurance actuarial assumptions include the expected current period earnings impact from recognition of increased liabilities due to an adverse change in the given assumption over the lifetime of all in-force |
Segregated funds
Segregated funds | 12 Months Ended |
Oct. 31, 2019 | |
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Segregated funds | Note 16 Segregated funds We offer certain individual variable insurance contracts that allow policyholders to invest in segregated funds. The investment returns on these funds are passed directly to the policyholders. Amounts invested are at the policyholders’ risk, except where the policyholders have selected options providing maturity and death benefit guarantees. A liability for the guarantees is recorded in Insurance claims and policy benefit liabilities. Segregated funds net assets are recorded at fair value. All of our segregated funds net assets are categorized as Level 1 in the fair value hierarchy. The fair value of the segregated funds liabilities is equal to the fair value of the segregated funds net assets. Segregated funds net assets and segregated funds liabilities are presented on separate lines on the Consolidated Balance Sheets. The following tables present the composition of net assets and the changes in net assets for the year. Segregated funds net assets As at (Millions of Canadian dollars) October 31 October 31 Cash $ 31 $ 19 Investment in mutual funds 1,631 1,348 Other assets (liabilities) net 1 1 $ 1,663 $ 1,368 Changes in net assets For the year ended (Millions of Canadian dollars) October 31 October 31 Net assets at beginning of period $ 1,368 $ 1,216 Additions (deductions): Deposits from policyholders 557 537 Net realized and unrealized gains (losses) 124 (40 ) Interest and dividends 39 31 Payment to policyholders (386 ) (342 ) Management and administrative fees (39 ) (34 ) Net assets at end of period $ 1,663 $ 1,368 |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 12 Months Ended |
Oct. 31, 2019 | |
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Employee benefits - Pension and other post-employment benefits | Note 17 Employee benefits – Pension and other post-employment benefits Plan characteristics We sponsor a number of programs that provide pension and post-employment benefits to eligible employees. The majority of beneficiaries of the pension plans are located in Canada and other beneficiaries of the pension plans are primarily located in the U.S., the U.K. and the Caribbean. The pension arrangements including investment, plan benefits and funding decisions are governed by local pension committees or trustees, who are legally segregated from the Bank, or management. Significant plan changes require the approval of the Board of Directors. Our defined benefit pension plans provide pension benefits based on years of service, contributions and average earnings at retirement. Our primary defined benefit pension plans are closed to new members. New employees are generally eligible to join defined contribution pension plans. The specific features of these plans vary by location. We also provide supplemental non-registered (non-qualified) Our defined contribution pension plans provide pension benefits based on accumulated employee and Bank contributions. The Bank contributions are based on a percentage of an employee’s annual earnings and a portion of the Bank contribution may be dependent on the amount being contributed by the employee and their years of service. Our primary other post-employment benefit plans provide health, dental, disability and life insurance coverage and cover a number of current and retired employees who are mainly located in Canada. These plans are unfunded unless required by legislation. We measure our benefit obligations and pension assets as at October 31 each year. All plans are valued using the projected unit-credit method. We fund our registered defined benefit pension plans in accordance with actuarially determined amounts required to satisfy employee benefit obligations under current pension regulations. For our principal pension plan, the most recent funding actuarial valuation was completed on January 1, 2019, and the next valuation will be completed on January 1, 2020. For the year ended October 31, 2019, total contributions to our pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans were $551 million and $72 million (October 31, 2018 – $594 million and $65 million), respectively. For 2020, total contributions to our pension plans and other post-employment benefit plans are expected to be $549 million and $78 million, respectively. Risks By their design, the defined benefit pension and other post-employment benefit plans expose the Bank to various risks such as investment performance, reductions in discount rates used to value the obligations, increased longevity of plan members, future inflation levels impacting future salary increases as well as future increases in healthcare costs. These risks will reduce over time due to the membership closure of our primary defined benefit pension plans and migration to defined contribution pension plans. The following table presents the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Defined benefit Other post- Defined benefit Other post- Canada Fair value of plan assets $ 13,679 $ 1 $ 12,587 $ 1 Present value of defined benefit obligation 14,428 1,722 12,270 1,522 Net surplus (deficit) $ (749 ) $ (1,721 ) $ 317 $ (1,521 ) International Fair value of plan assets $ 1,106 $ – $ 977 $ – Present value of defined benefit obligation 1,089 98 948 100 Net surplus (deficit) $ 17 $ (98 ) $ 29 $ (100 ) Total Fair value of plan assets $ 14,785 $ 1 $ 13,564 $ 1 Present value of defined benefit obligation 15,517 1,820 13,218 1,622 Total net surplus (deficit) $ (732 ) $ (1,819 ) $ 346 $ (1,621 ) Effect of asset ceiling (1 ) – (1 ) – Total net surplus (deficit), net of effect of asset ceiling $ (733 ) $ (1,819 ) $ 345 $ (1,621 ) Amounts recognized in our Consolidated Balance Sheets Employee benefit assets $ 147 $ – $ 626 $ – Employee benefit liabilities (880 ) (1,819 ) (281 ) (1,621 ) Total net surplus (deficit), net of effect of asset ceiling $ (733 ) $ (1,819 ) $ 345 $ (1,621 ) The following table presents an analysis of the movement in the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at or for the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Defined benefit (1) Other post- Defined benefit (1) Other post- Fair value of plan assets at beginning of period $ 13,564 $ 1 $ 13,573 $ 1 Interest income 532 – 476 – Remeasurements Return on plan assets (excluding interest income) 910 – (268 ) – Change in foreign currency exchange rate 9 – (10 ) – Contributions – Employer 339 72 409 65 Contributions – Plan participant 48 18 49 19 Payments (601 ) (90 ) (586 ) (84 ) Payments – amount paid in respect of any settlements – – (64 ) – Other (16 ) – (15 ) – Fair value of plan assets at end of period $ 14,785 $ 1 $ 13,564 $ 1 Benefit obligation at beginning of period $ 13,218 $ 1,622 $ 14,005 $ 1,845 Current service costs 297 39 359 34 Past service costs 1 – (13 ) (25 ) Gains and losses on settlements – – 13 – Interest expense 510 65 484 66 Remeasurements Actuarial losses (gains) from demographic assumptions (4 ) (7 ) (164 ) (66 ) Actuarial losses (gains) from financial assumptions 1,977 196 (828 ) (140 ) Actuarial losses (gains) from experience adjustments 59 (23 ) (22 ) (32 ) Change in foreign currency exchange rate 12 – (15 ) 5 Contributions – Plan participant 48 18 49 19 Payments (601 ) (90 ) (586 ) (84 ) Payments – amount paid in respect of any settlements – – (64 ) – Benefit obligation at end of period $ 15,517 $ 1,820 $ 13,218 $ 1,622 Unfunded obligation $ 29 $ 1,671 $ 27 $ 1,481 Wholly or partly funded obligation 15,488 149 13,191 141 Total benefit obligation $ 15,517 $ 1,820 $ 13,218 $ 1,622 (1) For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2019 were $ 14,329 13,449 685 404 Pension and other post-employment benefit expense The following table presents the composition of our pension and other post-employment benefit expense related to our material pension and other post-employment benefit plans worldwide. For the year ended Pension plans Other post-employment (Millions of Canadian dollars) October 31 October 31 October 31 October 31 Current service costs $ 297 $ 359 $ 39 $ 34 Past service costs 1 (13 ) – (25 ) Gains and losses on settlements – 13 – – Net interest expense (income) (22 ) 8 65 66 Remeasurements of other long term benefits – – 13 (4 ) Administrative expense 16 15 – – Defined benefit pension expense $ 292 $ 382 $ 117 $ 71 Defined contribution pension expense 212 185 – – $ 504 $ 567 $ 117 $ 71 Service costs for the year ended October 31, 2019 totalled $293 million (October 31, 2018 – $354 million) for pension plans in Canada and $5 million (October 31, 2018 – $(8) million) for International plans. Net interest expense (income) for the year ended October 31, 2019 totalled $(21) million (October 31, 2018 – $4 million) for pension plans in Canada and $(1) million (October 31, 2018 – $4 million) for International plans. Pension and other post-employment benefit remeasurements The following table presents the composition of our remeasurements recorded in OCI related to our material pension and other post-employment benefit plans worldwide. For the year ended Defined benefit pension Other post-employment (Millions of Canadian dollars) October 31 October 31 October 31 October 31 Actuarial (gains) losses: Changes in demographic assumptions $ (4 ) $ (164 ) $ (11 ) $ (65 ) Changes in financial assumptions 1,977 (828 ) 186 (134 ) Experience adjustments 59 (22 ) (22 ) (35 ) Return on plan assets (excluding interest based on discount rate) (910 ) 268 – – $ 1,122 $ (746 ) $ 153 $ (234 ) Remeasurements recorded in OCI for the year ended October 31, 2019 were losses losses Investment policy and strategie s Defined benefit pension plan assets are invested prudently in order to meet our longer-term pension obligations. The pension plans’ investment strategy is to hold a diversified mix of investments by asset class and geographic location in order to reduce investment-specific risk to the funded status while maximizing the expected returns to meet pension obligations. Investment of the plan’s assets follow s an asset/liabi li framework as inv est ment • the nature of the underlying benefit obligations, including the duration and term profile of the liabilities; • the member demographics, including expectations for normal retirements, terminations, and deaths; • the financial position of the pension plans; • the diversification benefits obtained by the inclusion of multiple asset classes; and • expected asset returns, including asset and liability correlations , along with liq uidity req u i rements of the plan To implement our asset mix policy, we may invest in debt securities, equity securities, and Our defined benefit pension plan assets are primarily comprised of debt and equity securities and alternative investments. Our equity securities generally have unadjusted quoted market prices in an active market (Level 1) and our debt securities generally have quoted market prices for similar assets in an active market (Level 2). Alternative investments and other includes cash, hedge funds, and private fund investments including infrastructure, real estate leases, private equity and debt. In the case of private fund investments, no quoted market prices are usually available (Level 2 or Level 3). These fund assets are either valued by an independent valuator or priced using observable market inputs. During the year ended October 31, 2019, the management of defined benefit pension investments Asset allocation of defined benefit pension plans (1) As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except percentages) Fair value Percentage Quoted (2) Fair value Percentage Quoted (2) Equity securities Domestic $ 1,544 10% 100% $ 1,259 10% 100% Foreign 3,215 22 98 3,243 24 99 Debt securities Domestic government bonds 3,014 21 – 2,643 19 – Foreign government bonds 396 3 – 288 2 – Corporate and other bonds 3,458 23 – 3,265 24 – Alternative investments and other 3,158 21 13 2,866 21 15 $ 14,785 100% 35% $ 13,564 100% 36% (1) The asset allocation is based on the underlying investments held directly and indirectly through the funds as this is how we manage our investment policy and strategies. (2) If our assessment of whether or not an asset was quoted in an active market was based on direct investments, 36 40 The allocation of equity securities in our pension plans in Canada is 33% (October 31, 2018 – 33%) and that of our International plans is 16% (October 31, 2018 – 23%). The allocation of debt securities in our pension plans in Canada is 47% (October 31, 2018 – 46%) and that of our International plans is 44% (October 31, 2018 – 42%). The allocation of alternative investments and other in our pension plans in Canada is 20% (October 31, 2018 – 21%) and that of our International plans is 40% (October 31, 2018 – 35%). As at October 31, 2019, the plan assets include 1 million (October 31, 2018 – 1 million) of our common shares with a fair value of $104 million (October 31, 2018 – $95 million) and $57 million (October 31, 2018 – $49 million) of our debt securities. For the year ended October 31, 2019, dividends received on our common shares held in the plan assets were $4 million (October 31, 2018 – $4 million). Maturity profile The following table presents the maturity profile of our defined benefit pension plan obligation. (Millions of Canadian dollars, except participants and years) As at October 31, 2019 Canada International Total Number of plan participants 69,084 7,635 76,719 Actual benefit payments 2019 $ 551 $ 50 $ 601 Benefits expected to be paid 2020 610 50 660 Benefits expected to be paid 2021 630 52 682 Benefits expected to be paid 2022 650 52 702 Benefits expected to be paid 2023 670 52 722 Benefits expected to be paid 2024 690 53 743 Benefits expected to be paid 2025-2029 3,709 258 3,967 Weighted average duration of defined benefit payments 16.0 years 19.2 years 16.2 years Significant assumptions Our methodologies to determine significant assumptions used in calculating the defined benefit pension and other post-employment benefit expense are as follows: Discount rate For the Canadian pension and other post-employment benefit plans, all future expected benefit payments at each measurement date are discounted at spot rates from a derived Canadian AA corporate bond yield curve. The derived curve is based on actual short and mid-maturity 30-year Rate of increase in future compensation The assumptions for increases in future compensation are developed separately for each plan, where relevant. Each assumption is set based on the price inflation assumption and compensation policies in each market, as well as relevant local statutory and plan-specific requirements. Healthcare cost trend rates Healthcare cost calculations are based on both short and long term trend assumptions established using the plan’s recent experience as well as market expectations. Weighted average assumptions to determine benefit obligation As at Defined benefit Other post-employment October 31 October 31 October 31 October 31 Discount rate 3.0% 4.0% 3.3% 4.1% Rate of increase in future compensation 3.3% 3.3% n.a. n.a. Healthcare cost trend rates (1) – Medical n.a. n.a. 3.5% 3.5% – Dental n.a. n.a. 3.1% 3.1% (1) For our other post-employment benefit plans, the assumed trend rates used to measure the expected benefit costs of the defined benefit obligations are also the ultimate trend rates. n.a. not applicable Mortality assumptions Mortality assumptions are significant in measuring our obligations under the defined benefit pension plans. These assumptions have been set based on country specific statistics. Future longevity improvements have been considered and included where appropriate. The following table summarizes the mortality assumptions used for material plans. As at October 31, 2019 October 31, 2018 Life expectancy at 65 for a member currently at Life expectancy at 65 for a member currently at Age 65 Age 45 Age 65 Age 45 (In years) Male Female Male Female Male Female Male Female Country Canada 23.7 24.1 24.7 25.0 23.7 24.1 24.7 25.0 United States 20.6 22.6 22.2 24.1 20.6 22.7 22.3 24.2 United Kingdom 23.5 25.2 25.1 27.0 23.4 25.2 25.0 26.9 Sensitivity analysis Assumptions adopted can have a significant effect on the value of historica l m arket inputs for key ass u mptions Increase (decrease) (Millions of Canadian dollars) Defined benefit Other post- Discount rate Impact of 100 bps increase in discount rate $ (2,248 ) $ (239 ) Impact of 100 bps decrease in discount rate 2,834 304 Rate of increase in future compensation Impact of 50 bps increase in rate of increase in future compensation 66 1 Impact of 50 bps decrease in rate of increase in future compensation (70 ) (1 ) Mortality rate Impact of an increase in longevity by one additional year 425 36 Healthcare cost trend rate Impact of 100 bps increase in healthcare cost trend rate n.a. 81 Impact of 100 bps decrease in healthcare cost trend rate n.a. (68 ) n.a. not applicable |
Other liabilities
Other liabilities | 12 Months Ended |
Oct. 31, 2019 | |
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Other liabilities | Note 18 Other liabili ti As at (Millions of Canadian dollars) October 31 October 31 Cash collateral $ 16,195 $ 13,907 Accounts payable and accrued expenses 1,598 1,531 Payroll and related compensation 7,416 7,073 Payable to brokers, dealers and clients 3,241 4,078 Negotiable instruments 1,671 1,693 Accrued interest payable (1) 3,496 3,072 Deferred income 2,563 2,259 Taxes payable 2,202 2,071 Precious metals certificates 431 346 Dividends payable 1,567 1,482 Insurance related liabilities 387 364 Deferred income taxes 82 84 Provisions 581 507 Employee benefit liabilities 2,699 1,902 Commodity liabilities 8,487 7,315 Other 5,521 5,438 $ 58,137 $ 53,122 (1) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Subordinated debentures
Subordinated debentures | 12 Months Ended |
Oct. 31, 2019 | |
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Subordinated debentures | Note 19 Subordinated debentures The debentures are unsecured obligations and are subordinated in right of payment to the claims of depositors and certain other creditors. The amounts presented below are net of our own holdings in these debentures, and include the impact of fair value hedges used for managing interest rate risk. (Millions of Canadian dollars, except percentage and foreign currency) Interest Denominated As at Maturity Earliest par value October 31 October 31 2018 August 12, 2019 (1) 9.00% US$75 $ – $ 103 July 15, 2022 5.38% US$150 206 208 June 8, 2023 9.30% 110 110 July 17, 2024 (2) (3) July 17, 2019 3.04% – 998 December 6, 2024 December 6, 2019 2.99% (4) 1,999 1,978 June 4, 2025 (3) June 4, 2020 2.48% (4) 997 988 January 20, 2026 (3) January 20, 2021 3.31% (5) 1,483 1,443 January 27, 2026 (3) 4.65% US$1,500 2,023 1,813 September 29, 2026 (3) September 29, 2021 3.45% (6) 1,009 988 November 1, 2027 November 1, 2022 4.75% TT$300 59 59 July 25, 2029 (3) July 25, 2024 2.74% (7) 1,486 – October 1, 2083 Any interest payment date (8) 224 224 June 29, 2085 Any interest payment date (9) US$174 229 229 $ 9,825 $ 9,141 Deferred financing costs (10 ) (10 ) $ 9,815 $ 9,131 The terms and conditions of the debentures are as follows: (1) All US$75 million outstanding subordinated debentures were redeemed on August 12, 2019 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (2) All $1,000 million outstanding subordinated debentures were redeemed on July 17, 2019 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (3) The notes include non-viability non-viable (4) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.10% above the 3-month (5) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 2.35% above the 3-month (6) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.12% above the 3-month (7) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month (8) Interest at a rate of 40 basis points above the 30-day (9) Interest at a rate of 25 basis points above the U.S. dollar 3-month All redemptions, cancellations and exchanges of subordinated debentures are subject to the consent and approval of OSFI, except for the debentures maturing July 15, 2022. Maturity schedule The aggregate maturities of subordinated debentures, based on the maturity dates under the terms of issue, are as follows: (Millions of Canadian dollars) October 31 Within 1 year $ – 1 to 5 years 316 5 to 10 years 9,056 Thereafter 453 $ 9,825 |
Trust capital securities
Trust capital securities | 12 Months Ended |
Oct. 31, 2019 | |
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Trust capital securities | Note 20 Trust capital securities We issued innovative capital instruments, RBC Trust Capital Securities (RBC TruCS), through the structured entity RBC Capital Trust (Trust). On June 30, 2018, the Trust redeemed all issued and outstanding RBC TruCS 2008-1 |
Equity
Equity | 12 Months Ended |
Oct. 31, 2019 | |
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Equity | Note 21 Share capital Authorized share capital Preferred – An unlimited number of First Preferred Shares and Second Preferred Shares without nominal or par value, issuable in series; the aggregate consideration for which all the First Preferred Shares and all the Second Preferred Shares that may be issued may not exceed $20 billion and $5 billion, respectively. Common – An unlimited number of shares without nominal or par value may be issued. Outstanding share capital The following table details our common and preferred shares outstanding. As at and for the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except the number of shares and dividends per share) Number of Amount Dividends Number of Amount Dividends Common shares issued Balance at beginning of period 1,439,029 $ 17,635 1,452,898 $ 17,730 Issued in connection with share-based compensation plans (1) 1,900 136 1,466 92 Purchased for cancellation (2) (10,251 ) (126 ) (15,335 ) (187 ) Balance at end of period 1,430,678 $ 17,645 $ 4.07 1,439,029 $ 17,635 $ 3.77 Treasury shares – common shares Balance at beginning of period (235 ) $ (18 ) (363 ) $ (27 ) Purchases (54,263 ) (5,380 ) (53,964 ) (5,470 ) Sales 53,916 5,340 54,092 5,479 Balance at end of period (582 ) $ (58 ) (235 ) $ (18 ) Common shares outstanding 1,430,096 $ 17,587 1,438,794 $ 17,617 Preferred shares issued First preferred (3) Non-cumulative, Series W 12,000 $ 300 $ 1.23 12,000 $ 300 $ 1.23 Series AA 12,000 300 1.11 12,000 300 1.11 Series AC 8,000 200 1.15 8,000 200 1.15 Series AD (4) – – – 10,000 250 1.13 Series AE 10,000 250 1.13 10,000 250 1.13 Series AF 8,000 200 1.11 8,000 200 1.11 Series AG 10,000 250 1.13 10,000 250 1.13 Series BH 6,000 150 1.23 6,000 150 1.23 Series BI 6,000 150 1.23 6,000 150 1.23 Series BJ 6,000 150 1.31 6,000 150 1.31 Non-cumulative, 5-Year Series AJ (5) – – 0.22 13,579 339 0.88 Series AL (5) – – 0.27 12,000 300 1.07 Series AZ 20,000 500 0.96 20,000 500 1.00 Series BB 20,000 500 0.96 20,000 500 0.98 Series BD 24,000 600 0.90 24,000 600 0.90 Series BF 12,000 300 0.90 12,000 300 0.90 Series BK 29,000 725 1.38 29,000 725 1.38 Series BM 30,000 750 1.38 30,000 750 1.38 Series BO (6) 14,000 350 1.27 – – – Non-cumulative, Series AK (5) – – 0.23 2,421 61 0.78 Non-cumulative, Series C-2 20 31 US$ 67.50 20 31 US$ 67.50 227,020 $ 5,706 251,020 $ 6,306 Treasury shares – preferred shares Balance at beginning of period (7) 114 $ 3 6 $ – Purchases (8,021 ) (184 ) (10,215 ) (256 ) Sales 7,941 182 10,323 259 Balance at end of period (7) 34 $ 1 114 $ 3 Preferred shares outstanding 227,054 $ 5,707 251,134 $ 6,309 (1) Includes fair value adjustments to stock options of $29 million (2018 – $15 million). (2) During the year ended October 31, 2019, we purchased common shares for cancellation at an average cost of $100.41 per share with a book value of $12.29 per share. During the year ended October 31, 2018, we purchased common shares for cancellation at an average cost of $99.29 per share with a book value of $12.22 per share. (3) First Preferred Shares were issued at $25 per share with the exception of Non-Cumulative C-2 C-2) (4) On November 24, 2018, we redeemed all 10 million issued and outstanding Non-Cumulative (5) On February 24, 2019, we redeemed all 2.4 million issued and outstanding Non-Cumulative Non-Cumulative Non-Cumulative 5-year (6) On November 2, 2018, we issued 14 million Non-Cumulative 5-year (7) Positive amounts represent a short position in treasury shares. Significant terms and conditions of preferred shares As at October 31, 2019 Current Premium Current Dividend (1) Earliest redemption date (2) Issue Date Redemption (2) , (3) Preferred shares First preferred Non-cumulative, Series W (4) 4.90% $ .306250 February 24, 2010 January 31, 2005 $ 25.00 Series AA 4.45% .278125 May 24, 2011 April 4, 2006 25.00 Series AC 4.60% .287500 November 24, 2011 November 1, 2006 25.00 Series AE 4.50% .281250 February 24, 2012 January 19, 2007 25.00 Series AF 4.45% .278125 May 24, 2012 March 14, 2007 25.00 Series AG 4.50% .281250 May 24, 2012 April 26, 2007 25.00 Series BH (5) 4.90% .306250 November 24, 2020 June 5, 2015 26.00 Series BI (5) 4.90% .306250 November 24, 2020 July 22, 2015 26.00 Series BJ (5) 5.25% .328125 February 24, 2021 October 2, 2015 26.00 Non-cumulative, 5-Year (6) Series AZ (5) 3.70% 2.21% .231250 May 24, 2019 January 30, 2014 25.00 Series BB (5) 3.65% 2.26% .228125 August 24, 2019 June 3, 2014 25.00 Series BD (5) 3.60% 2.74% .225000 May 24, 2020 January 30, 2015 25.00 Series BF (5) 3.60% 2.62% .225000 November 24, 2020 March 13, 2015 25.00 Series BK (5) 5.50% 4.53% .343750 May 24, 2021 December 16, 2015 25.00 Series BM (5) 5.50% 4.80% .343750 August 24, 2021 March 7, 2016 25.00 Series BO (5) 4.80% 2.38% .300000 February 24, 2024 November 2, 2018 25.00 Non-cumulative, Series C-2 (7) 6.75% 4.052% US$ 16.875000 November 7, 2023 November 2, 2015 US$ 1,000.00 (1) Non-cumulative Series C-2) (2) Subject to the consent of OSFI and the requirements of the Bank Act 12-month C-2 (3) Subject to the consent of OSFI and the requirements of the Bank Act (4) Subject to the approval of the Toronto Stock Exchange, we may, on or after February 24, 2010, convert First Preferred Shares Series W into our common shares. First Preferred Shares Series W may be converted into that number of common shares determined by dividing the current redemption price by the greater of $2.50 and 95% of the weighted average trading price of common shares at such time. (5) The preferred shares include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable (6) The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Non-Cumulative (7) The dividend rate will change on the earliest redemption date at a rate equal to the 3-month C-2 Restrictions on the payment of dividends We are prohibited by the Bank Act Currently, these limitations do not restrict the payment of dividends on our preferred or common shares. Dividend reinvestment plan Our dividend reinvestment plan (DRIP) provides common and preferred shareholders with a means to receive additional common shares rather than cash dividends. The plan is only open to shareholders residing in Canada or the United States. The requirements of our DRIP are satisfied through either open market share purchases or shares issued from treasury. During 2019 and 2018, the requirements of our DRIP were satisfied through open market share purchases. Shares available for future issuances As at October 31, 2019, 42.9 million common shares are available for future issue relating to our DRIP and potential exercise of stock options and awards outstanding. In addition, we may issue up to 38.9 million common shares from treasury under the RBC Umbrella Savings and Securities Purchase Plan that was approved by shareholders on February 26, 2009. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Oct. 31, 2019 | |
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Share-based compensation | Note 22 Share-based compensation Stock option plans We have stock option plans for certain key employees. Under the plans, options are periodically granted to purchase common shares. The exercise price for the majority of the grants is determined as the higher of the volume-weighted average of the trading prices per board lot (100 shares) of our common shares on the Toronto Stock Exchange (i) on the day preceding the day of grant; and (ii) the five consecutive trading days immediately preceding the day of grant. The exercise price for the remaining grants is the closing market share price of our common shares on the New York Stock Exchange on the date of grant. All options vest over a four-year period, and are exercisable for a period not exceeding 10 years from the grant date. The compensation expense recorded for the year ended October 31, 2019, in respect of the stock option plans was $6 million (October 31, 2018 – $6 million). The compensation expense related to non-vested Analysis of the movement in the number and weighted average exercise price of options is set out below: A summary of our stock option activity and related information For the year ended October 31, 2019 October 31, 2018 (Canadian dollars per share except share amounts) Number of Weighted (1) Number of Weighted (1) Outstanding at beginning of period 7,770 $ 71.40 8,566 $ 64.96 Granted 1,090 96.55 773 102.33 Exercised (2) (3) (1,900 ) 55.05 (1,440 ) 50.42 Forfeited in the period (10 ) 54.99 (129 ) 78.12 Outstanding at end of period 6,950 $ 79.88 7,770 $ 71.40 Exercisable at end of period 2,980 $ 64.24 3,726 $ 55.82 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rates as of October 31, 2019 and October 31, 2018. For foreign currency-denominated options exercised during the year, the weighted average exercise prices are translated using exchange rates as at the settlement date. (2) Cash received for options exercised during the year was $105 million (October 31, 2018 – $73 million) and the weighted average share price at the date of exercise was $103.15 (October 31, 2018 – $101.81). (3) New shares were issued for all stock options exercised in 2019 and 2018. Options outstanding as at October 31, 2019 by range of exercise price Options outstanding Options exercisable (Canadian dollars per share except share amounts and years) Number Weighted (1) Weighted Number Weighted (1) $36.46 – $5 2 23 704 $ 45.63 2.35 704 $ 45.63 $52. 60 907 60.47 3.15 907 60.47 $7 3 14 1,490 74.57 5.92 818 74.76 $78.59 – $90.23 1,986 87.00 6.49 551 78.59 $96.55 – $102.33 1,863 98.95 8.70 – – 6,950 $ 79.88 6.10 2,980 $ 64.24 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rate as of October 31, 2019. The weighted average fair value of options granted during the year ended October 31, 2019 was estimated at $5.61 (October 31, 2018 – $6.66). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering th e a hist ori l per i corresponding expected option life. Weighted average assumptions For the year ended (Canadian dollars per share except percentages and years) October 31 October 31 Share price at grant date $ 94.09 $ 101.83 Risk-free interest rate 2.01% 1.71% Expected dividend yield 3.77% 3.66% Expected share price volatility 12% 13% Expected life of option 6 Years 6 Years Employee savings and share ownership plans We offer many employees an opportunity to own our common shares through savings and share ownership plans. Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. For the RBC Dominion Securities Savings Plan, our maximum annual contribution is $4,500 per employee. For the RBC U.K. Share Incentive Plan, our maximum annual contribution is £1,500 per employee. For the year ended October 31, 2019, we contributed $112 million (October 31, 2018 – $97 million), under the terms of these plans, towards the purchase of our common shares. As at October 31, 2019, an aggregate of 35 million common shares were held under these plans (October 31, 2018 – 35 million common shares). Deferred share and other plans We offer deferred share unit plans to executives, certain key employees and non-employee , commis s , We also offer a deferred bonus plan for certain key employees within Capital Markets. The deferred bonus is invested as RBC share units and a specified percentage vests on each of the three anniversary dates following the grant date. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. We maintain non-qualified The following table presents the units granted under the deferred share and other plans for the year. Units granted under deferred share and other plans For the year ended October 31, 2019 October 31, 2018 (Units and per unit amounts) Units Weighted Units Weighted Deferred share unit plans 495 $ 99.69 376 $ 100.71 Deferred bonus plan 3,423 105.12 4,820 95.18 Performance deferred share award plans 2,471 96.39 2,099 101.55 Deferred compensation plans 116 94.06 91 103.55 Other share-based plans 1,210 96.28 978 101.48 7,715 $ 100.42 8,364 $ 97.85 Our liabilities for the awards granted under the deferred share and other plans are measured at fair value, determined based on the quoted market price of our common shares and specified fund choices as applicable. Annually, our obligation is increased by additional units earned by plan participants, and is reduced by forfeitures, cancellations, and the settlement of vested units. In addition, our obligation is impacted by fluctuations in the market price of our common shares and specified fund units. For performance deferred share award plans, the estimated outcome of meeting the performance conditions also impacts our obligation. The following tables present the units that have been earned by the participants, our obligations for these earned units under the deferred share and other plans, and the related compensation expenses (recoveries) recognized for the year. Obligations under deferred share and other plans As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars except units) Units Carrying Units Carrying Deferred share unit plans 5,288 $ 562 4,631 $ 446 Deferred bonus plan 8,820 937 10,347 990 Performance deferred share award plans 5,621 597 5,892 565 Deferred compensation plans (1) 3,072 326 3,299 317 Other share-based plans 1,787 185 2,140 202 24,588 $ 2,607 26,309 $ 2,520 (1) Excludes obligations not determined based on the quoted market price of our common shares. Compensation expenses recognized under deferred share and other plans For the year ended (Millions of Canadian dollars) October 31 October 31 Deferred share unit plans $ 77 $ 6 Deferred bonus plan 274 139 Performance deferred share award plans 294 190 Deferred compensation plans 250 80 Other share-based plans 106 78 $ 1,001 $ 493 |
Income taxes
Income taxes | 12 Months Ended |
Oct. 31, 2019 | |
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Income taxes | Note 23 Income taxes Components of tax expense For the year ended (Millions of Canadian dollars) October 31 October 31 Income taxes (recoveries) in Consolidated Statements of Income Current tax Tax expense for current year $ 3,256 $ 3,351 Adjustments for prior years (26 ) (212 ) Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (31 ) (11 ) 3,199 3,128 Deferred tax Origination and reversal of temporary difference (114 ) 28 Effects of changes in tax rates 29 148 Adjustments for prior years (57 ) 152 Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net (14 ) (127 ) (156 ) 201 3,043 3,329 Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity Other comprehensive income Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income 51 12 Provision for credit losses recognized in income – (5 ) Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income (60 ) (52 ) Unrealized foreign currency translation gains (losses) 2 2 Net foreign currency translation gains (losses) from hedging activities 2 (77 ) Reclassification of losses (gains) on net investment hedging activities to income 1 – Net gains (losses) on derivatives designated as cash flow hedges (200 ) 84 Reclassification of losses (gains) on derivatives designated as cash flow hedges to income (50 ) 8 Remeasurements of employee benefit plans (333 ) 256 Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss 18 45 Net gains (losses) on equity securities designated at fair value through other comprehensive income 5 (5 ) Share-based compensation awards (9 ) 15 (573 ) 283 Total income taxes $ 2,470 $ 3,612 The effective tax rate of 19.1% decreased 200 bps, primarily due to an increase in income from lower tax rate jurisdictions and the impact of the U.S. Tax Reform which resulted in the write-down of net deferred tax assets in the prior year. The following is an analysis of the differences between the income tax expense reflected in the Consolidated Statements of Income and the amounts calculated at the Canadian statutory rate. Reconciliation to statutory tax rate For the year ended (Millions of Canadian dollars, except for percentage amounts) October 31, 2019 October 31, 2018 Income taxes at Canadian statutory tax rate $ 4,217 26.5% $ 4,176 26.5% Increase (decrease) in income taxes resulting from Lower average tax rate applicable to subsidiaries (815 ) (5.1) (752 ) (4.8) Tax-exempt (310 ) (1.9) (285 ) (1.8) Tax rate change 29 0.1 148 0.9 Other (78 ) (0.5) 42 0.3 Income taxes in Consolidated Statements of Income / effective tax rate $ 3,043 19.1% $ 3,329 21.1% Deferred tax assets and liabilities result from tax loss and tax credit carryforwards and temporary differences between the tax basis of assets and liabilities and their carrying amounts on our Consolidated Balance Sheets. Significant components of deferred tax assets and liabilities As at and for the year ended October 31, 2019 (Millions of Canadian dollars) Net asset Change Change Exchange Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 695 $ – $ 23 $ (2 ) $ – $ 716 Deferred compensation 1,033 9 197 7 – 1,246 Business realignment charges 3 – 7 – – 10 Tax loss and tax credit carryforwards 203 – (10 ) – 9 202 Deferred income (48 ) – (11 ) (1 ) – (60 ) Financial instruments measured at fair value through other comprehensive income (8 ) (33 ) (1 ) (1 ) – (43 ) Premises and equipment and intangibles (858 ) – (4 ) (4 ) (3 ) (869 ) Deferred expense 55 36 (47 ) 1 – 45 Pension and post-employment related 295 339 (6 ) 3 – 631 Other 21 3 8 (3 ) – 29 $ 1,391 $ 354 $ 156 $ – $ 6 $ 1,907 Comprising Deferred tax assets $ 1,475 $ 1,989 Deferred tax liabilities (84 ) (82 ) $ 1,391 $ 1,907 As at and for the year ended October 31, 2018 (Millions of Canadian dollars) Net asset Change Change Exchange rate Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 703 $ (6 ) $ 1 $ (3 ) $ – $ 695 Deferred compensation 1,491 (15 ) (502 ) 59 – 1,033 Business realignment charges 11 – (8 ) – – 3 Tax loss and tax credit carryforwards 19 – 188 (4 ) – 203 Deferred income (11 ) – (37 ) – – (48 ) Financial instruments measured at fair value through other comprehensive income 48 19 (74 ) (1 ) – (8 ) Premises and equipment and intangibles (1,003 ) (1 ) 182 (36 ) – (858 ) Deferred expense 76 – (23 ) 2 – 55 Pension and post-employment related 571 (260 ) (16 ) – – 295 Other (54 ) 3 88 (16 ) – 21 $ 1,851 $ (260 ) $ (201 ) $ 1 $ – $ 1,391 Comprising Deferred tax assets $ 1,948 $ 1,475 Deferred tax liabilities (97 ) (84 ) $ 1,851 $ 1,391 The tax loss and tax credit carryforwards amount of deferred tax assets relates to losses and tax credits in our Canadian, U.S., Caribbean, and Japanese operations. Deferred tax assets of $202 million were recognized at October 31, 2019 (October 31, 2018 – $203 million) in respect of tax losses and tax credits incurred in current or preceding years for which recognition is dependent on the projection of future taxable profits. Management’s forecasts support the assumption that it is probable that the results of future operations will generate sufficient taxable income to utilize the deferred tax assets. The forecasts rely on continued liquidity and capital support to our business operations, including tax planning strategies implemented in relation to such support. As at October 31, 2019, unused tax losses, tax credits and deductible temporary differences of $413 million, $365 million and $nil (October 31, 2018 – $443 million, $426 million and $39 million) available to be offset against potential tax adjustments or future taxable income were not recognized as deferred tax assets. This amount includes unused tax losses of $1 million which expire within one year (October 31, 2018 – $4 million), $7 million which expire in two to four years (October 31, 2018 – $2 million) and $405 million which expire after four years (October 31, 2018 – $437 million). There are no tax credits that will expire in one year (October 31, 2018 – $nil), $60 million that will expire in two to four years (October 31, 2018 – $45 million) and $305 million that will expire after four years (October 31, 2018 – $381 million). In addition, there are no deductible temporary differences that will expire in one year (October 31, 2018 – $1 million), nor that will expire in two to four years (October 31, 2018 – $1 million) or that will expire after four years (October 31, 2018 – $37 million). The amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities have not been recognized in the parent bank is $17.9 billion as at October 31, 2019 (October 31, 2018 – $14.6 billion). Tax examinations and assessments We have received reassessments during the year from the Canada Revenue Agency (CRA), in respect of the 2014, 2013 and 2012 taxation years, which suggest that Royal Bank of Canada owes additional income taxes of approximately $756 million as they denied the deductibility of certain dividends. These are consistent with the reassessments received for taxation years 2011, 2010, and 2009 for approximately $434 million of additional income taxes and interest in respect of the same matter. These amounts represent the maximum additional taxes owing for those years. Legislative amendments introduced in the 2015 Canadian Federal Budget resulted in disallowed deduction of dividends from transactions with Taxable Canadian Corporations including those hedged with Tax Indifferent Investors, namely pension funds and non-resident It is possible that the CRA will reassess us for significant additional income tax for subsequent years on the same basis. In all cases, we are confident that our tax filing position was appropriate and intend to defend ourselves vigorously. U.S. Tax Reform The majority of the provisions in the U.S. Tax Cuts and Jobs Act legislation (U.S. Tax Reform), which was passed in December 2017, took effect at the beginning of calendar year 2018 or for fiscal years beginning in 2018. The changes include a reduction in the corporate income tax rate from 35% to 21% which resulted in a write-down of $178 million (US$142 million), primarily related to net deferred tax assets in the prior year. |
Earnings per share
Earnings per share | 12 Months Ended |
Oct. 31, 2019 | |
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Earnings per share | Note 24 Earnings per share For the year ended (Millions of Canadian dollars, except share and per share amounts) October 31 October 31 Basic earnings per share Net income $ 12,871 $ 12,431 Preferred share dividends (269 ) (285 ) Net income attributable to non-controlling (11 ) (31 ) Net income available to common shareholders 12,591 12,115 Weighted average number of common shares (in thousands) 1,434,779 1,443,894 Basic earnings per share (in dollars) $ 8.78 $ 8.39 Diluted earnings per share Net income available to common shareholders $ 12,591 $ 12,115 Dilutive impact of exchangeable shares 15 15 Net income available to common shareholders including dilutive impact of exchangeable shares 12,606 12,130 Weighted average number of common shares (in thousands) 1,434,779 1,443,894 Stock options (1) 2,011 2,691 Issuable under other share-based compensation plans 742 742 Exchangeable shares (2) 3,150 3,158 Average number of diluted common shares (in thousands) 1,440,682 1,450,485 Diluted earnings per share (in dollars) $ 8.75 $ 8.36 (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 year ended October 31, 2019, an average of 767,225 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. For the year ended October 31, 2018, an average of 657,353 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. |
Guarantees, commitments, pledge
Guarantees, commitments, pledged assets and contingencies | 12 Months Ended |
Oct. 31, 2019 | |
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Guarantees, commitments, pledged assets and contingencies | Note 25 Guarantees, commitments, pledged assets and contingencies Guarantees and commitments We use guarantees and other off-balance The table below summarizes our maximum exposure to credit losses related to our guarantees and commitments provided to third parties. The maximum exposure to credit risk relating to a guarantee is the maximum risk of loss if there was a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions, insurance policies or from collateral held or pledged. The maximum exposure to credit risk relating to a commitment to extend credit is the full amount of the commitment. In both cases, the maximum risk exposure is significantly greater than the amount recognized as a liability in our Consolidated Balance Sheets. Maximum exposure As at (Millions of Canadian dollars) October 31 October 31 Financial guarantees Financial standby letters of credit $ 16,608 $ 15,502 Commitments to extend credit Backstop liquidity facilities 36,305 36,267 Credit enhancements 1,692 2,128 Documentary and commercial letters of credit 268 268 Other commitments to extend credit 225,911 223,954 Other credit-related commitments Securities lending indemnifications 91,625 107,239 Performance guarantees 7,061 6,955 Other 787 391 Our credit review process, our policy for requiring collateral security, and the types of collateral security held are generally the same for guarantees and commitments as for loans. Our clients generally have the right to request settlement of, or draw on, our guarantees and commitments within one year. However, certain guarantees can only be drawn if specified conditions are met. These conditions, along with collateral requirements, are described below. We believe that it is highly unlikely that all or substantially all of the guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. Financial guarantees Financial standby letters of credit Financial standby letters of credit represent irrevocable assurances that we will make payments in the event that a client cannot meet its payment obligations to the third party. For certain guarantees, the guaranteed party can request payment from us even though the client has not defaulted on its obligations. The term of these guarantees generally have a term of five to seven years. Our policy for requiring collateral security with respect to these instruments and the types of collateral security held is generally the same as for loans. When collateral security is taken, it is determined on an account-by-account Commitments to extend credit Backstop liquidity facilities Backstop liquidity facilities are provided to ABCP conduit programs administered by us and third parties as an alternative source of financing in the event that such programs are unable to access commercial paper markets, or in limited circumstances, when predetermined performance measures of the financial assets owned by these programs are not met. The average remaining term of these liquidity facilities is approximately four years. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of bankruptcy or insolvency and generally do not require us to purchase non-performing Credit enhancements We provide partial credit enhancement to multi-seller ABCP programs administered by us to protect commercial paper investors in the event that the collections on the underlying assets together with the transaction-specific credit enhancements or the liquidity facilities prove to be insufficient to pay for maturing commercial paper. Each of the asset pools is structured to achieve a high investment-grade credit profile through credit enhancements from us and other third parties related to each transaction. The average remaining term of these credit facilities is approximately three years. Documentary and commercial letters of credit Documentary and commercial letters of credit, which are written undertakings by us on behalf of a client authorizing a third party to draw drafts on us up to a stipulated amount under specific terms and conditions, where some are collateralized based on the underlying agreement with the client and others are collateralized by cash deposits or other assets of the third party which may include the underlying shipment of goods to which they relate. Other commitments to extend credit Commitments to extend credit represent unused portions of authorizations to extend credit in the form of loans, bankers’ acceptances or letters of credit where we do not have the ability to unilaterally withdraw the credit extended to the borrower. Other credit-related commitments Securities lending indemnifications In securities lending transactions, we act as an agent for the owner of a security, who agrees to lend the security to a borrower for a fee, under the terms of a pre-arranged Performance guarantees Performance guarantees represent irrevocable assurances that we will make payments to third-party beneficiaries in the event that a client fails to perform under a specified non-financial Our policy for requiring collateral security with respect to these instruments and the types of collateral security held is generally the same as for loans. When collateral security is taken, it is determined on an account-by-account Indemnifications In the normal course of our operations, we provide indemnifications which are often standard contractual terms to counterparties in transactions such as purchase and sale contracts, fiduciary, agency, licensing, custodial and service agreements, clearing system arrangements, participation as a member of exchanges, director/officer contracts and leasing transactions. These indemnification agreements may require us to compensate the counterparties for costs incurred as a result of changes in laws and regulations (including tax legislation) or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The terms of these indemnification agreements vary based on the contract. The nature of the indemnification agreements prevents us from making a reasonable estimate of the maximum potential amount we could be required to pay to counterparties. Historically, we have not made any significant payments under such indemnifications. Uncommitted amounts Uncommitted amounts represent undrawn credit facilities for which we have the ability to unilaterally withdraw the credit extended to the borrower at any time. These include both retail and commercial commitments. As at October 31, 2019, the total balance of uncommitted amounts was $287 billion (October 31, 2018 – $264 billion). Other commitments We act as underwriter for certain new issuances under which we alone or together with a syndicate of financial institutions purchase the new issue for resale to investors. In connection with these activities, our commitments were $35 million as at October 31, 2019, (October 31, 2018 – $141 million). We invest in private companies, directly or through third party investment funds, including Small Business Investment Companies, real estate funds and Low Income Housing Tax Credit funds. These funds are generally structured as closed-end Pledged assets and collateral In the ordinary course of business, we pledge assets and enter into collateral agreements with terms and conditions that are usual and customary to our regular lending, borrowing and trading activities recorded on our Consolidated Balance Sheets. The following are examples of our general terms and conditions on pledged assets and collateral: • The risks and rewards of the pledged assets reside with the pledgor. • The pledged asset is returned to the pledgor when the necessary conditions have been satisfied. • The right of the pledgee to sell or re-pledge • If there is no default, the pledgee must return the comparable asset to the pledgor upon satisfaction of the obligation. We are also required to provide intraday pledges to the Bank of Canada when we use the Large Value Transfer System (LVTS), which is a real-time electronic wire transfer system that continuously processes all Canadian dollar large-value or time-critical payments throughout the day. The pledged assets earmarked for LVTS activities are normally released back to us at the end of the settlement cycle each day. Therefore, the pledged assets amount is not included in the table below. For the year ended October 31, 2019, we had on average $4.9 billion of assets pledged intraday to the Bank of Canada on a daily basis (October 31, 2018 – $4.0 billion). There are infrequent occasions where we are required to take an overnight advance from the Bank of Canada to cover a settlement requirement, in which case an equivalent value of the pledged assets would be used to secure the advance. There were no overnight advances taken on October 31, 2019 and October 31, 2018. Assets pledged against liabilities and collateral assets held or re-pledged As at (Millions of Canadian dollars) October 31 October 31 Sources of pledged assets and collateral Bank assets Loans $ 80,542 $ 79,798 Securities 55,544 48,993 Other assets 21,316 19,406 157,402 148,197 Client assets (1) Collateral received and available for sale or re-pledging 448,338 402,187 Less: not sold or re-pledged (49,325 ) (53,590 ) 399,013 348,597 $ 556,415 $ 496,794 Uses of pledged assets and collateral Securities borrowing and lending $ 146,590 $ 119,087 Obligations related to securities sold short 34,686 32,247 Obligations related to securities lent or sold under repurchase agreements 229,905 209,353 Securitization 47,254 49,997 Covered bonds 42,103 36,959 Derivative transactions 26,448 21,110 Foreign governments and central banks 5,963 5,058 Clearing systems, payment systems and depositories 4,804 4,006 Other 18,662 18,977 $ 556,415 $ 496,794 (1) Primarily relates to Obligations related to securities lent or sold under repurchase agreements, Securities lent and Derivative transactions. Lease commitments Operating lease commitments We are obligated under a number of non-cancellable non-cancellable As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Land and Equipment Land and Equipment Future minimum lease payments No later than one year $ 721 $ 88 $ 684 $ 103 Later than one year and no later than five years 2,251 101 2,081 137 Later than five years 3,039 – 2,816 – 6,011 189 5,581 240 Less: Future minimum sublease payments to be received (25 ) – (11 ) – Net future minimum lease payments $ 5,986 $ 189 $ 5,570 $ 240 |
Legal and regulatory matters
Legal and regulatory matters | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Legal and regulatory matters | Note 26 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. 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. The following is a description of our significant legal proceedings. London interbank offered rate (LIBOR) regulatory investigations and litigation Royal Bank of Canada and other U.S. dollar panel banks have been named as defendants in private lawsuits filed in the U.S. with respect to the setting of U.S. dollar LIBOR including a number of class action lawsuits which have been consolidated before the U.S. District Court for the Southern District of New York. The complaints in those private lawsuits assert claims against us and other panel banks under various U.S. laws, including U.S. antitrust laws, the U.S. Commodity Exchange Act, and state law. In addition to the LIBOR actions, 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 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. Royal Bank of Canada Trust Company (Bahamas) Limited proceedings On April 13, 2015, a French investigating judge notified Royal Bank of Canada Trust Company (Bahamas) Limited (RBC Bahamas) of the issuance of an ordonnance de renvoi tribunal correctionnel On October 28, 2016, Royal Bank of Canada was granted an exemption by the U.S. Department of Labor that will allow Royal Bank of Canada and its current and future affiliates to continue to qualify for the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act despite any potential conviction of RBC Bahamas in the French proceeding for a temporary one year period from the date of conviction. An application to grant more lengthy exemptive relief is pending. RBC Bahamas continues to review the trustee’s and the trust’s legal obligations, including liabilities and potential liabilities under applicable tax and other laws. Based on the facts currently known, it is not possible at this time to predict the ultimate outcome of these matters; however, we believe that the ultimate resolution will not have a material effect on our consolidated financial position, although it may be material to our results of operations in the period it occurs. Interchange fees litigation Since 2011, seven proposed class actions have been commenced in Canada: Bancroft-Snell v. Visa Canada Corporation, et al., 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al., Coburn and Watson’s Metropolitan Home v. Bank of America Corporation, et al. (Watson), Macaronies Hair Club and Laser Centre Inc. v. BofA Canada Bank, et al., 1023926 Alberta Ltd. v. Bank of America Corporation, et al., The Crown & Hand Pub Ltd. v. Bank of America Corporation, et al., and Hello Baby Equipment Inc. v. BofA Canada Bank, et al. Competition Act Watson Watson Competition Act Competition Act. In 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al., the Quebec-court dismissed the Competition Act claims by Quebec merchants for post-2010 damages and certified a class action as to the remaining claims. 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 Competition Act for claims after March 12, 2010 and for claims under section 49 of the Competition Act. 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. Foreign exchange matters Various regulators are conducting inquiries regarding potential violations of antitrust law by a number of banks, including Royal Bank of Canada, regarding foreign exchange trading. Beginning in 2015, putative class actions were brought against Royal Bank of Canada and/or RBC Capital Markets, LLC in the United States and Canada. These actions were each brought against multiple foreign exchange dealers and allege, among other things, collusive behaviour in global foreign exchange trading. In August 2018, the U.S. District Court entered a final order approving RBC Capital Markets’ pending settlement with class plaintiffs. In November 2018, certain institutional plaintiffs who had previously opted-out In its discretion Royal Bank of Canada may choose to resolve claims, litigations, or similar matters at any time. Based on the facts currently known, it is not possible at this time to predict the ultimate outcome of the Foreign Exchange Matters or the timing of their ultimate resolution. Other matters We are a defendant in a number of other actions alleging that certain of our practices and actions were improper. The lawsuits involve a variety of complex issues and the timing of their resolution is varied and uncertain. Management believes that we will ultimately be successful in resolving these lawsuits, to the extent that we are able to assess them, without material financial impact to the Bank. This is, however, an area of significant judgment and the potential liability resulting from these lawsuits could be material to our results of operations in any particular period. Various other legal proceedings are pending that challenge certain of our other practices or actions. While this is an area of significant judgment and some matters are currently inestimable, we consider that the aggregate liability, to the extent that we are able to assess it, resulting from these other proceedings will not be material to our consolidated financial position or results of operations. |
Related party transactions
Related party transactions | 12 Months Ended |
Oct. 31, 2019 | |
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Related party transactions | Note 27 Related party transactions Related parties Related parties include associated companies, post-employment benefit plans for the benefit of our employees, key management personnel (KMP), the Board of Directors (Directors), close family members of KMP and Directors, and entities which are, directly or indirectly, controlled by, jointly controlled by or significantly influenced by KMP, Directors or their close family members. Key management personnel and Directors KMP are defined as those persons having authority and responsibility for planning, directing and controlling our activities, directly or indirectly. They include the senior members of our organization called the Group Executive (GE). The GE is comprised of the President and Chief Executive Officer and individuals that report directly to him, including the Chief Administrative Officer, Chief Financial Officer, Chief Human Resources Officer, Group Chief Risk Officer, Chief Strategy & Corporate Development Officer, and Group Heads for Wealth Management and Insurance, Capital Markets and Investor & Treasury Services, Technology & Operations, and Personal & Commercial Banking. The Directors do not plan, direct, or control the activities of the entity; they oversee the management of the business and provide stewardship. Compensation of Key management personnel and Directors For the year ended (Millions of Canadian dollars) October 31 October 31 Salaries and other short-term employee benefits (1) $ 26 $ 34 Post-employment benefits (2) 2 2 Share-based payments 44 42 $ 72 $ 78 (1) Includes the portion of the annual variable short-term incentive bonus that certain executives elected to receive in the form of DSUs. Refer to Note 22 for further details. Directors receive retainers but do not receive salaries and other short-term employee benefits. (2) Directors do not receive post-employment benefits. Stock options, stock awards and shares held by Key management personnel, Directors and their close family members As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except number of units) No. of Value No. of Value Stock options (1) 2,372,714 $ 51 2,154,835 $ 37 Other non-option (1) 1,481,096 157 1,440,002 138 RBC common and preferred shares 463,362 49 453,316 43 4,317,172 $ 257 4,048,153 $ 218 (1) Directors do not receive stock options or any other non-option Transactions, arrangements and agreements involving Key management personnel, Directors and their close family members In the normal course of business, we provide certain banking services to KMP, Directors, and their close family members. These transactions were made on substantially the same terms, including interest rates and security, as for comparable transactions with persons of a similar standing and did not involve more than the normal risk of repayment or present other unfavourable features. As at October 31, 2019, total loans to KMP, Directors and their close family members were $8 million (October 31, 2018 – $10 million). We have no stage 3 allowance or provision for credit losses relating to these loans as at and for the years ended October 31, 2019 and October 31, 2018. No guarantees, pledges or commitments have been given to KMP, Directors or their close family members. Joint ventures and associates In the normal course of business, we provide certain banking and financial services to our joint ventures and associates, including loans, interest and non-interest As at October 31, 2019, loans to joint ventures and associates were $222 million (October 31, 2018 – $225 million) and deposits from joint ventures and associates were $180 million (October 31, 2018 – $203 million). We have no stage 3 allowance or provision for credit losses relating to loans to joint ventures and associates as at and for the years ended October 31, 2019 and October 31, 2018. $1 million of guarantees have been given to joint ventures and associates for the year ended October 31, 2019 (October 31, 2018 – $1 million). Other transactions, arrangements or agreements involving joint ventures and associates As at or for the year (Millions of Canadian dollars) October 31 October 31 Commitments and other contingencies $ 430 $ 621 Other fees received for services rendered 47 41 Other fees paid for services received 128 150 |
Results by business segment
Results by business segment | 12 Months Ended |
Oct. 31, 2019 | |
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Results by business segment | Note 28 Results by business segment Composition of business segments For management purposes, based on the products and services offered, we are organized into five business segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets. Personal & Commercial Banking provides a broad suite of financial products and services to individuals and businesses for their day-to-day Non-interest Wealth Management serves high net worth and ultra-high net worth individual and institutional clients with a comprehensive suite of advice-based solutions and strategies to help them achieve their financial goals through our line of businesses in Canada, the U.S., the U.K., Europe and Asia, including Canadian Wealth Management, U.S. Wealth Management (including City National), Global Asset Management, and International Wealth Management. Non-interest Insurance has operations in Canada and globally, operating under two business lines: Canadian Insurance and International Insurance, providing a wide range of life, health, home, auto, travel, wealth, annuities and reinsurance advice and solutions as well as creditor and business insurance services to individual, business and group clients. In Canada, we offer our products and services through our proprietary distribution channels, comprised of the field sales force, advice centers and online, as well as through independent insurance advisors and affinity relationships. Outside Canada, we operate in reinsurance and retrocession markets globally offering life, disability and longevity reinsurance products. Non-interest Investor & Treasury Services is a provider of asset, cash management, transaction banking, and treasury services to institutional clients worldwide. We also provide Canadian dollar cash management, correspondent banking and trade finance for financial institutions globally and short-term funding and liquidity management for the bank. Non-interest Capital Markets provides expertise in banking, finance and capital markets to corporations, institutional investors, asset managers, governments and central banks around the world in our two main business lines: Corporate and Investment Banking and Global Markets. In North America, we offer a full suite of products and services which include corporate and investment banking, equity and debt origination and distribution, as well as sales and trading. Outside North America, we have a select presence in the U.K. & Europe, Australia, Asia & other markets. In the U.K. & Europe, we offer a diversified set of capabilities in our key sectors of expertise such as energy, mining and infrastructure, industrial, consumer, healthcare, technology and financial services. Non-interest All other enterprise level activities that are not allocated to these five business segments, such as enterprise funding, securitizations, net charges associated with unattributed capital, and consolidation adjustments, including the elimination of the Taxable equivalent basis (Teb) gross-up tax-advantaged tax-advantaged 450 Geographic segments For geographic reporting, our segments are grouped into Canada, United States and Other International. Transactions are primarily recorded in the location that best reflects the risk due to negative changes in economic conditions and prospects for growth due to positive economic changes. This location frequently corresponds with the location of the legal entity through which the business is conducted and the location of our clients. Transactions are recorded in the local currency and are subject to foreign exchange rate fluctuations with respect to the movement in the Canadian dollar. Management reporting framework Our management reporting framework is intended to measure the performance of each business segment as if it were a stand-alone business and reflects the way that the business segment is managed. This approach is intended to ensure that our business segments’ results include all applicable revenue and expenses associated with the conduct of their business and depicts how management views those results. We regularly monitor these segment results for the purpose of making decisions about resource allocation and performance assessment. These items do not impact our consolidated results. The expenses in each business segment may include costs or services directly incurred or provided on their behalf at the enterprise level. For other costs not directly attributable to one of our business segments, we use a management reporting framework that uses assumptions and methodologies for allocating overhead costs and indirect expenses to our business segments and that assists in the attribution of capital and the transfer pricing of funds to our business segments in a manner that consistently measures and aligns the economic costs with the underlying benefits and risks of that specific business segment. Activities and business conducted between our business segments are generally at market rates. All other enterprise level activities that are not allocated to our five business segments are reported under Corporate Support. Our assumptions and methodologies used in our management reporting framework are periodically reviewed by us to ensure that they remain valid. The capital attribution methodologies involve a number of assumptions that are revised periodically. For the year ended October 31, 2019 (Millions of Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2) $ 12,653 $ 2,993 $ – $ (44 ) $ 4,043 $ 104 $ 19,749 $ 14,375 $ 4,058 $ 1,316 Non-interest 5,212 9,150 5,710 2,389 4,245 (453 ) 26,253 14,037 6,411 5,805 Total revenue 17,865 12,143 5,710 2,345 8,288 (349 ) 46,002 28,412 10,469 7,121 Provision for credit losses 1,448 117 – – 299 – 1,864 1,512 282 70 Insurance policyholder benefits, claims and acquisition expense – – 4,085 – – – 4,085 2,800 – 1,285 Non-interest 7,768 8,813 606 1,725 5,096 131 24,139 12,175 7,994 3,970 Net income (loss) before income taxes 8,649 3,213 1,019 620 2,893 (480 ) 15,914 11,925 2,193 1,796 Income taxes (recoveries) 2,247 663 213 145 227 (452 ) 3,043 2,748 133 162 Net income $ 6,402 $ 2,550 $ 806 $ 475 $ 2,666 $ (28 ) $ 12,871 $ 9,177 $ 2,060 $ 1,634 Non-interest Depreciation and amortization $ 632 $ 593 $ 48 $ 143 $ 408 $ – $ 1,824 $ 1,176 $ 486 $ 162 Impairment of other intangibles – – – 44 2 64 110 20 54 36 Total assets $ 481,720 $ 106,579 $ 19,012 $ 144,406 $ 634,313 $ 42,905 $ 1,428,935 $ 753,142 $ 399,792 $ 276,001 Total assets include: Additions to premises and equipment and intangibles $ 4 08 $ 565 $ 44 $ 142 $ 491 $ 6 21 $ 2,2 71 $ 1,3 26 $ 669 $ 276 Total liabilities $ 481,745 $ 106,770 $ 19,038 $ 144,378 $ 634,126 $ (40,747 ) $ 1,345,310 $ 669,543 $ 399,800 $ 275,967 For the year ended October 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2 ), (3 $ 11,776 $ 2,602 $ – $ 297 $ 3,328 $ (51 ) $ 17,952 $ 13,076 $ 3,616 $ 1,260 Non-interest (3 5,140 8,324 4,279 2,294 5,070 (483 ) 24,624 12,698 6,080 5,846 Total revenue 16,916 10,926 4,279 2,591 8,398 (534 ) 42,576 25,774 9,696 7,106 Provision for credit losses 1,273 (15 ) – 1 48 – 1,307 1,259 41 7 Insurance policyholder benefits, claims and acquisition expense – – 2,676 – – – 2,676 1,347 – 1,329 Non-interest 7,526 8,070 602 1,617 4,960 58 22,833 11,634 7,322 3,877 Net income (loss) before income taxes 8,117 2,871 1,001 973 3,390 (592 ) 15,760 11,534 2,333 1,893 Income taxes (recoveries) 2,089 606 226 232 613 (437 ) 3,329 2,661 402 266 Net income $ 6,028 $ 2,265 $ 775 $ 741 $ 2,777 $ (155 ) $ 12,431 $ 8,873 $ 1,931 $ 1,627 Non-interest Depreciation and amortization $ 579 $ 544 $ 36 $ 124 $ 363 $ – $ 1,646 $ 1,102 $ 389 $ 155 Impairment of other intangibles – – – 1 1 4 6 4 1 1 Total assets $ 453,879 $ 93,063 $ 16,210 $ 136,030 $ 590,950 $ 44,602 $ 1,334,734 $ 680,276 $ 384,921 $ 269,537 Total assets include: Additions to premises and equipment and intangibles $ 279 $ 431 $ 45 $ 187 $ 442 $ 579 $ 1,963 $ 1,196 $ 503 $ 264 Total liabilities $ 453,878 $ 93,162 $ 16,289 $ 135,944 $ 590,582 $ (35,076 ) $ 1,254,779 $ 600,619 $ 384,816 $ 269,344 (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. (3) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. |
Nature and extent of risks aris
Nature and extent of risks arising from financial instruments | 12 Months Ended |
Oct. 31, 2019 | |
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Nature and extent of risks arising from financial instruments | Note 29 Nature and extent of risks arising from financial instruments We are exposed to credit, market and liquidity and funding risks as a result of holding financial instruments. Our risk measurement and objectives, policies and methodologies for managing these risks are disclosed in the shaded text along with those tables specifically marked with an asterisk (*) in the Credit risk section of Management’s Discussion and Analysis. These shaded text and tables are an integral part of these Consolidated Financial Statements. Concentrations of credit risk exist if a number of our counterparties are engaged in similar activities, are located in the same geographic region or have comparable economic characteristics such that their ability to meet contractual obligations would be similarly affected by changes in economic, political or other conditions. Concentrations of credit risk indicate the relative sensitivity of our performance to developments affecting a particular industry or geographic location. The amounts of credit exposure associated with certain of our on- off-balance As at October 31, 2019 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance (1) $ 646,567 69 % $ 189,240 20 % $ 60,554 6 % $ 50,642 5 % $ 947,003 Derivatives before master netting agreements (2), (3) 19,544 19 % 23,250 23 % 53,752 52 % 6,421 6 % 102,967 $ 666,111 64 % $ 212,490 20 % $ 114,306 11 % $ 57,063 5 % $ 1,049,970 Off-balance (4) Committed and uncommitted (5) $ 367,907 67 % $ 148,326 27 % $ 29,462 5 % $ 5,774 1 % $ 551,469 Other 67,410 58 % 15,246 13 % 31,934 28 % 1,491 1 % 116,081 $ 435,317 65 % $ 163,572 25 % $ 61,396 9 % $ 7,265 1 % $ 667,550 As at October 31, 2018 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance (1) $ 594,823 66 % $ 184,040 21 % $ 60,645 7 % $ 50,486 6 % $ 889,994 Derivatives before master netting agreements (2), (3) 18,364 19 % 20,053 21 % 50,767 53 % 6,063 7 % 95,247 $ 613,187 62 % $ 204,093 21 % $ 111,412 11 % $ 56,549 6 % $ 985,241 Off-balance (4) Committed and uncommitted (5) $ 345,545 66 % $ 142,692 27 % $ 31,530 6 % $ 7,140 1 % $ 526,907 Other 79,399 61 % 14,852 11 % 34,849 27 % 987 1 % 130,087 $ 424,944 65 % $ 157,544 24 % $ 66,379 10 % $ 8,127 1 % $ 656,994 (1) Includes assets purchased under reverse repurchase agreements and securities borrowed, loans and customers’ liability under acceptances. The largest concentrations in Canada are Ontario at 56% (October 31, 2018 – 54%), the Prairies at 16% (October 31, 2018 – 18%), British Columbia and the territories at 14% (October 31, 2018 – 14%) and Quebec at 10% (October 31, 2018 – 10%). No industry accounts for more than 35% (October 31, 2018 – 32%) of total on-balance sheet credit instruments. The classification of our sectors aligns with our view of credit risk by industry. Sectors have been revised from those previously presented. (2) A further breakdown of our derivative exposures by risk rating and counterparty type is provided in Note 8. (3) Excludes valuation adjustments determined on a pooled basis. (4) Balances presented are contractual amounts representing our maximum exposure to credit risk. (5) Represents our maximum exposure to credit risk. Retail and wholesale commitments respectively comprise 43% and 57% of our total commitments (October 31, 2018 – 42% and 58%). The largest concentrations in the wholesale portfolio relate to Financial services at 13% (October 31, 2018 – 14%), Utilities at 11% (October 31, 2018 – 11%), Real estate & related at 9% (October 31, 2018 – 9%), Other services at 7% (October 31, 2018 – 8%), and Oil & gas at 7% (October 31, 2018 – 7%). The classification of our sectors aligns with our view of credit risk by industry. Sector percentages have been revised from those previously presented. |
Capital management
Capital management | 12 Months Ended |
Oct. 31, 2019 | |
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Capital management | Note 30 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. We are required to calculate our capital ratios using the Basel III framework. Under Basel III, regulatory capital includes Common Equity Tier 1 (CET1), Tier 1 and Tier 2 capital. CET1 capital mainly consists of common shares, retained earnings and other components of equity. Regulatory adjustments under Basel III include deductions of goodwill and other intangibles, certain deferred tax assets, defined benefit pension fund assets, investments in banking, financial and insurance entities, and the shortfall of provisions to expected losses. Tier 1 capital comprises predominantly CET1 and Additional Tier 1 items including non-cumulative non-controlling Regulatory capital ratios are calculated by dividing CET1, Tier 1 and Total capital by risk-weighted assets. The leverage ratio is calculated by dividing Tier 1 capital by an exposure measure. The exposure measure consists of total assets (excluding items deducted from Tier 1 capital) and certain off-balance During 2019 and 2018, we complied with all Pillar 1 capital and leverage requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) October 31 October 31 Capital (1) CET1 capital $ 62,184 $ 57,001 Tier 1 capital 67,861 63,279 Total capital 77,888 72,494 Risk-weighted Assets (RWA) used in calculation of capital ratios (1), (2) CET1 capital RWA $ 512,856 $ 495,528 Tier 1 capital RWA 512,856 495,993 Total capital RWA 512,856 496,459 Total capital RWA consisting of: (1) Credit risk $ 417,835 $ 401,534 Market risk 28,917 32,209 Operational risk 66,104 62,716 Total capital RWA $ 512,856 $ 496,459 Capital ratios and Leverage ratio (1) CET1 ratio 12.1% 11.5% Tier 1 capital ratio 13.2% 12.8% Total capital ratio 15.2% 14.6% Leverage ratio 4.3% 4.4% Leverage ratio exposure (billions) $ 1,570 $ 1,451 (1) Capital, RWA, and capital ratios are calculated using OSFI’s CAR guideline 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. |
Offsetting financial assets and
Offsetting financial assets and financial liabilities | 12 Months Ended |
Oct. 31, 2019 | |
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Offsetting financial assets and financial liabilities | Note 31 Offsetting financial assets and financial liabilities Offsetting within our Consolidated Balance Sheets may be achieved where financial assets and liabilities are subject to master netting arrangements that provide the currently enforceable right of offset and where there is an intention to settle on a net basis, or realize the assets and settle the liabilities simultaneously. For derivative contracts and repurchase and reverse repurchase arrangements, this is generally achieved when there is a market mechanism for settlement (e.g., central counterparty exchange or clearing house) which provides daily net settlement of cash flows arising from these contracts. Margin receivables and margin payables are generally offset as they settle simultaneously through a market settlement mechanism. Amounts that do not qualify for offsetting include master netting arrangements that only permit outstanding transactions with the same counterparty to be offset in an event of default or occurrence of other predetermined events. Such master netting arrangements include the International Swaps and Derivatives Association Master Agreement or certain derivative exchange or clearing counterparty agreements for derivative contracts, global master repurchase agreement and global master securities lending agreements for repurchase, reverse repurchase and other similar secured lending and borrowing arrangements. The amount of financial collateral received or pledged subject to master netting arrangements or similar agreements but do not qualify for offsetting refers to the collateral received or pledged to cover the net exposure between counterparties by enabling the collateral to be realized in an event of default or the occurrence of other predetermined events. Certain amounts of collateral are restricted from being sold or re-pledged The tables below provide the amount of financial instruments that have been offset on the Consolidated Balance Sheets and the amounts that do not qualify for offsetting but are subject to enforceable master netting arrangements or similar agreements. The amounts presented are not intended to represent our actual exposure to credit risk. Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2019 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Assets purchased under reverse repurchase agreements and securities borrowed $ 374,617 $ 69,420 $ 305,197 $ 527 $ 303,539 $ 1,131 $ 1,764 $ 306,961 Derivative assets (3) 88,996 710 88,286 62,524 15,458 10,304 13,274 101,560 Other financial assets 994 281 713 1 89 623 – 713 $ 464,607 $ 70,411 $ 394,196 $ 63,052 $ 319,086 $ 12,058 $ 15,038 $ 409,234 As at October 31, 2018 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Assets purchased under reverse repurchase agreements and securities borrowed $ 312,392 $ 18,379 $ 294,013 $ 481 $ 292,412 $ 1,120 $ 589 $ 294,602 Derivative assets (3) 81,770 583 81,187 57,010 14,720 9,457 12,852 94,039 Other financial assets (4) 1,636 814 822 – 244 578 – 822 $ 395,798 $ 19,776 $ 376,022 $ 57,491 $ 307,376 $ 11,155 $ 13,441 $ 389,463 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $11.6 billion (October 31, 2018 – $10.7 billion) and non-cash (3) Includes cash margin of $3.6 billion (October 31, 2018 – $2.2 billion) which offset against the derivative balance on the balance sheet. (4) Amounts have been revised from those previously presented. Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2019 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Obligations related to assets sold under repurchase agreements and securities loaned $ 294,758 $ 69,420 $ 225,338 $ 527 $ 224,506 $ 305 $ 1,248 $ 226,586 Derivative liabilities (3) 84,624 710 83,914 62,524 13,540 7,850 14,629 98,543 Other financial liabilities 492 281 211 1 – 210 – 211 $ 379,874 $ 70,411 $ 309,463 $ 63,052 $ 238,046 $ 8,365 $ 15,877 $ 325,340 As at October 31, 2018 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Obligations related to assets sold under repurchase agreements and securities loaned $ 225,193 $ 18,379 $ 206,814 $ 481 $ 206,106 $ 227 $ – $ 206,814 Derivative liabilities (3) 76,877 583 76,294 57,010 11,446 7,838 13,944 90,238 Other financial liabilities (4) 991 814 177 – – 177 – 177 $ 303,061 $ 19,776 $ 283,285 $ 57,491 $ 217,552 $ 8,242 $ 13,944 $ 297,229 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $11.5 billion (October 31, 2018 – $11.1 billion) and non-cash (3) Includes cash margin of $1.3 billion (October 31, 2018 – $2.3 billion) which offset against the derivative balance on the balance sheet. (4) Amounts have been revised from those previously presented. |
Recovery and settlement of on-b
Recovery and settlement of on-balance sheet assets and liabilities | 12 Months Ended |
Oct. 31, 2019 | |
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Recovery and settlement of on-balance sheet assets and liabilities | Note 32 Recovery and settlement of on-balance The table below presents an analysis of assets and liabilities recorded on our Consolidated Balance Sheets by amounts to be recovered or settled within one year and after one year, as at the balance sheet date, based on contractual maturities and certain other assumptions outlined in the footnotes below. As warranted, we manage the liquidity risk of various products based on historical behavioural patterns that are often not aligned with contractual maturities. Amounts to be recovered or settled within one year, as presented below, may not be reflective of our long-term view of the liquidity profile of certain balance sheet categories. (Millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Within one year After one year Total Within one year After one year Total Assets Cash and due from banks (1) $ 24,822 $ 1,488 $ 26,310 $ 28,583 $ 1,626 $ 30,209 Interest-bearing deposits with banks 38,345 – 38,345 36,471 – 36,471 Securities Trading (2) 137,772 8,762 146,534 121,152 7,106 128,258 Investment, net of applicable allowance 17,283 85,187 102,470 16,795 77,813 94,608 Assets purchased under reverse repurchase agreements and securities borrowed 306,828 133 306,961 294,049 553 294,602 Loans Retail 108,382 317,704 426,086 97,414 302,038 399,452 Wholesale 48,737 147,133 195,870 43,280 136,998 180,278 Allowance for loan losses (3,100 ) (2,912 ) Segregated fund net assets – 1,663 1,663 – 1,368 1,368 Other Customers’ liability under acceptances 18,062 – 18,062 15,635 6 15,641 Derivatives (2) 99,792 1,768 101,560 91,833 2,206 94,039 Premises and equipment – 3,191 3,191 – 2,832 2,832 Goodwill – 11,236 11,236 – 11,137 11,137 Other intangibles – 4,674 4,674 – 4,687 4,687 Other assets 38,775 10,298 49,073 33,578 10,486 44,064 $ 838,798 $ 593,237 $ 1,428,935 $ 778,790 $ 558,856 $ 1,334,734 Liabilities Deposits (3), (4) $ 719,933 $ 166,072 $ 886,005 $ 669,682 $ 166,515 $ 836,197 Segregated fund net liabilities – 1,663 1,663 – 1,368 1,368 Other Acceptances 18,091 – 18,091 15,657 5 15,662 Obligations related to securities sold short 32,668 2,401 35,069 29,725 2,522 32,247 Obligations related to assets sold under repurchase agreements and securities loaned 226,582 4 226,586 206,813 1 206,814 Derivatives (2) 97,415 1,128 98,543 88,112 2,126 90,238 Insurance claims and policy benefit liabilities 1,726 9,675 11,401 1,691 8,309 10,000 Other liabilities (4) 41,612 16,525 58,137 36,906 16,216 53,122 Subordinated debentures 1,999 7,816 9,815 103 9,028 9,131 $ 1,140,026 $ 205,284 $ 1,345,31 0 $ 1,048,689 $ 206,090 $ 1,254,779 (1) Cash and due from banks are assumed to be recovered within one year, except for cash balances not available for use by the Bank. (2) Trading securities classified as FVTPL and trading derivatives are presented as within one year as this best represents in most instances the short-term nature of our trading activities. Non-trading (3) Demand deposits of $405 billion (October 31, 2018 – $382 billion) are presented as within one year due to their being repayable on demand or at short notice on a contractual basis. In practice, these deposits relate to a broad range of individuals and customer-types which form a stable base for our operations and liquidity needs. (4) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Parent company information
Parent company information | 12 Months Ended |
Oct. 31, 2019 | |
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Parent company information | Note 33 Parent company information The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis. Condensed Balance Sheets As at (Millions of Canadian dollars) October 31 October 31 Assets Cash and due from banks $ 14,264 $ 16,398 Interest-bearing deposits with banks 22,279 20,261 Securities 118,716 111,072 Investments in bank subsidiaries and associated corporations (1) 37,234 34,547 Investments in other subsidiaries and associated corporations 73,785 69,063 Assets purchased under reverse repurchase agreements and securities borrowed 123,755 107,941 Loans, net of allowance for loan losses 526,078 494,922 Net balances due from bank subsidiaries (1) – 4,329 Other assets 152,422 137,821 $ 1,068,533 $ 996,354 Liabilities and shareholders’ equity Deposits (2) $ 681,509 $ 642,271 Net balances due to bank subsidiaries (1) 2,678 – Net balances due to other subsidiaries 36,594 38,985 Other liabilities (2) 254,678 226,475 975,459 907,731 Subordinated debentures 9,551 8,762 Shareholders’ equity 83,523 79,861 $ 1,068,533 $ 996,354 (1) Bank refers primarily to regulated deposit-taking institutions and securities firms. (2) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. Condensed Statements of Income and Comprehensive Income For the year ended (Millions of Canadian dollars) October 31 October 31 Interest income (1) $ 27,630 $ 22,578 Interest expense (2) 14,966 10,662 Net interest income 12,664 11,916 Non-interest income (2), (3) 5,569 6,119 Total revenue 18,233 18,035 Provision for credit losses 1,730 1,294 Non-interest expense 9,212 9,085 Income before income taxes 7,291 7,656 Income taxes 1,568 1,546 Net income before equity in undistributed income of subsidiaries 5,723 6,110 Equity in undistributed income of subsidiaries 7,137 6,321 Net income $ 12,860 $ 12,431 Other comprehensive income (loss), net of taxes (1,441 ) 1,532 Total comprehensive income $ 11,419 $ 13,963 (1) Includes dividend income from investments in subsidiaries and associated corporations of $27 million (October 31, 2018 – $12 million). (2) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (3) Includes a nominal share of profit (losses) from associated corporations (October 31, 2018 – $(31) million). Condensed Statements of Cash Flow s For the year ended (Millions of Canadian dollars) October 31 October 31 Cash flows from operating activities Net income $ 12,860 $ 12,431 Adjustments to determine net cash from operating activities: Change in undistributed earnings of subsidiaries (7,137 ) (6,321 ) Change in deposits, net of securitizations (1) 39,238 38,331 Change in loans, net of securitizations (31,744 ) (26,281 ) Change in trading securities 2,350 3,730 Change in obligations related to assets sold under repurchase agreements and securities loaned 12,449 49,811 Change in assets purchased under reverse repurchase agreements and securities borrowed (15,814 ) (58,326 ) Change in obligations related to securities sold short 797 2,600 Other operating activities, net (1) (8,149 ) 763 Net cash from (used in) operating activities 4,850 16,738 Cash flows from investing activities Change in interest-bearing deposits with banks (2,018 ) 603 Proceeds from sales and maturities of investment securities 37,963 30,355 Purchases of investment securities (39,461 ) (32,561 ) Net acquisitions of premises and equipment and other intangibles (1,266 ) (1,173 ) Change in cash invested in subsidiaries 332 93 Change in net funding provided to subsidiaries 4,616 (3,363 ) Net cash from (used in) investing activities 166 (6,046 ) Cash flows from financing activities Issue of subordinated debentures 1,500 – Repayment of subordinated debentures (1,100 ) – Issue of common shares, net of issuance costs 105 72 Common shares purchased for cancellation (1,030 ) (1,522 ) Issue of preferred shares, net of issuance costs 350 – Redemption of preferred shares (950 ) (105 ) Dividends paid (6,025 ) (5,640 ) Net cash from (used in) financing activities (7,150 ) (7,195 ) Net change in cash and due from banks (2,134 ) 3,497 Cash and due from banks at beginning of year 16,398 12,901 Cash and due from banks at end of year $ 14,264 $ 16,398 Supplemental disclosure of cash flow information Amount of interest paid (1) $ 14,574 $ 9,475 Amount of interest received 25,883 20,490 Amount of dividends received 1,694 1,414 Amount of income taxes paid 1,789 3,562 (1) Commencing Q4 2019, the interest component and the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in trading revenue and deposits, respectively, is presented in net interest income and other liabilities respectively. Comparative amounts have been reclassified to conform with this presentation. |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [Line Items] | |
Basis of presentation | The significant accounting policies used in the preparation of these Consolidated Financial Statements, including the accounting requirements prescribed by OSFI, are summarized below. These accounting policies conform, in all material respects, to IFRS. Except where otherwise noted, the same accounting policies have been applied to all periods presented. |
General | General Use of estimates and assumptions In preparing our Consolidated Financial Statements, management is required to make subjective estimates and assumptions that affect the reported amount of assets, liabilities, net income and related disclosures. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key sources of estimation uncertainty include: determination of fair value of financial instruments, the allowance for credit losses, insurance claims and policy benefit liabilities, pensions and other post-employment benefits, income taxes, carrying value of goodwill and other intangible assets, litigation provisions, and deferred revenue under the credit card customer loyalty reward program. Accordingly, actual results may differ from these and other estimates thereby impacting our future Consolidated Financial Statements. Refer to the relevant accounting policies in this Note for details on our use of estimates and assumptions. Significant judgments In preparation of these Consolidated Financial Statements, management is required to make significant judgments that affect the carrying amounts of certain assets and liabilities, and the reported amounts of revenues and expenses recorded during the period. Significant judgments have been made in the following areas and discussed as noted in the Consolidated Financial Statements: Consolidation of structured entities Note 2 Note 7 Application of the effective interest method Note 2 Fair value of financial instruments Note 2 Note 3 Derecognition of financial assets Note 2 Note 6 Allowance for credit losses Note 2 Note 4 Note 5 Income taxes Note 2 Note 23 Employee benefits Note 2 Note 17 Provisions Note 2 Note 25 Note 26 Goodwill and other intangibles Note 2 Note 10 |
Basis of consolidation | Basis of consolidation Our Consolidated Financial Statements include the assets and liabilities and results of operations of the parent company, Royal Bank of Canada, and its subsidiaries including certain structured entities, after elimination of intercompany transactions, balances, revenues and expenses. Consolidation Subsidiaries are those entities, including structured entities, over which we have control. We control an entity when we are exposed, or have rights, to variable returns from our involvement with the entity and have the ability to affect those returns through our power over the investee. We have power over an entity when we have existing rights that give us the current ability to direct the activities that most significantly affect the entity’s returns (relevant activities). Power may be determined on the basis of voting rights or, in the case of structured entities, other contractual arrangements. We are not deemed to control an entity when we exercise power over an entity in an agency capacity. In determining whether we are acting as an agent, we consider the overall relationship between us, the investee and other parties to the arrangement with respect to the following factors: (i) the scope of our decision-making power; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and (iv) our exposure to variability of returns. The determination of control is based on the current facts and circumstances and is continuously assessed. In some circumstances, different factors and conditions may indicate that different parties control an entity depending on whether those factors and conditions are assessed in isolation or in totality. Significant judgment is applied in assessing the relevant factors and conditions in totality when determining whether we control an entity. Specifically, judgment is applied in assessing whether we have substantive decision-making rights over the relevant activities and whether we are exercising our power as a principal or an agent. We consolidate all subsidiaries from the date we obtain control and cease consolidation when an entity is no longer controlled by us. Our consolidation conclusions affect the classification and amount of assets, liabilities, revenues and expenses reported in our Consolidated Financial Statements. Non-controlling non-controlling Investments in joint ventures and associates Our investments in associated corporations and limited partnerships over which we have significant influence are accounted for using the equity method. The equity method is also applied to our interests in joint ventures over which we have joint control. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of the investee’s net profit or loss, including our proportionate share of the investee’s Other comprehensive income (OCI), subsequent to the date of acquisition. Non-current Non-current Non-current A disposal group is classified as a discontinued operation if it meets the following conditions: (i) it is a component that can be distinguished operationally and financially from the rest of our operations and (ii) it represents either a separate major line of business or is part of a single co-ordinated |
Changes in accounting policies | Changes in accounting policies During the first quarter, we adopted IFRS 15 Revenue from Contracts with Customers million (1) , on an after tax basis as at November 1, 2018 (the date of initial application), to align with the recognition of certain fees with the transfer of the performance obligations. |
Financial instruments - Classification of financial assets | Financial Instruments Classification of financial assets Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell All other debt instruments are measured at FVTPL. Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of Management’s Discussion and Analysis, and the activities undertaken to manage those risks; • Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and (1) Revised from the amount previously presented. • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models fall into three categories, which are indicative of the key strategies used to generate returns: • HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent. • HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model. • Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading SPPI assessment Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. |
Financial instruments - Securities | Securities Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded as Trading revenue or Non-interest Investment securities include all securities classified as FVOCI and amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in interest income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses (PCL). When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as Net gains on Investment securities in Non-interest Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in PCL and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gains on Investment securities in Non-interest Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest income. We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest |
Financial instruments - Fair value option | Fair value option A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an accounting mismatch). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial Financial assets designated as FVTPL are recorded at fair value and any unrealized gain or loss arising due to changes in fair value is included in Trading revenue or Non-interest Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI will not be reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Trading revenue or Non-interest |
Financial instruments - Determination of fair value | Determination of fair value The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine fair value by incorporating all factors that market participants would consider in setting a price, including commonly accepted valuation approaches. The Board of Directors provides oversight on valuation of financial instruments, primarily through the Audit Committee and Risk Committee. The Audit Committee reviews the presentation and disclosure of financial instruments that are measured at fair value, while the Risk Committee assesses the adequacy of governance structures and control processes for the valuation of these instruments. We have established policies, procedures and controls for valuation methodologies and techniques to ensure that fair value is reasonably estimated. Major valuation processes and controls include, but are not limited to, profit and loss decomposition, independent price verification (IPV) and model validation standards. These control processes are managed by either Finance or Group Risk Management and are independent of the relevant businesses and their trading functions. Profit and loss decomposition is a process to explain the fair value changes of certain positions and is performed daily for trading portfolios. All fair value instruments are subject to IPV, a process whereby trading function valuations are verified against external market prices and other relevant market data. Market data sources include traded prices, brokers and price vendors. We give priority to those third-party pricing services and prices having the highest and most consistent accuracy. The level of accuracy is determined over time by comparing third-party price values to traders’ or system values, to other pricing service values and, when available, to actual trade data. Quoted prices for identical instruments from pricing services or brokers are generally not adjusted unless there are issues such as stale prices. If multiple quotes for identical instruments are received, fair value is based on an average of the prices received or the quote from the most reliable vendor, after the outlier prices that fall outside of the pricing range are removed. Other valuation techniques are used when a price or quote is not available. Some valuation processes use models to determine fair value. We have a systematic and consistent approach to control the use of models. Valuation models are approved for use within our model risk management framework. The framework addresses, among other things, model development standards, validation processes and procedures and approval authorities. Model validation ensures that a model is suitable for its intended use and sets parameters for its use. All models are revalidated regularly by qualified personnel who are independent of the model design and development. Annually our model risk profile is reported to the Board of Directors. IFRS 13 Fair Value Measurement We record valuation adjustments to appropriately reflect counterparty credit quality of our derivative portfolio, differences between the actual counterparty collateral discount curve and standard overnight index swap (OIS) discounting for collateralized derivatives, funding valuation adjustments (FVA) for uncollateralized and under-collateralized over-the-counter bid-offer Non-interest Valuation adjustments are recorded for the credit risk of our derivative portfolios in order to arrive at their fair values. Credit valuation adjustments (CVA) take into account our counterparties’ creditworthiness, the current and potential future mark-to-market Non-interest FVA are also calculated to incorporate the cost and benefit of funding in the valuation of uncollateralized and under-collateralized OTC derivatives. Future expected cash flows of these derivatives are discounted to reflect the cost and benefit of funding the derivatives by using a funding curve, implied volatilities and correlations as inputs. Where required, a valuation adjustment is made to reflect the unrealized gain or loss at inception of a financial instrument contract where the fair value of that financial instrument is not obtained from a quoted market price or cannot be evidenced by other observable market transactions based on a valuation technique incorporating observable market data. A bid-offer mid-market mid-market Some valuation models require parameter calibration from such factors as market observable option prices. The calibration of parameters may be sensitive to factors such as the choice of instruments or optimization methodology. A valuation adjustment is also estimated to mitigate the uncertainties of parameter calibration and model limitations. In determining fair value, a hierarchy is used which prioritizes the inputs to valuation techniques. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Determination of fair value based on this hierarchy requires the use of observable market data whenever available. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model inputs that are either observable, or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are one or more inputs that are unobservable and significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available at the measurement date. The availability of inputs for valuation may affect the selection of valuation techniques. The classification of a financial instrument in the hierarchy for disclosure purposes is based upon the lowest level of input that is significant to the measurement of fair value. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. For more complex or illiquid instruments, significant judgment is required in the determination of the model used, the selection of model inputs, and in some cases the application of valuation adjustments to the model value or quoted price for inactively traded financial instruments, as the selection of model inputs may be subjective and the inputs may be unobservable. Unobservable inputs are inherently uncertain as there is little or no market data available from which to determine the level at which the transaction would occur under normal business circumstances. Appropriate parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation adjustments are assessed in all such instances. |
Financial instruments - Loans | Loans Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses. Interest on loans is recognized in Interest income using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below. |
Financial instruments - Allowance for credit losses | Allowance for credit losses An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans measured at amortized cost is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets. Off-balance off-balance We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model: • Performing financial assets • Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date. • Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. • Impaired financial assets • Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount. The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable. Increases or decreases in the required ACL attributable to purchases and new originations, derecognitions or maturities, and changes in risk, parameters and exposures due to changes in loss expectations or stage transfers are recorded in PCL. Write-offs and recoveries of amounts previously written off are recorded against ACL. The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three stages and the application of forward looking information. The underlying assumptions and estimates may result in changes to the provisions from period to period that significantly affect our results of operations. Measurement of expected credit losses Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information including internal and external ratings, historical credit loss experience, and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s PD, loss given default (LGD), and EAD discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument. An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modeled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses. For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature. Expected credit losses are discounted to the reporting period date using the effective interest rate. Expected life For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Judgment is required in determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices. Assessment of significant increase in credit risk The assessment of significant increase in credit risk requires significant judgment. Movements between Stage 1 and Stage 2 are based on whether an instrument’s credit risk as at the reporting date has increased significantly relative to the date it was initially recognized. For the purposes of this assessment, credit risk is based on an instrument’s lifetime PD, not the losses we expect to incur. The assessment is generally performed at the instrument level. Our assessment of significant increases in credit risk is performed at least quarterly based on three factors. If any of the following factors indicates that a significant increase in credit risk has occurred, the instrument is moved from Stage 1 to Stage 2: (1) We have established thresholds for significant increases in credit risk based on both a percentage and absolute change in lifetime PD relative to initial recognition. For our wholesale portfolio, a decrease in the borrower’s risk rating is also required to determine that credit risk has increased significantly. (2) Additional qualitative reviews are performed to assess the staging results and make adjustments, as necessary, to better reflect the positions whose credit risk has increased significantly. (3) Instruments which are 30 days past due are generally considered to have experienced a significant increase in credit risk, even if our other metrics do not indicate that a significant increase in credit risk has occurred. The thresholds for movement between Stage 1 and Stage 2 are symmetrical. After a financial asset has transferred to Stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to Stage 1. For certain instruments with low credit risk as at the reporting date, it is presumed that credit risk has not increased significantly relative to initial recognition. Credit risk is considered to be low if the instrument has a low risk of default, and the borrower has the ability to fulfill their contractual obligations both in the near term and in the longer term, including periods of adverse changes in the economic or business environment. Certain interest-bearing deposits with banks, assets purchased under reverse repurchase agreements, insurance policy loans, and liquidity facilities extended to our multi-seller conduits have been identified as having low credit risk. Use of forward-looking information The measurement of expected credit losses for each stage and the assessment of significant increase in credit risk considers information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation and application of forward-looking information requires significant judgment. The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year period, subsequently reverting to long-run Our estimation of expected credit losses in Stage 1 and Stage 2 is a discounted probability-weighted estimate that considers a minimum of three future macroeconomic scenarios. Our base case scenario is based on macroeconomic forecasts published by our internal economics group. Upside and downside scenarios vary relative to our base case scenario based on reasonably possible alternative macroeconomic conditions. Additional and more severe downside scenarios are designed to capture a broader range of potential credit losses in certain sectors. Scenario design, including the identification of additional downside scenarios, occurs at least on an annual basis and more frequently if conditions warrant. Scenarios are designed to capture a wide range of possible outcomes and weighted according to our best estimate of the relative likelihood of the range of outcomes that each scenario represents. Scenario weights take into account historical frequency, current trends, and forward-looking conditions and are updated on a quarterly basis. All scenarios considered are applied to all portfolios subject to expected credit losses with the same probabilities. Our assessment of significant increases in credit risk is based on changes in probability-weighted forward-looking lifetime PDs as at the reporting date, using the same macroeconomic scenarios as the calculation of expected credit losses. Definition of default The definition of default used in the measurement of expected credit losses is consistent with the definition of default used for our internal credit risk management purposes. Our definition of default may differ across products and consider both quantitative and qualitative factors, such as the terms of financial covenants and days past due. For retail and wholesale borrowers, except as detailed below, default occurs when the borrower is more than 90 days past due on any material obligation to us, and/or we consider the borrower unlikely to make their payments in full without recourse action on our part, such as taking formal possession of any collateral held. For certain credit card balances, default occurs when payments are 180 days past due. For these balances, the use of a period in excess of 90 days past due is reasonable and supported by observable data on write-off Credit-impaired financial assets (Stage 3) Financial assets are assessed for credit-impairment at each balance sheet date and more frequently when circumstances warrant further assessment. Evidence of credit-impairment may include indications that the borrower is experiencing significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable decrease in the estimated future cash flows evidenced by the adverse changes in the payments status of the borrower or economic conditions that correlate with defaults. When a financial asset has been identified as credit-impaired, expected credit losses are measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the instrument’s original effective interest rate. For impaired financial assets with drawn and undrawn components, expected credit losses also reflect any credit losses related to the portion of the loan commitment that is expected to be drawn down over the remaining life of the instrument. When a financial asset is credit-impaired, interest ceases to be recognized on the regular accrual basis, which accrues income based on the gross carrying amount of the asset. Rather, interest income is calculated by applying the original effective interest rate to the amortized cost of the asset, which is the gross carrying amount less the related ACL. Following impairment, interest income is recognized on the unwinding of the discount from the initial recognition of impairment. ACL for credit-impaired loans in Stage 3 are established at the borrower level, where losses related to impaired loans are identified on individually significant loans, or collectively assessed and determined through the use of portfolio-based rates, without reference to particular loans. Individually assessed loans (Stage 3) When individually significant loans are identified as impaired, we reduce the carrying value of the loans to their estimated realizable value by recording an individually assessed ACL to cover identified credit losses. The individually assessed ACL reflects the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and the impact of time delays in collecting principal and/or interest (time value of money). The estimated realizable value for each individually significant loan is the present value of expected future cash flows discounted using the original effective interest rate for each loan. When the amounts and timing of future cash flows cannot be estimated with reasonable reliability, the estimated realizable amount may be determined using observable market prices for comparable loans, the fair value of collateral underlying the loans, and other reasonable and supported methods based on management judgment. Individually-assessed allowances are established in consideration of a range of possible outcomes, which may include macroeconomic or non-macroeconomic Significant judgment is required in assessing evidence of credit-impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on PCL and may result in a change in the ACL. Collectively assessed loans (Stage 3) Loans that are collectively assessed are grouped on the basis of similar risk characteristics, taking into account loan type, industry, geographic location, collateral type, past due status and other relevant factors. The collectively-assessed ACL reflects: (i) the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and (ii) the impact of time delays in collecting principal and/or interest (time value of money). The expected principal and interest collection is estimated on a portfolio basis and references historical loss experience of comparable portfolios with similar credit risk characteristics, adjusted for the current environment and expected future conditions. A portfolio specific coverage ratio is applied against the impaired loan balance in determining the collectively-assessed ACL. The time value of money component is calculated by using the discount factors applied to groups of loans sharing common characteristics. The discount factors represent the expected recovery pattern of the comparable group of loans, and reflect the historical experience of these groups adjusted for current and expected future economic conditions and/or industry factors. Significant judgment is required in assessing evidence of impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on PCL and may result in a change in the ACL. Write-off Loans and the related ACL are written off, either partially or in full, when there is no realistic prospect of recovery. Where loans are secured, they are generally written off after receipt of any proceeds from the realization of collateral. In circumstances where the net realizable value of any collateral has been determined and there is no reasonable expectation of further recovery, write off may be earlier. For credit cards, the balances and related allowance for credit losses are generally written off when payment is 180 days past due. Personal loans are generally written off at 150 days past due. Modifications The original terms of a financial asset may be renegotiated or otherwise modified, resulting in changes to the contractual terms of the financial asset that affect the contractual cash flows. The treatment of such modifications is primarily based on the process undertaken to execute the renegotiation and the nature and extent of the expected changes. Modifications which are performed for credit reasons, primarily related to troubled debt restructurings, are generally treated as modifications of the original financial asset. Modifications which are performed for other than credit reasons are generally considered to be an expiry of the original cash flows; accordingly, such renegotiations are treated as a derecognition of the original financial asset and recognition of a new financial asset. If a modification of terms does not result in derecognition of the financial asset, the carrying amount of the financial asset is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss is recognized. The financial asset continues to be subject to the same assessments for significant increase in credit risk relative to initial recognition and credit-impairment, as described above. A modified financial asset will transfer out of Stage 3 if the conditions that led to it being identified as credit-impaired are no longer present and relate objectively to an event occurring after the original credit-impairment was recognized. A modified financial asset will transfer out of Stage 2 when it no longer satisfies the relative thresholds set to identify significant increases in credit risk, which are based on changes in its lifetime PD, days past due and other qualitative considerations. The financial asset continues to be monitored for significant increases in credit risk and credit-impairment. If a modification of terms results in derecognition of the original financial asset and recognition of the new financial asset, the new financial asset will generally be recorded in Stage 1, unless it is determined to be credit-impaired at the time of the renegotiation. For the purposes of assessing for significant increases in credit risk, the date of initial recognition for the new financial asset is the date of the modification. |
Financial instruments - Derivatives | Derivatives When derivatives are embedded in other financial instruments or host contracts, such combinations are known as hybrid instruments. Some of the cash flows of a hybrid instrument vary in a way similar to a stand-alone derivative. If the host contract is a financial asset within the scope of IFRS 9, the classification and measurement criteria are applied to the entire hybrid instrument as described in the Classification of financial assets section of Note 2. If the host contract is a financial liability or an asset that is not within the scope of IFRS 9, embedded derivatives are separately recognized if the economic characteristics and risks of the embedded derivative are not clearly and closely related to the host contract, unless an election has been made to elect the fair value option, as described above. The host contract is accounted for in accordance with the relevant standards. Derivatives are primarily used in trading activities. Derivatives are also used to manage our exposure to interest, currency, credit and other market risks. The most frequently used derivative products are interest rate and foreign exchange swaps, options, futures and forward rate agreements, equity swaps and credit derivatives. All derivative instruments are recorded on our Consolidated Balance Sheets at fair value. When derivatives are used in trading activities, the realized and unrealized gains and losses on these derivatives are recognized in Trading revenue in Non-interest When derivatives are used to manage our own exposures, we determine for each derivative whether hedge accounting can be applied, as discussed in the Hedge accounting section below. |
Financial instruments - Recognition and measurement - Derecognition of financial assets and liabilities | Derecognition of financial assets Financial assets are derecognized from our Consolidated Balance Sheets when our contractual rights to the cash flows from the assets have expired, when we retain the rights to receive the cash flows of the assets but assume an obligation to pay those cash flows to a third party subject to certain pass-through requirements or when we transfer our contractual rights to receive the cash flows and substantially all of the risk and rewards of the assets have been transferred. When we retain substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized from our Consolidated Balance Sheets and are accounted for as secured financing transactions. When we neither retain nor transfer substantially all risks and rewards of ownership of the assets, we derecognize the assets if control over the assets is relinquished. If we retain control over the transferred assets, we continue to recognize the transferred assets to the extent of our continuing involvement. Management’s judgment is applied in determining whether the contractual rights to the cash flows from the transferred assets have expired or whether we retain the rights to receive cash flows on the assets but assume an obligation to pay for those cash flows. We derecognize transferred financial assets if we transfer substantially all the risks and rewards of the ownership in the assets. When assessing whether we have transferred substantially all of the risk and rewards of the transferred assets, management considers the Bank’s exposure before and after the transfer with the variability in the amount and timing of the net cash flows of the transferred assets. In transfers in which we retain the servicing rights, management has applied judgment in assessing the benefits of servicing against market expectations. When the benefits of servicing are greater than fair value, a servicing asset is recognized in Other assets in our Consolidated Balance Sheets. When the benefits of servicing are less than fair value, a servicing liability is recognized in Other liabilities in our Consolidated Balance Sheets. Derecognition of financial liabilities We derecognize a financial liability from our Consolidated Balance Sheets when our obligation specified in the contract expires, or is discharged or cancelled. We recognize the difference between the carrying amount of a financial liability transferred and the consideration paid in our Consolidated Statements of Income. |
Financial instruments - Recognition and measurement - Interest | Interest Interest is recognized in Interest income and Interest expense in the Consolidated Statements of Income for all interest-bearing financial instruments. The effective interest rate is the rate that discounts estimated future cash flows over the expected life of the financial asset or liability to the net carrying amount upon initial recognition. Significant judgment is applied in determining the effective interest rate due to uncertainty in the timing and amounts of future cash flows. |
Financial instruments - Dividend income | Dividend income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend |
Financial instruments - Transaction costs | Transaction costs Transaction costs are expensed as incurred for financial instruments classified or designated as FVTPL. For other financial instruments, transaction costs are capitalized on initial recognition. For financial assets and financial liabilities measured at amortized cost, capitalized transaction costs are amortized through net income over the estimated life of the instrument using the effective interest method. For financial assets measured at FVOCI that do not have fixed or determinable payments and no fixed maturity, capitalized transaction costs are recognized in net income when the asset is derecognized or becomes impaired. |
Financial instruments - Recognition and measurement - Offsetting financial assets and financial liabilities | Offsetting financial assets and financial liabilities Financial assets and financial liabilities are offset on the balance sheet when there exists both a legally enforceable right to offset the recognized amounts and an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Financial instruments - Recognition and measurement - Assets purchased under reverse repurchase agreements and sold under repurchase agreements | Assets purchased under reverse repurchase agreements and sold under repurchase agreements We purchase securities under agreements to resell (reverse repurchase agreements) and take possession of these securities. We monitor the market value of the securities purchased and additional collateral is obtained when appropriate. We have the right to liquidate the collateral held in the event of counterparty default. Reverse repurchase agreements are treated as collateralized lending transactions. We also sell securities under agreements to repurchase (repurchase agreements), which are treated as collateralized borrowing transactions. The securities received under reverse repurchase agreements and securities delivered under repurchase agreements are not recognized on, or derecognized from, our Consolidated Balance Sheets, respectively, unless the risks and rewards of ownership are obtained or relinquished. Reverse repurchase agreements and repurchase agreements are carried on our Consolidated Balance Sheets at the amounts at which the securities were initially acquired or sold, except when they are classified or designated as FVTPL and are recorded at fair value. Interest earned on reverse repurchase agreements is included in Interest income, and interest incurred on repurchase agreements is included in Interest expense in our Consolidated Statements of Income. Changes in fair value for reverse repurchase agreements and repurchase agreements designated as FVTPL are included in Trading revenue or Other in Non-interest |
Financial instruments - Hedge accounting | Hedge accounting We have elected to continue to apply the hedge accounting principles under IAS 39 instead of those under IFRS 9. We use derivatives and non-derivatives pre-determined non-derivative Fair value hedges In a fair value hedging relationship, the carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged risk and recognized in Non-interest Non-interest We predominantly use interest rate swaps to hedge our exposure to changes in a fixed interest rate instrument’s fair value caused by changes in interest rates. Cash flow hedges In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging derivative, net of taxes, is recognized in OCI and reclassified to profit or loss as the associated hedged forecast transaction occurs, while the ineffective portion is recognized in Non-interest We predominantly use interest rate swaps to hedge the variability in cash flows related to a variable-rate asset or liability. Net investment hedges In hedging our foreign currency exposure to a net investment in a foreign operation, the effective portion of foreign exchange gains and losses on the hedging instruments, net of applicable taxes, is recognized in OCI and the ineffective portion is recognized in Non-interest We use foreign exchange contracts and foreign currency-denominated liabilities to manage our foreign currency exposures to net investments in foreign operations having a functional currency other than the Canadian dollar. |
Financial instruments - Recognition and measurement - Guarantees | Guarantees Financial guarantee contracts are contracts that contingently require us to make specified payments (in cash, other assets, our own shares or provision of services) to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. Liabilities are recognized on our Consolidated Balance Sheets at the inception of a guarantee for the fair value of the obligation undertaken in issuing the guarantee. Financial guarantees are subsequently remeasured at the higher of (i) the amount initially recognized less accumulated amortization and (ii) our best estimate of the present value of the expenditure required to settle the present obligation at the end of the reporting period . If the financial guarantee contract meets the definition of a derivative, it is measured at fair value at each balance sheet date and reported under Derivatives on our Consolidated Balance Sheets. |
Insurance and segregated funds | Insurance and segregated funds Premiums from long-duration contracts, primarily life insurance, are recognized when due in Non-interest Insurance claims and policy benefit liabilities represent current claims and estimates for future insurance policy benefits. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method (CALM), which incorporates assumptions for mortality, morbidity, policy lapses and surrenders, investment yields, policy dividends, operating and policy maintenance expenses and provisions for adverse deviation. These assumptions are reviewed at least annually and updated in response to actual experience and market conditions. Liabilities for property and casualty insurance represent estimated provisions for reported and unreported claims. Liabilities for life and property and casualty insurance are included in Insurance claims and policy benefit liabilities. Changes in Insurance claims and policy benefit liabilities are included in the Insurance policyholder benefits, claims and acquisition expense in our Consolidated Statements of Income in the period in which the estimates change. Premiums ceded for reinsurance and reinsurance recoveries on policyholder benefits and claims incurred are reported in income and expense as appropriate. Reinsurance recoverables, which relate to paid benefits and unpaid claims, are included in Other assets. Acquisition costs for new insurance contracts consist of commissions, premium taxes, certain underwriting costs and other costs that vary with the acquisition of new contracts. Deferred acquisition costs for life insurance products are implicitly recognized in Insurance claims and policy benefit liabilities by CALM. For property and casualty insurance, these costs are classified as Other assets and amortized over the policy term. Segregated funds are lines of business in which we issue an insurance contract where the benefit amount is directly linked to the market value of the investments held in the underlying fund. The contractual arrangement is such that the underlying segregated fund assets are registered in our name but the segregated fund policyholders bear the risks and rewards of the funds’ investment performance. Liabilities for these contracts are calculated based on contractual obligations using actuarial assumptions and are at least equivalent to the surrender or transfer value calculated by reference to the value of the relevant underlying funds or indices. Segregated funds’ assets and liabilities are separately presented on our Consolidated Balance Sheets. As the segregated fund policyholders bear the risks and rewards of the funds’ performance, investment income earned by the segregated funds and expenses incurred by the segregated funds are offset and are not separately presented in our Consolidated Statements of Income. Fee income we earn from segregated funds includes management fees, mortality, policy administration and surrender charges, and these fees are recorded in Non-interest Liability adequacy tests are performed for all insurance contract portfolios at each balance sheet date to ensure the adequacy of insurance contract liabilities. Current best estimates of future contractual cash flows, claims handling and administration costs, and investment returns from the assets backing the liabilities are taken into account in the tests. When the test results indicate that there is a deficiency in liabilities, the deficiency is charged immediately to our Consolidated Statements of Income by writing down the deferred acquisition costs in Other assets and/or increasing Insurance claims and policy benefit liabilities. |
Employee benefits - Pensions and other post-employment benefits | Employee benefits – Pensions and other post-employment benefits Our defined benefit pension expense, which is included in Non-interest For each defined benefit pension plan, we recognize the present value of our defined benefit obligations less the fair value of the plan assets as a defined benefit liability reported in Other liabilities – Employee benefit liabilities on our Consolidated Balance Sheets. For plans where there is a net defined benefit asset, the amount is reported as an asset in Other assets – Employee benefit assets on our Consolidated Balance sheets. The calculation of defined benefit expenses and obligations requires significant judgment as the recognition is dependent on discount rates and various actuarial assumptions such as healthcare cost trend rates, projected salary increases, retirement age and mortality and termination rates. Due to the long-term nature of these plans, such estimates and assumptions are subject to inherent risks and uncertainties. For our pension and other post-employment benefit plans, the discount rate is determined by reference to market yields on high quality corporate bonds. Since the discount rate is based on currently available yields, and involves management’s assessment of market liquidity, it is only a proxy for future yields. Actuarial assumptions, set in accordance with current practices in the respective countries of our plans, may differ from actual experience as country specific statistics are only estimates of future employee behaviour. These assumptions are determined by management and are reviewed by actuaries at least annually. Changes to any of the above assumptions may affect the amounts of benefits obligations, expenses and remeasurements that we recognize. Our contributions to defined contribution pension plans are expensed when employees have rendered services in exchange for such contributions. Defined contribution pension expense is included in Non-interest |
Share-based compensation | Share-based compensation We offer share-based compensation plans to certain key employees and to our non-employee To account for stock options granted to employees, compensation expense is recognized over the applicable vesting period with a corresponding increase in equity. Fair value is determined by using option valuation models, which take into account the exercise price of the option, the current share price, the risk free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. When the options are exercised, the exercise price proceeds together with the amount initially recorded in equity are credited to common shares. Our other share-based compensation plans include performance deferred share plans and deferred share unit plans for key employees (the Plans). The obligations for the Plans are accrued over their vesting periods. The Plans are settled in cash. For cash-settled awards, our accrued obligations are adjusted to their fair value at each balance sheet date. For share-settled awards, our expected obligations recognized in equity are based on the fair value of our common shares at the date of grant. Changes in our obligations, net of related hedges, are recorded as Non-interest The compensation cost attributable to options and awards granted to employees who are eligible to retire or will become eligible to retire during the vesting period, is recognized immediately if the employee is eligible to retire on the grant date or over the period between the grant date and the date the employee becomes eligible to retire. Our contributions to the employee savings and share ownership plans are expensed as incurred. |
Income taxes | Income taxes Income tax comprises current tax and deferred tax and is recognized in our Consolidated Statements of Income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax payable on profits is recognized as an expense based on the applicable tax laws in each jurisdiction in the period in which profits arise, calculated using tax rates enacted or substantively enacted by the balance sheet date. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. A deferred income tax asset or liability is determined for each temporary difference, except for earnings related to our subsidiaries, branches, associates and interests in joint ventures where the temporary differences will not reverse in the foreseeable future and we have the ability to control the timing of reversal. Deferred tax assets and liabilities are determined based on the tax rates that are expected to be in effect in the period that the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Current tax assets and liabilities are offset when they are levied by the same taxation authority on either the same taxable entity or different taxable entities within the same tax reporting group (which intends to settle on a net basis), and when there is a legal right to offset. Deferred tax assets and liabilities are offset when the same conditions are satisfied. Our Consolidated Statements of Income include items that are non-taxable non-deductible Deferred income taxes accumulated as a result of temporary differences and tax loss carryforwards are included in Other assets and Other liabilities. On a quarterly basis, we review our deferred income tax assets to determine whether it is probable that the benefits associated with these assets will be realized; this review involves evaluating both positive and negative evidence. We are subject to income tax laws in various jurisdictions where we operate, and the complex tax laws are potentially subject to different interpretations by us and the relevant taxation authorities. Significant judgment is required in the interpretation of the relevant tax laws, and the determination of our tax provision, which includes our best estimate of tax positions that are under audit or appeal by relevant taxation authorities. We perform a review on a quarterly basis to incorporate our best assessment based on information available, but additional liability and income tax expense could result based on decisions made by the relevant tax authorities. The determination of our deferred tax asset or liability also requires significant management judgment as the recognition is dependent on our projection of future taxable profits and tax rates that are expected to be in effect in the period the asset is realized or the liability is settled. Any changes in our projection will result in changes in deferred tax assets or liabilities on our Consolidated Balance Sheets, and also deferred tax expense on our Consolidated Statements of Income. |
Business combinations | Business combinations, goodwill and other intangibles All business combinations are accounted for using the acquisition method. Non-controlling |
Goodwill | Goodwill Goodwill is allocated to cash-generating units or groups of cash-generating units for the purpose of impairment testing, which is undertaken at the lowest level at which goodwill is monitored for internal management purposes. Impairment testing is performed annually as at August 1, or more frequently if there are objective indicators of impairment, by comparing the recoverable amount of a cash-generating unit (CGU) with its carrying amount. The recoverable amount of a CGU is the higher of its value in use and its fair value less costs of disposal. Value in use is the present value of the expected future cash flows from a CGU. Fair value less costs of disposal is the amount obtainable from the sale of a CGU in an orderly transaction between market participants, less disposal costs. The fair value of a CGU is estimated using valuation techniques such as a discounted cash flow method, adjusted to reflect the considerations of a prospective third-party buyer. External evidence such as binding sale agreements or recent transactions for similar businesses within the same industry is considered to the extent that it is available. Significant judgment is involved in estimating the model inputs used to determine the recoverable amount of our CGUs, in particular future cash flows, discount rates and terminal growth rates, due to the uncertainty in the timing and amount of cash flows and the forward-looking nature of these inputs. Future cash flows are based on financial plans agreed by management which are estimated based on forecast results, business initiatives, planned capital investments and returns to shareholders. Discount rates are based on the bank-wide cost of capital, adjusted for CGU-specific CGU-specific Non-interest The carrying amount of a CGU includes the carrying amount of assets, liabilities and goodwill allocated to the CGU. If the recoverable amount is less than the carrying value, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other non-financial Upon disposal of a portion of a CGU, the carrying amount of goodwill related to the portion of the CGU sold is included in the determination of gains or losses on disposal. The carrying amount is determined based on the relative fair value of the disposed portion to the total CGU. |
Other intangibles | Other intangibles Intangible assets represent identifiable non-monetary Intangible assets are assessed for indicators of impairment at each reporting period. If there is an indication that an intangible asset may be impaired, an impairment test is performed by comparing the carrying amount of the intangible asset to its recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, we estimate the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is less than its carrying amount, the carrying amount of the intangible asset is written down to its recoverable amount as an impairment loss. An impairment loss recognized previously is reversed if there is a change in the estimates used to determine the recoverable amount of the asset (or CGU) since the last impairment loss was recognized. If an impairment loss is subsequently reversed, the carrying amount of the asset (or CGU) is revised to the lower of its recoverable amount and the carrying amount that would have been determined (net of amortization) had there been no prior impairment. Due to the subjective nature of these estimates, significant judgment is required in determining the useful lives and recoverable amounts of our intangible assets, and assessing whether certain events or circumstances constitute objective evidence of impairment. Estimates of the recoverable amounts of our intangible assets rely on certain key inputs, including future cash flows and discount rates. Future cash flows are based on sales projections and allocated costs which are estimated based on forecast results and business initiatives. Discount rates are based on the bank-wide cost of capital, adjusted for asset-specific risks. Changes in these assumptions may impact the amount of impairment loss recognized in Non-interest |
Translation of foreign currencies | Translation of foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at rates prevailing at the balance sheet date. Foreign exchange gains and losses resulting from the translation and settlement of these items are recognized in Non-interest Non-monetary Assets and liabilities of our foreign operations with functional currencies other than Canadian dollars are translated into Canadian dollars at rates prevailing at the balance sheet date, and income and expenses of these foreign operations are translated at average rates of exchange for the reporting period. Unrealized gains or losses arising as a result of the translation of our foreign operations along with the effective portion of related hedges are reported in Other components of equity on an after-tax Non-interest |
Premises and equipment | Premises and equipment Premises and equipment includes land, buildings, leasehold improvements, computer equipment, furniture, fixtures and other equipment, and are stated at cost less accumulated depreciation, except for land which is not depreciated, and accumulated impairment losses. Cost comprises the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and the initial estimate of any disposal costs. Depreciation is recorded principally on a straight-line basis over the estimated useful lives of the assets, which are 25 to 50 years for buildings, 3 to 10 years for computer equipment, and 5 to 10 years for furniture, fixtures and other equipment. The amortization period for leasehold improvements is the lesser of the useful life of the leasehold improvements or the lease term plus the first renewal period, if reasonably assured of renewal, up to a maximum of 10 years. Depreciation methods, useful lives, and residual values are reassessed at each reporting period and adjusted as appropriate. Gains and losses on disposal are recorded in Non-interest income. Premises and equipment are assessed for indicators of impairment at each reporting period. If there is an indication that an asset may be impaired, an impairment test is performed by comparing the asset’s carrying amount to its recoverable amount. After the recognition of impairment, the depreciation charge is adjusted in future periods to reflect the asset’s revised carrying amount. If an impairment is later reversed, the carrying amount of the asset is revised to the lower of the asset’s recoverable amount and the carrying amount that would have been determined (net of depreciation) had there been no prior impairment loss. The depreciation charge in future periods is adjusted to reflect the revised carrying amount. |
Provisions | Provisions Provisions are liabilities of uncertain timing or amount and are recognized when we have a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured as the best estimate of the consideration required to settle the present obligation at the reporting date. Significant judgment is required in determining whether a present obligation exists and in estimating the probability, timing and amount of any outflows. We record provisions related to litigation, uncertain tax positions, asset retirement obligations and other items. We are required to estimate the results of ongoing legal proceedings, tax positions that are under audit or appeal by relevant taxation authorities, and expenses to be incurred to dispose of capital assets. The forward-looking nature of these estimates requires us to use a significant amount of judgment in projecting the timing and amount of future cash flows. We record our provisions on the basis of all available information at the end of the reporting period and make adjustments on a quarterly basis to reflect current expectations. It may not be possible to predict the resolution of these matters or the timing of their ultimate resolution. Should actual results differ from our expectations, we may incur expenses in excess of the provisions recognized. Where appropriate, we apply judgment in limiting the extent of our provisions-related disclosures as not to prejudice our positions in matters of dispute. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, such as an insurer, a separate asset is recognized if it is virtually certain that reimbursement will be received. |
Leasing | Leasing A lease is an agreement whereby the lessor conveys to the lessee the right to use an asset for an agreed upon period of time in return for a payment or series of payments. A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of the leased asset to the lessee, where title may or may not eventually be transferred. An operating lease is a lease other than a finance lease. Operating leases When we are the lessee in an operating lease, we record rental payments on a straight-line basis over the lease term in Non-interest Finance leases When we are the lessee in a finance lease, we initially record both the leased asset and the related lease obligation in Premises and equipment, Other intangibles and Other liabilities on our Consolidated Balance Sheets at an amount equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments, each determined at the date of inception of the lease. Initial direct costs directly attributed to the lease are recognized as an asset under the finance lease. |
Earnings per share | Earnings per share Earnings per share is computed by dividing Net income available to common shareholders by the weighted average number of common shares outstanding for the period. Net income available to common shareholders is determined after deducting dividend entitlements of preferred shareholders, any gains (losses) on redemption of preferred shares net of related income taxes and the net income attributable to non-controlling Diluted earnings per share reflects the potential dilution that could occur if additional common shares are assumed to be issued under securities or contracts that entitle their holders to obtain common shares in the future, to the extent such entitlement is not subject to unresolved contingencies. For contracts that may be settled in cash or in common shares at our option, diluted earnings per share is calculated based on the assumption that such contracts will be settled in shares. Income and expenses associated with these types of contracts are excluded from the Net income available to common shareholders, and the additional number of shares that would be issued is included in the diluted earnings per share calculation. This includes certain convertible shares with the conversion assumed to have taken place at the beginning of the period or on the date of issue, if later. For stock options whose exercise price is less than the average market price of our common shares, using the treasury stock method, they are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options and repurchased from proceeds is included in the calculation of diluted earnings per share. |
Share capital | Share capital We classify a financial instrument that we issue as a financial asset, financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Our common shares held by us are classified as treasury shares in equity and accounted for at weighted average cost. Upon the sale of treasury shares, the difference between the sale proceeds and the cost of the shares is recognized in Retained earnings. Financial instruments issued by us are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Incremental costs directly attributable to the issue of equity instruments are included in equity as a deduction from the proceeds, net of tax. Financial instruments that will be settled by a variable number of our common shares upon their conversion by the holders as well as the related accrued distributions are classified as liabilities on our Consolidated Balance Sheets. Dividends and yield distributions on these instruments are classified as Interest expense in our Consolidated Statements of Income. |
Future changes in accounting policy and disclosure | Future changes in accounting policy and disclosure The following standards have been issued, but are not yet effective for us. IFRS 16 Leases (IFRS 16) In January 2016, the IASB issued IFRS 16, which sets out the principles for the recognition, measurement, presentation and disclosure of leases. The standard removes the current requirement for lessees to classify leases as finance leases or operating leases by introducing a single accounting model that requires the recognition of right-of-use right-of-use IFRS 16 will be effective for us on November 1, 2019. We will adopt IFRS 16 by adjusting our Consolidated Balance Sheet as at November 1, 2019, the date of initial application, with no restatement of comparative periods. On transition to IFRS 16, we intend to apply certain practical expedients, including the following: • Election to not separate lease and non-lease • Election to measure the right-of-use lease-by-lease • Exemption from recognition for short-term and low value leases. Based on current estimates, the adoption of IFRS 16 as at November 1, 2019 is expected to result in increases to total assets and total liabilities of approximately $5 billion, primarily representing leases of premises and equipment previously classified as operating leases, and a reduction to retained earnings of approximately $0.1 billion, net of taxes. The adoption of IFRS 16 is also expected to decrease our CET1 capital ratio by IFRS Interpretations Committee Interpretation 23 Uncertainty over income tax treatments (IFRIC 23) In June 2017, the IASB issued IFRIC 23, which provides guidance on the recognition and measurement of tax assets and liabilities under IAS 12 Income taxes Interest Rate Benchmark Reform In September 2019, the IASB issued amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures To manage our transition to alternative interest rates, we have implemented a comprehensive enterprise-wide program and governance structure that focuses on key areas of impact including contract changes with clients, capital and liquidity planning, financial reporting and valuation, systems, processes, education and communication. We are currently assessing the impact of adoption on our Consolidated Financial Statements. Conceptual Framework for Financial Reporting (Conceptual Framework) In March 2018, the IASB issued its revised Conceptual Framework. This replaces the previous version of the Conceptual Framework issued in 2010. The revised Conceptual Framework will be effective on November 1, 2020. We are currently assessing the impact of adoption on our Consolidated Financial Statements. IFRS 17 Insurance Contracts (IFRS 17) In May 2017, the IASB issued IFRS 17 to establish a comprehensive global insurance standard which provides guidance on the recognition, measurement, presentation and disclosures of insurance contracts. IFRS 17 requires entities to measure insurance contract liabilities at their current fulfillment values using one of three approaches. This new standard will be effective for us on November 1, 2021 and will be applied retrospectively with restatement of comparatives unless impracticable. In June 2019, the IASB issued an exposure draft to amend IFRS 17, including deferral of the effective date by one year. We will continue to monitor the IASB’s developments. We are currently assessing the impact of adopting this standard and the proposed amendments on our Consolidated Financial Statements. |
IFRS 15 [member] | |
Statement [Line Items] | |
Commissions and fees | Commissions and fees – Policies applicable beginning November 1, 2018 (IFRS 15) 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 12 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 |
IAS 18-revenue [member] | |
Statement [Line Items] | |
Commissions and fees | Commissions and fees – Policies applicable prior to November 1, 2018 (IAS 18 – Revenue ) Portfolio management and other management advisory and service fees are recognized based on the applicable service contracts. Fees related to provision of services including asset management, wealth management, financial planning and custody services that cover a specified service period, are recognized over the period in which the service is provided. Investment management and custodial fees are generally calculated as a percentage of daily or period-end When service fees and other costs are incurred in relation to commissions and fees earned and we have significant risks and rewards associated with delivering the service, we record these costs on a gross basis in either Non-interest Non-interest |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Wholesale Rankings of 22 Grade Internal Risk Ratings with Ratings Used by S&P and Moody's | The following table aligns the relative rankings of our 22-grade Internal ratings map* Table 4 2 PD Bands Ratings Business and Bank Sovereign BRR S&P Moody’s Description 1 0.0000% – 0.0300% 0.0000% – 0.0155% 1+ AAA Aaa Investment Grade 2 0.0000% – 0.0300% 0.0156% – 0.0265% 1H AA+ Aa1 3 0.0301% – 0.0375% 0.0266% – 0.0375% 1M AA Aa2 4 0.0376% – 0.0490% 1L AA- Aa3 5 0.0491% – 0.0650% 2+H A+ A1 6 0.0651% – 0.0810% 2+M A A2 7 0.0811% – 0.1120% 2+L A- A3 8 0.1121% – 0.1800% 2H BBB+ Baa1 9 0.1801% – 0.2620% 2M BBB Baa2 10 0.2621% – 0.3845% 2L BBB- Baa3 11 0.3846% – 0.6480% 2-H BB+ Ba1 Non-investment 12 0.6481% – 0.9625% 2-M BB Ba2 13 0.9626% – 1.4070% 2-L BB- Ba3 14 1.4071% – 2.1785% 3+H B+ B1 15 2.1786% – 3.4210% 3+M B B2 16 3.4211% – 5.2775% 3+L B- B3 17 5.2776% – 7.9410% 3H CCC+ Caa1 18 7.9411% – 11.4475% 3M CCC Caa2 19 11.4476% – 19.6535% 3L CCC- Caa3 20 19.6536% – 99.9990% 4 CC Ca 21 100% 5 C C Impaired 22 100% 6 D C * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. |
Summary of Retail PD Bands to Various Risk Levels | The following table maps PD bands to various risk levels for retail exposures: Internal ratings map* Table 4 3 PD bands Description 0.000% – 1.718% Low risk 1.719% – 6.430% Medium risk 6.431% – 99.99% High risk 100% Impaired/Default * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. |
Summary of Market Risk VaR and Market Risk SVaR | The following table presents our Market risk VaR and Market risk SVaR figures for 2019 and 2018. Market risk VaR* Table 5 2 October 31, 2019 October 31, 2018 For the year ended For the year ended (Millions of Canadian dollars) As at Average High Low As at Average High Low Equity $ 22 $ 19 $ 32 $ 11 $ 34 $ 14 $ 40 $ 6 Foreign exchange 3 4 13 2 12 4 12 2 Commodities 2 2 4 1 2 2 3 1 Interest rate (1) 13 14 19 11 15 17 30 10 Credit specific (2) 5 5 6 4 5 5 6 4 Diversification (3) (17 ) (17 ) n.m n.m. (29 ) (17 ) n.m. n.m. Market risk VaR $ 28 $ 27 $ 45 $ 15 $ 39 $ 25 $ 44 $ 13 Market risk Stressed VaR $ 85 $ 106 $ 161 $ 76 $ 91 $ 79 $ 149 $ 40 * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. (1) General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. (2) Credit specific risk captures issuer-specific credit spread volatility. (3) Market risk VaR is less than the sum of the individual risk factor VaR results due to portfolio diversification. n.m. not meaningful |
Summary of Market Risk Structural Interest Rate Sensitivities Measures | Market risk – SIRR measures* Table 5 3 2019 2018 EVE risk NII risk (1) (Millions of Canadian dollars) Canadian U.S. dollar (2) Total Canadian U.S. dollar (2) Total EVE risk NII risk (1) Before-tax 100 bps increase in rates $ (1,151 ) $ (205 ) $ (1,356 ) $ 351 $ 128 $ 479 $ (1,140 ) $ 505 100 bps decrease in rates 1,027 (107 ) 920 (486 ) (151 ) (637 ) 755 (582 ) Before-tax 200 bps increase in rates $ (2,311 ) $ (690 ) $ (3,001 ) $ 620 $ 247 $ 867 $ (2,407 ) $ 923 200 bps decrease in rates 2,030 (86 ) 1,944 (1,071 ) (285 ) (1,356 ) 1,067 (1,370 ) * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. (1) Represents the 12-month (2) Represents the impact on the SIRR portfolios held in our City National and U.S. banking operations. |
Summary of Long-Term Funding Sources | Long-term funding sources* Table 5 7 As at (Millions of Canadian dollars) October 31 October 31 Unsecured long-term funding $ 94,662 $ 102,325 Secured long-term funding 63,853 64,843 Subordinated debentures 9,788 9,397 $ 168,303 $ 176,565 * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. |
Summary of Contractual Maturities of Financial Liabilities and Off-Balance Sheet Items - Undiscounted Basis | Contractual maturities of financial liabilities and off-balance Table 6 4 As at October 31, 2019 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1) $ 406,042 $ 315,398 $ 50,218 $ 83,651 $ 30,560 $ 885,869 Other Acceptances – 18,091 – – – 18,091 Obligations related to securities sold short – 35,125 – – – 35,125 Obligations related to assets sold under repurchase agreements and securities loaned 5,977 220,592 4 – – 226,573 Other liabilities 617 31,794 190 640 8,512 41,753 Subordinated debentures – – – 316 9,499 9,815 412,636 621,000 50,412 84,607 48,571 1,217,226 Off-balance Financial guarantees ( 2 $ 16,608 $ – $ – $ – $ – $ 16,608 Lease commitments – 805 719 1,619 3,032 6,175 Commitments to extend credit ( 2 226,021 38,148 6 1 – 264,176 242,629 38,953 725 1,620 3,032 286,959 Total financial liabilities and off-balance $ 655,265 $ 659,953 $ 51,137 $ 86,227 $ 51,603 $ 1,504,185 As at October 31, 2018 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1), ( 3 $ 382,847 $ 287,928 $ 52,108 $ 91,154 $ 24,240 $ 838,277 Other Acceptances – 15,657 5 – – 15,662 Obligations related to securities sold short – 32,222 – – – 32,222 Obligations related to assets sold under repurchase agreements and securities loaned 7,240 199,574 – – – 206,814 Other liabilities ( 3 1,753 28,568 98 383 7,700 38,502 Subordinated debentures – 103 – 318 8,710 9,131 391,840 564,052 52,211 91,855 40,650 1,140,608 Off-balance Financial guarantees ( 2 $ 15,502 $ – $ – $ – $ – $ 15,502 Lease commitments – 784 695 1,517 2,814 5,810 Commitments to extend credit ( 2 224,058 38,528 2 29 – 262,617 239,560 39,312 697 1,546 2,814 283,929 Total financial liabilities and off-balance $ 631,400 $ 603,364 $ 52,908 $ 93,401 $ 43,464 $ 1,424,537 * This table represents an integral part of our 2019 Annual Consolidated Financial Statements. (1) A major portion of relationship-based deposits are repayable on demand or at short notice on a contractual basis while, in practice, these customer balances form a core base for our operations and liquidity needs, as explained in the preceding Deposit and funding profile. (2) We believe that it is highly unlikely that all or substantially all of these guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. The management of the liquidity risk associated with potential extensions of funds is outlined in the preceding Risk measurement section. (3) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
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. For measurement purposes, they are carried at fair value when conditions requiring separation are met . As at October 31, 2019 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 22,283 $ – $ – $ 16,062 $ 16,062 $ 38,345 $ 38,345 Securities Trading 137,600 8,934 – – – – 146,534 146,534 Investment, net of applicable allowance – – 57,223 463 44,784 45,104 102,470 102,790 137,600 8,934 57,223 463 44,784 45,104 249,004 249,324 Assets purchased under reverse repurchase agreements and securities borrowed 246,068 – – – 60,893 60,894 306,961 306,962 Loans, net of applicable allowance Retail 275 242 95 – 423,469 424,416 424,081 425,028 Wholesale 7,055 1,856 451 – 185,413 184,645 194,775 194,007 7,330 2,098 546 – 608,882 609,061 618,856 619,035 Other Derivatives 101,560 – – – – – 101,560 101,560 Other assets (1) 3,156 – – – 50,375 50,375 53,531 53,531 Financial liabilities Deposits Personal $ 140 $ 17,394 $ 277,198 $ 277,353 $ 294,732 $ 294,887 Business and government (2) 151 111,389 453,942 452,536 565,482 564,076 Bank (3) – 3,032 22,759 22,773 25,791 25,805 291 131,815 753,899 752,662 886,005 884,768 Other Obligations related to securities sold short 35,069 – – – 35,069 35,069 Obligations related to assets sold under repurchase agreements and securities loaned – 218,612 7,974 7,974 226,586 226,586 Derivatives 98,543 – – – 98,543 98,543 Other liabilities (4) (1,209 ) 91 61,039 61,024 59,921 59,906 Subordinated debentures – – 9,815 9,930 9,815 9,930 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 Total 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), (3) (11 ) 102,597 430,936 431,158 533,522 533,744 Bank (4) – 7,072 25,449 25,462 32,521 32,534 139 124,271 711,787 711,735 836,197 836,145 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 (3), (5) (1,434 ) 18 55,766 55,729 54,350 54,313 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) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. (4) Bank deposits refer to deposits from regulated banks and central banks. (5) Includes Acceptances and financial instruments recognized in Other liabilities . |
Summary of Liabilities Designated as at Fair Value through Profit or Loss | For our financial liabilities designated as FVTPL, we take into account changes in our own credit spread and the expected duration of the instrument to measure the change in fair value attributable to changes in credit risk. . As at or for the year ended October 31, 2019 (1) (Millions of Canadian dollars) Contractual Carrying Difference Changes in fair value attributable During the period Cumulative (2) Term deposits Personal $ 17,307 $ 17,394 $ 87 $ 3 $ 22 Business and government (3) 110,763 111,389 626 (76 ) 210 Bank ( 4 3,031 3,032 1 – – 131,101 131,815 714 (73 ) 232 Obligations related to assets sold under repurchase agreements and securities loaned 218,604 218,612 8 – – Other liabilities 91 91 – – – $ 349,796 $ 350,518 $ 722 $ (73 ) $ 232 . As at or for the year ended October 31, 2018 (1) (Millions of Canadian dollars) Contractual Carrying Difference Changes in fair value attributable During the period Cumulative (2) Term deposits Personal $ 14,726 $ 14,602 $ (124 ) $ (41 ) $ 19 Business and government (3), (5) 102,640 102,597 (43 ) (134 ) 285 Bank (4) 7,067 7,072 5 – – 124,433 124,271 (162 ) (175 ) 304 Obligations related to assets sold under repurchase agreements and securities loaned 201,924 201,839 (85 ) – – Other liabilities 18 18 – – – $ 326,375 $ 326,128 $ (247 ) $ (175 ) $ 304 (1) There are no changes in fair value attributable to changes in credit risk included in net income for positions still held. (2) The cumulative change is measured from the initial designation of the liabilities as FVTPL. For the year ended October 31, 2019, $4 million of fair value losses previously included in OCI relate to financial liabilities derecognized during the year (October 31, 2018 – $7 million fair value losses). (3) Business and government term deposits include amounts from regulated deposit-taking institutions other than regulated banks. (4) Bank term deposits refer to amounts from regulated banks and central banks. (5) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. |
Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss | For the year ended (Millions of Canadian dollars) October 31 October 31 Net gains (losses) (1) Classified as fair value through profit or loss (2) $ 3,564 $ (265 ) Designated as fair value through profit or loss (3), (4) (1,821 ) 2,067 $ 1,743 $ 1,802 By product line (1) Interest rate and credit (4), (5) $ 1,534 $ 1,535 Equities (144 ) (164 ) Foreign exchange and commodities 353 431 $ 1,743 $ 1,802 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Net gains from financial instruments designated as FVTPL of $1,303 million (October 31, 2018 – losses of $400 million). (2) Excludes derivatives designated in a hedging relationship. Refer to Note 8 for net gains (losses) on these derivatives. (3) For the year ended October 31, 2019, $1,810 million of net fair value losses on financial liabilities designated as FVTPL, other than those attributable to changes in our own credit risk, were included in Non-interest (4) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (5) Includes gains (losses) recognized on cross currency interest rate swaps. |
Summary of Net Interest Income From Financial Instruments | For the year ended (Millions of Canadian dollars) October 31 October 31 (1) Interest and dividend income (2), (3) Financial instruments measured at fair value through profit or loss (4) $ 12,103 $ 7,800 Financial instruments measured at fair value through other comprehensive income 1,132 802 Financial instruments measured at amortized cost 28,098 24,419 41,333 33,021 Interest expense (2) Financial instruments measured at fair value through profit or loss (4) $ 10,507 $ 6,542 Financial instruments measured at amortized cost 11,077 8,527 21,584 15,069 Net interest income $ 19,749 $ 17,952 (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 Consolidated Statements of Income: Interest income of $486 million (October 31, 2018 – $479 million), and Interest expense of $4 million (October 31, 2018 – $4 million). (3) Includes dividend income for the year ended October 31, 2019 of $2,057 million (October 31, 2018 – $1,561 million), which is presented in Interest and dividend income in the Consolidated Statements of Income. (4) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. |
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy | As at October 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 $ – $ 22,283 $ – $ $ 22,283 $ – $ 20,274 $ – $ $ 20,274 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 14,655 5,474 – 20,129 8,342 6,231 – 14,573 Provincial and municipal – 11,282 – 11,282 – 11,350 – 11,350 U.S. state, municipal and agencies (1) 2,050 39,584 58 41,692 2,068 31,030 66 33,164 Other OECD government (2) 2,786 3,710 – 6,496 1,151 9,018 – 10,169 Mortgage-backed securities (1) – 482 – 482 – 1,001 – 1,001 Asset-backed securities Non-CDO – 1,333 2 1,335 – 1,023 110 1,133 Corporate debt and other debt 1 23,643 21 23,665 2 22,303 21 22,326 Equities 38,309 1,925 1,219 41,453 30,847 2,547 1,148 34,542 57,801 87,433 1,300 146,534 42,410 84,503 1,345 128,258 Investment Debt issued or guaranteed by: Canadian government (1) Federal – 657 – 657 – 238 – 238 Provincial and municipal – 2,898 – 2,898 – 1,554 – 1,554 U.S. state, municipal and agencies (1) 210 20,666 – 20,876 – 18,136 – 18,136 Other OECD government – 4,251 – 4,251 – 1,470 – 1,470 Mortgage-backed securities (1) – 2,675 27 2,702 – 2,174 – 2,174 Asset-backed securities CDO – 7,300 – 7,300 – 6,239 – 6,239 Non-CDO – 849 – 849 – 863 – 863 Corporate debt and other debt – 17,537 153 17,690 – 17,227 192 17,419 Equities 42 127 294 463 42 127 237 406 252 56,960 474 57,686 42 48,028 429 48,499 Assets purchased under reverse repurchase agreements and securities borrowed – 246,068 – 246,068 – 219,108 – 219,108 Loans – 9,294 680 9,974 – 8,929 551 9,480 Other Derivatives Interest rate contracts 1 46,095 349 46,445 1 33,862 222 34,085 Foreign exchange contracts – 40,768 48 40,816 – 43,253 53 43,306 Credit derivatives – 169 – 169 – 38 – 38 Other contracts 2,852 12,674 11 15,537 5,868 11,654 296 17,818 Valuation adjustments – (712 ) 15 (697 ) – (631 ) 6 (625 ) Total gross derivatives 2,853 98,994 423 102,270 5,869 88,176 577 94,622 Netting adjustments (710 ) (710 ) (583 ) (583 ) Total derivatives 101,560 94,039 Other assets 1,119 1,960 77 3,156 1,020 288 65 1,373 $ 62,025 $ 522,992 $ 2,954 $ (710 ) $ 587,261 $ 49,341 $ 469,306 $ 2,967 $ (583 ) $ 521,031 Financial liabilities Deposits Personal $ – $ 17,378 $ 156 $ $ 17,534 $ – $ 14,362 $ 390 $ $ 14,752 Business and government (4) – 111,540 – 111,540 – 102,591 (5 ) 102,586 Bank – 3,032 – 3,032 – 7,072 – 7,072 Other Obligations related to securities sold short 20,512 14,557 – 35,069 17,732 14,515 – 32,247 Obligations related to assets sold under repurchase agreements and securities loaned – 218,612 – 218,612 – 201,839 – 201,839 Derivatives Interest rate contracts – 39,165 934 40,099 – 29,620 726 30,346 Foreign exchange contracts – 40,183 27 40,210 – 41,836 32 41,868 Credit derivatives – 282 – 282 – 94 – 94 Other contracts 2,675 15,776 206 18,657 4,369 13,730 380 18,479 Valuation adjustments – 12 (7 ) 5 – 29 5 34 Total gross derivatives 2,675 95,418 1,160 99,253 4,369 85,309 1,143 90,821 Netting adjustments (710 ) (710 ) (583 ) (583 ) Total derivatives 98,543 90,238 Other liabilities 102 (1,280 ) 60 (1,118 ) 170 (1,654 ) 68 (1,416 ) $ 23,289 $ 459,257 $ 1,376 $ (710 ) $ 483,212 $ 22,271 $ 424,034 $ 1,596 $ (583 ) $ 447,318 (1) As at October 31, 2019, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $22,365 million and $nil (October 31, 2018 – $16,776 million and $nil), respectively, and in all fair value levels of Investment securities were $6,474 million and $2,046 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. (4) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) | The following table presents fair values of our significant Level 3 financial instruments, valuation techniques used to determine their fair values, ranges and weighted averages of unobservable inputs. As at October 31, 2019 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values Products Reporting line in the fair value hierarchy table Assets Liabilities Valuation techniques Significant unobservable inputs (3) Low High Weighted / Inputs Non-derivative Auction rate securities Discounted cash flows Discount margins 1.60% 3.00% 1.65% U.S. state, municipal and agencies debt 58 Default rates 3.00% 3.00% 3.00% Asset-backed securities 2 Prepayment rates 8.00% 8.00% 8.00% Recovery rates 96.50% 96.50% 96.50% Corporate debt Price-based Prices $ 20.00 $131.78 $ 110.30 Corporate debt and other debt 24 Discounted cash flows Credit spread 1.02% 11.34% 6.18% Loans 680 Credit enhancement 11.82% 15.75% 13.13% Government debt and municipal bonds Price-based Prices $ 65.50 $100.00 $ 65.67 U.S. state, municipal and agencies debt – Discounted cash flows Yields 4.70% 6.63% 5.80% Mortgage-backed securities 27 Corporate debt and other debt 150 Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 4.00X 24.90X 10.23X Equities 1,513 Price-based P/E multiples 9.70X 29.90X 16.11X Derivative related liabilities 10 Discounted cash flows EV/Rev multiples 0.90X 5.93X 3.55X Liquidity discounts (4) 10.00% 40.00% 17.6 4 Discount rate 10.00% 12.00% 10.45% NAV / prices (5) n.a. n.a. n.a. Derivative financial instruments Interest rate derivatives and interest-rate-linked structured notes (7) Derivative related assets 380 Discounted cash flows Interest rates 1.27% 2.16% Even Derivative related liabilities 943 Option pricing model CPI swap rates 1.40% 2.00% Even IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (7) Discounted cash flows Dividend yields 0.10% 8.77% Lower Derivative related assets 11 Option pricing model Equity (EQ)-EQ 34.00% 95.40% Middle Deposits 156 EQ-FX (71.40)% 30.50% Middle Derivative related liabilities 180 EQ volatilities 4.00% 110.00% Upper Other Derivative related assets 32 Other assets 77 Deposits – Derivative related liabilities 27 Other liabilities 60 Total $ 2,954 $ 1,376 As at October 31, 2018 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Significant Range of input values (1), (2) Products Reporting line in the fair value Assets Liabilities Valuation Low High Weighted Non-derivative Auction rate securities Discounted cash flows Discount margins 1.32% 2.70% 1.95% U.S. state, municipal and agencies debt 45 Default rates 3.00% 3.00% 3.00% Asset-backed securities 110 Prepayment rates 4.00% 5.50% 4.56% Recovery rates 96.50% 97.50% 96.59% Corporate debt Price-based Prices $ 72.00 $ 123.06 $ 103.84 Corporate debt and other debt 28 Discounted cash flows Credit spread 0.90% 11.30% 4.50% Loans 551 Credit enhancement 11.80% 15.80% 13.10% Government debt and municipal bonds Price-based Prices $ 65.50 $ 100.00 $ 66.41 U.S. state, municipal and agencies debt 21 Discounted cash flows Yields 3.50% 7.60% 5.75% Mortgage-backed securities – Corporate debt and other debt 185 Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 6.16X 17.80X 14.46X Equities 1,385 Price-based P/E multiples 9.10X 26.41X 18.26X Derivative related liabilities 24 Discounted cash flows EV/Rev multiples 0.90X 6.63X 4.86X Liquidity discounts (4) 10.00% 40.00% 18.27% Discount rate 10.52% 10.52% 10.52% NAV / prices (5) n.a. n.a. n.a. Derivative financial instruments Interest rate derivatives and interest-rate-linked structured notes (7) Derivative related assets 260 Discounted cash flows Interest rates 2.30% 3.00% Even Derivative related liabilities 740 Option pricing model CPI swap rates 1.90% 2.10% Even IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (7) Discounted cash flows Dividend yields 0.30% 8.40% Lower Derivative related assets 281 Option pricing model Equity (EQ)-EQ correlations (55.00 )% 100.00% Middle Deposits 390 EQ-FX (71.40)% 30.50% Middle Derivative related liabilities 328 EQ volatilities 8.00% 164.00% Upper Other Derivative related assets 36 Other assets 65 Deposits (5 ) Derivative related liabilities 51 Other liabilities 68 Total $ 2,967 $ 1,596 (1) The low and high input values represent the actual highest and lowest level inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the different underlying instruments within the product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. Where provided, the weighted average of the input values is calculated based on the relative fair values of the instruments within the product category. The weighted averages for derivatives are not presented in the table as they would not provide a comparable metric; instead, distribution of significant unobservable inputs within the range for each product category is indicated in the table. (2) Price-based inputs are significant for certain debt securities and are based on external benchmarks, comparable proxy instruments or pre-quarter-end (3) The acronyms stand for the following: (i) Enterprise Value (EV); (ii) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); (iii) Price / Earnings (P/E); (iv) Revenue (Rev); (v) Consumer Price Index (CPI); (vi) Interest Rate (IR); (vii) Foreign Exchange (FX); and (viii) Equity (EQ). (4) Fair value of securities with liquidity discount inputs totalled $255 million (October 31, 2018 – $207 million). (5) NAV of a hedge fund is total fair value of assets less liabilities divided by the number of fund units. Private equities are valued based on NAV or valuation techniques. The range for NAV per unit or price per share has not been disclosed for the hedge funds or private equities due to the dispersion of prices given the diverse nature of the investments. (6) The level of aggregation and diversity within each derivative instrument category may result in certain ranges of inputs being wide and inputs being unevenly distributed across the range. In the table, we indicated whether the majority of the inputs are concentrated toward the upper, middle, or lower end of the range, or evenly distributed throughout the range. (7) The structured notes contain embedded equity or interest rate derivatives with unobservable inputs that are similar to those of the equity or interest rate derivatives. (8) Other primarily includes certain insignificant instruments such as commodity derivatives, foreign exchange derivatives, contingent considerations, bank-owned life insurance and retractable shares. n.a. not applicable |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | For the year ended October 31, 2019 (Millions of Canadian dollars) Fair value Gains Gains Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 66 $ – $ 1 $ – $ (9 ) $ – $ – $ 58 $ – Asset-backed securities Non-CDO 110 15 – – (123 ) – – 2 3 Corporate debt and other debt 21 1 1 – (2 ) – – 21 1 Equities 1,148 (76 ) 2 333 (226 ) 39 (1 ) 1,219 (20 ) 1,345 (60 ) 4 333 (360 ) 39 (1 ) 1,300 (16 ) Investment Mortgage-backed securities – – – 27 – – – 27 n.a. Corporate debt and other debt 192 (3 ) 24 – (60 ) – – 153 n.a. Equities 237 – 16 5 36 – – 294 n.a. 429 (3 ) 40 32 (24 ) – – 474 n.a. Loans 551 40 2 830 (481 ) 55 (317 ) 680 19 Other Net derivative balances (3) Interest rate contracts (504 ) (79 ) – (197 ) 217 (7 ) (15 ) (585 ) (42 ) Foreign exchange contracts 21 12 – – (6 ) 4 (10 ) 21 32 Other contracts (84 ) 131 2 (131 ) 18 (38 ) (93 ) (195 ) 115 Valuation adjustments 1 – – – 21 – – 22 – Other assets 65 28 – – (16 ) – – 77 27 $ 1,824 $ 69 $ 48 $ 867 $ (631 ) $ 53 $ (436 ) $ 1,794 $ 135 Liabilities Deposits Personal $ (390 ) $ (38 ) $ – $ (102 ) $ 29 $ (214 ) $ 559 $ (156 ) $ – Business and government 5 – – – – – (5 ) – – Other Other liabilities (68 ) (16 ) (1 ) 1 24 – – (60 ) (12 ) $ (453 ) $ (54 ) $ (1 ) $ (101 ) $ 53 $ (214 ) $ 554 $ (216 ) $ (12 ) For the year ended October 31, 2018 (Millions of Canadian dollars) Fair value Gains Gains Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 508 $ 16 $ (3 ) $ – $ (455 ) $ – $ – $ 66 $ (1 ) Asset-backed securities Non-CDO 196 28 2 – (116 ) – – 110 1 Corporate debt and other debt 30 (2 ) – – (2 ) – (5 ) 21 (1 ) Equities 923 (160 ) 37 395 (170 ) 125 (2 ) 1,148 (24 ) 1,657 (118 ) 36 395 (743 ) 125 (7 ) 1,345 (25 ) Investment Mortgage-backed securities – – – – – – – – n.a. Corporate debt and other debt 29 (30 ) 6 125 (144 ) 206 – 192 n.a. Equities 220 – 20 – (3 ) – – 237 n.a. 249 (30 ) 26 125 (147 ) 206 – 429 n.a. Loans 477 (3 ) (3 ) 450 (291 ) 16 (95 ) 551 14 Other Net derivative balances (3) Interest rate contracts (455 ) 21 – 67 73 7 (217 ) (504 ) (3 ) Foreign exchange contracts 21 (10 ) (4 ) 11 2 5 (4 ) 21 (5 ) Other contracts (181 ) 34 (2 ) (88 ) (42 ) (36 ) 231 (84 ) 79 Valuation adjustments (16 ) – – – 17 – – 1 – Other assets – (5 ) – 71 (1 ) – – 65 (5 ) $ 1,752 $ (111 ) $ 53 $ 1,031 $ (1,132 ) $ 323 $ (92 ) $ 1,824 $ 55 Liabilities Deposits Personal $ (465 ) $ (36 ) $ (4 ) $ (301 ) $ 44 $ (431 ) $ 803 $ (390 ) $ (8 ) Business and government – – – 5 – – – 5 – Other Other liabilities (24 ) – (1 ) (53 ) 10 – – (68 ) 4 $ (489 ) $ (36 ) $ (5 ) $ (349 ) $ 54 $ (431 ) $ 803 $ (453 ) $ (4 ) (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 $43 million for the year ended October 31, 2019 (October 31, 2018 – gains of $33 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 October 31, 2019 included derivative assets of $423 million (October 31, 2018 – $577 million) and derivative liabilities of $1,160 million (October 31, 2018 – $1,143 million). n.a. not applicable |
Summary of Positive and Negative Fair Value Movement of Level 3 Financial Instruments from Using Reasonably Possible Alternative Assumptions | The following table summarizes the impacts to fair values of Level 3 financial instruments using reasonably possible alternative assumptions. This sensitivity disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of Level 3 financial instruments. In reporting the sensitivities below, we offset balances in instances where: (i) the move in valuation factors cause an offsetting positive and negative fair value movement, (ii) both offsetting instruments are in Level 3, and (iii) exposures are managed and reported on a net basis. With respect to overall sensitivity, it is unlikely in practice that all reasonably possible alternative assumptions would simultaneously be realized. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Level 3 Positive fair value Negative fair value Level 3 Positive fair value Negative fair value Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 58 $ 1 $ (1 ) $ 66 $ – $ (1 ) Asset-backed securities 2 – – 110 7 (10 ) Corporate debt and other debt 21 – – 21 – – Equities 1,219 13 (14 ) 1,148 12 (12 ) Investment Mortgage-backed securities 27 1 (1 ) – – – Corporate debt and other debt 153 15 (13 ) 192 19 (16 ) Equities 294 26 (27 ) 237 24 (26 ) Loans 680 9 (12 ) 551 5 (7 ) Derivatives 423 6 (3 ) 577 20 (18 ) Other assets 77 – – 65 – – $ 2,954 $ 71 $ (71 ) $ 2,967 $ 87 $ (90 ) Deposits $ (156 ) $ 4 $ (4 ) $ (385 ) $ 12 $ (11 ) Derivatives (1,160 ) 20 (17 ) (1,143 ) 47 (54 ) Other Other liabilities (60 ) – – (68 ) – – $ (1,376 ) $ 24 $ (21 ) $ (1,596 ) $ 59 $ (65 ) |
Summary of Fair Value for Financial Instruments Carried at Amortized Cost and Classified Using the Fair Value Hierarchy | Fair value for financial instruments that are carried at amortized cost and classified using the fair value hierarchy As at October 31, 2019 Fair value always (1) Fair value may not approximate carrying value Fair value measurements using Total (Millions of Canadian dollars) Level 1 Level 2 Level 3 Total Interest-bearing deposits with banks $ 16,062 $ – $ – $ – $ – $ 16,062 Amortized cost securities (2) – 523 44,581 – 45,104 45,104 Assets purchased under reverse repurchase agreements and securities borrowed 48,784 – 12,110 – 12,110 60,894 Loans Retail 66,647 – 352,717 5,052 357,769 424,416 Wholesale 6,596 – 173,274 4,775 178,049 184,645 73,243 – 525,991 9,827 535,818 609,061 Other assets 49,761 – 469 145 614 50,375 187,850 523 583,151 9,972 593,646 781,496 Deposits Personal 195,583 – 81,179 591 81,770 277,353 Business and government 296,166 – 155,646 724 156,370 452,536 Bank 15,093 – 7,671 9 7,680 22,773 506,842 – 244,496 1,324 245,820 752,662 Obligations related to assets sold under repurchase agreements and securities loaned 7,974 – – – – 7,974 Other liabilities 50,601 – 445 9,978 10,423 61,024 Subordinated debentures 8 – 9,864 58 9,922 9,930 $ 565,425 $ – $ 254,805 $ 11,360 $ 266,165 $ 831,590 As at October 31, 2018 Fair value (1) Fair value may not approximate carrying value Fair value measurements using Total (Millions of Canadian dollars) Level 1 Level 2 Level 3 Total Interest-bearing deposits with banks $ 16,197 $ – $ – $ – $ – $ 16,197 Amortized cost securities (2) – 470 44,897 – 45,367 45,367 Assets purchased under reverse repurchase agreements and securities borrowed 57,099 – 18,391 – 18,391 75,490 Loans Retail 65,847 – 323,114 5,090 328,204 394,051 Wholesale 8,889 – 154,781 4,417 159,198 168,087 74,736 – 477,895 9,507 487,402 562,138 Other assets 45,559 – 480 166 646 46,205 193,591 470 541,663 9,673 551,806 745,397 Deposits Personal 184,887 – 69,606 622 70,228 255,115 Business and government 270,349 – 160,010 799 160,809 431,158 Bank 15,218 – 10,235 9 10,244 25,462 470,454 – 239,851 1,430 241,281 711,735 Obligations related to assets sold under repurchase agreements and securities loaned 4,264 – 712 – 712 4,976 Other liabilities (3) 46,195 – 406 9,128 9,534 55,729 Subordinated debentures – – 9,260 59 9,319 9,319 $ 520,913 $ – $ 250,229 $ 10,617 $ 260,846 $ 781,759 (1) Certain financial instruments have not been assigned to a level as the carrying amount always approximates their fair values due to their short-term nature (instruments that are receivable or payable on demand, or with original maturity of three months or less) and insignificant credit risk. (2) Included in Securities – Investment, net of applicable allowance on the Consolidated Balance Sheets. (3) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Amounts have been reclassified to conform with this presentation. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Carrying value of securities and term to maturity | Carrying value of securities As at October 31, 2019 Term to maturity (1) With no Total (Millions of Canadian dollars) Within 3 3 months 1 year to 5 years to Over Trading (2) Debt issued or guaranteed by: Canadian government $ 1,974 $ 11,265 $ 7,783 $ 1,778 $ 8,611 $ – $ 31,411 U.S. state, municipal and agencies 771 7,122 8,601 9,537 15,661 – 41,692 Other OECD government 538 1,418 2,211 1,466 863 – 6,496 Mortgage-backed securities – – – – 482 – 482 Asset-backed securities 359 63 308 267 338 – 1,335 Corporate debt and other debt Bankers’ acceptances 433 – – – – – 433 Certificates of deposit 586 383 75 20 6 – 1,070 Other (3) 1,369 2,773 8,268 2,827 6,925 – 22,162 Equities – – – – – 41,453 41,453 6,030 23,024 27,246 15,895 32,886 41,453 146,534 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost – 5 596 – 54 – 655 Fair value – 5 595 – 57 – 657 Yield (4) – 1.1% 1.4% – 4.2% – 1.7% Provincial and municipal Amortized cost – 4 954 13 1,907 – 2,878 Fair value – 4 953 14 1,927 – 2,898 Yield (4) – 4.8% 2.7% 4.5% 2.8% – 2.8% U.S. state, municipal and agencies Amortized cost 1,597 1,085 3,290 829 13,986 – 20,787 Fair value 1,598 1,087 3,294 844 14,053 – 20,876 Yield (4) 2.1% 1.8% 2.0% 2.9% 2.7% – 2.5% Other OECD government Amortized cost 236 178 3,839 1 – – 4,254 Fair value 236 178 3,836 1 – – 4,251 Yield (4) 1.2% 2.1% 2.4% 3.8% – – 2.3% Mortgage-backed securities Amortized cost – – – 206 2,503 – 2,709 Fair value – – – 205 2,497 – 2,702 Yield (4) – – – 3.0% 2.7% – 2.7% Asset-backed securities Amortized cost 1 – 8 3,982 4,190 – 8,181 Fair value – – 8 3,972 4,169 – 8,149 Yield (4) 0.0% – 3.2% 3.2% 3.1% – 3.2% Corporate debt and other debt Amortized cost 1,564 3,222 12,668 79 122 – 17,655 Fair value 1,565 3,225 12,673 89 138 – 17,690 Yield (4) 1.4% 1.9% 2.0% 2.0% 3.1% – 1.9% Equities Cost – – – – – 248 248 Fair value (5) – – – – – 463 463 Amortized cost 3,398 4,494 21,355 5,110 22,762 248 57,367 Fair value 3,399 4,499 21,359 5,125 22,841 463 57,686 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 682 1,978 9,831 1,515 – – 14,006 U.S. state, municipal and agencies 297 478 1,680 2,018 12,190 – 16,663 Other OECD government 2,252 1,431 1,634 – – – 5,317 Asset-backed securities – 9 616 – – – 625 Corporate debt and other debt 400 1,853 5,717 145 58 – 8,173 Amortized cost, net of allowance 3,631 5,749 19,478 3,678 12,248 – 44,784 Fair value 3,631 5,822 19,628 3,746 12,277 – 45,104 Total carrying value of securities $ 13,060 $ 33,272 $ 68,083 $ 24,698 $ 67,975 $ 41,916 $ 249,004 As at October 31, 2018 Term to maturity (1) With no (Millions of Canadian dollars) Within 3 3 months 1 year to 5 years to Over Total Trading (2) Debt issued or guaranteed by: Canadian government $ 1,860 $ 7,237 $ 7,983 $ 2,244 $ 6,599 $ – $ 25,923 U.S. state, municipal and agencies 595 3,715 9,836 5,119 13,899 – 33,164 Other OECD government 1,367 3,932 3,456 635 779 – 10,169 Mortgage-backed securities – – 114 93 794 – 1,001 Asset-backed securities 126 14 215 369 409 – 1,133 Corporate debt and other debt Bankers’ acceptances 326 – – – – – 326 Certificates of deposit 300 84 48 3 25 – 460 Other (3) 2,120 4,058 6,720 3,099 5,543 – 21,540 Equities – – – – – 34,542 34,542 6,694 19,040 28,372 11,562 28,048 34,542 128,258 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost – – 173 15 56 – 244 Fair value – – 169 15 54 – 238 Yield (4) – – 1.7% 1.8% 4.5% – 2.3% Provincial and municipal Amortized cost – 51 673 236 618 – 1,578 Fair value – 51 672 234 597 – 1,554 Yield (4) – 1.7% 2.9% 2.0% 4.0% – 3.1% U.S. state, municipal and agencies Amortized cost 1,355 132 2,766 635 13,112 – 18,000 Fair value 1,355 131 2,768 643 13,239 – 18,136 Yield (4) 2.4% 2.1% 2.3% 3.2% 3.0% – 2.8% Other OECD government Amortized cost 225 86 1,090 67 1 – 1,469 Fair value 225 86 1,091 67 1 – 1,470 Yield (4) 0.6% 2.4% 2.3% 1.4% 4.2% – 2.0% Mortgage-backed securities Amortized cost – – 59 193 1,924 – 2,176 Fair value – – 59 193 1,922 – 2,174 Yield (4) – – 1.6% 3.4% 2.9% – 2.9% Asset-backed securities Amortized cost – – – 2,662 4,442 – 7,104 Fair value – – – 2,657 4,445 – 7,102 Yield (4) – – – 3.6% 3.4% – 3.4% Corporate debt and other debt Amortized cost 4,119 1,769 10,785 399 367 – 17,439 Fair value 4,120 1,772 10,783 390 354 – 17,419 Yield (4) 1.5% 1.8% 2.0% 3.0% 4.1% – 1.9% Equities Cost – – – – – 222 222 Fair value (5) – – – – – 406 406 Amortized cost 5,699 2,038 15,546 4,207 20,520 222 48,232 Fair value 5,700 2,040 15,542 4,199 20,612 406 48,499 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 1,762 1,427 10,863 2,381 – – 16,433 U.S. state, municipal and agencies 69 115 2,231 2,177 9,736 – 14,328 Other OECD government 2,601 1,386 2,800 – – – 6,787 Asset-backed securities – 5 1,035 29 – – 1,069 Corporate debt and other debt 253 1,434 5,566 161 78 – 7,492 Amortized cost, net of allowance 4,685 4,367 22,495 4,748 9,814 – 46,109 Fair value 4,687 4,360 22,286 4,635 9,399 – 45,367 Total carrying value of securities $ 17,079 $ 25,447 $ 66,409 $ 20,509 $ 58,474 $ 34,948 $ 222,866 (1) Actual maturities may differ from contractual maturities shown above as borrowers may have the right to extend or prepay obligations with or without penalties. (2) Trading securities and FVOCI securities are recorded at fair value. Amortized cost securities, included in Investment securities, are recorded at amortized cost and presented net of allowance for credit losses. (3) Primarily composed of corporate debt, supra-national debt, and commercial paper. (4) The weighted average yield is derived using the contractual interest rate and the carrying value at the end of the year for the respective securities. (5) Certain equity securities that are not held-for-trading |
Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized gains and losses on securities at FVOCI (1) , As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Cost/ Gross Gross Fair Cost/ Gross Gross Fair Debt issued or guaranteed by: Canadian government Federal (3) $ 655 $ 3 $ (1 ) $ 657 $ 244 $ – $ (6 ) $ 238 Provincial and municipal 2,878 43 (23 ) 2,898 1,578 2 (26 ) 1,554 U.S. state, municipal and agencies (3) 20,787 215 (126 ) 20,876 18,000 285 (149 ) 18,136 Other OECD government 4,254 2 (5 ) 4,251 1,469 2 (1 ) 1,470 Mortgage-backed securities (3) 2,709 1 (8 ) 2,702 2,176 1 (3 ) 2,174 Asset-backed securities CDO 7,334 1 (35 ) 7,300 6,248 1 (10 ) 6,239 Non-CDO 847 4 (2 ) 849 856 9 (2 ) 863 Corporate debt and other debt 17,655 45 (10 ) 17,690 17,439 22 (42 ) 17,419 Equities 248 218 (3 ) 463 222 186 (2 ) 406 $ 57,367 $ 532 $ (213 ) $ 57,686 $ 48,232 $ 508 $ (241 ) $ 48,499 (1) Excludes $44,784 million of held-to-collect (2) Gross unrealized gains and losses includes $(3) million of allowance for credit losses on debt securities at FVOCI as at October 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 $2,051 million, $1 million, $6 million and $2,046 million, respectively as at October 31, 2019 (October 31, 2018 – $1,442 million, $nil, $6 million and $1,436 million, respectively). |
Summary of Allowance for credit losses - Securities at Amortized Cost | Allowance for credit losses – securities at FVOCI (1) For the year ended October 31, 2019 October 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 – – – – 5 (5 ) – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – (36 ) – 36 – Purchases 5 – – 5 85 – – 85 Sales and maturities (3 ) (7 ) – (10 ) (47 ) (17 ) 25 (39 ) Changes in risk, parameters and exposures (2 ) 1 (8 ) (9 ) (8 ) 7 – (1 ) Write-offs – – – – – – (62 ) (62 ) Exchange rate and other – (1 ) 1 – 2 – 1 3 Balance at end of period $ 4 $ – $ (7 ) $ (3 ) $ 4 $ 7 $ – $ 11 (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. (2) Reflects changes in the allowance for purchased credit impaired securities. Allowance for credit losses – securities at amortized cost For the year ended October 31, 2019 October 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 7 – – 7 5 – – 5 Sales and maturities (1 ) – – (1 ) (3 ) (11 ) – (14 ) Changes in risk, parameters and exposures (6 ) (15 ) – (21 ) (2 ) (3 ) – (5 ) Write-offs – – – – – – (2 ) (2 ) Exchange rate and other (1 ) 2 – 1 1 (1 ) – – Balance at end of period $ 5 $ 19 $ – $ 24 $ 6 $ 32 $ – $ 38 |
Summary of Credit risk exposure on Investment Securities by internal risk rating | 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 at October 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 $ 56,671 $ 1 $ – $ 56,672 $ 46,956 $ 479 $ – $ 47,435 Non-investment 400 1 – 401 500 33 – 533 Impaired – – 150 150 – – 125 125 $ 57,071 $ 2 $ 150 $ 57,223 $ 47,456 $ 512 $ 125 $ 48,093 Items not subject to impairment (2) 463 406 $ 57,686 $ 48,499 Securities at amortized cost Investment grade $ 43,681 $ 46 $ – $ 43,727 $ 44,958 $ 119 $ – $ 45,077 Non-investment 695 386 – 1,081 367 703 – 1,070 Impaired – – – – – – – – $ 44,376 $ 432 $ – $ 44,808 $ 45,325 $ 822 $ – $ 46,147 Allowance for credit losses 5 19 – 24 6 32 – 38 Amortized cost $ 44,371 $ 413 $ – $ 44,784 $ 45,319 $ 790 $ – $ 46,109 (1) Includes $150 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) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Loans by geography and portfolio net of allowance | Loans by geography and portfolio net of allowance As at October 31, 2019 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 287,767 $ 17,012 $ 3,312 $ 308,091 $ (402 ) $ 307,689 Personal 81,547 7,399 3,304 92,250 (762 ) 91,488 Credit cards (3) 19,617 439 255 20,311 (791 ) 19,520 Small business (4) 5,434 – – 5,434 (50 ) 5,384 Wholesale (2) , 124,312 53,782 17,776 195,870 (1,095 ) 194,775 Total loans $ 518,677 $ 78,632 $ 24,647 $ 621,956 $ (3,100 ) $ 618,856 Undrawn loan commitments – Retail 208,336 5,063 801 214,200 (225 ) Undrawn loan commitments – Wholesale 101,017 176,022 54,982 332,021 (70 ) As at October 31, 2018 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 265,831 $ 13,493 $ 3,147 $ 282,471 $ (382 ) $ 282,089 Personal 82,112 7,172 3,416 92,700 (841 ) 91,859 Credit cards (3) 18,793 368 254 19,415 (725 ) 18,690 Small business (4) 4,866 – – 4,866 (49 ) 4,817 Wholesale (2) , 103,069 59,442 17,767 180,278 (915 ) 179,363 Total loans $ 474,671 $ 80,475 $ 24,584 $ 579,730 $ (2,912 ) $ 576,818 Undrawn loan commitments – Retail (6) 199,395 4,007 1,250 204,652 (90 ) Undrawn loan commitments – Wholesale (6) 96,146 169,910 53,797 319,853 (64 ) (1) Excludes allowance for loans measured at FVOCI of $nil (October 31, 2018 – $1 million). (2) Geographic information is based on residence of the borrower. (3) The credit cards business is managed as a single portfolio and includes both consumer and business cards. (4) Includes small business exposure managed on a pooled basis. (5) Includes small business exposure managed on an individual client basis. (6) Amounts have been revised from those previously presented. |
Loans maturity and rate sensitivity | Loans maturity and rate sensitivity As at October 31, 2019 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under 1 year (2) 1 to 5 years Over 5 years Total Floating Fixed Non-rate- Total Retail $ 216,610 $ 187,721 $ 21,755 $ 426,086 $ 114,736 $ 304,448 $ 6,902 $ 426,086 Wholesale 154,445 30,512 10,913 195,870 27,329 165,502 3,039 195,870 Total loans $ 371,055 $ 218,233 $ 32,668 $ 621,956 $ 142,065 $ 469,950 $ 9,941 $ 621,956 Allowance for loan losses (3,100 ) (3,100 ) Total loans net of allowance for loan losses $ 618,856 $ 618,856 As at October 31, 2018 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under 1 year (2) 1 to 5 Over 5 years Total Floating Fixed Non-rate- Total Retail $ 217,188 $ 163,291 $ 18,973 $ 399,452 $ 123,826 $ 268,793 $ 6,833 $ 399,452 Wholesale 144,208 27,789 8,281 180,278 31,016 147,970 1,292 180,278 Total loans $ 361,396 $ 191,080 $ 27,254 $ 579,730 $ 154,842 $ 416,763 $ 8,125 $ 579,730 Allowance for loan losses (2,912 ) (2,912 ) Total loans net of allowance for loan losses $ 576,818 $ 576,818 (1) Generally, based on the earlier of contractual repricing or maturity date. (2) Includes variable rate loans that can be repriced at the clients’ discretion without penalty. |
Disclosure of Allowance for Credit Losses | Allowance for credit losses For the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Balance at Provision Net write-offs (1) Exchange Balance Balance at Provision Net write-offs (1) Exchange Balance Retail Residential mortgages $ 382 $ 68 $ (37 ) $ (11 ) $ 402 $ 378 $ 47 $ (43 ) $ – $ 382 Personal 895 526 (474 ) (12 ) 935 826 513 (431 ) (13 ) 895 Credit cards 760 590 (518 ) – 832 693 534 (468 ) 1 760 Small business 51 41 (28 ) (3 ) 61 49 33 (28 ) (3 ) 51 Wholesale 979 661 (397 ) (78 ) 1,165 1,010 156 (142 ) (45 ) 979 Customers’ liability under acceptances 21 5 – (2 ) 24 20 – – 1 21 $ 3,088 $ 1,891 $ (1,454 ) $ (106 ) $ 3,419 $ 2,976 $ 1,283 $ (1,112 ) $ (59 ) $ 3,088 Presented as: Allowance for loan losses $ 2,912 $ 3,100 $ 2,749 $ 2,912 Other liabilities – Provisions 154 295 207 154 Customers’ liability under acceptances 21 24 20 21 Other components of equity 1 – – 1 (1) Loans written-off write-off. written-off |
Summary of Allowance for Credit Losses by Stage, for Each Major Product Category | Allowance for credit losses – Retail and W For the year ended October 31, 2019 October 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 Model changes – – – – 20 2 4 26 Transfers to stage 1 87 (66 ) (21 ) – 59 (59 ) – – Transfers to stage 2 (13 ) 16 (3 ) – (18 ) 23 (5 ) – Transfers to stage 3 (3 ) (31 ) 34 – (2 ) (16 ) 18 – Originations 51 – – 51 63 1 – 64 Maturities (14 ) (10 ) – (24 ) (13 ) (10 ) – (23 ) Changes in risk, parameters and exposures (104 ) 104 41 41 (110 ) 56 34 (20 ) Write-offs – – (45 ) (45 ) – – (51 ) (51 ) Recoveries – – 8 8 – – 8 8 Exchange rate and other – – (11 ) (11 ) 3 2 (5 ) – Balance at end of period $ 146 $ 77 $ 179 $ 402 $ 142 $ 64 $ 176 $ 382 Personal Balance at beginning of period $ 242 $ 512 $ 141 $ 895 $ 278 $ 427 $ 121 $ 826 Provision for credit losses Model changes 23 (48 ) – (25 ) (10 ) 1 (6 ) (15 ) Transfers to stage 1 544 (537 ) (7 ) – 712 (712 ) – – Transfers to stage 2 (87 ) 88 (1 ) – (140 ) 141 (1 ) – Transfers to stage 3 (2 ) (142 ) 144 – (3 ) (157 ) 160 – Originations 101 1 – 102 107 5 – 112 Maturities (31 ) (112 ) – (143 ) (33 ) (130 ) – (163 ) Changes in risk, parameters and exposures (517 ) 758 351 592 (668 ) 938 309 579 Write-offs – – (600 ) (600 ) – – (552 ) (552 ) Recoveries – – 126 126 – – 121 121 Exchange rate and other (1 ) – (11 ) (12 ) (1 ) (1 ) (11 ) (13 ) Balance at end of period $ 272 $ 520 $ 143 $ 935 $ 242 $ 512 $ 141 $ 895 Credit cards Balance at beginning of period $ 161 $ 599 $ – $ 760 $ 251 $ 442 $ – $ 693 Provision for credit losses Model changes – – – – (65 ) 64 – (1 ) Transfers to stage 1 452 (452 ) – – 693 (693 ) – – Transfers to stage 2 (81 ) 81 – – (123 ) 123 – – Transfers to stage 3 (2 ) (341 ) 343 – (2 ) (227 ) 229 – Originations 5 – – 5 11 2 – 13 Maturities (5 ) (27 ) – (32 ) (12 ) (60 ) – (72 ) Changes in risk, parameters and exposures (358 ) 800 175 617 (592 ) 947 239 594 Write-offs – – (655 ) (655 ) – – (599 ) (599 ) Recoveries – – 137 137 – – 131 131 Exchange rate and other 1 (1 ) – – – 1 – 1 Balance at end of period $ 173 $ 659 $ – $ 832 $ 161 $ 599 $ – $ 760 Small business Balance at beginning of period $ 17 $ 16 $ 18 $ 51 $ 15 $ 15 $ 19 $ 49 Provision for credit losses Model changes 11 (7 ) – 4 – – – – Transfers to stage 1 18 (18 ) – – 31 (31 ) – – Transfers to stage 2 (3 ) 3 – – (5 ) 5 – – Transfers to stage 3 – (9 ) 9 – – (11 ) 11 – Originations 13 – – 13 10 – – 10 Maturities (5 ) (8 ) – (13 ) (4 ) (9 ) – (13 ) Changes in risk, parameters and exposures (22 ) 32 27 37 (31 ) 48 19 36 Write-offs – – (36 ) (36 ) – – (35 ) (35 ) Recoveries – – 8 8 – – 7 7 Exchange rate and other – 1 (4 ) (3 ) 1 (1 ) (3 ) (3 ) Balance at end of period $ 29 $ 10 $ 22 $ 61 $ 17 $ 16 $ 18 $ 51 Wholesale Balance at beginning of period $ 274 $ 340 $ 365 $ 979 $ 251 $ 352 $ 407 $ 1,010 Provision for credit losses Model changes – – – – (17 ) (12 ) (6 ) (35 ) Transfers to stage 1 145 (133 ) (12 ) – 207 (207 ) – – Transfers to stage 2 (33 ) 36 (3 ) – (66 ) 93 (27 ) – Transfers to stage 3 (5 ) (57 ) 62 – (2 ) (43 ) 45 – Originations 239 44 – 283 227 46 – 273 Maturities (162 ) (165 ) – (327 ) (153 ) (179 ) – (332 ) Changes in risk, parameters and exposures (178 ) 331 552 705 (176 ) 289 137 250 Write-offs – – (440 ) (440 ) – – (207 ) (207 ) Recoveries – – 43 43 – – 65 65 Exchange rate and other 1 – (79 ) (78 ) 3 1 (49 ) (45 ) Balance at end of period $ 281 $ 396 $ 488 $ 1,165 $ 274 $ 340 $ 365 $ 979 |
Summary of Primary Macroeconomic Drivers of Credit Losses in Models Used to Estimate ACL on Performing Loans, Commitments, and Acceptances | The following table shows the primary macroeconomic variables used in the models to estimate ACL on performing loans, commitments, and acceptances. The downside scenario reflects a negative macroeconomic event occurring within the first 12 months, with conditions deteriorating for up to two years, followed by a recovery for the remainder of the period. This scenario is grounded in historical experience and assumes a monetary policy response that returns the economy to a long-run, period. The upside scenario reflects stronger economic growth than the base scenario for the first two years, without a monetary policy response, followed by a return to a long-run sustainable growth rate within the forecast period. As at October 31, 2019 October 31, 2018 Base Scenario Upside Downside Base Scenario Upside Downside Driver Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Next 12 2 to 5 Unemployment rate: (1) Canada 5.8% 6.0% 5.4% 4.8% 6.6% 6.8% 5.8% 6.0% 5.7% 5.1% 6.8% 7.1% U.S. 3.8% 4.2% 3.7% 3.4% 4.8% 5.3% 3.6% 4.1% 3.6% 3.3% 4.8% 5.3% Gross domestic product: (2) Canada 1.6% 1.8% 2.4% 2.1% (2.0)% 2.8% 1.7% 1.7% 2.3% 2.1% (2.0)% 2.7% U.S. 1.7% 1.5% 2.1% 1.9% (2.3)% 2.6% 2.1% 1.4% 2.1% 1.9% (2.3)% 2.6% Oil price (West Texas Intermediate) average price (US$) (3) $ 59 $ 68 $ 69 $ 70 $ 43 $ 56 $ 76 $ 72 $ 88 $ 76 $ 56 $ 61 Canadian housing price index growth rate (4) 4.5% 4.7% 5.3% 2.5% (9.2)% 5.8% 0.1% 3.9% 5.3% 2.5% (9.2)% 5.8% (1) Represents the average quarterly unemployment level over the period. (2) Represents the average quarter-over-quarter gross domestic product annualized over the period. (3) Represents the average quarterly price per barrel over the period. (4) Growth rates are calculated on an annualized basis spanning years 2 to 5. |
Impact of Staging on ACL | The following table illustrates the impact of staging on our ACL by comparing our allowance if all performing loans were in stage 1 to the actual ACL recorded on these assets. As at October 31, 2019 October 31, 2018 ACL – All performing Impact of Stage 1 and 2 ACL – All performing Impact of Stage 1 and 2 Performing loans (1) $ 1,737 $ 826 $ 2,563 $ 1,526 $ 841 $ 2,367 (1) Represents loans and commitments in stage 1 and stage 2. |
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 Management’s Discussion and Analysis. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Retail Loans outstanding – Residential mortgages Low risk $ 238,377 $ 6,764 $ – $ 245,141 $ 222,026 $ 3,688 $ – $ 225,714 Medium risk 14,033 1,347 – 15,380 13,681 1,369 – 15,050 High risk 2,843 2,722 – 5,565 2,577 2,897 – 5,474 Not rated (2) 40,030 726 – 40,756 34,670 578 – 35,248 Impaired – – 732 732 – – 726 726 295,283 11,559 732 307,574 272,954 8,532 726 282,212 Items not subject to impairment (3) 517 259 Total 308,091 282,471 Loans outstanding – Personal Low risk $ 71,619 $ 1,944 $ – $ 73,563 $ 71,763 $ 1,256 $ – $ 73,019 Medium risk 5,254 3,011 – 8,265 6,124 1,925 – 8,049 High risk 843 1,874 – 2,717 998 1,672 – 2,670 Not rated (2) 7,293 105 – 7,398 8,595 64 – 8,659 Impaired – – 307 307 – – 303 303 Total 85,009 6,934 307 92,250 87,480 4,917 303 92,700 Loans outstanding – Credit cards Low risk $ 13,840 $ 103 $ – $ 13,943 $ 13,185 $ 100 $ – $ 13,285 Medium risk 2,250 1,827 – 4,077 2,234 1,632 – 3,866 High risk 137 1,432 – 1,569 139 1,331 – 1,470 Not rated (2) 677 45 – 722 764 30 – 794 Total 16,904 3,407 – 20,311 16,322 3,093 – 19,415 Loans outstanding –Small business Low risk $ 2,200 $ 107 $ – $ 2,307 $ 2,004 $ 46 $ – $ 2,050 Medium risk 2,163 563 – 2,726 2,230 102 – 2,332 High risk 138 196 – 334 95 178 – 273 Not rated (2) 10 – – 10 166 1 – 167 Impaired – – 57 57 – – 44 44 Total 4,511 866 57 5,434 4,495 327 44 4,866 Undrawn loan commitments – Retail (4) Low risk $ 196,743 $ 1,894 $ – $ 198,637 $ 182,426 $ 1,270 $ – $ 183,696 Medium risk 8,251 246 – 8,497 10,794 239 – 11,033 High risk 851 208 – 1,059 3,740 166 – 3,906 Not rated (2) 5,861 146 – 6,007 5,937 80 – 6,017 Total 211,706 2,494 – 214,200 202,897 1,755 – 204,652 Wholesale – Loans outstanding Investment grade $ 47,133 $ 97 $ – $ 47,230 $ 46,869 $ 324 $ – $ 47,193 Non-investment 119,778 11,940 – 131,718 106,027 10,190 – 116,217 Not rated (2) 5,862 320 – 6,182 6,692 411 – 7,103 Impaired – – 1,829 1,829 – – 1,096 1,096 172,773 12,357 1,829 186,959 159,588 10,925 1,096 171,609 Items not subject to impairment (3) 8,911 8,669 Total 195,870 180,278 Undrawn loan commitments – Wholesale (4) Investment grade $ 222,819 $ 18 $ – $ 222,837 $ 220,626 $ 92 $ – $ 220,718 Non-investment 96,191 9,007 – 105,198 87,894 6,995 – 94,889 Not rated (2) 3,986 – – 3,986 4,246 – – 4,246 Total 322,996 9,025 – 332,021 312,766 7,087 – 319,853 (1) As at October 31, 2019, 86% of credit-impaired loans were either fully or partially collateralized (October 31, 2018 – 88%). For details on the types of collateral held against credit-impaired assets and our policies on collateral, refer to the Credit risk mitigation section of Management’s Discussion and Analysis. (2) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessments or rating methodologies, policies and tools to manage our credit risk. (3) Items not subject to impairment are loans held at FVTPL. (4) Amounts have been revised from those previously presented. |
Disclosure of Loans Past Due But Not Impaired | Loans past due but not impaired (1) As at October 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 $ 3,173 $ 1,369 $ 186 $ 4,728 $ 2,995 $ 1,402 $ 179 $ 4,576 Wholesale 1,543 460 3 2,006 1,246 468 – 1,714 $ 4,716 $ 1,829 $ 189 $ 6,734 $ 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. |
Derecognition of financial as_2
Derecognition of financial assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Carrying Amount and Fair Value of Transferred Assets Did Not Qualify for Derecognition | The following table provides information on the carrying amount and fair value of the transferred assets that did not qualify for derecognition, and their associated liabilities. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Canadian (1), (2) Securities (3) Securities (3) Total Canadian (1), (2) Securities (3) Securities (3) Total Carrying amount of transferred assets that do not qualify for derecognition $ 32,794 $ 220,250 $ 6,336 $ 259,380 $ 34,105 $ 202,543 $ 4,271 $ 240,919 Carrying amount of associated liabilities 32,615 220,250 6,336 259,201 33,975 202,543 4,271 240,789 Fair value of transferred assets $ 32,757 $ 220,250 $ 6,336 $ 259,343 $ 33,490 $ 202,544 $ 4,271 $ 240,305 Fair value of associated liabilities 33,143 220,250 6,336 259,729 33,916 202,544 4,271 240,731 Fair value of net position $ (386 ) $ – $ – $ (386 ) $ (426 ) $ – $ – $ (426 ) (1) Includes Canadian residential mortgage loans transferred primarily to Canada Housing Trust at the initial securitization and other permitted investments used for funding requirements after the initial securitization. (2) CMB investors have legal recourse only to the transferred assets, and do not have recourse to our general assets. (3) Does not include over-collateralization of assets pledged. |
Structured entities (Tables)
Structured entities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities | The following table presents the assets and liabilities recorded on our Consolidated Balance Sheets and our maximum exposure to loss related to our interests in unconsolidated structured entities. It also presents the size of each class of unconsolidated structured entity, as measured by the total assets of the entities in which we have an interest. As at October 31, 2019 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance Securities $ 75 $ – $ 1,865 $ – $ 503 $ 2,443 Loans – 2,718 – 6,392 1,517 10,627 Derivatives 97 – – – 83 180 Other assets – 60 – – 244 304 $ 172 $ 2,778 $ 1,865 $ 6,392 $ 2,347 $ 13,554 On-balance Derivatives $ 20 $ – $ – $ – $ – $ 20 Other liabilities 30 – – – – 30 $ 50 $ – $ – $ – $ – $ 50 Maximum exposure to loss (2) $ 38,032 $ 6,446 $ 2,123 $ 10,756 $ 2,667 $ 60,024 Total assets of unconsolidated structured entities $ 37,192 $ 17,571 $ 412,046 $ 84,282 $ 293,423 $ 844,514 As at October 31, 2018 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance Securities $ 65 $ – $ 2,721 $ – $ 906 $ 3,692 Loans – 2,301 – 6,292 1,647 10,240 Derivatives – – – – 52 52 Other assets – 176 – – 288 464 $ 65 $ 2,477 $ 2,721 $ 6,292 $ 2,893 $ 14,448 On-balance Derivatives $ 84 $ – $ – $ – $ – $ 84 Other liabilities – – – – – – $ 84 $ – $ – $ – $ – $ 84 Maximum exposure to loss (2) $ 38,342 $ 5,477 $ 2,981 $ 10,215 $ 3,556 $ 60,571 Total assets of unconsolidated structured entities $ 37,590 $ 15,776 $ 523,176 $ 67,446 $ 454,567 $ 1,098,555 (1) Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $23.6 billion as at October 31, 2019 (October 31, 2018 – $24.7 billion). (2) The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance |
Derivative financial instrume_2
Derivative financial instruments and hedging activities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) | Notional amount of derivatives by term to maturity (absolute amounts) As at October 31, 2019 (1) Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 2,014,752 $ 179,624 $ 387 $ 2,194,763 $ 2,186,862 $ 7,901 Swaps 3,294,746 5,026,410 3,331,025 11,652,181 11,180,497 471,684 Options purchased 83,247 462,599 174,042 719,888 719,888 – Options written 77,601 464,906 182,690 725,197 725,197 – Foreign exchange contracts Forward contracts 1,715,266 30,523 985 1,746,774 1,724,606 22,168 Cross currency swaps 79,264 50,416 55,166 184,846 177,622 7,224 Cross currency interest rate swaps 469,910 894,250 425,301 1,789,461 1,743,465 45,996 Options purchased 54,756 14,409 3,061 72,226 72,226 – Options written 54,985 14,969 3,383 73,337 73,337 – Credit derivatives (2) 2,693 14,724 3,437 20,854 20,341 513 Other contracts (3) 201,489 90,436 18,463 310,388 303,893 6,495 Exchange-traded contracts Interest rate contracts Futures – long positions 107,054 118,805 187 226,046 226,046 – Futures – short positions 363,947 120,247 46 484,240 484,240 – Options purchased 56,657 36,985 – 93,642 93,642 – Options written 59,840 16,395 – 76,235 76,235 – Foreign exchange contracts Futures – long positions 28 – – 28 28 – Futures – short positions – – – – – – Other contracts 214,725 44,245 – 258,970 258,970 – $ 8,850,960 $ 7,579,943 $ 4,198,173 $ 20,629,076 $ 20,067,095 $ 561,981 As at October 31, 2018 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 1,895,613 $ 8,788 $ – $ 1,904,401 $ 1,904,401 $ – Swaps 4,535,040 4,377,512 2,856,403 11,768,955 11,424,094 344,861 Options purchased 101,663 155,985 27,273 284,921 284,921 – Options written 87,254 156,886 37,217 281,357 281,357 – Foreign exchange contracts Forward contracts 1,397,520 30,688 616 1,428,824 1,420,575 8,249 Cross currency swaps 30,358 4,379 1,170 35,907 27,545 8,362 Cross currency interest rate swaps 347,477 767,742 365,880 1,481,099 1,430,437 50,662 Options purchased 33,202 11,037 1,807 46,046 46,046 – Options written 37,716 12,250 4,515 54,481 54,481 – Credit derivatives (2) 1,578 5,263 3,424 10,265 9,752 513 Other contracts 81,720 66,686 17,409 165,815 161,323 4,492 Exchange-traded contracts Interest rate contracts Futures – long positions 38,825 22,465 11 61,301 61,301 – Futures – short positions 32,424 23,072 6 55,502 55,502 – Options purchased 2,587 3,312 – 5,899 5,899 – Options written 2,544 1,291 – 3,835 3,835 – Foreign exchange contracts Futures – long positions 277 – – 277 277 – Futures – short positions 340 – – 340 340 – Other contracts 228,549 59,308 372 288,229 288,229 – $ 8,854,687 $ 5,706,664 $ 3,316,103 $ 17,877,454 $ 17,460,315 $ 417,139 (1) On November 1, 2018, we prospectively implemented the standardized approach for measuring counterparty credit risk (SA-CCR) (2) Credit derivatives with a notional value of $0.5 billion (October 31, 2018 – $0.5 billion) are economic hedges. Trading credit derivatives comprise protection purchased of $12.6 billion (October 31, 2018 – $6.2 billion) and protection sold of $7.7 billion (October 31, 2018 – $3.6 billion). (3) Under SA-CCR, |
Summary of Fair Value of Derivative Instruments | Fair value of derivative instruments (1) As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Positive Negative Positive Negative Held or issued for trading purposes Interest rate contracts Forward rate agreements $ 30 $ 31 $ 308 $ 232 Swaps 39,669 32,570 29,340 25,501 Options purchased 5,898 – 3,211 – Options written – 6,756 – 3,471 45,597 39,357 32,859 29,204 Foreign exchange contracts Forward contracts 11,263 11,755 13,367 12,929 Cross currency swaps 529 223 174 258 Cross currency interest rate swaps 26,569 26,188 26,837 25,849 Options purchased 1,242 – 1,540 – Options written – 898 – 1,272 39,603 39,064 41,918 40,308 Credit derivatives 169 279 38 89 Other contracts 15,356 18,517 17,668 18,300 100,725 97,217 92,483 87,901 Held or issued for other-than-trading purposes Interest rate contracts Swaps 848 742 1,226 1,142 848 742 1,226 1,142 Foreign exchange contracts Forward contracts 116 118 31 33 Cross currency swaps 193 527 212 423 Cross currency interest rate swaps 904 501 1,145 1,104 1,213 1,146 1,388 1,560 Credit derivatives – 3 – 5 Other contracts 181 140 150 179 2,242 2,031 2,764 2,886 Total gross fair values before: 102,967 99,248 95,247 90,787 Valuation adjustments determined on a pooled basis (697 ) 5 (625 ) 34 Impact of netting agreements that qualify for balance sheet offset (710 ) (710 ) (583 ) (583 ) $ 101,560 $ 98,543 $ 94,039 $ 90,238 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Fair Value of Derivative Instruments by Term to Maturity | Fair value of derivative instruments by term to maturity (1) As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Less than 1 through Over Total Less than 1 through Over Total Derivative assets $ 25,342 $ 28,568 $ 47,650 $ 101,560 $ 28,241 $ 29,197 $ 36,601 $ 94,039 Derivative liabilities 25,495 26,503 46,545 98,543 26,720 27,013 36,505 90,238 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Summary of Derivative-related Credit Risk | Derivative-related credit risk (1) As at . October 31, 2019 (2) October 31, 2018 (Millions of Canadian dollars) Replacement Credit (3) Risk-weighted (4) Replacement Credit (3) Risk-weighted (4) Over-the-counter Interest rate contracts Forward rate agreements $ 18 $ 73 $ 19 $ 307 $ 324 $ 13 Swaps 6,487 15,911 6,229 9,671 20,321 3,363 Options purchased 149 547 326 610 857 407 Options written – 256 113 – – – Foreign exchange contracts Forward contracts 2,333 15,822 3,899 4,589 10,944 3,439 Swaps 3,047 15,678 4,001 9,342 13,718 5,002 Options purchased 404 908 285 443 1,100 478 Options written 4 213 67 – – – Credit derivatives (5) 156 613 40 71 770 153 Other contracts 1,972 10,766 4,853 9,709 9,959 4,303 Exchange-traded contracts 5,439 19,630 393 2,912 11,285 225 $ 20,009 $ 80,417 $ 20,225 $ 37,654 $ 69,278 $ 17,383 (1) The amounts presented are net of master netting agreements in accordance with CAR guidelines. (2) On November 1, 2018, we prospectively implemented SA-CCR (3) Beginning on November 1, 2018, the credit equivalent amount includes collateral in accordance with CAR guidelines. As at October 31, 2018, the credit equivalent amount included $16 billion of collateral applied. (4) The risk-weighted balances are calculated in accordance with CAR guidelines and exclude CVA of $13 billion (October 31, 2018 – $12 billion). (5) The October 31, 2018 amounts exclude credit derivatives issued for other-than-trading purposes related to bought protection. |
Summary of Replacement Cost of Derivative Instruments by Risk Rating and by Counterparty Type | Replacement cost of derivative instruments by risk rating and by counterparty type As at October 31, 2019 (1) Risk rating (2) Counterparty type (3) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive replacement cost $ 27,126 $ 38,812 $ 20,620 $ 16,409 $ 102,967 $ 48,509 $ 18,126 $ 36,332 $ 102,967 Impact of master netting agreements and applicable margins 23,146 35,088 16,719 8,005 82,958 47,376 17,705 17,877 82,958 Replacement cost (after netting agreements) $ 3,980 $ 3,724 $ 3,901 $ 8,404 $ 20,009 $ 1,133 $ 421 $ 18,455 $ 20,009 As at October 31, 2018 Risk rating (2) Counterparty type (3) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive replacement cost $ 25,458 $ 32,693 $ 21,215 $ 15,881 $ 95,247 $ 42,937 $ 18,749 $ 33,561 $ 95,247 Impact of master netting agreements 14,544 24,255 15,046 3,748 57,593 36,081 8,348 13,164 57,593 Replacement cost (after netting agreements) $ 10,914 $ 8,438 $ 6,169 $ 12,133 $ 37,654 $ 6,856 $ 10,401 $ 20,397 $ 37,654 (1) On November 1, 2018, we prospectively implemented SA-CCR (2) Our internal risk ratings for major counterparty types approximate those of public ratings agencies. Ratings of AAA, AA, A and BBB represent investment grade ratings and ratings of BB or lower represent non-investment (3) Counterparty type is defined in accordance with CAR guidelines. |
Summary of Fair Values of Derivative and Non-derivative Instruments Categorized by Hedging Relationships | Derivatives and non-derivative (1) As at October 31, 2019 October 31, 2018 Designated as hedging Designated as hedging (Millions of Canadian dollars) Fair Cash Net Not designated Fair (2) Cash (2) Net Not designated (2) Assets Derivative instruments $ 146 $ 77 $ 52 $ 101,285 $ 404 $ 12 $ 13 $ 93,610 Liabilities Derivative instruments 187 526 70 97,760 4 413 28 89,793 Non-derivative – – 27,688 n.a. – – 25,565 n.a. (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. (2) Amounts have been revised from those previously presented. n.a. not applicable |
Summary of Items Designated as Hedging Instruments | Fair value hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2019 Carrying amount Accumulated amount of fair (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet item(s): Changes in fair Interest rate risk Fixed rate assets (1) $ 29,985 $ – $ 569 $ – Securities – Investment, net of applicable allowance; Loans – $ 1,028 Fixed rate liabilities (1) – 74,099 – 693 Deposits – Business and government; Subordinated debentures (2,045 ) As at and for the year ended October 31, 2018 Carrying amount Accumulated amount of fair value adjustments on the hedged item included in the (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet item(s): Changes in fair Interest rate risk Fixed rate assets (1) $ 20,172 $ – $ (529 ) $ – Securities – Investment, net of applicable allowance; Loans – Retail $ (650 ) Fixed rate liabilities (1) – 68,714 – (1,302 ) Deposits – Business and government; 1,018 (1) As at October 31, 2019, the accumulated amount of fair value hedge adjustments remaining in the Balance Sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a loss of $53 million for fixed-rate assets and a loss of $170 million for fixed-rate liabilities (October 31, 2018 – $105 million and $277 million, respectively). Cash flow and net investment hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2019 Balance sheet item(s): Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ (608 ) $ 163 $ 84 Variable rate liabilities Deposits – Business and government; Deposits – Personal 1,274 (372 ) 70 Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail (5 ) (1 ) – Fixed rate liabilities Deposits – Business and government 125 9 – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. (7 ) (5,407 ) (871 ) As at and for the year ended October 31, 2018 Balance sheet item(s): Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ 308 $ (187 ) $ (171 ) Variable rate liabilities Deposits – Business and government; (769 ) 706 477 Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail 19 (4 ) – Fixed rate liabilities Deposits – Business and government 60 95 – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. 315 (5,365 ) (923 ) n.a. not applicable Effectiveness of designated hedging relationships For the year ended October 31, 2019 (Millions of Canadian dollars) Change in fair value Hedge (1) Changes in the value of Amount reclassified Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ (1,060 ) $ (32 ) $ – $ – Interest rate contracts – fixed rate liabilities 2,032 (13 ) – – Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets 605 8 582 (25 ) Interest rate contracts – variable rate liabilities (1,261 ) (5 ) (1,265 ) 220 Foreign exchange risk Cross currency swap – fixed rate assets 5 – 8 5 Cross currency swap – fixed rate liabilities (125 ) – (193 ) (106 ) Net investment hedges Foreign exchange risk Foreign currency liabilities (50 ) – (50 ) – Forward contracts 57 – 57 (2 ) For the year ended October 31, 2018 (Millions of Canadian dollars) Change in fair value of hedging instrument Hedge ineffectiveness recognized in income Changes in the value of the hedging instrument recognized in OCI Amount reclassified from hedge reserves Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ 605 $ (45 ) $ – $ – Interest rate contracts – fixed rate liabilities (1,000 ) 18 – – Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets (318 ) (11 ) (275 ) (37 ) Interest rate contracts – variable rate liabilities 751 (1 ) 674 101 Foreign exchange risk Cross currency swap – fixed rate assets (19 ) – (10 ) (7 ) Cross currency swap – fixed rate liabilities (61 ) – (137 ) (165 ) Net investment hedges Foreign exchange risk Foreign currency liabilities (331 ) – (331 ) – Forward contracts 16 – 17 – (1) Hedge ineffectiveness recognized in income included losses of $70 million that are excluded from the assessment of hedge effectiveness and are offset by economic hedges (October 31, 2018 – $46 million). |
Reconciliation of Components of Equity by Hedging Designation | Reconciliation of components of equity The following table provides a reconciliation by risk category of each component of equity and an analysis of other comprehensive income relating to hedge accounting: For the year ended October 31, 2019 For the year ended October 31, 2018 (Millions of Canadian dollars) Cash flow hedge Foreign currency Cash flow hedge reserve Foreign currency translation reserve Balance at the beginning of the year $ 688 $ 4,147 $ 431 $ 3,545 Cash flow hedges Effective portion of changes in fair value: Interest rate risk (683 ) 399 Foreign exchange risk (185 ) (147 ) Equity price risk 108 (18 ) Net amount reclassified to profit or loss: Ongoing hedges: Interest rate risk 24 44 Foreign exchange risk 104 172 Equity price risk (93 ) 7 De-designated Interest rate risk (219 ) (108 ) Foreign exchange risk – – Net gain on hedge of net investment in foreign operations Foreign exchange denominated debt (50 ) (331 ) Forward foreign exchange contracts 57 17 Foreign currency translation differences for foreign operations 66 841 Reclassification of losses (gains) on foreign currency translation to income – 2 – – Reclassification of losses (gains) on net investment hedging activities to income – 2 – – Tax on movements on reserves during the period 250 (3 ) (92 ) 75 Balance at the end of the year $ (6 ) $ 4,221 $ 688 $ 4,147 |
Fair value hedges [member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Fair value hedges As at October 31, 2019 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 4,625 $ 20,439 $ 3,909 $ 28,973 $ 2 $ 187 Hedge of fixed rate liabilities 16,003 48,361 9,065 73,429 144 – Weighted average fixed interest rate Hedge of fixed rate assets 1.9% 2.2% 2.7% 2.2% Hedge of fixed rate liabilities 1.7% 1.8% 1.8% 1.7% As at October 31, 2018 Notional amounts Carrying amount (1) (2) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 2,518 $ 12,778 $ 4,668 $ 19,964 $ 311 $ 4 Hedge of fixed rate liabilities 14,946 47,658 7,432 70,036 93 – Weighted average fixed interest rate Hedge of fixed rate assets 1.1% 2.4% 2.8% 2.3% Hedge of fixed rate liabilities 1.6% 1.8% 1.8% 1.8% (1) The carrying value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. (2) Amounts have been revised from those previously presented. |
Cash flow hedges [member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Cash flow hedges As at October 31, 2019 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 17,327 $ 11,729 $ 1,696 $ 30,752 $ – $ – Hedge of variable rate liabilities 200 54,610 4,803 59,613 – – Weighted average fixed interest rate Hedge of variable rate assets 2.1% 2.0% 2.6% 2.1% Hedge of variable rate liabilities 2.6% 1.9% 2.4% 2.0% Foreign exchange risk Cross currency swaps $ 2,937 $ 63 $ 88 $ 3,088 $ 2 $ 526 Weighted average CAD-CHF exchange rate – – – – Weighted average CAD-EUR – 1.48 1.55 1.52 Weighted average USD-EUR 1.33 – – 1.33 As at October 31, 2018 Notional amounts Carrying amount (1) (2) (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 12,686 $ 12,805 $ 1,615 $ 27,106 $ – $ – Hedge of variable rate liabilities 2,000 38,256 3,978 44,234 – – Weighted average fixed interest rate Hedge of variable rate assets 2.2% 2.4% 2.7% 2.3% Hedge of variable rate liabilities 2.1% 1.9% 2.5% 2.0% Foreign exchange risk Cross currency swaps $ 326 $ 2,978 $ 153 $ 3,457 $ 12 $ 368 Weighted average CAD-CHF 1.27 – – 1.27 Weighted average CAD-EUR – – 1.52 1.52 Weighted average USD-EUR – 1.33 – 1.33 (1) The carrying value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. (2) Amounts have been revised from those previously presented. |
Net Investment Hedges [Member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Net investment hedges As at October 31, 2019 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 8,701 $ 14,843 $ 4,144 $ 27,688 n.a. $ 27,859 Weighted average CAD-USD 1.31 1.29 1.31 1.30 Weighted average CAD-EUR – – 1.51 1.51 Weighted average CAD-GBP – 1.69 – 1.69 Forward contracts $ 5,355 $ – $ – $ 5,355 $ 52 $ 70 Weighted average CAD-USD 1.33 – – 1.33 Weighted average CAD-EUR 1.47 – – 1.47 Weighted average CAD-GBP 1.67 – – 1.67 As at October 31, 2018 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 through Over Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 3,457 $ 18,233 $ 3,875 $ 25,565 n.a . $ 25,043 Weighted average CAD-USD 1.20 1.28 1.31 1.27 Weighted average CAD-EUR – – 1.53 1.53 Weighted average CAD-GBP 1.91 1.69 – 1.73 Forward contracts $ 3,372 $ – $ – $ 3,372 $ 13 $ 28 Weighted average CAD-USD 1.31 – – 1.31 Weighted average CAD-EUR 1.49 – – 1.49 Weighted average CAD-GBP 1.68 – – 1.68 n.a. not applicable |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Premises and Equipment | For the year ended October 31, 2019 (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Total Cost Balance at beginning of period $ 153 $ 1,399 $ 2,123 $ 1,373 $ 2,726 $ 264 $ 8,038 Additions (1) – – 195 129 81 591 996 Transfers from work in process – 4 84 82 262 (432 ) – Disposals – (10 ) (68 ) (29 ) (65 ) – (172 ) Foreign exchange translation – – 3 (1 ) 2 – 4 Other – 2 (12 ) 3 (5 ) 9 (3 ) Balance at end of period $ 153 $ 1,395 $ 2,325 $ 1,557 $ 3,001 $ 432 $ 8,863 Accumulated depreciation Balance at beginning of period $ – $ 669 $ 1,556 $ 1,051 $ 1,930 $ – $ 5,206 Depreciation – 45 273 113 196 – 627 Disposals – (8 ) (61 ) (26 ) (56 ) – (151 ) Foreign exchange translation – – 1 – 1 – 2 Other – (3 ) (11 ) (1 ) 3 – (12 ) Balance at end of period $ – $ 703 $ 1,758 $ 1,137 $ 2,074 $ – $ 5,672 Net carrying amount at end of period $ 153 $ 692 $ 567 $ 420 $ 927 $ 432 $ 3,191 For the year ended October 31, 2018 (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Total Cost Balance at beginning of period $ 157 $ 1,363 $ 1,875 $ 1,314 $ 2,586 $ 153 $ 7,448 Additions (1) – – 255 43 61 374 733 Transfers from work in process – 7 44 56 184 (291 ) – Disposals (5 ) (17 ) (50 ) (41 ) (73 ) – (186 ) Foreign exchange translation 1 5 4 4 8 – 22 Other – 41 (5 ) (3 ) (40 ) 28 21 Balance at end of period $ 153 $ 1,399 $ 2,123 $ 1,373 $ 2,726 $ 264 $ 8,038 Accumulated depreciation Balance at beginning of period $ – $ 608 $ 1,367 $ 984 $ 1,819 $ – $ 4,778 Depreciation – 44 246 100 179 – 569 Disposals – (10 ) (48 ) (34 ) (55 ) – (147 ) Foreign exchange translation – 2 1 2 6 – 11 Other – 25 (10 ) (1 ) (19 ) – (5 ) Balance at end of period $ – $ 669 $ 1,556 $ 1,051 $ 1,930 $ – $ 5,206 Net carrying amount at end of period $ 153 $ 730 $ 567 $ 322 $ 796 $ 264 $ 2,832 (1) As at October 31, 2019, we had total contractual commitments of $338 million to acquire premises and equipment (October 31, 2018 – $273 million). |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units | Goodwill For the year ended October 31, 2019 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,528 $ 1,729 $ 579 $ 1,986 $ 2,870 $ 118 $ 112 $ 148 $ 1,067 $ 11,137 Acquisitions 27 – – – 71 – – – – 98 Dispositions – – – (20 ) – – – – – (20 ) Currency translations – (2 ) – 19 2 2 – – – 21 Balance at end of period $ 2,555 $ 1,727 $ 579 $ 1,985 $ 2,943 $ 120 $ 112 $ 148 $ 1,067 $ 11,236 For the year ended October 31, 2018 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,527 $ 1,694 $ 576 $ 2,006 $ 2,745 $ 120 $ 112 $ 148 $ 1,049 $ 10,977 Acquisitions 1 – – – 80 – – – – 81 Dispositions – – – – (8 ) – – – – (8 ) Currency translations – 35 3 (20 ) 53 (2 ) – – 18 87 Balance at end of period $ 2,528 $ 1,729 $ 579 $ 1,986 $ 2,870 $ 118 $ 112 $ 148 $ 1,067 $ 11,137 |
Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models | The terminal growth rates and pre-tax As at August 1, 2019 August 1, 2018 Discount (1) Terminal Discount (1), (2) Terminal Group of cash generating units Canadian Banking 10.2% 3.0% 10.0% 3.0% Caribbean Banking 11.9 4.2 11.8 4.3 Canadian Wealth Management 11.2 3.0 11.2 3.0 Global Asset Management 11.1 3.0 11.0 3.0 U.S. Wealth Management (including City National) 11.2 3.0 11.0 3.0 International Wealth Management 10.8 3.0 10.1 3.0 Insurance 11.0 3.0 11.0 3.0 Investor & Treasury Services 10.9 3.0 11.2 3.0 Capital Markets 11.8 3.0 12.4 3.0 (1) Pre-tax post-tax (2) Discount rates have been revised from those previously presented. |
Summary of Carrying Amount of Other Intangible Assets | Other intangible assets For the year ended October 31, 2019 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 5,984 $ 1,582 $ 1,750 $ 1,768 $ 1,146 $ 12,230 Additions 42 49 – – 1,184 1,275 Acquisitions through business combinations – 16 – 6 – 22 Transfers 1,009 42 – – (1,051 ) – Dispositions – (1 ) – – – (1 ) Impairment losses (94 ) (6 ) – – (42 ) (142 ) Currency translations – 1 1 7 (2 ) 7 Other changes – 1 (184 ) (8 ) 5 (186 ) Balance at end of period $ 6,941 $ 1,684 $ 1,567 $ 1,773 $ 1,240 $ 13,205 Accumulated amortization Balance at beginning of period $ (4,501 ) $ (1,226 ) $ (654 ) $ (1,162 ) $ – $ (7,543 ) Amortization charge for the year (793 ) (121 ) (159 ) (124 ) – (1,197 ) Dispositions – – – – – – Impairment losses 30 2 – – – 32 Currency translations (1 ) (1 ) 1 (6 ) – (7 ) Other changes 9 (11 ) 185 1 – 184 Balance at end of period $ (5,256 ) $ (1,357 ) $ (627 ) $ (1,291 ) $ – $ (8,531 ) Net balance at end of period $ 1,685 $ 327 $ 940 $ 482 $ 1,240 $ 4,674 For the year ended October 31, 2018 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 5,143 $ 1,432 $ 1,715 $ 1,753 $ 892 $ 10,935 Additions 40 79 – – 1,111 1,230 Acquisitions through business combinations – – – 16 – 16 Transfers 798 51 – – (849 ) – Dispositions (1 ) (1 ) – – (2 ) (4 ) Impairment losses (1 ) – – – (7 ) (8 ) Currency translations 16 11 35 (1 ) 4 65 Other changes (11 ) 10 – – (3 ) (4 ) Balance at end of period $ 5,984 $ 1,582 $ 1,750 $ 1,768 $ 1,146 $ 12,230 Accumulated amortization Balance at beginning of period $ (3,825 ) $ (1,094 ) $ (487 ) $ (1,022 ) $ – $ (6,428 ) Amortization charge for the year (669 ) (112 ) (153 ) (143 ) – (1,077 ) Dispositions 1 1 – – – 2 Impairment losses – – – – – – Currency translations (11 ) (7 ) (14 ) 3 – (29 ) Other changes 3 (14 ) – – – (11 ) Balance at end of period $ (4,501 ) $ (1,226 ) $ (654 ) $ (1,162 ) $ – $ (7,543 ) Net balance at end of period $ 1,483 $ 356 $ 1,096 $ 606 $ 1,146 $ 4,687 |
Joint ventures and associated_2
Joint ventures and associated companies (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method | The following table summarizes the carrying value of our interests in joint ventures and associated companies accounted for under the equity method as well as our share of the income of those entities. Joint ventures Associated companies As at and for the year ended (Millions of Canadian dollars) October 31 October 31 October 31 October 31 Carrying amount $ 178 $ 165 $ 474 $ 521 Share of: Net income $ 107 $ 113 $ (31 ) $ (92 ) |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Other Assets | As at (Millions of Canadian dollars) October 31 October 31 Cash collateral $ 15,629 $ 14,467 Margin deposits 5,688 4,940 Receivable from brokers, dealers and clients 2,511 2,868 Accounts receivable and prepaids 4,569 4,047 Investments in joint ventures and associates 652 686 Employee benefit assets 147 626 Insurance-related assets Collateral loans 926 991 Policy loans 95 99 Reinsurance assets 748 656 Other 78 163 Deferred income tax asset 1,989 1,475 Taxes receivable 5,553 5,456 Accrued interest receivable 2,866 2,641 Precious metals 416 361 Commodity trading receivables 4,232 1,898 Other 2,974 2,690 $ 49,073 $ 44,064 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Deposit Liabilities | As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 143,958 $ 49,806 $ 100,968 $ 294,732 $ 135,101 $ 48,873 $ 86,180 $ 270,154 Business and government (4) 253,113 13,867 298,502 565,482 238,617 8,606 286,299 533,522 Bank 8,363 920 16,508 25,791 8,750 299 23,472 32,521 $ 405,434 $ 64,593 $ 415,978 $ 886,005 $ 382,468 $ 57,778 $ 395,951 $ 836,197 Non-interest-bearing (5) Canada $ 93,163 $ 5,692 $ 137 $ 98,992 $ 88,119 $ 5,086 $ – $ 93,205 United States 34,632 – – 34,632 34,098 – – 34,098 Europe (6) 760 – – 760 564 – – 564 Other International 5,225 5 – 5,230 5,495 5 – 5,500 Interest-bearing (5) Canada 228,386 15,306 333,118 576,810 213,747 15,112 292,641 521,500 United States 4,704 39,626 41,776 86,106 2,478 33,099 67,211 102,788 Europe (4), (6) 33,073 825 30,090 63,988 32,930 1,412 25,749 60,091 Other International 5,491 3,139 10,857 19,487 5,037 3,064 10,350 18,451 $ 405,434 $ 64,593 $ 415,978 $ 886,005 $ 382,468 $ 57,778 $ 395,951 $ 836,197 (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) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. (5) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at October 31, 2019, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $321 billion, $23 billion, $45 billion and $31 billion, respectively (October 31, 2018 – $309 billion, $20 billion, $38 billion and $31 billion, respectively). (6) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. |
Summary of Contractual Maturities of Term Deposit Liabilities | Contractual maturities of term deposits As at (Millions of Canadian dollars) October 31 October 31 Within 1 year: less than 3 months $ 94,585 $ 89,553 3 to 6 months 62,814 59,109 6 to 12 months 92,507 80,773 1 to 2 years 50,055 51,798 2 to 3 years 31,852 45,550 3 to 4 years 31,373 21,127 4 to 5 years 21,130 23,863 Over 5 years (1) 31,662 24,178 $ 415,978 $ 395,951 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more (2) $ 379,000 $ 362,000 (1) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. (2) Aggregate amounts of term deposits in denominations of one hundred thousand dollars or more have been revised from those previously presented. |
Summary of Average Deposit Balances and Average Rates of Interest | Average deposit balances and average rates of interest For the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except for percentage amounts) Average Average Average Average Canada $ 650,555 1.60% $ 603,582 1.28% United States 129,903 1.17 131,715 1.00 Europe (1) 63,333 1.15 59,916 0.91 Other International 26,290 1.20 23,788 1.11 $ 870,081 1.49% $ 819,001 1.20% (1) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [Line Items] | |
Summary of Net Premiums and Claims | Reinsurance amounts (ceded premiums) included in Non-interest Net premiums and claims For the year ended (Millions of Canadian dollars) October 31 October 31 Gross premiums $ 4,209 $ 4,236 Premiums ceded to reinsurers (225 ) (204 ) Net premiums $ 3,984 $ 4,032 Gross claims and benefits (1) $ 3,990 $ 2,615 Reinsurers’ share of claims and benefits (241 ) (224 ) Net claims $ 3,749 $ 2,391 (1) Includes the change in fair value of investments backing our policyholder liabilities, which are largely offset in revenue. |
Significant Insurance Assumptions | Significant insurance assumptions As at October 31 October 31 Life Insurance Canadian Insurance Mortality rates (1) 0.12% 0.11% Morbidity rates (2) 1.82 1.82 Future reinvestment yield (3) 3.69 3.80 Lapse rates (4) 0.50 0.50 International Insurance Mortality rates (1) 0.57 0.52 Future reinvestment yield (3) 3.06 3.14 (1) Average annual death rate for the largest portfolio of insured policies. (2) Average net settlement rate for the individual and group disability insurance portfolio. (3) Ultimate reinvestment rate of the insurance operations. (4) Ultimate policy termination rate (lapse rate) for the largest permanent life insurance portfolio that relies on higher termination rate to maintain its profitability (lapse-supported policies). |
Summary of Gross and Reinsurers' Share of Insurance Liabilities | Insurance claims and policy benefit liabilities The following table summarizes our gross and reinsurers’ share of insurance liabilities at the end of the year. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Life insurance policyholder liabilities Life, health and annuity $ 11,339 $ 601 $ 10,738 $ 9,982 $ 493 $ 9,489 Investment contracts (1) 38 – 38 42 – 42 $ 11,377 $ 601 $ 10,776 $ 10,024 $ 493 $ 9,531 Non-life Unearned premium provision (1) $ 29 $ – $ 29 $ 26 $ – $ 26 Unpaid claims provision 62 2 60 18 3 15 $ 91 $ 2 $ 89 $ 44 $ 3 $ 41 $ 11,468 $ 603 $ 10,865 $ 10,068 $ 496 $ 9,572 (1) Insurance liabilities for investment contracts and unearned premium provision are reported in Other liabilities on the Consolidated Balance Sheets. |
Reconciliation of Life Insurance Policyholder Liabilities | Reconciliation of life insurance policyholder liabilities For the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Balances at beginning of period $ 10,024 $ 493 $ 9,531 $ 9,687 $ 393 $ 9,294 New and in-force 1,479 103 1,376 502 83 419 Changes in assumption and methodology (122 ) 5 (127 ) (173 ) 17 (190 ) Net change in investment contracts (4 ) – (4 ) 8 – 8 Balances at end of period $ 11,377 $ 601 $ 10,776 $ 10,024 $ 493 $ 9,531 |
Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions | The following table presents the sensitivity of the level of insurance policyholder liabilities disclosed in this note to reasonably possible changes in the actuarial assumptions used to calculate them. The percentage change in each variable is applied to a range of existing actuarial modelling assumptions to derive the possible impact on net income. The analyses are performed where a single assumption is changed while holding other assumptions constant, which is unlikely to occur in practice. Net income impact (Millions of Canadian dollars, except for percentage amounts) Change in October 31 October 31 Increase in market interest rates (1) 1% $ (7 ) $ (2 ) Decrease in market interest rates (1) 1 4 – Increase in equity market values (2) 10 1 6 Decrease in equity market values (2) 10 (3 ) (8 ) Increase in maintenance expenses (3) 5 (33 ) (29 ) Life Insurance (3) Adverse change in annuitant mortality rates 2 (205 ) (131 ) Adverse change in assurance mortality rates 2 (60 ) (59 ) Adverse change in morbidity rates 5 (205 ) (188 ) Adverse change in lapse rates 10 (247 ) (226 ) (1) Sensitivities for market interest rates include the expected current period earnings impact of a 100 basis points shift in the yield curve by increasing the current reinvestment rates while holding the assumed ultimate rates constant. The sensitivity consists of both the impact on assumed reinvestment rates in the actuarial liabilities and any changes in fair value of assets and liabilities from the yield curve shift. (2) Sensitivities to changes in equity market values are composed of the expected current period earnings impact from differences in the changes in fair value of the equity asset holdings and the partially offsetting impact on the actuarial liabilities. (3) Sensitivities to changes in maintenance expenses and life insurance actuarial assumptions include the expected current period earnings impact from recognition of increased liabilities due to an adverse change in the given assumption over the lifetime of all in-force |
Segregated funds (Tables)
Segregated funds (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Segregated Funds Net Assets | Segregated funds net assets As at (Millions of Canadian dollars) October 31 October 31 Cash $ 31 $ 19 Investment in mutual funds 1,631 1,348 Other assets (liabilities) net 1 1 $ 1,663 $ 1,368 |
Changes in Segregated Funds Net Assets | Changes in net assets For the year ended (Millions of Canadian dollars) October 31 October 31 Net assets at beginning of period $ 1,368 $ 1,216 Additions (deductions): Deposits from policyholders 557 537 Net realized and unrealized gains (losses) 124 (40 ) Interest and dividends 39 31 Payment to policyholders (386 ) (342 ) Management and administrative fees (39 ) (34 ) Net assets at end of period $ 1,663 $ 1,368 |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Analysis of Financial Position Related to Pension and Other Post-Employment Benefit Plans | The following table presents the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Defined benefit Other post- Defined benefit Other post- Canada Fair value of plan assets $ 13,679 $ 1 $ 12,587 $ 1 Present value of defined benefit obligation 14,428 1,722 12,270 1,522 Net surplus (deficit) $ (749 ) $ (1,721 ) $ 317 $ (1,521 ) International Fair value of plan assets $ 1,106 $ – $ 977 $ – Present value of defined benefit obligation 1,089 98 948 100 Net surplus (deficit) $ 17 $ (98 ) $ 29 $ (100 ) Total Fair value of plan assets $ 14,785 $ 1 $ 13,564 $ 1 Present value of defined benefit obligation 15,517 1,820 13,218 1,622 Total net surplus (deficit) $ (732 ) $ (1,819 ) $ 346 $ (1,621 ) Effect of asset ceiling (1 ) – (1 ) – Total net surplus (deficit), net of effect of asset ceiling $ (733 ) $ (1,819 ) $ 345 $ (1,621 ) Amounts recognized in our Consolidated Balance Sheets Employee benefit assets $ 147 $ – $ 626 $ – Employee benefit liabilities (880 ) (1,819 ) (281 ) (1,621 ) Total net surplus (deficit), net of effect of asset ceiling $ (733 ) $ (1,819 ) $ 345 $ (1,621 ) |
Analysis of Movement in Financial Position Related to Pension and Other Post-Employment Benefit Plans | The following table presents an analysis of the movement in the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at or for the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Defined benefit (1) Other post- Defined benefit (1) Other post- Fair value of plan assets at beginning of period $ 13,564 $ 1 $ 13,573 $ 1 Interest income 532 – 476 – Remeasurements Return on plan assets (excluding interest income) 910 – (268 ) – Change in foreign currency exchange rate 9 – (10 ) – Contributions – Employer 339 72 409 65 Contributions – Plan participant 48 18 49 19 Payments (601 ) (90 ) (586 ) (84 ) Payments – amount paid in respect of any settlements – – (64 ) – Other (16 ) – (15 ) – Fair value of plan assets at end of period $ 14,785 $ 1 $ 13,564 $ 1 Benefit obligation at beginning of period $ 13,218 $ 1,622 $ 14,005 $ 1,845 Current service costs 297 39 359 34 Past service costs 1 – (13 ) (25 ) Gains and losses on settlements – – 13 – Interest expense 510 65 484 66 Remeasurements Actuarial losses (gains) from demographic assumptions (4 ) (7 ) (164 ) (66 ) Actuarial losses (gains) from financial assumptions 1,977 196 (828 ) (140 ) Actuarial losses (gains) from experience adjustments 59 (23 ) (22 ) (32 ) Change in foreign currency exchange rate 12 – (15 ) 5 Contributions – Plan participant 48 18 49 19 Payments (601 ) (90 ) (586 ) (84 ) Payments – amount paid in respect of any settlements – – (64 ) – Benefit obligation at end of period $ 15,517 $ 1,820 $ 13,218 $ 1,622 Unfunded obligation $ 29 $ 1,671 $ 27 $ 1,481 Wholly or partly funded obligation 15,488 149 13,191 141 Total benefit obligation $ 15,517 $ 1,820 $ 13,218 $ 1,622 (1) For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2019 were $ 14,329 13,449 685 404 |
Summary of Composition of Pension and Other Post-Employment Benefit Expense | The following table presents the composition of our pension and other post-employment benefit expense related to our material pension and other post-employment benefit plans worldwide. For the year ended Pension plans Other post-employment (Millions of Canadian dollars) October 31 October 31 October 31 October 31 Current service costs $ 297 $ 359 $ 39 $ 34 Past service costs 1 (13 ) – (25 ) Gains and losses on settlements – 13 – – Net interest expense (income) (22 ) 8 65 66 Remeasurements of other long term benefits – – 13 (4 ) Administrative expense 16 15 – – Defined benefit pension expense $ 292 $ 382 $ 117 $ 71 Defined contribution pension expense 212 185 – – $ 504 $ 567 $ 117 $ 71 |
Summary of Composition of Remeasurements Recorded in OCI related to pension and other post employment benefit plans | The following table presents the composition of our remeasurements recorded in OCI related to our material pension and other post-employment benefit plans worldwide. For the year ended Defined benefit pension Other post-employment (Millions of Canadian dollars) October 31 October 31 October 31 October 31 Actuarial (gains) losses: Changes in demographic assumptions $ (4 ) $ (164 ) $ (11 ) $ (65 ) Changes in financial assumptions 1,977 (828 ) 186 (134 ) Experience adjustments 59 (22 ) (22 ) (35 ) Return on plan assets (excluding interest based on discount rate) (910 ) 268 – – $ 1,122 $ (746 ) $ 153 $ (234 ) |
Asset Allocation of Defined Benefit Pension Plans | Asset allocation of defined benefit pension plans (1) As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except percentages) Fair value Percentage Quoted (2) Fair value Percentage Quoted (2) Equity securities Domestic $ 1,544 10% 100% $ 1,259 10% 100% Foreign 3,215 22 98 3,243 24 99 Debt securities Domestic government bonds 3,014 21 – 2,643 19 – Foreign government bonds 396 3 – 288 2 – Corporate and other bonds 3,458 23 – 3,265 24 – Alternative investments and other 3,158 21 13 2,866 21 15 $ 14,785 100% 35% $ 13,564 100% 36% (1) The asset allocation is based on the underlying investments held directly and indirectly through the funds as this is how we manage our investment policy and strategies. (2) If our assessment of whether or not an asset was quoted in an active market was based on direct investments, 36 40 |
Maturity Profile of Defined Benefit Pension Plan Obligation | The following table presents the maturity profile of our defined benefit pension plan obligation. (Millions of Canadian dollars, except participants and years) As at October 31, 2019 Canada International Total Number of plan participants 69,084 7,635 76,719 Actual benefit payments 2019 $ 551 $ 50 $ 601 Benefits expected to be paid 2020 610 50 660 Benefits expected to be paid 2021 630 52 682 Benefits expected to be paid 2022 650 52 702 Benefits expected to be paid 2023 670 52 722 Benefits expected to be paid 2024 690 53 743 Benefits expected to be paid 2025-2029 3,709 258 3,967 Weighted average duration of defined benefit payments 16.0 years 19.2 years 16.2 years |
Pension and Other Post-Employment Benefits -Weighted Average Assumptions to Determine Benefit Obligation | Weighted average assumptions to determine benefit obligation As at Defined benefit Other post-employment October 31 October 31 October 31 October 31 Discount rate 3.0% 4.0% 3.3% 4.1% Rate of increase in future compensation 3.3% 3.3% n.a. n.a. Healthcare cost trend rates (1) – Medical n.a. n.a. 3.5% 3.5% – Dental n.a. n.a. 3.1% 3.1% (1) For our other post-employment benefit plans, the assumed trend rates used to measure the expected benefit costs of the defined benefit obligations are also the ultimate trend rates. n.a. not applicable |
Mortality Assumptions to Determine Defined Benefit Pension Plan Obligation | The following table summarizes the mortality assumptions used for material plans. As at October 31, 2019 October 31, 2018 Life expectancy at 65 for a member currently at Life expectancy at 65 for a member currently at Age 65 Age 45 Age 65 Age 45 (In years) Male Female Male Female Male Female Male Female Country Canada 23.7 24.1 24.7 25.0 23.7 24.1 24.7 25.0 United States 20.6 22.6 22.2 24.1 20.6 22.7 22.3 24.2 United Kingdom 23.5 25.2 25.1 27.0 23.4 25.2 25.0 26.9 |
Sensitivity Analysis of Key Assumptions | The following table presents the sensitivity analysis of key assumptions for 2019. Increase (decrease) (Millions of Canadian dollars) Defined benefit Other post- Discount rate Impact of 100 bps increase in discount rate $ (2,248 ) $ (239 ) Impact of 100 bps decrease in discount rate 2,834 304 Rate of increase in future compensation Impact of 50 bps increase in rate of increase in future compensation 66 1 Impact of 50 bps decrease in rate of increase in future compensation (70 ) (1 ) Mortality rate Impact of an increase in longevity by one additional year 425 36 Healthcare cost trend rate Impact of 100 bps increase in healthcare cost trend rate n.a. 81 Impact of 100 bps decrease in healthcare cost trend rate n.a. (68 ) n.a. not applicable |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Other Liabilities | As at (Millions of Canadian dollars) October 31 October 31 Cash collateral $ 16,195 $ 13,907 Accounts payable and accrued expenses 1,598 1,531 Payroll and related compensation 7,416 7,073 Payable to brokers, dealers and clients 3,241 4,078 Negotiable instruments 1,671 1,693 Accrued interest payable (1) 3,496 3,072 Deferred income 2,563 2,259 Taxes payable 2,202 2,071 Precious metals certificates 431 346 Dividends payable 1,567 1,482 Insurance related liabilities 387 364 Deferred income taxes 82 84 Provisions 581 507 Employee benefit liabilities 2,699 1,902 Commodity liabilities 8,487 7,315 Other 5,521 5,438 $ 58,137 $ 53,122 (1) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Subordinated debentures (Tables
Subordinated debentures (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Net of Holdings in Debentures | The amounts presented below are net of our own holdings in these debentures, and include the impact of fair value hedges used for managing interest rate risk. (Millions of Canadian dollars, except percentage and foreign currency) Interest Denominated As at Maturity Earliest par value October 31 October 31 2018 August 12, 2019 (1) 9.00% US$75 $ – $ 103 July 15, 2022 5.38% US$150 206 208 June 8, 2023 9.30% 110 110 July 17, 2024 (2) (3) July 17, 2019 3.04% – 998 December 6, 2024 December 6, 2019 2.99% (4) 1,999 1,978 June 4, 2025 (3) June 4, 2020 2.48% (4) 997 988 January 20, 2026 (3) January 20, 2021 3.31% (5) 1,483 1,443 January 27, 2026 (3) 4.65% US$1,500 2,023 1,813 September 29, 2026 (3) September 29, 2021 3.45% (6) 1,009 988 November 1, 2027 November 1, 2022 4.75% TT$300 59 59 July 25, 2029 (3) July 25, 2024 2.74% (7) 1,486 – October 1, 2083 Any interest payment date (8) 224 224 June 29, 2085 Any interest payment date (9) US$174 229 229 $ 9,825 $ 9,141 Deferred financing costs (10 ) (10 ) $ 9,815 $ 9,131 The terms and conditions of the debentures are as follows: (1) All US$75 million outstanding subordinated debentures were redeemed on August 12, 2019 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (2) All $1,000 million outstanding subordinated debentures were redeemed on July 17, 2019 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (3) The notes include non-viability non-viable (4) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.10% above the 3-month (5) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 2.35% above the 3-month (6) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.12% above the 3-month (7) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month (8) Interest at a rate of 40 basis points above the 30-day (9) Interest at a rate of 25 basis points above the U.S. dollar 3-month |
Maturities of Subordinated Debentures | The aggregate maturities of subordinated debentures, based on the maturity dates under the terms of issue, are as follows: (Millions of Canadian dollars) October 31 Within 1 year $ – 1 to 5 years 316 5 to 10 years 9,056 Thereafter 453 $ 9,825 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Common and Preferred Shares Outstanding | The following table details our common and preferred shares outstanding. As at and for the year ended October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except the number of shares and dividends per share) Number of Amount Dividends Number of Amount Dividends Common shares issued Balance at beginning of period 1,439,029 $ 17,635 1,452,898 $ 17,730 Issued in connection with share-based compensation plans (1) 1,900 136 1,466 92 Purchased for cancellation (2) (10,251 ) (126 ) (15,335 ) (187 ) Balance at end of period 1,430,678 $ 17,645 $ 4.07 1,439,029 $ 17,635 $ 3.77 Treasury shares – common shares Balance at beginning of period (235 ) $ (18 ) (363 ) $ (27 ) Purchases (54,263 ) (5,380 ) (53,964 ) (5,470 ) Sales 53,916 5,340 54,092 5,479 Balance at end of period (582 ) $ (58 ) (235 ) $ (18 ) Common shares outstanding 1,430,096 $ 17,587 1,438,794 $ 17,617 Preferred shares issued First preferred (3) Non-cumulative, Series W 12,000 $ 300 $ 1.23 12,000 $ 300 $ 1.23 Series AA 12,000 300 1.11 12,000 300 1.11 Series AC 8,000 200 1.15 8,000 200 1.15 Series AD (4) – – – 10,000 250 1.13 Series AE 10,000 250 1.13 10,000 250 1.13 Series AF 8,000 200 1.11 8,000 200 1.11 Series AG 10,000 250 1.13 10,000 250 1.13 Series BH 6,000 150 1.23 6,000 150 1.23 Series BI 6,000 150 1.23 6,000 150 1.23 Series BJ 6,000 150 1.31 6,000 150 1.31 Non-cumulative, 5-Year Series AJ (5) – – 0.22 13,579 339 0.88 Series AL (5) – – 0.27 12,000 300 1.07 Series AZ 20,000 500 0.96 20,000 500 1.00 Series BB 20,000 500 0.96 20,000 500 0.98 Series BD 24,000 600 0.90 24,000 600 0.90 Series BF 12,000 300 0.90 12,000 300 0.90 Series BK 29,000 725 1.38 29,000 725 1.38 Series BM 30,000 750 1.38 30,000 750 1.38 Series BO (6) 14,000 350 1.27 – – – Non-cumulative, Series AK (5) – – 0.23 2,421 61 0.78 Non-cumulative, Series C-2 20 31 US$ 67.50 20 31 US$ 67.50 227,020 $ 5,706 251,020 $ 6,306 Treasury shares – preferred shares Balance at beginning of period (7) 114 $ 3 6 $ – Purchases (8,021 ) (184 ) (10,215 ) (256 ) Sales 7,941 182 10,323 259 Balance at end of period (7) 34 $ 1 114 $ 3 Preferred shares outstanding 227,054 $ 5,707 251,134 $ 6,309 (1) Includes fair value adjustments to stock options of $29 million (2018 – $15 million). (2) During the year ended October 31, 2019, we purchased common shares for cancellation at an average cost of $100.41 per share with a book value of $12.29 per share. During the year ended October 31, 2018, we purchased common shares for cancellation at an average cost of $99.29 per share with a book value of $12.22 per share. (3) First Preferred Shares were issued at $25 per share with the exception of Non-Cumulative C-2 C-2) (4) On November 24, 2018, we redeemed all 10 million issued and outstanding Non-Cumulative (5) On February 24, 2019, we redeemed all 2.4 million issued and outstanding Non-Cumulative Non-Cumulative Non-Cumulative 5-year (6) On November 2, 2018, we issued 14 million Non-Cumulative 5-year (7) Positive amounts represent a short position in treasury shares. |
Summary of Significant Terms and Conditions of Preferred Shares | Significant terms and conditions of preferred shares As at October 31, 2019 Current Premium Current Dividend (1) Earliest redemption date (2) Issue Date Redemption (2) , (3) Preferred shares First preferred Non-cumulative, Series W (4) 4.90% $ .306250 February 24, 2010 January 31, 2005 $ 25.00 Series AA 4.45% .278125 May 24, 2011 April 4, 2006 25.00 Series AC 4.60% .287500 November 24, 2011 November 1, 2006 25.00 Series AE 4.50% .281250 February 24, 2012 January 19, 2007 25.00 Series AF 4.45% .278125 May 24, 2012 March 14, 2007 25.00 Series AG 4.50% .281250 May 24, 2012 April 26, 2007 25.00 Series BH (5) 4.90% .306250 November 24, 2020 June 5, 2015 26.00 Series BI (5) 4.90% .306250 November 24, 2020 July 22, 2015 26.00 Series BJ (5) 5.25% .328125 February 24, 2021 October 2, 2015 26.00 Non-cumulative, 5-Year (6) Series AZ (5) 3.70% 2.21% .231250 May 24, 2019 January 30, 2014 25.00 Series BB (5) 3.65% 2.26% .228125 August 24, 2019 June 3, 2014 25.00 Series BD (5) 3.60% 2.74% .225000 May 24, 2020 January 30, 2015 25.00 Series BF (5) 3.60% 2.62% .225000 November 24, 2020 March 13, 2015 25.00 Series BK (5) 5.50% 4.53% .343750 May 24, 2021 December 16, 2015 25.00 Series BM (5) 5.50% 4.80% .343750 August 24, 2021 March 7, 2016 25.00 Series BO (5) 4.80% 2.38% .300000 February 24, 2024 November 2, 2018 25.00 Non-cumulative, Series C-2 (7) 6.75% 4.052% US$ 16.875000 November 7, 2023 November 2, 2015 US$ 1,000.00 (1) Non-cumulative Series C-2) (2) Subject to the consent of OSFI and the requirements of the Bank Act 12-month C-2 (3) Subject to the consent of OSFI and the requirements of the Bank Act (4) Subject to the approval of the Toronto Stock Exchange, we may, on or after February 24, 2010, convert First Preferred Shares Series W into our common shares. First Preferred Shares Series W may be converted into that number of common shares determined by dividing the current redemption price by the greater of $2.50 and 95% of the weighted average trading price of common shares at such time. (5) The preferred shares include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable (6) The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Non-Cumulative (7) The dividend rate will change on the earliest redemption date at a rate equal to the 3-month C-2 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Stock Option Activity and Related Information | A summary of our stock option activity and related information For the year ended October 31, 2019 October 31, 2018 (Canadian dollars per share except share amounts) Number of Weighted (1) Number of Weighted (1) Outstanding at beginning of period 7,770 $ 71.40 8,566 $ 64.96 Granted 1,090 96.55 773 102.33 Exercised (2) (3) (1,900 ) 55.05 (1,440 ) 50.42 Forfeited in the period (10 ) 54.99 (129 ) 78.12 Outstanding at end of period 6,950 $ 79.88 7,770 $ 71.40 Exercisable at end of period 2,980 $ 64.24 3,726 $ 55.82 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rates as of October 31, 2019 and October 31, 2018. For foreign currency-denominated options exercised during the year, the weighted average exercise prices are translated using exchange rates as at the settlement date. (2) Cash received for options exercised during the year was $105 million (October 31, 2018 – $73 million) and the weighted average share price at the date of exercise was $103.15 (October 31, 2018 – $101.81). (3) New shares were issued for all stock options exercised in 2019 and 2018. |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding as at October 31, 2019 by range of exercise price Options outstanding Options exercisable (Canadian dollars per share except share amounts and years) Number Weighted (1) Weighted Number Weighted (1) $36.46 – $5 2 23 704 $ 45.63 2.35 704 $ 45.63 $52. 60 907 60.47 3.15 907 60.47 $7 3 14 1,490 74.57 5.92 818 74.76 $78.59 – $90.23 1,986 87.00 6.49 551 78.59 $96.55 – $102.33 1,863 98.95 8.70 – – 6,950 $ 79.88 6.10 2,980 $ 64.24 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rate as of October 31, 2019. |
Weighted Average Assumptions | Weighted average assumptions For the year ended (Canadian dollars per share except percentages and years) October 31 October 31 Share price at grant date $ 94.09 $ 101.83 Risk-free interest rate 2.01% 1.71% Expected dividend yield 3.77% 3.66% Expected share price volatility 12% 13% Expected life of option 6 Years 6 Years |
Summary of Units Granted Under Deferred Share and Other Plans | Units granted under deferred share and other plans For the year ended October 31, 2019 October 31, 2018 (Units and per unit amounts) Units Weighted Units Weighted Deferred share unit plans 495 $ 99.69 376 $ 100.71 Deferred bonus plan 3,423 105.12 4,820 95.18 Performance deferred share award plans 2,471 96.39 2,099 101.55 Deferred compensation plans 116 94.06 91 103.55 Other share-based plans 1,210 96.28 978 101.48 7,715 $ 100.42 8,364 $ 97.85 |
Summary of Obligation Under Deferred Share and Other Plans | Obligations under deferred share and other plans As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars except units) Units Carrying Units Carrying Deferred share unit plans 5,288 $ 562 4,631 $ 446 Deferred bonus plan 8,820 937 10,347 990 Performance deferred share award plans 5,621 597 5,892 565 Deferred compensation plans (1) 3,072 326 3,299 317 Other share-based plans 1,787 185 2,140 202 24,588 $ 2,607 26,309 $ 2,520 (1) Excludes obligations not determined based on the quoted market price of our common shares. |
Summary of Compensation Expenses Recognized Under Deferred Share and Other Plans | Compensation expenses recognized under deferred share and other plans For the year ended (Millions of Canadian dollars) October 31 October 31 Deferred share unit plans $ 77 $ 6 Deferred bonus plan 274 139 Performance deferred share award plans 294 190 Deferred compensation plans 250 80 Other share-based plans 106 78 $ 1,001 $ 493 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Components of Tax Expenses | Components of tax expense For the year ended (Millions of Canadian dollars) October 31 October 31 Income taxes (recoveries) in Consolidated Statements of Income Current tax Tax expense for current year $ 3,256 $ 3,351 Adjustments for prior years (26 ) (212 ) Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (31 ) (11 ) 3,199 3,128 Deferred tax Origination and reversal of temporary difference (114 ) 28 Effects of changes in tax rates 29 148 Adjustments for prior years (57 ) 152 Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net (14 ) (127 ) (156 ) 201 3,043 3,329 Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity Other comprehensive income Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income 51 12 Provision for credit losses recognized in income – (5 ) Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income (60 ) (52 ) Unrealized foreign currency translation gains (losses) 2 2 Net foreign currency translation gains (losses) from hedging activities 2 (77 ) Reclassification of losses (gains) on net investment hedging activities to income 1 – Net gains (losses) on derivatives designated as cash flow hedges (200 ) 84 Reclassification of losses (gains) on derivatives designated as cash flow hedges to income (50 ) 8 Remeasurements of employee benefit plans (333 ) 256 Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss 18 45 Net gains (losses) on equity securities designated at fair value through other comprehensive income 5 (5 ) Share-based compensation awards (9 ) 15 (573 ) 283 Total income taxes $ 2,470 $ 3,612 |
Reconciliation to Statutory Tax Rate | The following is an analysis of the differences between the income tax expense reflected in the Consolidated Statements of Income and the amounts calculated at the Canadian statutory rate. Reconciliation to statutory tax rate For the year ended (Millions of Canadian dollars, except for percentage amounts) October 31, 2019 October 31, 2018 Income taxes at Canadian statutory tax rate $ 4,217 26.5% $ 4,176 26.5% Increase (decrease) in income taxes resulting from Lower average tax rate applicable to subsidiaries (815 ) (5.1) (752 ) (4.8) Tax-exempt (310 ) (1.9) (285 ) (1.8) Tax rate change 29 0.1 148 0.9 Other (78 ) (0.5) 42 0.3 Income taxes in Consolidated Statements of Income / effective tax rate $ 3,043 19.1% $ 3,329 21.1% |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities As at and for the year ended October 31, 2019 (Millions of Canadian dollars) Net asset Change Change Exchange Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 695 $ – $ 23 $ (2 ) $ – $ 716 Deferred compensation 1,033 9 197 7 – 1,246 Business realignment charges 3 – 7 – – 10 Tax loss and tax credit carryforwards 203 – (10 ) – 9 202 Deferred income (48 ) – (11 ) (1 ) – (60 ) Financial instruments measured at fair value through other comprehensive income (8 ) (33 ) (1 ) (1 ) – (43 ) Premises and equipment and intangibles (858 ) – (4 ) (4 ) (3 ) (869 ) Deferred expense 55 36 (47 ) 1 – 45 Pension and post-employment related 295 339 (6 ) 3 – 631 Other 21 3 8 (3 ) – 29 $ 1,391 $ 354 $ 156 $ – $ 6 $ 1,907 Comprising Deferred tax assets $ 1,475 $ 1,989 Deferred tax liabilities (84 ) (82 ) $ 1,391 $ 1,907 As at and for the year ended October 31, 2018 (Millions of Canadian dollars) Net asset Change Change Exchange rate Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 703 $ (6 ) $ 1 $ (3 ) $ – $ 695 Deferred compensation 1,491 (15 ) (502 ) 59 – 1,033 Business realignment charges 11 – (8 ) – – 3 Tax loss and tax credit carryforwards 19 – 188 (4 ) – 203 Deferred income (11 ) – (37 ) – – (48 ) Financial instruments measured at fair value through other comprehensive income 48 19 (74 ) (1 ) – (8 ) Premises and equipment and intangibles (1,003 ) (1 ) 182 (36 ) – (858 ) Deferred expense 76 – (23 ) 2 – 55 Pension and post-employment related 571 (260 ) (16 ) – – 295 Other (54 ) 3 88 (16 ) – 21 $ 1,851 $ (260 ) $ (201 ) $ 1 $ – $ 1,391 Comprising Deferred tax assets $ 1,948 $ 1,475 Deferred tax liabilities (97 ) (84 ) $ 1,851 $ 1,391 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Earnings Per Share | For the year ended (Millions of Canadian dollars, except share and per share amounts) October 31 October 31 Basic earnings per share Net income $ 12,871 $ 12,431 Preferred share dividends (269 ) (285 ) Net income attributable to non-controlling (11 ) (31 ) Net income available to common shareholders 12,591 12,115 Weighted average number of common shares (in thousands) 1,434,779 1,443,894 Basic earnings per share (in dollars) $ 8.78 $ 8.39 Diluted earnings per share Net income available to common shareholders $ 12,591 $ 12,115 Dilutive impact of exchangeable shares 15 15 Net income available to common shareholders including dilutive impact of exchangeable shares 12,606 12,130 Weighted average number of common shares (in thousands) 1,434,779 1,443,894 Stock options (1) 2,011 2,691 Issuable under other share-based compensation plans 742 742 Exchangeable shares (2) 3,150 3,158 Average number of diluted common shares (in thousands) 1,440,682 1,450,485 Diluted earnings per share (in dollars) $ 8.75 $ 8.36 (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 year ended October 31, 2019, an average of 767,225 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. For the year ended October 31, 2018, an average of 657,353 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. |
Guarantees, commitments, pled_2
Guarantees, commitments, pledged assets and contingencies (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties | The table below summarizes our maximum exposure to credit losses related to our guarantees and commitments provided to third parties. The maximum exposure to credit risk relating to a guarantee is the maximum risk of loss if there was a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions, insurance policies or from collateral held or pledged. The maximum exposure to credit risk relating to a commitment to extend credit is the full amount of the commitment. In both cases, the maximum risk exposure is significantly greater than the amount recognized as a liability in our Consolidated Balance Sheets. Maximum exposure As at (Millions of Canadian dollars) October 31 October 31 Financial guarantees Financial standby letters of credit $ 16,608 $ 15,502 Commitments to extend credit Backstop liquidity facilities 36,305 36,267 Credit enhancements 1,692 2,128 Documentary and commercial letters of credit 268 268 Other commitments to extend credit 225,911 223,954 Other credit-related commitments Securities lending indemnifications 91,625 107,239 Performance guarantees 7,061 6,955 Other 787 391 |
Details of Assets Pledged Against Liabilities and Collateral Assets Held or Re-pledged | Assets pledged against liabilities and collateral assets held or re-pledged As at (Millions of Canadian dollars) October 31 October 31 Sources of pledged assets and collateral Bank assets Loans $ 80,542 $ 79,798 Securities 55,544 48,993 Other assets 21,316 19,406 157,402 148,197 Client assets (1) Collateral received and available for sale or re-pledging 448,338 402,187 Less: not sold or re-pledged (49,325 ) (53,590 ) 399,013 348,597 $ 556,415 $ 496,794 Uses of pledged assets and collateral Securities borrowing and lending $ 146,590 $ 119,087 Obligations related to securities sold short 34,686 32,247 Obligations related to securities lent or sold under repurchase agreements 229,905 209,353 Securitization 47,254 49,997 Covered bonds 42,103 36,959 Derivative transactions 26,448 21,110 Foreign governments and central banks 5,963 5,058 Clearing systems, payment systems and depositories 4,804 4,006 Other 18,662 18,977 $ 556,415 $ 496,794 (1) Primarily relates to Obligations related to securities lent or sold under repurchase agreements, Securities lent and Derivative transactions. |
Summary of Minimum Future Lease Payments Under Non-cancellable Operating Leases | The minimum future lease payments under non-cancellable As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars) Land and Equipment Land and Equipment Future minimum lease payments No later than one year $ 721 $ 88 $ 684 $ 103 Later than one year and no later than five years 2,251 101 2,081 137 Later than five years 3,039 – 2,816 – 6,011 189 5,581 240 Less: Future minimum sublease payments to be received (25 ) – (11 ) – Net future minimum lease payments $ 5,986 $ 189 $ 5,570 $ 240 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Compensation of Key Management Personnel and Directors | Compensation of Key management personnel and Directors For the year ended (Millions of Canadian dollars) October 31 October 31 Salaries and other short-term employee benefits (1) $ 26 $ 34 Post-employment benefits (2) 2 2 Share-based payments 44 42 $ 72 $ 78 (1) Includes the portion of the annual variable short-term incentive bonus that certain executives elected to receive in the form of DSUs. Refer to Note 22 for further details. Directors receive retainers but do not receive salaries and other short-term employee benefits. (2) Directors do not receive post-employment benefits. |
Summary of Stock Options, Stock Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members | Stock options, stock awards and shares held by Key management personnel, Directors and their close family members As at October 31, 2019 October 31, 2018 (Millions of Canadian dollars, except number of units) No. of Value No. of Value Stock options (1) 2,372,714 $ 51 2,154,835 $ 37 Other non-option (1) 1,481,096 157 1,440,002 138 RBC common and preferred shares 463,362 49 453,316 43 4,317,172 $ 257 4,048,153 $ 218 (1) Directors do not receive stock options or any other non-option |
Summary of Other Transactions, Arrangements or Agreements Involving Joint Ventures and Associates | Other transactions, arrangements or agreements involving joint ventures and associates As at or for the year (Millions of Canadian dollars) October 31 October 31 Commitments and other contingencies $ 430 $ 621 Other fees received for services rendered 47 41 Other fees paid for services received 128 150 |
Results by business segment (Ta
Results by business segment (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Disclosure of operating segments | For the year ended October 31, 2019 (Millions of Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2) $ 12,653 $ 2,993 $ – $ (44 ) $ 4,043 $ 104 $ 19,749 $ 14,375 $ 4,058 $ 1,316 Non-interest 5,212 9,150 5,710 2,389 4,245 (453 ) 26,253 14,037 6,411 5,805 Total revenue 17,865 12,143 5,710 2,345 8,288 (349 ) 46,002 28,412 10,469 7,121 Provision for credit losses 1,448 117 – – 299 – 1,864 1,512 282 70 Insurance policyholder benefits, claims and acquisition expense – – 4,085 – – – 4,085 2,800 – 1,285 Non-interest 7,768 8,813 606 1,725 5,096 131 24,139 12,175 7,994 3,970 Net income (loss) before income taxes 8,649 3,213 1,019 620 2,893 (480 ) 15,914 11,925 2,193 1,796 Income taxes (recoveries) 2,247 663 213 145 227 (452 ) 3,043 2,748 133 162 Net income $ 6,402 $ 2,550 $ 806 $ 475 $ 2,666 $ (28 ) $ 12,871 $ 9,177 $ 2,060 $ 1,634 Non-interest Depreciation and amortization $ 632 $ 593 $ 48 $ 143 $ 408 $ – $ 1,824 $ 1,176 $ 486 $ 162 Impairment of other intangibles – – – 44 2 64 110 20 54 36 Total assets $ 481,720 $ 106,579 $ 19,012 $ 144,406 $ 634,313 $ 42,905 $ 1,428,935 $ 753,142 $ 399,792 $ 276,001 Total assets include: Additions to premises and equipment and intangibles $ 4 08 $ 565 $ 44 $ 142 $ 491 $ 6 21 $ 2,2 71 $ 1,3 26 $ 669 $ 276 Total liabilities $ 481,745 $ 106,770 $ 19,038 $ 144,378 $ 634,126 $ (40,747 ) $ 1,345,310 $ 669,543 $ 399,800 $ 275,967 For the year ended October 31, 2018 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2 ), (3 $ 11,776 $ 2,602 $ – $ 297 $ 3,328 $ (51 ) $ 17,952 $ 13,076 $ 3,616 $ 1,260 Non-interest (3 5,140 8,324 4,279 2,294 5,070 (483 ) 24,624 12,698 6,080 5,846 Total revenue 16,916 10,926 4,279 2,591 8,398 (534 ) 42,576 25,774 9,696 7,106 Provision for credit losses 1,273 (15 ) – 1 48 – 1,307 1,259 41 7 Insurance policyholder benefits, claims and acquisition expense – – 2,676 – – – 2,676 1,347 – 1,329 Non-interest 7,526 8,070 602 1,617 4,960 58 22,833 11,634 7,322 3,877 Net income (loss) before income taxes 8,117 2,871 1,001 973 3,390 (592 ) 15,760 11,534 2,333 1,893 Income taxes (recoveries) 2,089 606 226 232 613 (437 ) 3,329 2,661 402 266 Net income $ 6,028 $ 2,265 $ 775 $ 741 $ 2,777 $ (155 ) $ 12,431 $ 8,873 $ 1,931 $ 1,627 Non-interest Depreciation and amortization $ 579 $ 544 $ 36 $ 124 $ 363 $ – $ 1,646 $ 1,102 $ 389 $ 155 Impairment of other intangibles – – – 1 1 4 6 4 1 1 Total assets $ 453,879 $ 93,063 $ 16,210 $ 136,030 $ 590,950 $ 44,602 $ 1,334,734 $ 680,276 $ 384,921 $ 269,537 Total assets include: Additions to premises and equipment and intangibles $ 279 $ 431 $ 45 $ 187 $ 442 $ 579 $ 1,963 $ 1,196 $ 503 $ 264 Total liabilities $ 453,878 $ 93,162 $ 16,289 $ 135,944 $ 590,582 $ (35,076 ) $ 1,254,779 $ 600,619 $ 384,816 $ 269,344 (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. (3) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. |
Nature and extent of risks ar_2
Nature and extent of risks arising from financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Credit Exposure Associated with On-and Off-Balance Sheet Financial Instruments | Concentrations of credit risk indicate the relative sensitivity of our performance to developments affecting a particular industry or geographic location. The amounts of credit exposure associated with certain of our on- off-balance As at October 31, 2019 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance (1) $ 646,567 69 % $ 189,240 20 % $ 60,554 6 % $ 50,642 5 % $ 947,003 Derivatives before master netting agreements (2), (3) 19,544 19 % 23,250 23 % 53,752 52 % 6,421 6 % 102,967 $ 666,111 64 % $ 212,490 20 % $ 114,306 11 % $ 57,063 5 % $ 1,049,970 Off-balance (4) Committed and uncommitted (5) $ 367,907 67 % $ 148,326 27 % $ 29,462 5 % $ 5,774 1 % $ 551,469 Other 67,410 58 % 15,246 13 % 31,934 28 % 1,491 1 % 116,081 $ 435,317 65 % $ 163,572 25 % $ 61,396 9 % $ 7,265 1 % $ 667,550 As at October 31, 2018 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance (1) $ 594,823 66 % $ 184,040 21 % $ 60,645 7 % $ 50,486 6 % $ 889,994 Derivatives before master netting agreements (2), (3) 18,364 19 % 20,053 21 % 50,767 53 % 6,063 7 % 95,247 $ 613,187 62 % $ 204,093 21 % $ 111,412 11 % $ 56,549 6 % $ 985,241 Off-balance (4) Committed and uncommitted (5) $ 345,545 66 % $ 142,692 27 % $ 31,530 6 % $ 7,140 1 % $ 526,907 Other 79,399 61 % 14,852 11 % 34,849 27 % 987 1 % 130,087 $ 424,944 65 % $ 157,544 24 % $ 66,379 10 % $ 8,127 1 % $ 656,994 (1) Includes assets purchased under reverse repurchase agreements and securities borrowed, loans and customers’ liability under acceptances. The largest concentrations in Canada are Ontario at 56% (October 31, 2018 – 54%), the Prairies at 16% (October 31, 2018 – 18%), British Columbia and the territories at 14% (October 31, 2018 – 14%) and Quebec at 10% (October 31, 2018 – 10%). No industry accounts for more than 35% (October 31, 2018 – 32%) of total on-balance sheet credit instruments. The classification of our sectors aligns with our view of credit risk by industry. Sectors have been revised from those previously presented. (2) A further breakdown of our derivative exposures by risk rating and counterparty type is provided in Note 8. (3) Excludes valuation adjustments determined on a pooled basis. (4) Balances presented are contractual amounts representing our maximum exposure to credit risk. (5) Represents our maximum exposure to credit risk. Retail and wholesale commitments respectively comprise 43% and 57% of our total commitments (October 31, 2018 – 42% and 58%). The largest concentrations in the wholesale portfolio relate to Financial services at 13% (October 31, 2018 – 14%), Utilities at 11% (October 31, 2018 – 11%), Real estate & related at 9% (October 31, 2018 – 9%), Other services at 7% (October 31, 2018 – 8%), and Oil & gas at 7% (October 31, 2018 – 7%). The classification of our sectors aligns with our view of credit risk by industry. Sector percentages have been revised from those previously presented. |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Regulatory Capital and Capital Ratios | During 2019 and 2018, we complied with all Pillar 1 capital and leverage requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) October 31 October 31 Capital (1) CET1 capital $ 62,184 $ 57,001 Tier 1 capital 67,861 63,279 Total capital 77,888 72,494 Risk-weighted Assets (RWA) used in calculation of capital ratios (1), (2) CET1 capital RWA $ 512,856 $ 495,528 Tier 1 capital RWA 512,856 495,993 Total capital RWA 512,856 496,459 Total capital RWA consisting of: (1) Credit risk $ 417,835 $ 401,534 Market risk 28,917 32,209 Operational risk 66,104 62,716 Total capital RWA $ 512,856 $ 496,459 Capital ratios and Leverage ratio (1) CET1 ratio 12.1% 11.5% Tier 1 capital ratio 13.2% 12.8% Total capital ratio 15.2% 14.6% Leverage ratio 4.3% 4.4% Leverage ratio exposure (billions) $ 1,570 $ 1,451 (1) Capital, RWA, and capital ratios are calculated using OSFI’s CAR guideline 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. |
Offsetting financial assets a_2
Offsetting financial assets and financial liabilities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2019 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Assets purchased under reverse repurchase agreements and securities borrowed $ 374,617 $ 69,420 $ 305,197 $ 527 $ 303,539 $ 1,131 $ 1,764 $ 306,961 Derivative assets (3) 88,996 710 88,286 62,524 15,458 10,304 13,274 101,560 Other financial assets 994 281 713 1 89 623 – 713 $ 464,607 $ 70,411 $ 394,196 $ 63,052 $ 319,086 $ 12,058 $ 15,038 $ 409,234 As at October 31, 2018 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Assets purchased under reverse repurchase agreements and securities borrowed $ 312,392 $ 18,379 $ 294,013 $ 481 $ 292,412 $ 1,120 $ 589 $ 294,602 Derivative assets (3) 81,770 583 81,187 57,010 14,720 9,457 12,852 94,039 Other financial assets (4) 1,636 814 822 – 244 578 – 822 $ 395,798 $ 19,776 $ 376,022 $ 57,491 $ 307,376 $ 11,155 $ 13,441 $ 389,463 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $11.6 billion (October 31, 2018 – $10.7 billion) and non-cash (3) Includes cash margin of $3.6 billion (October 31, 2018 – $2.2 billion) which offset against the derivative balance on the balance sheet. (4) Amounts have been revised from those previously presented. |
Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2019 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Obligations related to assets sold under repurchase agreements and securities loaned $ 294,758 $ 69,420 $ 225,338 $ 527 $ 224,506 $ 305 $ 1,248 $ 226,586 Derivative liabilities (3) 84,624 710 83,914 62,524 13,540 7,850 14,629 98,543 Other financial liabilities 492 281 211 1 – 210 – 211 $ 379,874 $ 70,411 $ 309,463 $ 63,052 $ 238,046 $ 8,365 $ 15,877 $ 325,340 As at October 31, 2018 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master (Millions of Canadian dollars) Gross amounts Amounts of Net amount of Impact of Financial Net amount Amounts not Total amount Obligations related to assets sold under repurchase agreements and securities loaned $ 225,193 $ 18,379 $ 206,814 $ 481 $ 206,106 $ 227 $ – $ 206,814 Derivative liabilities (3) 76,877 583 76,294 57,010 11,446 7,838 13,944 90,238 Other financial liabilities (4) 991 814 177 – – 177 – 177 $ 303,061 $ 19,776 $ 283,285 $ 57,491 $ 217,552 $ 8,242 $ 13,944 $ 297,229 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $11.5 billion (October 31, 2018 – $11.1 billion) and non-cash (3) Includes cash margin of $1.3 billion (October 31, 2018 – $2.3 billion) which offset against the derivative balance on the balance sheet. (4) Amounts have been revised from those previously presented. |
Recovery and settlement of on_2
Recovery and settlement of on-balance sheet assets and liabilities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Recovery and settlement of on-balance sheet assets and liabilities | The table below presents an analysis of assets and liabilities recorded on our Consolidated Balance Sheets by amounts to be recovered or settled within one year and after one year, as at the balance sheet date, based on contractual maturities and certain other assumptions outlined in the footnotes below. As warranted, we manage the liquidity risk of various products based on historical behavioural patterns that are often not aligned with contractual maturities. Amounts to be recovered or settled within one year, as presented below, may not be reflective of our long-term view of the liquidity profile of certain balance sheet categories. (Millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Within one year After one year Total Within one year After one year Total Assets Cash and due from banks (1) $ 24,822 $ 1,488 $ 26,310 $ 28,583 $ 1,626 $ 30,209 Interest-bearing deposits with banks 38,345 – 38,345 36,471 – 36,471 Securities Trading (2) 137,772 8,762 146,534 121,152 7,106 128,258 Investment, net of applicable allowance 17,283 85,187 102,470 16,795 77,813 94,608 Assets purchased under reverse repurchase agreements and securities borrowed 306,828 133 306,961 294,049 553 294,602 Loans Retail 108,382 317,704 426,086 97,414 302,038 399,452 Wholesale 48,737 147,133 195,870 43,280 136,998 180,278 Allowance for loan losses (3,100 ) (2,912 ) Segregated fund net assets – 1,663 1,663 – 1,368 1,368 Other Customers’ liability under acceptances 18,062 – 18,062 15,635 6 15,641 Derivatives (2) 99,792 1,768 101,560 91,833 2,206 94,039 Premises and equipment – 3,191 3,191 – 2,832 2,832 Goodwill – 11,236 11,236 – 11,137 11,137 Other intangibles – 4,674 4,674 – 4,687 4,687 Other assets 38,775 10,298 49,073 33,578 10,486 44,064 $ 838,798 $ 593,237 $ 1,428,935 $ 778,790 $ 558,856 $ 1,334,734 Liabilities Deposits (3), (4) $ 719,933 $ 166,072 $ 886,005 $ 669,682 $ 166,515 $ 836,197 Segregated fund net liabilities – 1,663 1,663 – 1,368 1,368 Other Acceptances 18,091 – 18,091 15,657 5 15,662 Obligations related to securities sold short 32,668 2,401 35,069 29,725 2,522 32,247 Obligations related to assets sold under repurchase agreements and securities loaned 226,582 4 226,586 206,813 1 206,814 Derivatives (2) 97,415 1,128 98,543 88,112 2,126 90,238 Insurance claims and policy benefit liabilities 1,726 9,675 11,401 1,691 8,309 10,000 Other liabilities (4) 41,612 16,525 58,137 36,906 16,216 53,122 Subordinated debentures 1,999 7,816 9,815 103 9,028 9,131 $ 1,140,026 $ 205,284 $ 1,345,31 0 $ 1,048,689 $ 206,090 $ 1,254,779 (1) Cash and due from banks are assumed to be recovered within one year, except for cash balances not available for use by the Bank. (2) Trading securities classified as FVTPL and trading derivatives are presented as within one year as this best represents in most instances the short-term nature of our trading activities. Non-trading (3) Demand deposits of $405 billion (October 31, 2018 – $382 billion) are presented as within one year due to their being repayable on demand or at short notice on a contractual basis. In practice, these deposits relate to a broad range of individuals and customer-types which form a stable base for our operations and liquidity needs. (4) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. |
Parent company information (Tab
Parent company information (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [Line Items] | |
Summary of Parent Company Information | The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis. Condensed Balance Sheets As at (Millions of Canadian dollars) October 31 October 31 Assets Cash and due from banks $ 14,264 $ 16,398 Interest-bearing deposits with banks 22,279 20,261 Securities 118,716 111,072 Investments in bank subsidiaries and associated corporations (1) 37,234 34,547 Investments in other subsidiaries and associated corporations 73,785 69,063 Assets purchased under reverse repurchase agreements and securities borrowed 123,755 107,941 Loans, net of allowance for loan losses 526,078 494,922 Net balances due from bank subsidiaries (1) – 4,329 Other assets 152,422 137,821 $ 1,068,533 $ 996,354 Liabilities and shareholders’ equity Deposits (2) $ 681,509 $ 642,271 Net balances due to bank subsidiaries (1) 2,678 – Net balances due to other subsidiaries 36,594 38,985 Other liabilities (2) 254,678 226,475 975,459 907,731 Subordinated debentures 9,551 8,762 Shareholders’ equity 83,523 79,861 $ 1,068,533 $ 996,354 (1) Bank refers primarily to regulated deposit-taking institutions and securities firms. (2) Commencing Q4 2019, the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in deposits is presented in other liabilities. Comparative amounts have been reclassified to conform with this presentation. Condensed Statements of Income and Comprehensive Income For the year ended (Millions of Canadian dollars) October 31 October 31 Interest income (1) $ 27,630 $ 22,578 Interest expense (2) 14,966 10,662 Net interest income 12,664 11,916 Non-interest income (2), (3) 5,569 6,119 Total revenue 18,233 18,035 Provision for credit losses 1,730 1,294 Non-interest expense 9,212 9,085 Income before income taxes 7,291 7,656 Income taxes 1,568 1,546 Net income before equity in undistributed income of subsidiaries 5,723 6,110 Equity in undistributed income of subsidiaries 7,137 6,321 Net income $ 12,860 $ 12,431 Other comprehensive income (loss), net of taxes (1,441 ) 1,532 Total comprehensive income $ 11,419 $ 13,963 (1) Includes dividend income from investments in subsidiaries and associated corporations of $27 million (October 31, 2018 – $12 million). (2) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (3) Includes a nominal share of profit (losses) from associated corporations (October 31, 2018 – $(31) million). Condensed Statements of Cash Flow s For the year ended (Millions of Canadian dollars) October 31 October 31 Cash flows from operating activities Net income $ 12,860 $ 12,431 Adjustments to determine net cash from operating activities: Change in undistributed earnings of subsidiaries (7,137 ) (6,321 ) Change in deposits, net of securitizations (1) 39,238 38,331 Change in loans, net of securitizations (31,744 ) (26,281 ) Change in trading securities 2,350 3,730 Change in obligations related to assets sold under repurchase agreements and securities loaned 12,449 49,811 Change in assets purchased under reverse repurchase agreements and securities borrowed (15,814 ) (58,326 ) Change in obligations related to securities sold short 797 2,600 Other operating activities, net (1) (8,149 ) 763 Net cash from (used in) operating activities 4,850 16,738 Cash flows from investing activities Change in interest-bearing deposits with banks (2,018 ) 603 Proceeds from sales and maturities of investment securities 37,963 30,355 Purchases of investment securities (39,461 ) (32,561 ) Net acquisitions of premises and equipment and other intangibles (1,266 ) (1,173 ) Change in cash invested in subsidiaries 332 93 Change in net funding provided to subsidiaries 4,616 (3,363 ) Net cash from (used in) investing activities 166 (6,046 ) Cash flows from financing activities Issue of subordinated debentures 1,500 – Repayment of subordinated debentures (1,100 ) – Issue of common shares, net of issuance costs 105 72 Common shares purchased for cancellation (1,030 ) (1,522 ) Issue of preferred shares, net of issuance costs 350 – Redemption of preferred shares (950 ) (105 ) Dividends paid (6,025 ) (5,640 ) Net cash from (used in) financing activities (7,150 ) (7,195 ) Net change in cash and due from banks (2,134 ) 3,497 Cash and due from banks at beginning of year 16,398 12,901 Cash and due from banks at end of year $ 14,264 $ 16,398 Supplemental disclosure of cash flow information Amount of interest paid (1) $ 14,574 $ 9,475 Amount of interest received 25,883 20,490 Amount of dividends received 1,694 1,414 Amount of income taxes paid 1,789 3,562 (1) Commencing Q4 2019, the interest component and the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in trading revenue and deposits, respectively, is presented in net interest income and other liabilities respectively. Comparative amounts have been reclassified to conform with this presentation. |
IFRS 7 Disclosure - Wholesale C
IFRS 7 Disclosure - Wholesale Credit Risk - Rankings of 22 Grade Internal Risk Ratings with Ratings Used by S&P and Moody's (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2019 | |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.03% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0155% |
Internal credit grade one [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1+ |
Internal credit grade one [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AAA |
Internal credit grade one [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aaa |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.03% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0156% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0265% |
Internal credit grade two [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1H |
Internal credit grade two [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA+ |
Internal credit grade two [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa1 |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0301% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0375% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0266% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0375% |
Internal credit grade three [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1M |
Internal credit grade three [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA |
Internal credit grade three [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa2 |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0376% |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.049% |
Internal credit grade four [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1L |
Internal credit grade four [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA- |
Internal credit grade four [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa3 |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0491% |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.065% |
Internal credit grade five [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+H |
Internal credit grade five [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A+ |
Internal credit grade five [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A1 |
Internal credit grade six [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0651% |
Internal credit grade six [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.081% |
Internal credit grade six [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+M |
Internal credit grade six [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A |
Internal credit grade six [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A2 |
Internal credit grade seven [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0811% |
Internal credit grade seven [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.112% |
Internal credit grade seven [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+L |
Internal credit grade seven [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A- |
Internal credit grade seven [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A3 |
Internal credit grade eight [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1121% |
Internal credit grade eight [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.18% |
Internal credit grade eight [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2H |
Internal credit grade eight [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB+ |
Internal credit grade eight [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa1 |
Internal credit grade nine [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1801% |
Internal credit grade nine [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.262% |
Internal credit grade nine [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2M |
Internal credit grade nine [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB |
Internal credit grade nine [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa2 |
Internal credit grade ten [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.2621% |
Internal credit grade ten [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.3845% |
Internal credit grade ten [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2L |
Internal credit grade ten [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB- |
Internal credit grade ten [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa3 |
Internal credit grade eleven [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.3846% |
Internal credit grade eleven [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.648% |
Internal credit grade eleven [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-H |
Internal credit grade eleven [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB+ |
Internal credit grade eleven [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba1 |
Internal credit grade twelve [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.6481% |
Internal credit grade twelve [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.9625% |
Internal credit grade twelve [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-M |
Internal credit grade twelve [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB |
Internal credit grade twelve [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba2 |
Internal credit grade thirteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.9626% |
Internal credit grade thirteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.407% |
Internal credit grade thirteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-L |
Internal credit grade thirteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB- |
Internal credit grade thirteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba3 |
Internal credit grade fourteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.4071% |
Internal credit grade fourteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 2.1785% |
Internal credit grade fourteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+H |
Internal credit grade fourteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B+ |
Internal credit grade fourteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B1 |
Internal credit grade fifteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 2.1786% |
Internal credit grade fifteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 3.421% |
Internal credit grade fifteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+M |
Internal credit grade fifteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B |
Internal credit grade fifteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B2 |
Internal credit grade sixteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 3.4211% |
Internal credit grade sixteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 5.2775% |
Internal credit grade sixteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+L |
Internal credit grade sixteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B- |
Internal credit grade sixteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B3 |
Internal credit grade seventeen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 5.2776% |
Internal credit grade seventeen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.941% |
Internal credit grade seventeen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3H |
Internal credit grade seventeen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC+ |
Internal credit grade seventeen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa1 |
Internal credit grade eighteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.9411% |
Internal credit grade eighteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 11.4475% |
Internal credit grade eighteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3M |
Internal credit grade eighteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC |
Internal credit grade eighteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa2 |
Internal credit grade nineteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 11.4476% |
Internal credit grade nineteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 19.6535% |
Internal credit grade nineteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3L |
Internal credit grade nineteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC- |
Internal credit grade nineteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa3 |
Internal credit grade twenty [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 19.6536% |
Internal credit grade twenty [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 99.999% |
Internal credit grade twenty [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 4 |
Internal credit grade twenty [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CC |
Internal credit grade twenty [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ca |
Internal credit grade twenty one [member] | Impaired Wholesale [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100.00% |
Internal credit grade twenty one [member] | Internal BRR Rate [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 5 |
Internal credit grade twenty one [member] | S&P [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
Internal credit grade twenty one [member] | Moody's [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
Internal credit grade twenty two [member] | Impaired Wholesale [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100.00% |
Internal credit grade twenty two [member] | Internal BRR Rate [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 6 |
Internal credit grade twenty two [member] | S&P [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | D |
Internal credit grade twenty two [member] | Moody's [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
IFRS 7 Disclosure - Retail Cred
IFRS 7 Disclosure - Retail Credit Risk - Summary of PD Bands to Various Risk Levels (Detail) - Retail [member] - Credit risk [member] | 12 Months Ended |
Oct. 31, 2019 | |
Impaired/Default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100.00% |
Bottom of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Bottom of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.719% |
Bottom of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 6.431% |
Top of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.718% |
Top of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 6.43% |
Top of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 99.99% |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Summary of Market Risk VaR and Market Risk SVaR (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | $ 22 | $ 34 |
Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 3 | 12 |
Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 2 | 2 |
Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 13 | 15 |
Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 5 | 5 |
Risk diversification effect [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | (17) | (29) |
Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 28 | 39 |
Market risk Stressed VaR | 85 | 91 |
Weighted average [member] | Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 19 | 14 |
Weighted average [member] | Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 4 | 4 |
Weighted average [member] | Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 2 | 2 |
Weighted average [member] | Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 14 | 17 |
Weighted average [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 5 | 5 |
Weighted average [member] | Risk diversification effect [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | (17) | (17) |
Weighted average [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 27 | 25 |
Market risk Stressed VaR | 106 | 79 |
Top of range [member] | Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 32 | 40 |
Top of range [member] | Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 13 | 12 |
Top of range [member] | Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 4 | 3 |
Top of range [member] | Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 19 | 30 |
Top of range [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 6 | 6 |
Top of range [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 45 | 44 |
Market risk Stressed VaR | 161 | 149 |
Bottom of range [member] | Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 11 | 6 |
Bottom of range [member] | Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 2 | 2 |
Bottom of range [member] | Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 1 | 1 |
Bottom of range [member] | Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 11 | 10 |
Bottom of range [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 4 | 4 |
Bottom of range [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 15 | 13 |
Market risk Stressed VaR | $ 76 | $ 40 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary of Market Risk Structural Interest Rate Sensitivities Measures (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | $ (1,356) | $ (1,140) |
100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 479 | 505 |
100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 920 | 755 |
100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (637) | (582) |
200 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (3,001) | (2,407) |
200 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 867 | 923 |
200 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 1,944 | 1,067 |
200 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (1,356) | $ (1,370) |
Canadian dollar [member] | 100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (1,151) | |
Canadian dollar [member] | 100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 351 | |
Canadian dollar [member] | 100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 1,027 | |
Canadian dollar [member] | 100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (486) | |
Canadian dollar [member] | 200 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (2,311) | |
Canadian dollar [member] | 200 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 620 | |
Canadian dollar [member] | 200 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 2,030 | |
Canadian dollar [member] | 200 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (1,071) | |
U.S. dollars [member] | 100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (205) | |
U.S. dollars [member] | 100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 128 | |
U.S. dollars [member] | 100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (107) | |
U.S. dollars [member] | 100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (151) | |
U.S. dollars [member] | 200 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (690) | |
U.S. dollars [member] | 200 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 247 | |
U.S. dollars [member] | 200 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (86) | |
U.S. dollars [member] | 200 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | $ (285) |
IFRS 7 Disclosure - Liquidity a
IFRS 7 Disclosure - Liquidity and Funding Risk - Long-Term Funding Sources (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | $ 168,303 | $ 176,565 |
Unsecured long-term funding [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | 94,662 | 102,325 |
Secured long-term funding [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | 63,853 | 64,843 |
Subordinated debentures [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | $ 9,788 | $ 9,397 |
IFRS 7 Disclosure - Liquidity_2
IFRS 7 Disclosure - Liquidity and Funding Risk - Summary of Contractual Maturities of Financial Liabilities and Off-Balance Sheet Items - Undiscounted Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | $ 886,005 | $ 836,197 |
Acceptances | 18,091 | 15,662 |
Obligations related to securities sold short | 35,069 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 |
Other liabilities | 58,137 | 53,122 |
Subordinated debentures | 9,815 | 9,131 |
Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 885,869 | 838,277 |
Acceptances | 18,091 | 15,662 |
Obligations related to securities sold short | 35,125 | 32,222 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,573 | 206,814 |
Other liabilities | 41,753 | 38,502 |
Subordinated debentures | 9,815 | 9,131 |
Financial liabilities | 1,217,226 | 1,140,608 |
Off-balance sheet items | 286,959 | 283,929 |
Total financial liabilities and off-balance sheet items | 1,504,185 | 1,424,537 |
Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 16,608 | 15,502 |
Undiscounted basis [member] | Lease commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 6,175 | 5,810 |
Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 264,176 | 262,617 |
On demand [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 406,042 | 382,847 |
Obligations related to assets sold under repurchase agreements and securities loaned | 5,977 | 7,240 |
Other liabilities | 617 | 1,753 |
Financial liabilities | 412,636 | 391,840 |
Off-balance sheet items | 242,629 | 239,560 |
Total financial liabilities and off-balance sheet items | 655,265 | 631,400 |
On demand [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 16,608 | 15,502 |
On demand [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 226,021 | 224,058 |
Under 1 year [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 719,933 | 669,682 |
Acceptances | 18,091 | 15,657 |
Obligations related to securities sold short | 32,668 | 29,725 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,582 | 206,813 |
Other liabilities | 41,612 | 36,906 |
Subordinated debentures | 1,999 | 103 |
Under 1 year [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 315,398 | 287,928 |
Acceptances | 18,091 | 15,657 |
Obligations related to securities sold short | 35,125 | 32,222 |
Obligations related to assets sold under repurchase agreements and securities loaned | 220,592 | 199,574 |
Other liabilities | 31,794 | 28,568 |
Subordinated debentures | 103 | |
Financial liabilities | 621,000 | 564,052 |
Off-balance sheet items | 38,953 | 39,312 |
Total financial liabilities and off-balance sheet items | 659,953 | 603,364 |
Under 1 year [member] | Undiscounted basis [member] | Lease commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 805 | 784 |
Under 1 year [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 38,148 | 38,528 |
1 to 2 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 50,218 | 52,108 |
Acceptances | 5 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 4 | |
Other liabilities | 190 | 98 |
Financial liabilities | 50,412 | 52,211 |
Off-balance sheet items | 725 | 697 |
Total financial liabilities and off-balance sheet items | 51,137 | 52,908 |
1 to 2 years [member] | Undiscounted basis [member] | Lease commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 719 | 695 |
1 to 2 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 6 | 2 |
2 years to 5 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 83,651 | 91,154 |
Other liabilities | 640 | 383 |
Subordinated debentures | 316 | 318 |
Financial liabilities | 84,607 | 91,855 |
Off-balance sheet items | 1,620 | 1,546 |
Total financial liabilities and off-balance sheet items | 86,227 | 93,401 |
2 years to 5 years [member] | Undiscounted basis [member] | Lease commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 1,619 | 1,517 |
2 years to 5 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 1 | 29 |
Over 5 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 30,560 | 24,240 |
Other liabilities | 8,512 | 7,700 |
Subordinated debentures | 9,499 | 8,710 |
Financial liabilities | 48,571 | 40,650 |
Off-balance sheet items | 3,032 | 2,814 |
Total financial liabilities and off-balance sheet items | 51,603 | 43,464 |
Over 5 years [member] | Undiscounted basis [member] | Lease commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | $ 3,032 | $ 2,814 |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Oct. 31, 2019 | Nov. 01, 2018 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | $ 83,625 | $ 79,955 | $ 73,791 | ||
Retained earnings [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | $ 55,981 | 51,112 | $ 44,801 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | (94) | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Retained earnings [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | $ (94) | ||||
Adoption Of IFRS 16 [Member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Decrease in CET1 ratio | 0.14% | ||||
Additions to right of use assets | $ 5,000 | ||||
Change in lease liabilities | 5,000 | ||||
Increase (decrease) in retained earnings | $ (100) | ||||
Computer software [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Estimated useful lives of intangible assets | 3 to 10 years | ||||
Customer list and relationships [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Estimated useful lives of intangible assets | 10 to 20 years | ||||
Buildings [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Useful life of premises and equipment | 25 to 50 years | ||||
Computer equipment [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Useful life of premises and equipment | 3 to 10 years | ||||
Furniture Fixtures and Other Equipment [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Useful life of premises and equipment | 5 to 10 years | ||||
Leasehold Improvements [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Useful life of premises and equipment | up to a maximum of 10 years | ||||
IFRS 15 [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Retained earnings [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | $ (94) |
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Financial assets | ||
Interest-bearing deposits with banks | $ 38,345 | $ 36,471 |
Securities | ||
Trading | 146,534 | 128,258 |
Investment, net of applicable allowance | 102,470 | 94,608 |
Securities | 249,004 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 |
Loans, net of applicable allowance | ||
Loans, net | 618,856 | 576,818 |
Other | ||
Derivatives | 101,560 | 94,039 |
Deposits | ||
Personal | 294,732 | 270,154 |
Business and government | 565,482 | 533,522 |
Bank | 25,791 | 32,521 |
Deposits | 886,005 | 836,197 |
Other | ||
Obligations related to securities sold short | 35,069 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 |
Derivatives | 98,543 | 90,238 |
Subordinated debentures | 9,815 | 9,131 |
Financial assets classified as at FVTPL [member] | ||
Securities | ||
Trading | 137,600 | 121,031 |
Securities | 137,600 | 121,031 |
Assets purchased under reverse repurchase agreements and securities borrowed | 246,068 | 219,108 |
Loans, net of applicable allowance | ||
Retail | 275 | 69 |
Wholesale | 7,055 | 7,129 |
Loans, net | 7,330 | 7,198 |
Other | ||
Derivatives | 101,560 | 94,039 |
Other assets | 3,156 | 1,373 |
Financial assets designated as at FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 22,283 | 20,274 |
Securities | ||
Trading | 8,934 | 7,227 |
Securities | 8,934 | 7,227 |
Loans, net of applicable allowance | ||
Retail | 242 | 190 |
Wholesale | 1,856 | 1,540 |
Loans, net | 2,098 | 1,730 |
Financial assets classified as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 57,223 | 48,093 |
Securities | 57,223 | 48,093 |
Loans, net of applicable allowance | ||
Retail | 95 | 94 |
Wholesale | 451 | 458 |
Loans, net | 546 | 552 |
Financial assets designated as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 463 | 406 |
Securities | 463 | 406 |
Financial liabilities classified as at FVTPL [member] | ||
Deposits | ||
Personal | 140 | 150 |
Business and government | 151 | (11) |
Deposits | 291 | 139 |
Other | ||
Obligations related to securities sold short | 35,069 | 32,247 |
Derivatives | 98,543 | 90,238 |
Other liabilities | (1,209) | (1,434) |
Financial liabilities designated as at FVTPL [member] | ||
Deposits | ||
Personal | 17,394 | 14,602 |
Business and government | 111,389 | 102,597 |
Bank | 3,032 | 7,072 |
Deposits | 131,815 | 124,271 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 218,612 | 201,839 |
Other liabilities | 91 | 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 | 16,062 | 16,197 |
Securities | ||
Investment, net of applicable allowance | 45,104 | 45,367 |
Securities | 45,104 | 45,367 |
Assets purchased under reverse repurchase agreements and securities borrowed | 60,894 | 75,490 |
Loans, net of applicable allowance | ||
Retail | 424,416 | 394,051 |
Wholesale | 184,645 | 168,087 |
Loans, net | 609,061 | 562,138 |
Other | ||
Other assets | 50,375 | 46,205 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 277,353 | 255,115 |
Business and government | 452,536 | 431,158 |
Bank | 22,773 | 25,462 |
Deposits | 752,662 | 711,735 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 7,974 | 4,976 |
Other liabilities | 61,024 | 55,729 |
Subordinated debentures | 9,930 | 9,319 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 38,345 | 36,471 |
Securities | ||
Trading | 146,534 | 128,258 |
Investment, net of applicable allowance | 102,470 | 94,608 |
Securities | 249,004 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 |
Loans, net of applicable allowance | ||
Retail | 424,081 | 397,455 |
Wholesale | 194,775 | 179,363 |
Loans, net | 618,856 | 576,818 |
Other | ||
Derivatives | 101,560 | 94,039 |
Other assets | 53,531 | 47,578 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 16,062 | 16,197 |
Securities | ||
Investment, net of applicable allowance | 44,784 | 46,109 |
Securities | 44,784 | 46,109 |
Assets purchased under reverse repurchase agreements and securities borrowed | 60,893 | 75,494 |
Loans, net of applicable allowance | ||
Retail | 423,469 | 397,102 |
Wholesale | 185,413 | 170,236 |
Loans, net | 608,882 | 567,338 |
Other | ||
Other assets | 50,375 | 46,205 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 38,345 | 36,471 |
Securities | ||
Trading | 146,534 | 128,258 |
Investment, net of applicable allowance | 102,790 | 93,866 |
Securities | 249,324 | 222,124 |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,962 | 294,598 |
Loans, net of applicable allowance | ||
Retail | 425,028 | 394,404 |
Wholesale | 194,007 | 177,214 |
Loans, net | 619,035 | 571,618 |
Other | ||
Derivatives | 101,560 | 94,039 |
Other assets | 53,531 | 47,578 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 294,732 | 270,154 |
Business and government | 565,482 | 533,522 |
Bank | 25,791 | 32,521 |
Deposits | 886,005 | 836,197 |
Other | ||
Obligations related to securities sold short | 35,069 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 |
Derivatives | 98,543 | 90,238 |
Other liabilities | 59,921 | 54,350 |
Subordinated debentures | 9,815 | 9,131 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 277,198 | 255,402 |
Business and government | 453,942 | 430,936 |
Bank | 22,759 | 25,449 |
Deposits | 753,899 | 711,787 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 7,974 | 4,975 |
Other liabilities | 61,039 | 55,766 |
Subordinated debentures | 9,815 | 9,131 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 294,887 | 269,867 |
Business and government | 564,076 | 533,744 |
Bank | 25,805 | 32,534 |
Deposits | 884,768 | 836,145 |
Other | ||
Obligations related to securities sold short | 35,069 | 32,247 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,815 |
Derivatives | 98,543 | 90,238 |
Other liabilities | 59,906 | 54,313 |
Subordinated debentures | $ 9,930 | $ 9,319 |
Fair value of financial instr_4
Fair value of financial instrument - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Changes in the fair value of the financial assets designated as at FVTPL attributable to changes in credit risk | No significant changes | No significant changes |
Extent to which credit derivatives or similar instruments mitigate the maximum exposure to credit risk | Nominal | Nominal |
Maximum exposure to credit risk | $ 514 | $ 0 |
Interest rate contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 317 | 217 |
Over-the-counter equity options [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 86 | 231 |
Banking services [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fees received for services | 5,270 | 5,426 |
Investment management, trust, custodial, underwriting, brokerage and other similar fiduciary services [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fees received for services | 12,117 | 11,944 |
Derivative liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 621 | |
Derivative liabilities [member] | Interest rate contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 27 | |
Derivative liabilities [member] | Over-the-counter equity options [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 373 | 934 |
Personal deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 431 | |
Transfers out of Level 3 to Level 2 | 559 | |
Transfers out of Level 3 to Level 2 | 803 | |
Derivative assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 1,996 | |
Derivative assets [member] | Interest rate contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 244 | |
Derivative assets [member] | Over-the-counter equity options [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 459 | 703 |
Corporate debt and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 206 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Positive fair value using reasonably possible alternatives | 71 | |
Negative fair value using reasonably possible alternatives | (71) | |
Positive fair value using other reasonably possible alternatives assets recorded in other components of equity | 43 | |
Negative fair value using other reasonably possible alternatives assets recorded in other components of equity | (42) | |
Negative fair value movement from using reasonably possible alternatives | (21) | |
Positive fair value movement from using reasonably possible alternatives | 24 | |
Obligations related to securities sold short [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 202 | 809 |
Transfers out of Level 2 to Level 1 | $ 0 | 96 |
Significant unobservable inputs used in fair value measurement of assets and liabilities [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Discount rate adjustment when discounted cash flow method is used to determine fair value | 2.00% | |
Significant unobservable inputs used in fair value measurement of assets and liabilities [member] | Minimum [Member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Auction rate securities, decrease in discount margin | 13.00% | |
Auction rate securities, increase in discount margin | 27.00% | |
Significant unobservable inputs used in fair value measurement of assets and liabilities [member] | Maximum [Member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Auction rate securities, decrease in discount margin | 17.00% | |
Auction rate securities, increase in discount margin | 31.00% | |
Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 125 | |
Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | $ 1,250 | 529 |
Transfers out of Level 2 to Level 1 | 0 | 65 |
Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 214 | |
Trading Securities [member] | Level 3 [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Positive fair value using reasonably possible alternatives | 13 | 12 |
Negative fair value using reasonably possible alternatives | $ (14) | $ (12) |
Fair value of financial instr_5
Fair value of financial instrument - Summary of Liabilities Designated as at Fair Value Through Profit or Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | $ 349,796 | $ 326,375 |
Carrying value | 350,518 | 326,128 |
Difference between carrying value and contractual maturity amount | 722 | (247) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (73) | (175) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 232 | 304 |
Term deposits - Personal [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 17,307 | 14,726 |
Carrying value | 17,394 | 14,602 |
Difference between carrying value and contractual maturity amount | 87 | (124) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | 3 | (41) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 22 | 19 |
Term deposits - Business and government [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 110,763 | 102,640 |
Carrying value | 111,389 | 102,597 |
Difference between carrying value and contractual maturity amount | 626 | (43) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (76) | (134) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 210 | 285 |
Term deposits - Bank [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 3,031 | 7,067 |
Carrying value | 3,032 | 7,072 |
Difference between carrying value and contractual maturity amount | 1 | 5 |
Term deposits [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 131,101 | 124,433 |
Carrying value | 131,815 | 124,271 |
Difference between carrying value and contractual maturity amount | 714 | (162) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (73) | (175) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 232 | 304 |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 218,604 | 201,924 |
Carrying value | 218,612 | 201,839 |
Difference between carrying value and contractual maturity amount | 8 | (85) |
Other liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 91 | 18 |
Carrying value | $ 91 | $ 18 |
Fair value of financial instr_6
Fair value of financial instrument - Summary of Liabilities Designated as at Fair Value Through Profit or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of financial liabilities [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ (73) | $ (175) |
Financial liabilities designated as at FVTPL [member] | ||
Disclosure of financial liabilities [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ 4 | $ 7 |
Fair value of financial instr_7
Fair value of financial instrument - Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | $ 1,743 | $ 1,802 |
Interest Rate and Credit [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 1,534 | 1,535 |
Equities [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | (144) | (164) |
Foreign Exchange and Commodities [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 353 | 431 |
Financial Instruments At Fair Value Through Profit Or Loss Classified As Fair Value Through Profit Loss Category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 3,564 | (265) |
Financial Instruments At Fair Value Through Profit Or Loss Designated upon Initial Recognition Category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | $ (1,821) | $ 2,067 |
Fair value of financial instr_8
Fair value of financial instrument - Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net fair value gains (losses) on financial liabilities designated as at FVTPL | $ 1,810 | $ 2,052 |
Insurance [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ 1,303 | $ (400) |
Fair value of financial instr_9
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | $ 41,333 | $ 33,021 |
Interest expense | 21,584 | 15,069 |
Net interest income | 19,749 | 17,952 |
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 | 12,103 | 7,800 |
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 | 1,132 | 802 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | 28,098 | 24,419 |
Interest expense [member] | Financial liabilities measured at fair value through profit or loss [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | 10,507 | |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | $ 11,077 | 8,527 |
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 | $ 6,542 |
Fair value of financial inst_10
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 5,710 | $ 4,279 |
Dividend income | 2,057 | 1,561 |
Interest income [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | 486 | 479 |
Interest expense [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 4 | $ 4 |
Fair value of financial inst_11
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 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Financial assets | |||
Interest-bearing deposits with banks | $ 38,345 | $ 36,471 | |
Trading | |||
Trading securities | 146,534 | 128,258 | |
Investment | |||
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 | |
Loans | 618,856 | 576,818 | |
Derivatives | |||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (70,411) | (19,776) | |
Derivatives | 101,560 | 94,039 | |
Deposits | |||
Personal | 294,732 | 270,154 | |
Business and government | 565,482 | 533,522 | |
Bank | 25,791 | 32,521 | |
Other | |||
Obligations related to securities sold short | 35,069 | 32,247 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 | |
Derivatives | |||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (70,411) | (19,776) | |
Total derivatives | 98,543 | 90,238 | |
Level 3 [member] | |||
Derivatives | |||
Financial assets | 2,954 | 2,967 | |
Derivatives | |||
Financial liabilities | 1,376 | 1,596 | |
Netting adjustments [member] | |||
Derivatives | |||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (710) | (583) | |
Financial assets | (710) | (583) | |
Derivatives | |||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (710) | (583) | |
Financial liabilities | (710) | (583) | |
Total gross fair value [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 57,801 | 42,410 | |
Investment | |||
Investment securities | 252 | 42 | |
Derivatives | |||
Total gross derivatives, assets | 2,853 | 5,869 | |
Other assets | 1,119 | 1,020 | |
Financial assets | 62,025 | 49,341 | |
Other | |||
Obligations related to securities sold short | 20,512 | 17,732 | |
Derivatives | |||
Total gross derivatives, liabilities | 2,675 | 4,369 | |
Other liabilities | 102 | 170 | |
Financial liabilities | 23,289 | 22,271 | |
Total gross fair value [member] | Level 2 [member] | |||
Financial assets | |||
Interest-bearing deposits with banks | 22,283 | 20,274 | |
Trading | |||
Trading securities | 87,433 | 84,503 | |
Investment | |||
Investment securities | 56,960 | 48,028 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 246,068 | 219,108 | |
Loans | 9,294 | 8,929 | |
Derivatives | |||
Total gross derivatives, assets | 98,994 | 88,176 | |
Other assets | 1,960 | 288 | |
Financial assets | 522,992 | 469,306 | |
Deposits | |||
Personal | 17,378 | 14,362 | |
Business and government | 111,540 | 102,591 | |
Bank | 3,032 | 7,072 | |
Other | |||
Obligations related to securities sold short | 14,557 | 14,515 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 218,612 | 201,839 | |
Derivatives | |||
Total gross derivatives, liabilities | 95,418 | 85,309 | |
Other liabilities | (1,280) | (1,654) | |
Financial liabilities | 459,257 | 424,034 | |
Total gross fair value [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 1,300 | 1,345 | |
Investment | |||
Investment securities | 474 | 429 | |
Loans | 680 | 551 | |
Derivatives | |||
Total gross derivatives, assets | 423 | 577 | |
Other assets | 77 | 65 | |
Financial assets | 2,954 | 2,967 | |
Deposits | |||
Personal | 156 | 390 | |
Business and government | (5) | ||
Derivatives | |||
Total gross derivatives, liabilities | 1,160 | 1,143 | |
Other liabilities | 60 | 68 | |
Financial liabilities | 1,376 | 1,596 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 14,655 | 8,342 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 5,474 | 6,231 | |
Investment | |||
Investment securities | 657 | 238 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 11,282 | 11,350 | |
Investment | |||
Investment securities | 2,898 | 1,554 | |
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 2,050 | 2,068 | |
Investment | |||
Investment securities | 210 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 39,584 | 31,030 | |
Investment | |||
Investment securities | 20,666 | 18,136 | |
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 58 | 66 | |
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 2,786 | 1,151 | |
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 3,710 | 9,018 | |
Investment | |||
Investment securities | 4,251 | 1,470 | |
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 482 | 1,001 | |
Investment | |||
Investment securities | 2,675 | 2,174 | |
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | |||
Investment | |||
Investment securities | 27 | ||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 1,333 | 1,023 | |
Investment | |||
Investment securities | 849 | 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 | 1 | 2 | |
Total gross fair value [member] | Corporate debt and other debt [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 23,643 | 22,303 | |
Investment | |||
Investment securities | 17,537 | 17,227 | |
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 21 | 21 | |
Investment | |||
Investment securities | 153 | 192 | |
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 38,309 | 30,847 | |
Investment | |||
Investment securities | 42 | 42 | |
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 1,925 | 2,547 | |
Investment | |||
Investment securities | 127 | 127 | |
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 1,219 | 1,148 | |
Investment | |||
Investment securities | 294 | 237 | |
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | |||
Investment | |||
Investment securities | 7,300 | 6,239 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 1 | 1 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 46,095 | 33,862 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 349 | 222 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 40,768 | 43,253 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 48 | 53 | |
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 169 | 38 | |
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 2,852 | 5,868 | |
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 12,674 | 11,654 | |
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 11 | 296 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | (712) | (631) | |
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 15 | 6 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 39,165 | 29,620 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 934 | 726 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 40,183 | 41,836 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 27 | 32 | |
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 282 | 94 | |
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 2,675 | 4,369 | |
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 15,776 | 13,730 | |
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 206 | 380 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 12 | 29 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | (7) | 5 | |
Recurring [member] | |||
Financial assets | |||
Interest-bearing deposits with banks | 22,283 | 20,274 | |
Trading | |||
Trading securities | 146,534 | 128,258 | |
Investment | |||
Investment securities | 57,686 | 48,499 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 246,068 | 219,108 | |
Loans | 9,974 | 9,480 | |
Derivatives | |||
Total gross derivatives, assets | 102,270 | 94,622 | |
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (710) | (583) | |
Derivatives | 101,560 | 94,039 | |
Other assets | 3,156 | 1,373 | |
Financial assets | 587,261 | 521,031 | |
Deposits | |||
Personal | 17,534 | 14,752 | |
Business and government | 111,540 | 102,586 | |
Bank | 3,032 | 7,072 | |
Other | |||
Obligations related to securities sold short | 35,069 | 32,247 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 218,612 | 201,839 | |
Derivatives | |||
Total gross derivatives, liabilities | 99,253 | 90,821 | |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (710) | (583) | |
Total derivatives | 98,543 | 90,238 | |
Other liabilities | (1,118) | (1,416) | |
Financial liabilities | 483,212 | 447,318 | |
Recurring [member] | Level 3 [member] | |||
Derivatives | |||
Financial assets | 1,794 | 1,824 | $ 1,752 |
Derivatives | |||
Financial liabilities | (216) | (453) | $ (489) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | |||
Trading | |||
Trading securities | 20,129 | 14,573 | |
Investment | |||
Investment securities | 657 | 238 | |
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | |||
Trading | |||
Trading securities | 11,282 | 11,350 | |
Investment | |||
Investment securities | 2,898 | 1,554 | |
Recurring [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | |||
Trading | |||
Trading securities | 41,692 | 33,164 | |
Investment | |||
Investment securities | 20,876 | 18,136 | |
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | |||
Trading | |||
Trading securities | 6,496 | 10,169 | |
Investment | |||
Investment securities | 4,251 | 1,470 | |
Recurring [member] | Mortgage-backed securities [member] | |||
Trading | |||
Trading securities | 482 | 1,001 | |
Investment | |||
Investment securities | 2,702 | 2,174 | |
Recurring [member] | Asset- backed securities, Non-CDO [member] | |||
Trading | |||
Trading securities | 1,335 | 1,133 | |
Investment | |||
Investment securities | 849 | 863 | |
Recurring [member] | Corporate debt and other debt [member] | |||
Trading | |||
Trading securities | 23,665 | 22,326 | |
Investment | |||
Investment securities | 17,690 | 17,419 | |
Recurring [member] | Equity securities [member] | |||
Trading | |||
Trading securities | 41,453 | 34,542 | |
Investment | |||
Investment securities | 463 | 406 | |
Recurring [member] | Asset-backed securities, CDO [member] | |||
Investment | |||
Investment securities | 7,300 | 6,239 | |
Recurring [member] | Interest rate contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 46,445 | 34,085 | |
Recurring [member] | Foreign exchange contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 40,816 | 43,306 | |
Recurring [member] | Credit derivatives [member] | |||
Derivatives | |||
Total gross derivatives, assets | 169 | 38 | |
Recurring [member] | Other contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 15,537 | 17,818 | |
Recurring [member] | Valuation adjustments [member] | |||
Derivatives | |||
Total gross derivatives, assets | (697) | (625) | |
Recurring [member] | Interest rate contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 40,099 | 30,346 | |
Recurring [member] | Foreign exchange contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 40,210 | 41,868 | |
Recurring [member] | Credit derivatives [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 282 | 94 | |
Recurring [member] | Other contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 18,657 | 18,479 | |
Recurring [member] | Valuation adjustments [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | $ 5 | $ 34 |
Fair value of financial inst_12
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 146,534 | $ 128,258 |
Investment securities | 102,470 | 94,608 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 22,365 | 16,776 |
Investment securities | 6,474 | 4,713 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 2,046 | $ 1,348 |
Fair value of financial inst_13
Fair value of financial instrument - Summary of Quantitative Information About Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | $ 101,560,000,000 | $ 94,039,000,000 |
Loans | 618,856,000,000 | 576,818,000,000 |
Deposits | 886,005,000,000 | 836,197,000,000 |
Derivative related liabilities | 98,543,000,000 | 90,238,000,000 |
Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value assets | 2,954,000,000 | 2,967,000,000 |
Fair value liabilities | 1,376,000,000 | 1,596,000,000 |
Auction Rate Securities [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
U.S. state, municipal and agencies debt | 58,000,000 | 45,000,000 |
Asset-backed securities | 2,000,000 | 110,000,000 |
Corporate Debt [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Corporate debt and other debt | 24,000,000 | 28,000,000 |
Loans | 680,000,000 | 551,000,000 |
Government Debt and Municipal Bonds [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
U.S. state, municipal and agencies debt | 21,000,000 | |
Mortgage Backed Securities | 27,000,000 | |
Corporate debt and other debt | 150,000,000 | 185,000,000 |
Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equities | 1,513,000,000 | 1,385,000,000 |
Derivative related liabilities | 10,000,000 | 24,000,000 |
Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | 380,000,000 | 260,000,000 |
Derivative related liabilities | $ 943,000,000 | $ 740,000,000 |
Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | Interest rates [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Even | Even |
Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | CPI swap rates [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Even | Even |
Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | IR-IR correlations [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Even | Even |
Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | FX-IR correlations [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Even | Even |
Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | FX-FX correlations [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Even | Even |
Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | $ 11,000,000 | $ 281,000,000 |
Deposits | 156,000,000 | 390,000,000 |
Derivative related liabilities | $ 180,000,000 | $ 328,000,000 |
Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | Dividend yields [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Lower | Lower |
Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | Equity (EQ)-EQ correlations [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Middle | Middle |
Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | EQ-FX correlations [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Middle | Middle |
Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | EQ volatilities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input distribution | Upper | Upper |
Other [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | $ 32,000,000 | $ 36,000,000 |
Other assets | 77,000,000 | 65,000,000 |
Deposits | (5,000,000) | |
Derivative related liabilities | 27,000,000 | 51,000,000 |
Other liabilities | $ 60,000,000 | $ 68,000,000 |
Bottom of range [member] | Auction Rate Securities [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount margins | 1.60% | 1.32% |
Default rates | 3.00% | 3.00% |
Prepayment rates | 8.00% | 4.00% |
Recovery rates | 96.50% | 96.50% |
Bottom of range [member] | Corporate Debt [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 1.02% | 0.90% |
Credit enhancement | 11.82% | 11.80% |
Bottom of range [member] | Corporate Debt [member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 20 | $ 72 |
Bottom of range [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 4.70% | 3.50% |
Bottom of range [member] | Government Debt and Municipal Bonds [Member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 65.50 | $ 65.50 |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 0.90X | 0.90X |
Liquidity discounts | 10.00% | 10.00% |
Discount rate | 10.00% | 10.52% |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 9.70X | 9.10X |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 4.00X | 6.16X |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | 1.27% | 2.30% |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | 1.40% | 1.90% |
IR-IR correlations | 19.00% | 19.00% |
FX-IR correlations | 29.00% | 29.00% |
FX-FX correlations | 68.00% | 68.00% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | 0.10% | 0.30% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | 34.00% | (55.00%) |
EQ-FX correlations | (71.40%) | (71.40%) |
EQ volatilities | 4.00% | 8.00% |
Top of range [member] | Auction Rate Securities [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount margins | 3.00% | 2.70% |
Default rates | 3.00% | 3.00% |
Prepayment rates | 8.00% | 5.50% |
Recovery rates | 96.50% | 97.50% |
Top of range [member] | Corporate Debt [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 11.34% | 11.30% |
Credit enhancement | 15.75% | 15.80% |
Top of range [member] | Corporate Debt [member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 131.78 | $ 123.06 |
Top of range [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 6.63% | 7.60% |
Top of range [member] | Government Debt and Municipal Bonds [Member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 100 | $ 100 |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 5.93X | 6.63X |
Liquidity discounts | 40.00% | 40.00% |
Discount rate | 12.00% | 10.52% |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 29.90X | 26.41X |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 24.90X | 17.80X |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | 2.16% | 3.00% |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | 2.00% | 2.10% |
IR-IR correlations | 67.00% | 67.00% |
FX-IR correlations | 56.00% | 56.00% |
FX-FX correlations | 68.00% | 68.00% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | 8.77% | 8.40% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | 95.40% | 100.00% |
EQ-FX correlations | 30.50% | 30.50% |
EQ volatilities | 110.00% | 164.00% |
Weighted average [member] | Auction Rate Securities [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount margins | 1.65% | 1.95% |
Default rates | 3.00% | 3.00% |
Prepayment rates | 8.00% | 4.56% |
Recovery rates | 96.50% | 96.59% |
Weighted average [member] | Corporate Debt [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 6.18% | 4.50% |
Credit enhancement | 13.13% | 13.10% |
Weighted average [member] | Corporate Debt [member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 110.30 | $ 103.84 |
Weighted average [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 5.80% | 5.75% |
Weighted average [member] | Government Debt and Municipal Bonds [Member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 65.67 | $ 66.41 |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 3.55X | 4.86X |
Liquidity discounts | 17.64% | 18.27% |
Discount rate | 10.45% | 10.52% |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 16.11X | 18.26X |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 10.23X | 14.46X |
Fair value of financial inst_14
Fair value of financial instrument - Summary of Quantitative Information About Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Parenthetical) (Detail) - Level 3 [member] - CAD ($) $ / shares in Units, $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value inputs application on par value | $ 100 | |
Discounted cash flow [member] | Liquidity discounts [member] | Private equities hedge fund investments and related equity derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value of securities with liquidity discount inputs | $ 255 | $ 207 |
Fair value of financial inst_15
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Corporate debt and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers into Level 3 | $ 206 | |
Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers into Level 3 | 125 | |
Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers into Level 3 | $ 214 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 2,967 | |
Fair value assets, ending balance | 2,954 | 2,967 |
Fair value liabilities, beginning balance | 1,596 | |
Fair value liabilities, ending balance | 1,376 | 1,596 |
Level 3 [member] | Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 192 | |
Fair value assets, ending balance | 153 | 192 |
Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 237 | |
Fair value assets, ending balance | 294 | 237 |
Level 3 [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 551 | |
Fair value assets, ending balance | 680 | 551 |
Level 3 [member] | Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 65 | |
Fair value assets, ending balance | 77 | 65 |
Level 3 [member] | Trading Securities [member] | Corporate debt and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 21 | |
Fair value assets, ending balance | 21 | 21 |
Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,148 | |
Fair value assets, ending balance | 1,219 | 1,148 |
Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 521,031 | |
Fair value assets, ending balance | 587,261 | 521,031 |
Fair value liabilities, beginning balance | 447,318 | |
Fair value liabilities, ending balance | 483,212 | 447,318 |
Recurring [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,824 | 1,752 |
Gains (losses) included in earnings | 69 | (111) |
Gains (losses) included in OCI | 48 | 53 |
Purchases (issuances) | 867 | 1,031 |
Settlement (sales) and other | (631) | (1,132) |
Transfers into Level 3 | 53 | 323 |
Transfers out of Level 3 | (436) | (92) |
Settlement (sales) and other | 53 | 54 |
Fair value assets, ending balance | 1,794 | 1,824 |
Gains (losses) included in earnings for positions still held | 135 | 55 |
Fair value liabilities, beginning balance | (453) | (489) |
Gains (losses) included in earnings | (54) | (36) |
Gains (losses) included in OCI | (1) | (5) |
Purchases (issuances) | (101) | (349) |
Transfers into Level 3 | (214) | (431) |
Transfers out of Level 3 | 554 | 803 |
Fair value liabilities, ending balance | (216) | (453) |
Gains (losses) included in earnings for positions still held | (12) | (4) |
Recurring [member] | Level 3 [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 429 | 249 |
Gains (losses) included in earnings | (3) | (30) |
Gains (losses) included in OCI | 40 | 26 |
Purchases (issuances) | 32 | 125 |
Settlement (sales) and other | (24) | (147) |
Transfers into Level 3 | 206 | |
Fair value assets, ending balance | 474 | 429 |
Recurring [member] | Level 3 [member] | Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 192 | 29 |
Gains (losses) included in earnings | (3) | (30) |
Gains (losses) included in OCI | 24 | 6 |
Purchases (issuances) | 125 | |
Settlement (sales) and other | (144) | |
Transfers into Level 3 | 206 | |
Settlement (sales) and other | (60) | |
Fair value assets, ending balance | 153 | 192 |
Recurring [member] | Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 237 | 220 |
Gains (losses) included in OCI | 16 | 20 |
Purchases (issuances) | 5 | |
Settlement (sales) and other | 36 | (3) |
Fair value assets, ending balance | 294 | 237 |
Recurring [member] | Level 3 [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 551 | 477 |
Gains (losses) included in earnings | 40 | (3) |
Gains (losses) included in OCI | 2 | (3) |
Purchases (issuances) | 830 | 450 |
Settlement (sales) and other | (481) | (291) |
Transfers into Level 3 | 55 | 16 |
Transfers out of Level 3 | (317) | (95) |
Fair value assets, ending balance | 680 | 551 |
Gains (losses) included in earnings for positions still held | 19 | 14 |
Recurring [member] | Level 3 [member] | Interest rate contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | (504) | (455) |
Gains (losses) included in earnings | (79) | 21 |
Purchases (issuances) | (197) | 67 |
Settlement (sales) and other | 217 | 73 |
Transfers into Level 3 | (7) | 7 |
Transfers out of Level 3 | (15) | (217) |
Fair value assets, ending balance | (585) | (504) |
Gains (losses) included in earnings for positions still held | (42) | (3) |
Recurring [member] | Level 3 [member] | Foreign exchange contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 21 | 21 |
Gains (losses) included in earnings | 12 | (10) |
Gains (losses) included in OCI | (4) | |
Purchases (issuances) | 11 | |
Settlement (sales) and other | (6) | 2 |
Transfers into Level 3 | 4 | 5 |
Transfers out of Level 3 | (10) | (4) |
Fair value assets, ending balance | 21 | 21 |
Gains (losses) included in earnings for positions still held | 32 | (5) |
Recurring [member] | Level 3 [member] | Other contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | (84) | (181) |
Gains (losses) included in earnings | 131 | 34 |
Gains (losses) included in OCI | 2 | (2) |
Purchases (issuances) | (131) | (88) |
Settlement (sales) and other | 18 | (42) |
Transfers into Level 3 | (38) | (36) |
Transfers out of Level 3 | (93) | 231 |
Fair value assets, ending balance | (195) | (84) |
Gains (losses) included in earnings for positions still held | 115 | 79 |
Recurring [member] | Level 3 [member] | Valuation adjustments [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1 | (16) |
Settlement (sales) and other | 21 | 17 |
Fair value assets, ending balance | 22 | 1 |
Recurring [member] | Level 3 [member] | Other assets [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 65 | |
Gains (losses) included in earnings | 28 | (5) |
Purchases (issuances) | 71 | |
Settlement (sales) and other | (16) | (1) |
Fair value assets, ending balance | 77 | 65 |
Gains (losses) included in earnings for positions still held | 27 | (5) |
Recurring [member] | Level 3 [member] | Mortgage-backed securities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Purchases (issuances) | 27 | |
Fair value assets, ending balance | 27 | |
Recurring [member] | Level 3 [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,345 | 1,657 |
Gains (losses) included in earnings | (60) | (118) |
Gains (losses) included in OCI | 4 | 36 |
Purchases (issuances) | 333 | 395 |
Settlement (sales) and other | (360) | (743) |
Transfers into Level 3 | 39 | 125 |
Transfers out of Level 3 | (1) | (7) |
Fair value assets, ending balance | 1,300 | 1,345 |
Gains (losses) included in earnings for positions still held | (16) | (25) |
Recurring [member] | Level 3 [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 66 | 508 |
Gains (losses) included in earnings | 16 | |
Gains (losses) included in OCI | 1 | (3) |
Settlement (sales) and other | (9) | (455) |
Fair value assets, ending balance | 58 | 66 |
Gains (losses) included in earnings for positions still held | (1) | |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Asset-backed securities, Non-CDO securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 110 | 196 |
Gains (losses) included in earnings | 15 | 28 |
Gains (losses) included in OCI | 2 | |
Settlement (sales) and other | (123) | (116) |
Fair value assets, ending balance | 2 | 110 |
Gains (losses) included in earnings for positions still held | 3 | 1 |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Corporate debt and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 21 | 30 |
Gains (losses) included in earnings | 1 | (2) |
Gains (losses) included in OCI | 1 | |
Settlement (sales) and other | (2) | (2) |
Transfers out of Level 3 | (5) | |
Fair value assets, ending balance | 21 | 21 |
Gains (losses) included in earnings for positions still held | 1 | (1) |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,148 | 923 |
Gains (losses) included in earnings | (76) | (160) |
Gains (losses) included in OCI | 2 | 37 |
Purchases (issuances) | 333 | 395 |
Settlement (sales) and other | (226) | (170) |
Transfers into Level 3 | 39 | 125 |
Transfers out of Level 3 | (1) | (2) |
Fair value assets, ending balance | 1,219 | 1,148 |
Gains (losses) included in earnings for positions still held | (20) | (24) |
Recurring [member] | Level 3 [member] | IFRS9 [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,345 | |
Fair value assets, ending balance | 1,345 | |
Recurring [member] | Level 3 [member] | Deposits - Personal [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Settlement (sales) and other | 29 | 44 |
Fair value liabilities, beginning balance | (390) | (465) |
Gains (losses) included in earnings | (38) | (36) |
Gains (losses) included in OCI | (4) | |
Purchases (issuances) | (102) | (301) |
Transfers into Level 3 | (214) | (431) |
Transfers out of Level 3 | 559 | 803 |
Fair value liabilities, ending balance | (156) | (390) |
Gains (losses) included in earnings for positions still held | (8) | |
Recurring [member] | Level 3 [member] | Deposits - Business and government [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | 5 | |
Purchases (issuances) | 5 | |
Transfers out of Level 3 | (5) | |
Fair value liabilities, ending balance | 5 | |
Recurring [member] | Level 3 [member] | Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Settlement (sales) and other | 24 | 10 |
Fair value liabilities, beginning balance | (68) | (24) |
Gains (losses) included in earnings | (16) | |
Gains (losses) included in OCI | (1) | (1) |
Purchases (issuances) | 1 | (53) |
Fair value liabilities, ending balance | (60) | (68) |
Gains (losses) included in earnings for positions still held | $ (12) | $ 4 |
Fair value of financial inst_16
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | $ 101,560 | $ 94,039 |
Derivative liabilities | 98,543 | 90,238 |
Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | 101,560 | 94,039 |
Derivative liabilities | 98,543 | 90,238 |
Investment [member] | Level 3 [member] | Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Unrealized gains (losses), excluding foreign currency translation, recognized in OCI | 43 | 33 |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | 423 | 577 |
Derivative liabilities | $ 1,160 | $ 1,143 |
Fair value of financial inst_17
Fair value of financial instrument - Summary of Positive and Negative Fair Value Movement of Level 3 Financial Instruments From Using Reasonably Possible Alternative Assumptions (Detail) - Level 3 [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | $ 2,954 | $ 2,967 |
Positive fair value movement from using reasonably possible alternatives | 71 | |
Negative fair value movement from using reasonably possible alternatives | (71) | |
Level 3 fair value | (1,376) | (1,596) |
Positive fair value movement from using reasonably possible alternatives | 24 | |
Negative fair value movement from using reasonably possible alternatives | (21) | |
Financial assets at fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 2,954 | 2,967 |
Positive fair value movement from using reasonably possible alternatives | 71 | 87 |
Negative fair value movement from using reasonably possible alternatives | (71) | (90) |
U.S. state, municipal and agencies debt [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 58 | 66 |
Positive fair value movement from using reasonably possible alternatives | 1 | |
Negative fair value movement from using reasonably possible alternatives | (1) | (1) |
Asset-backed securities [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 2 | 110 |
Positive fair value movement from using reasonably possible alternatives | 7 | |
Negative fair value movement from using reasonably possible alternatives | (10) | |
Corporate debt and other debt [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 21 | 21 |
Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 153 | 192 |
Positive fair value movement from using reasonably possible alternatives | 15 | 19 |
Negative fair value movement from using reasonably possible alternatives | (13) | (16) |
Equities [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 1,219 | 1,148 |
Positive fair value movement from using reasonably possible alternatives | 13 | 12 |
Negative fair value movement from using reasonably possible alternatives | (14) | (12) |
Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 294 | 237 |
Positive fair value movement from using reasonably possible alternatives | 26 | 24 |
Negative fair value movement from using reasonably possible alternatives | (27) | (26) |
Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 680 | 551 |
Positive fair value movement from using reasonably possible alternatives | 9 | 5 |
Negative fair value movement from using reasonably possible alternatives | (12) | (7) |
Classes of liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 423 | 577 |
Positive fair value movement from using reasonably possible alternatives | 6 | 20 |
Negative fair value movement from using reasonably possible alternatives | (3) | (18) |
Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 77 | 65 |
Mortgage backed securities [Member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 27 | |
Positive fair value movement from using reasonably possible alternatives | 1 | |
Negative fair value movement from using reasonably possible alternatives | (1) | |
Deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (156) | (385) |
Positive fair value movement from using reasonably possible alternatives | 4 | 12 |
Negative fair value movement from using reasonably possible alternatives | (4) | (11) |
Derivatives [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (1,160) | (1,143) |
Positive fair value movement from using reasonably possible alternatives | 20 | 47 |
Negative fair value movement from using reasonably possible alternatives | (17) | (54) |
Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (60) | (68) |
Financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (1,376) | (1,596) |
Positive fair value movement from using reasonably possible alternatives | 24 | 59 |
Negative fair value movement from using reasonably possible alternatives | $ (21) | $ (65) |
Fair value of financial inst_18
Fair value of financial instrument - Summary of Fair Value for Financial Instruments Carried at Amortized Cost and Classified Using the Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | $ 38,345 | $ 36,471 |
Investment securities | 249,004 | 222,866 |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 |
Deposits | ||
Personal | 294,732 | 270,154 |
Business and government | 565,482 | 533,522 |
Bank | 25,791 | 32,521 |
Deposits | 886,005 | 836,197 |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 |
Subordinated debentures | 9,815 | 9,131 |
Level 3 [member] | ||
Loans | ||
Fair value | 2,954 | 2,967 |
Deposits | ||
Financial liabilities | 1,376 | 1,596 |
Fair value of financial instruments not measured at fair value [member] | Fair Value Always Approximates Carrying Value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | 16,062 | 16,197 |
Assets purchased under reverse repurchase agreements and securities borrowed | 48,784 | 57,099 |
Loans | ||
Retail | 66,647 | 65,847 |
Wholesale | 6,596 | 8,889 |
Financial assets, excluding other financial assets | 73,243 | 74,736 |
Other assets | 49,761 | 45,559 |
Fair value | 187,850 | 193,591 |
Deposits | ||
Personal | 195,583 | 184,887 |
Business and government | 296,166 | 270,349 |
Bank | 15,093 | 15,218 |
Deposits | 506,842 | 470,454 |
Obligations related to assets sold under repurchase agreements and securities loaned | 7,974 | 4,264 |
Other liabilities | 50,601 | 46,195 |
Subordinated debentures | 8 | |
Financial liabilities | 565,425 | 520,913 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 45,104 | 45,367 |
Assets purchased under reverse repurchase agreements and securities borrowed | 12,110 | 18,391 |
Loans | ||
Retail | 357,769 | 328,204 |
Wholesale | 178,049 | 159,198 |
Financial assets, excluding other financial assets | 535,818 | 487,402 |
Other assets | 614 | 646 |
Fair value | 593,646 | 551,806 |
Deposits | ||
Personal | 81,770 | 70,228 |
Business and government | 156,370 | 160,809 |
Bank | 7,680 | 10,244 |
Deposits | 245,820 | 241,281 |
Obligations related to assets sold under repurchase agreements and securities loaned | 712 | |
Other liabilities | 10,423 | 9,534 |
Subordinated debentures | 9,922 | 9,319 |
Financial liabilities | 266,165 | 260,846 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 1 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 523 | 470 |
Loans | ||
Fair value | 523 | 470 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 2 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 44,581 | 44,897 |
Assets purchased under reverse repurchase agreements and securities borrowed | 12,110 | 18,391 |
Loans | ||
Retail | 352,717 | 323,114 |
Wholesale | 173,274 | 154,781 |
Financial assets, excluding other financial assets | 525,991 | 477,895 |
Other assets | 469 | 480 |
Fair value | 583,151 | 541,663 |
Deposits | ||
Personal | 81,179 | 69,606 |
Business and government | 155,646 | 160,010 |
Bank | 7,671 | 10,235 |
Deposits | 244,496 | 239,851 |
Obligations related to assets sold under repurchase agreements and securities loaned | 712 | |
Other liabilities | 445 | 406 |
Subordinated debentures | 9,864 | 9,260 |
Financial liabilities | 254,805 | 250,229 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 3 [member] | ||
Loans | ||
Retail | 5,052 | 5,090 |
Wholesale | 4,775 | 4,417 |
Financial assets, excluding other financial assets | 9,827 | 9,507 |
Other assets | 145 | 166 |
Fair value | 9,972 | 9,673 |
Deposits | ||
Personal | 591 | 622 |
Business and government | 724 | 799 |
Bank | 9 | 9 |
Deposits | 1,324 | 1,430 |
Other liabilities | 9,978 | 9,128 |
Subordinated debentures | 58 | 59 |
Financial liabilities | 11,360 | 10,617 |
Fair value of financial instruments not measured at fair value [member] | At fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | 16,062 | 16,197 |
Investment securities | 45,104 | 45,367 |
Assets purchased under reverse repurchase agreements and securities borrowed | 60,894 | 75,490 |
Loans | ||
Retail | 424,416 | 394,051 |
Wholesale | 184,645 | 168,087 |
Financial assets, excluding other financial assets | 609,061 | 562,138 |
Other assets | 50,375 | 46,205 |
Fair value | 781,496 | 745,397 |
Deposits | ||
Personal | 277,353 | 255,115 |
Business and government | 452,536 | 431,158 |
Bank | 22,773 | 25,462 |
Deposits | 752,662 | 711,735 |
Obligations related to assets sold under repurchase agreements and securities loaned | 7,974 | 4,976 |
Other liabilities | 61,024 | 55,729 |
Subordinated debentures | 9,930 | 9,319 |
Financial liabilities | $ 831,590 | $ 781,759 |
Securities - Summary of Contrac
Securities - Summary of Contractual Maturities of the Carrying Values of Financial Instruments Held (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Securities | $ 249,004 | $ 222,866 |
Cost/Amortized cost | 57,367 | 48,232 |
U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 20,787 | 18,000 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 4,254 | 1,469 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,709 | 2,176 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 17,655 | 17,439 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 248 | 222 |
Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 249,004 | 222,866 |
Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 146,534 | 128,258 |
Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 31,411 | 25,923 |
Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 41,692 | 33,164 |
Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,496 | 10,169 |
Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 482 | 1,001 |
Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,335 | 1,133 |
Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 433 | 326 |
Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,070 | 460 |
Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 22,162 | 21,540 |
Trading Securities [member] | Trading Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 41,453 | 34,542 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 57,367 | 48,232 |
Fair value | 57,686 | 48,499 |
Securities measured at fair value through other comprehensive income [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 20,787 | 18,000 |
Fair value | $ 20,876 | $ 18,136 |
Yield | 2.50% | 2.80% |
Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,254 | $ 1,469 |
Fair value | $ 4,251 | $ 1,470 |
Yield | 2.30% | 2.00% |
Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,709 | $ 2,176 |
Fair value | $ 2,702 | $ 2,174 |
Yield | 2.70% | 2.90% |
Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 8,181 | $ 7,104 |
Fair value | $ 8,149 | $ 7,102 |
Yield | 3.20% | 3.40% |
Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 17,655 | $ 17,439 |
Fair value | $ 17,690 | $ 17,419 |
Yield | 1.90% | 1.90% |
Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 655 | $ 244 |
Fair value | $ 657 | $ 238 |
Yield | 1.70% | 2.30% |
Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,878 | $ 1,578 |
Fair value | $ 2,898 | $ 1,554 |
Yield | 2.80% | 3.10% |
Securities measured at fair value through other comprehensive income [member] | Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 248 | $ 222 |
Fair value | 463 | 406 |
Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 44,784 | 46,109 |
Fair value | 45,104 | 45,367 |
Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 14,006 | 16,433 |
Securities measured at amortized cost [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 16,663 | 14,328 |
Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,317 | 6,787 |
Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 625 | 1,069 |
Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 8,173 | 7,492 |
Within 3 months [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 13,060 | 17,079 |
Within 3 months [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,030 | 6,694 |
Within 3 months [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,974 | 1,860 |
Within 3 months [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 771 | 595 |
Within 3 months [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 538 | 1,367 |
Within 3 months [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 359 | 126 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 433 | 326 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 586 | 300 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,369 | 2,120 |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,398 | 5,699 |
Fair value | 3,399 | 5,700 |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,597 | 1,355 |
Fair value | $ 1,598 | $ 1,355 |
Yield | 2.10% | 2.40% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 236 | $ 225 |
Fair value | $ 236 | $ 225 |
Yield | 1.20% | 0.60% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1 | |
Yield | 0.00% | |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,564 | $ 4,119 |
Fair value | $ 1,565 | $ 4,120 |
Yield | 1.40% | 1.50% |
Within 3 months [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,631 | $ 4,685 |
Fair value | 3,631 | 4,687 |
Within 3 months [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 682 | 1,762 |
Within 3 months [member] | Securities measured at amortized cost [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 297 | 69 |
Within 3 months [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,252 | 2,601 |
Within 3 months [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 400 | 253 |
3 months to 1 year [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 33,272 | 25,447 |
3 months to 1 year [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 23,024 | 19,040 |
3 months to 1 year [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 11,265 | 7,237 |
3 months to 1 year [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 7,122 | 3,715 |
3 months to 1 year [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,418 | 3,932 |
3 months to 1 year [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 63 | 14 |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 383 | 84 |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,773 | 4,058 |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 4,494 | 2,038 |
Fair value | 4,499 | 2,040 |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,085 | 132 |
Fair value | $ 1,087 | $ 131 |
Yield | 1.80% | 2.10% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 178 | $ 86 |
Fair value | $ 178 | $ 86 |
Yield | 2.10% | 2.40% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,222 | $ 1,769 |
Fair value | $ 3,225 | $ 1,772 |
Yield | 1.90% | 1.80% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5 | |
Fair value | $ 5 | |
Yield | 1.10% | |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4 | $ 51 |
Fair value | $ 4 | $ 51 |
Yield | 4.80% | 1.70% |
3 months to 1 year [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,749 | $ 4,367 |
Fair value | 5,822 | 4,360 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,978 | 1,427 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 478 | 115 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,431 | 1,386 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 9 | 5 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,853 | 1,434 |
1 to 5 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 68,083 | 66,409 |
1 to 5 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 27,246 | 28,372 |
1 to 5 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 7,783 | 7,983 |
1 to 5 years [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,601 | 9,836 |
1 to 5 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,211 | 3,456 |
1 to 5 years [member] | Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 114 | |
1 to 5 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 308 | 215 |
1 to 5 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 75 | 48 |
1 to 5 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,268 | 6,720 |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 21,355 | 15,546 |
Fair value | 21,359 | 15,542 |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,290 | 2,766 |
Fair value | $ 3,294 | $ 2,768 |
Yield | 2.00% | 2.30% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,839 | $ 1,090 |
Fair value | $ 3,836 | $ 1,091 |
Yield | 2.40% | 2.30% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 59 | |
Fair value | $ 59 | |
Yield | 0.00% | 1.60% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 8 | |
Fair value | $ 8 | |
Yield | 3.20% | |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 12,668 | $ 10,785 |
Fair value | $ 12,673 | $ 10,783 |
Yield | 2.00% | 2.00% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 596 | $ 173 |
Fair value | $ 595 | $ 169 |
Yield | 1.40% | 1.70% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 954 | $ 673 |
Fair value | $ 953 | $ 672 |
Yield | 2.70% | 2.90% |
1 to 5 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 19,478 | $ 22,495 |
Fair value | 19,628 | 22,286 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 9,831 | 10,863 |
1 to 5 years [member] | Securities measured at amortized cost [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,680 | 2,231 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,634 | 2,800 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 616 | 1,035 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,717 | 5,566 |
5 to 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 24,698 | 20,509 |
5 to 10 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 15,895 | 11,562 |
5 to 10 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,778 | 2,244 |
5 to 10 years [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 9,537 | 5,119 |
5 to 10 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,466 | 635 |
5 to 10 years [member] | Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 93 | |
5 to 10 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 267 | 369 |
5 to 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 20 | 3 |
5 to 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,827 | 3,099 |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,110 | 4,207 |
Fair value | 5,125 | 4,199 |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 829 | 635 |
Fair value | $ 844 | $ 643 |
Yield | 2.90% | 3.20% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1 | $ 67 |
Fair value | $ 1 | $ 67 |
Yield | 3.80% | 1.40% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 206 | $ 193 |
Fair value | $ 205 | $ 193 |
Yield | 3.00% | 3.40% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,982 | $ 2,662 |
Fair value | $ 3,972 | $ 2,657 |
Yield | 3.20% | 3.60% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 79 | $ 399 |
Fair value | $ 89 | $ 390 |
Yield | 2.00% | 3.00% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 15 | |
Fair value | $ 15 | |
Yield | 0.00% | 1.80% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 13 | $ 236 |
Fair value | $ 14 | $ 234 |
Yield | 4.50% | 2.00% |
5 to 10 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,678 | $ 4,748 |
Fair value | 3,746 | 4,635 |
5 to 10 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,515 | 2,381 |
5 to 10 years [member] | Securities measured at amortized cost [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,018 | 2,177 |
5 to 10 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 29 | |
5 to 10 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 145 | 161 |
Over 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 67,975 | 58,474 |
Over 10 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 32,886 | 28,048 |
Over 10 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,611 | 6,599 |
Over 10 years [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 15,661 | 13,899 |
Over 10 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 863 | 779 |
Over 10 years [member] | Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 482 | 794 |
Over 10 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 338 | 409 |
Over 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6 | 25 |
Over 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,925 | 5,543 |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 22,762 | 20,520 |
Fair value | 22,841 | 20,612 |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 13,986 | 13,112 |
Fair value | $ 14,053 | $ 13,239 |
Yield | 2.70% | 3.00% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1 | |
Fair value | $ 1 | |
Yield | 0.00% | 4.20% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,503 | $ 1,924 |
Fair value | $ 2,497 | $ 1,922 |
Yield | 2.70% | 2.90% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,190 | $ 4,442 |
Fair value | $ 4,169 | $ 4,445 |
Yield | 3.10% | 3.40% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 122 | $ 367 |
Fair value | $ 138 | $ 354 |
Yield | 3.10% | 4.10% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 54 | $ 56 |
Fair value | $ 57 | $ 54 |
Yield | 4.20% | 4.50% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,907 | $ 618 |
Fair value | $ 1,927 | $ 597 |
Yield | 2.80% | 4.00% |
Over 10 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 12,248 | $ 9,814 |
Fair value | 12,277 | 9,399 |
Over 10 years [member] | Securities measured at amortized cost [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 12,190 | 9,736 |
Over 10 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 58 | 78 |
With no specific maturity [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 41,916 | 34,948 |
With no specific maturity [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 41,453 | 34,542 |
With no specific maturity [member] | Trading Securities [member] | Trading Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 41,453 | 34,542 |
With no specific maturity [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 248 | 222 |
Fair value | 463 | 406 |
With no specific maturity [member] | Securities measured at fair value through other comprehensive income [member] | Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 248 | 222 |
Fair value | $ 463 | $ 406 |
Securities - Summary of Contr_2
Securities - Summary of Contractual Maturities of the Carrying Values of Financial Instruments Held (Parenthetical) (Detail) - Financial assets designated as at FVOCI [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of financial assets [line items] | ||
Investments in equity instruments designated at fair value through other comprehensive income disposed of during the year | $ 129 | $ 8 |
Cumulative gain (loss) on disposal of equity securities | $ 1 | $ (1) |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 57,367 | $ 48,232 |
Gross unrealized gains | 532 | 508 |
Gross unrealized losses | (213) | (241) |
Fair value | 57,686 | 48,499 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 655 | 244 |
Gross unrealized gains | 3 | |
Gross unrealized losses | (1) | (6) |
Fair value | 657 | 238 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,878 | 1,578 |
Gross unrealized gains | 43 | 2 |
Gross unrealized losses | (23) | (26) |
Fair value | 2,898 | 1,554 |
U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 20,787 | 18,000 |
Gross unrealized gains | 215 | 285 |
Gross unrealized losses | (126) | (149) |
Fair value | 20,876 | 18,136 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 4,254 | 1,469 |
Gross unrealized gains | 2 | 2 |
Gross unrealized losses | (5) | (1) |
Fair value | 4,251 | 1,470 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,709 | 2,176 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | (8) | (3) |
Fair value | 2,702 | 2,174 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,334 | 6,248 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | (35) | (10) |
Fair value | 7,300 | 6,239 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 847 | 856 |
Gross unrealized gains | 4 | 9 |
Gross unrealized losses | (2) | (2) |
Fair value | 849 | 863 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 17,655 | 17,439 |
Gross unrealized gains | 45 | 22 |
Gross unrealized losses | (10) | (42) |
Fair value | 17,690 | 17,419 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 248 | 222 |
Gross unrealized gains | 218 | 186 |
Gross unrealized losses | (3) | (2) |
Fair value | $ 463 | $ 406 |
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 57,367 | $ 48,232 |
Allowance for credit losses on debt securities at FVOCI | (3) | 11 |
Gross unrealized gains on securities measured at FVOCI | 532 | 508 |
Gross unrealized losses on securities measured at FVOCI | 213 | 241 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 2,051 | 1,442 |
Gross unrealized gains on securities measured at FVOCI | 1 | 0 |
Gross unrealized losses on securities measured at FVOCI | 6 | 6 |
Fair value | 2,046 | 1,436 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 44,784 | $ 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 | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of financial assets [line items] | ||
Balance at beginning of period | $ 11 | $ 25 |
Provision for credit losses | ||
Purchases | 5 | 85 |
Sales and maturities | (10) | (39) |
Changes in risk, parameters and exposures | (9) | (1) |
Write-offs | (62) | |
Exchange rate and other | 3 | |
Balance at end of period | (3) | 11 |
Performing Stage one [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 4 | 3 |
Provision for credit losses | ||
Transfers to Stage 1 | 5 | |
Transfers to Stage 3 | (36) | |
Purchases | 5 | 85 |
Sales and maturities | (3) | (47) |
Changes in risk, parameters and exposures | (2) | (8) |
Exchange rate and other | 2 | |
Balance at end of period | 4 | 4 |
Performing Stage two [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 7 | 22 |
Provision for credit losses | ||
Transfers to Stage 1 | (5) | |
Sales and maturities | (7) | (17) |
Changes in risk, parameters and exposures | 1 | 7 |
Exchange rate and other | (1) | |
Balance at end of period | 7 | |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 36 | |
Sales and maturities | 25 | |
Changes in risk, parameters and exposures | (8) | |
Write-offs | (62) | |
Exchange rate and other | 1 | $ 1 |
Balance at end of period | $ (7) |
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 | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 38 | $ 54 |
Provision for credit losses | ||
Purchases | 7 | 5 |
Sales and maturities | (1) | (14) |
Changes in risk, parameters and exposures | (21) | (5) |
Write-offs | (2) | |
Exchange rate and other | 1 | |
Balance at end of period | 24 | 38 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 6 | 9 |
Provision for credit losses | ||
Transfers to Stage 1 | 3 | |
Transfers to Stage 2 | (7) | |
Purchases | 7 | 5 |
Sales and maturities | (1) | (3) |
Changes in risk, parameters and exposures | (6) | (2) |
Exchange rate and other | (1) | 1 |
Balance at end of period | 5 | 6 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 32 | 45 |
Provision for credit losses | ||
Transfers to Stage 1 | (3) | |
Transfers to Stage 2 | 7 | |
Transfers to Stage 3 | (2) | |
Sales and maturities | (11) | |
Changes in risk, parameters and exposures | (15) | (3) |
Exchange rate and other | 2 | (1) |
Balance at end of period | $ 19 | 32 |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 2 | |
Write-offs | $ (2) |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 57,367 | $ 48,232 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 56,672 | 47,435 |
Non-investment grade | 401 | 533 |
Impaired | 150 | 125 |
Carrying amount of securities measured at FVOCI subject to impairment | 57,223 | 48,093 |
Items not subject to impairment | 463 | 406 |
Carrying amount of securities measured at FVOCI | 57,686 | 48,499 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 43,727 | 45,077 |
Non-investment grade | 1,081 | 1,070 |
Amount before allowance for credit losses | 44,808 | 46,147 |
Allowance for credit losses | 24 | 38 |
Amortized cost | 44,784 | 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 | 56,671 | 46,956 |
Non-investment grade | 400 | 500 |
Carrying amount of securities measured at FVOCI subject to impairment | 57,071 | 47,456 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 43,681 | 44,958 |
Non-investment grade | 695 | 367 |
Amount before allowance for credit losses | 44,376 | 45,325 |
Allowance for credit losses | 5 | 6 |
Amortized cost | 44,371 | 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 | 1 | 33 |
Carrying amount of securities measured at FVOCI subject to impairment | 2 | 512 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 46 | 119 |
Non-investment grade | 386 | 703 |
Amount before allowance for credit losses | 432 | 822 |
Allowance for credit losses | 19 | 32 |
Amortized cost | 413 | 790 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 150 | 125 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 150 | $ 125 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 150 | $ 125 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Disclosure of Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 621,956 | $ 579,730 |
Allowance for credit losses | (3,100) | (2,912) |
Loans, net of allowance for credit losses | 618,856 | 576,818 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 308,091 | 282,471 |
Allowance for credit losses | (402) | (382) |
Loans, net of allowance for credit losses | 307,689 | 282,089 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 92,250 | 92,700 |
Allowance for credit losses | (762) | (841) |
Loans, net of allowance for credit losses | 91,488 | 91,859 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 20,311 | 19,415 |
Allowance for credit losses | (791) | (725) |
Loans, net of allowance for credit losses | 19,520 | 18,690 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 5,434 | 4,866 |
Allowance for credit losses | (50) | (49) |
Loans, net of allowance for credit losses | 5,384 | 4,817 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 195,870 | 180,278 |
Allowance for credit losses | (1,095) | (915) |
Loans, net of allowance for credit losses | 194,775 | 179,363 |
Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 214,200 | 204,652 |
Allowance for credit losses | (225) | (90) |
Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 332,021 | 319,853 |
Allowance for credit losses | (70) | (64) |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 518,677 | 474,671 |
Canada [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 287,767 | 265,831 |
Canada [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 81,547 | 82,112 |
Canada [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 19,617 | 18,793 |
Canada [member] | Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 5,434 | 4,866 |
Canada [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 124,312 | 103,069 |
Canada [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 208,336 | 199,395 |
Canada [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 101,017 | 96,146 |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 78,632 | 80,475 |
United States [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 17,012 | 13,493 |
United States [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 7,399 | 7,172 |
United States [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 439 | 368 |
United States [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 53,782 | 59,442 |
United States [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 5,063 | 4,007 |
United States [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 176,022 | 169,910 |
Other International [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 24,647 | 24,584 |
Other International [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,312 | 3,147 |
Other International [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,304 | 3,416 |
Other International [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 255 | 254 |
Other International [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 17,776 | 17,767 |
Other International [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 801 | 1,250 |
Other International [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 54,982 | $ 53,797 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Disclosure of Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Loans classified as FVOCI [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | $ 0 | $ 1 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Disclosure of Loans Maturity and Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Total loans | $ 621,956 | $ 579,730 |
Allowance for loan losses (Note 5) | (3,100) | (2,912) |
Total loans net of allowance for loan losses | 618,856 | 576,818 |
Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 621,956 | 579,730 |
Allowance for loan losses (Note 5) | (3,100) | (2,912) |
Total loans net of allowance for loan losses | 618,856 | 576,818 |
Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 621,956 | 579,730 |
Allowance for loan losses (Note 5) | (3,100) | (2,912) |
Total loans net of allowance for loan losses | 618,856 | 576,818 |
Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 142,065 | 154,842 |
Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 469,950 | 416,763 |
Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 9,941 | 8,125 |
Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 426,086 | 399,452 |
Retail [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 426,086 | 399,452 |
Retail [member] | Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 114,736 | 123,826 |
Retail [member] | Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 304,448 | 268,793 |
Retail [member] | Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 6,902 | 6,833 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for loan losses (Note 5) | (1,095) | (915) |
Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 195,870 | 180,278 |
Wholesale [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 195,870 | 180,278 |
Wholesale [member] | Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 27,329 | 31,016 |
Wholesale [member] | Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 165,502 | 147,970 |
Wholesale [member] | Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 3,039 | 1,292 |
Under 1 year [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 371,055 | 361,396 |
Under 1 year [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 216,610 | 217,188 |
Under 1 year [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 154,445 | 144,208 |
1 to 5 years [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 218,233 | 191,080 |
1 to 5 years [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 187,721 | 163,291 |
1 to 5 years [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 30,512 | 27,789 |
Over 5 years [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 32,668 | 27,254 |
Over 5 years [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 21,755 | 18,973 |
Over 5 years [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | $ 10,913 | $ 8,281 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 21 | $ 20 |
Provision for credit losses | 5 | |
Exchange rate changes/other | (2) | 1 |
Balance at end of period | 24 | 21 |
Allowance for credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 3,088 | 2,976 |
Provision for credit losses | 1,891 | 1,283 |
Net write-offs | (1,454) | (1,112) |
Exchange rate changes/other | (106) | (59) |
Balance at end of period | 3,419 | 3,088 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 2,912 | 2,749 |
Balance at end of period | 3,100 | 2,912 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 154 | 207 |
Balance at end of period | 295 | 154 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 21 | 20 |
Balance at end of period | 24 | 21 |
Allowance for credit losses [member] | Other components of equity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1 | |
Balance at end of period | 0 | 1 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 382 | 378 |
Provision for credit losses | 68 | 47 |
Net write-offs | (37) | (43) |
Exchange rate changes/other | (11) | |
Balance at end of period | 402 | 382 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 895 | 826 |
Provision for credit losses | 526 | 513 |
Net write-offs | (474) | (431) |
Exchange rate changes/other | (12) | (13) |
Balance at end of period | 935 | 895 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 760 | 693 |
Provision for credit losses | 590 | 534 |
Net write-offs | (518) | (468) |
Exchange rate changes/other | 1 | |
Balance at end of period | 832 | 760 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 51 | 49 |
Provision for credit losses | 41 | 33 |
Net write-offs | (28) | (28) |
Exchange rate changes/other | (3) | (3) |
Balance at end of period | 61 | 51 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 979 | 1,010 |
Provision for credit losses | 661 | 156 |
Net write-offs | (397) | (142) |
Exchange rate changes/other | (78) | (45) |
Balance at end of period | $ 1,165 | $ 979 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [abstract] | ||
Loan contractual amount outstanding on loans written-off during the period that are no longer subject to enforcement activity | $ 179 | $ 83 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Residential Mortgages (Detail) - Retail [member] - Residential mortgages [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 382 | $ 378 |
Provision for credit losses | ||
Model changes | 26 | |
Originations | 51 | 64 |
Maturities | (24) | (23) |
Changes in risk, parameters and exposures | 41 | (20) |
Write-offs | (45) | (51) |
Recoveries | 8 | 8 |
Exchange rate and other | (11) | |
Balance at end of period | 402 | 382 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 142 | 140 |
Provision for credit losses | ||
Model changes | 20 | |
Transfers to Stage 1 | 87 | 59 |
Transfers to Stage 2 | (13) | (18) |
Transfers to Stage 3 | (3) | (2) |
Originations | 51 | 63 |
Maturities | (14) | (13) |
Changes in risk, parameters and exposures | (104) | (110) |
Exchange rate and other | 3 | |
Balance at end of period | 146 | 142 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 64 | 65 |
Provision for credit losses | ||
Model changes | 2 | |
Transfers to Stage 1 | (66) | (59) |
Transfers to Stage 2 | 16 | 23 |
Transfers to Stage 3 | (31) | (16) |
Originations | 1 | |
Maturities | (10) | (10) |
Changes in risk, parameters and exposures | 104 | 56 |
Exchange rate and other | 2 | |
Balance at end of period | 77 | 64 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 176 | 173 |
Provision for credit losses | ||
Model changes | 4 | |
Transfers to Stage 1 | (21) | |
Transfers to Stage 2 | (3) | (5) |
Transfers to Stage 3 | 34 | 18 |
Changes in risk, parameters and exposures | 41 | 34 |
Write-offs | (45) | (51) |
Recoveries | 8 | 8 |
Exchange rate and other | (11) | (5) |
Balance at end of period | $ 179 | $ 176 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Personal (Detail) - Retail [member] - Personal [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 895 | $ 826 |
Provision for credit losses | ||
Model changes | (25) | (15) |
Originations | 102 | 112 |
Maturities | (143) | (163) |
Changes in risk, parameters and exposures | 592 | 579 |
Write-offs | (600) | (552) |
Recoveries | 126 | 121 |
Exchange rate and other | (12) | (13) |
Balance at end of period | 935 | 895 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 242 | 278 |
Provision for credit losses | ||
Model changes | 23 | (10) |
Transfers to Stage 1 | 544 | 712 |
Transfers to Stage 2 | (87) | (140) |
Transfers to Stage 3 | (2) | (3) |
Originations | 101 | 107 |
Maturities | (31) | (33) |
Changes in risk, parameters and exposures | (517) | (668) |
Exchange rate and other | (1) | (1) |
Balance at end of period | 272 | 242 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 512 | 427 |
Provision for credit losses | ||
Model changes | (48) | 1 |
Transfers to Stage 1 | (537) | (712) |
Transfers to Stage 2 | 88 | 141 |
Transfers to Stage 3 | (142) | (157) |
Originations | 1 | 5 |
Maturities | (112) | (130) |
Changes in risk, parameters and exposures | 758 | 938 |
Exchange rate and other | (1) | |
Balance at end of period | 520 | 512 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 141 | 121 |
Provision for credit losses | ||
Model changes | (6) | |
Transfers to Stage 1 | (7) | |
Transfers to Stage 2 | (1) | (1) |
Transfers to Stage 3 | 144 | 160 |
Changes in risk, parameters and exposures | 351 | 309 |
Write-offs | (600) | (552) |
Recoveries | 126 | 121 |
Exchange rate and other | (11) | (11) |
Balance at end of period | $ 143 | $ 141 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Credit Cards (Detail) - Retail [member] - Credit cards [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 760 | $ 693 |
Provision for credit losses | ||
Model changes | (1) | |
Originations | 5 | 13 |
Maturities | (32) | (72) |
Changes in risk, parameters and exposures | 617 | 594 |
Write-offs | (655) | (599) |
Recoveries | 137 | 131 |
Exchange rate and other | 1 | |
Balance at end of period | 832 | 760 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 161 | 251 |
Provision for credit losses | ||
Model changes | (65) | |
Transfers to Stage 1 | 452 | 693 |
Transfers to Stage 2 | (81) | (123) |
Transfers to Stage 3 | (2) | (2) |
Originations | 5 | 11 |
Maturities | (5) | (12) |
Changes in risk, parameters and exposures | (358) | (592) |
Exchange rate and other | 1 | |
Balance at end of period | 173 | 161 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 599 | 442 |
Provision for credit losses | ||
Model changes | 64 | |
Transfers to Stage 1 | (452) | (693) |
Transfers to Stage 2 | 81 | 123 |
Transfers to Stage 3 | (341) | (227) |
Originations | 2 | |
Maturities | (27) | (60) |
Changes in risk, parameters and exposures | 800 | 947 |
Exchange rate and other | (1) | 1 |
Balance at end of period | 659 | 599 |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 343 | 229 |
Changes in risk, parameters and exposures | 175 | 239 |
Write-offs | (655) | (599) |
Recoveries | $ 137 | $ 131 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Small Business (Detail) - Retail [member] - Small business [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 51 | $ 49 |
Provision for credit losses | ||
Model changes | 4 | |
Originations | 13 | 10 |
Maturities | (13) | (13) |
Changes in risk, parameters and exposures | 37 | 36 |
Write-offs | (36) | (35) |
Recoveries | 8 | 7 |
Exchange rate and other | (3) | (3) |
Balance at end of period | 61 | 51 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 17 | 15 |
Provision for credit losses | ||
Model changes | 11 | |
Transfers to Stage 1 | 18 | 31 |
Transfers to Stage 2 | (3) | (5) |
Originations | 13 | 10 |
Maturities | (5) | (4) |
Changes in risk, parameters and exposures | (22) | (31) |
Exchange rate and other | 1 | |
Balance at end of period | 29 | 17 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 16 | 15 |
Provision for credit losses | ||
Model changes | (7) | |
Transfers to Stage 1 | (18) | (31) |
Transfers to Stage 2 | 3 | 5 |
Transfers to Stage 3 | (9) | (11) |
Maturities | (8) | (9) |
Changes in risk, parameters and exposures | 32 | 48 |
Exchange rate and other | 1 | (1) |
Balance at end of period | 10 | 16 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 18 | 19 |
Provision for credit losses | ||
Transfers to Stage 3 | 9 | 11 |
Changes in risk, parameters and exposures | 27 | 19 |
Write-offs | (36) | (35) |
Recoveries | 8 | 7 |
Exchange rate and other | (4) | (3) |
Balance at end of period | $ 22 | $ 18 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Wholesale (Detail) - Wholesale [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 979 | $ 1,010 |
Provision for credit losses | ||
Model changes | (35) | |
Originations | 283 | 273 |
Maturities | (327) | (332) |
Changes in risk, parameters and exposures | 705 | 250 |
Write-offs | (440) | (207) |
Recoveries | 43 | 65 |
Exchange rate and other | (78) | (45) |
Balance at end of period | 1,165 | 979 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 274 | 251 |
Provision for credit losses | ||
Model changes | (17) | |
Transfers to Stage 1 | 145 | 207 |
Transfers to Stage 2 | (33) | (66) |
Transfers to Stage 3 | (5) | (2) |
Originations | 239 | 227 |
Maturities | (162) | (153) |
Changes in risk, parameters and exposures | (178) | (176) |
Exchange rate and other | 1 | 3 |
Balance at end of period | 281 | 274 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 340 | 352 |
Provision for credit losses | ||
Model changes | (12) | |
Transfers to Stage 1 | (133) | (207) |
Transfers to Stage 2 | 36 | 93 |
Transfers to Stage 3 | (57) | (43) |
Originations | 44 | 46 |
Maturities | (165) | (179) |
Changes in risk, parameters and exposures | 331 | 289 |
Exchange rate and other | 1 | |
Balance at end of period | 396 | 340 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 365 | 407 |
Provision for credit losses | ||
Model changes | (6) | |
Transfers to Stage 1 | (12) | |
Transfers to Stage 2 | (3) | (27) |
Transfers to Stage 3 | 62 | 45 |
Changes in risk, parameters and exposures | 552 | 137 |
Write-offs | (440) | (207) |
Recoveries | 43 | 65 |
Exchange rate and other | (79) | (49) |
Balance at end of period | $ 488 | $ 365 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses, Forward Looking Macroeconomic Variables - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Remaining Forecast Period for Macroeconomic Variables | 2 years |
Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Remaining Forecast Period for Macroeconomic Variables | 5 years |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Primary Macroeconomic Drivers of Credit Losses in Models Used to Estimate ACL on Performing Loans, Commitments, and Acceptances (Detail) - $ / Perbarrel | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Base Scenario [member] | Next Twelve Months Credit Losses [member] | Canadian unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 5.80% | 5.80% |
Base Scenario [member] | Next Twelve Months Credit Losses [member] | US unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 3.80% | 3.60% |
Base Scenario [member] | Next Twelve Months Credit Losses [member] | Canada Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 1.60% | 1.70% |
Base Scenario [member] | Next Twelve Months Credit Losses [member] | U.S. Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 1.70% | 2.10% |
Base Scenario [member] | Next Twelve Months Credit Losses [member] | Oil price (West Texas Intermediate) average price [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 59 | 76 |
Base Scenario [member] | Next Twelve Months Credit Losses [member] | Canadian housing price index growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 4.50% | 0.10% |
Base Scenario [member] | 2 to 5 Years Credit Losses [member] | Canadian unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 6.00% | 6.00% |
Base Scenario [member] | 2 to 5 Years Credit Losses [member] | US unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 4.20% | 4.10% |
Base Scenario [member] | 2 to 5 Years Credit Losses [member] | Canada Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 1.80% | 1.70% |
Base Scenario [member] | 2 to 5 Years Credit Losses [member] | U.S. Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 1.50% | 1.40% |
Base Scenario [member] | 2 to 5 Years Credit Losses [member] | Oil price (West Texas Intermediate) average price [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 68 | 72 |
Base Scenario [member] | 2 to 5 Years Credit Losses [member] | Canadian housing price index growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 4.70% | 3.90% |
Upside Scenario [member] | Next Twelve Months Credit Losses [member] | Canadian unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 5.40% | 5.70% |
Upside Scenario [member] | Next Twelve Months Credit Losses [member] | US unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 3.70% | 3.60% |
Upside Scenario [member] | Next Twelve Months Credit Losses [member] | Canada Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 2.40% | 2.30% |
Upside Scenario [member] | Next Twelve Months Credit Losses [member] | U.S. Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 2.10% | 2.10% |
Upside Scenario [member] | Next Twelve Months Credit Losses [member] | Oil price (West Texas Intermediate) average price [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 69 | 88 |
Upside Scenario [member] | Next Twelve Months Credit Losses [member] | Canadian housing price index growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 5.30% | 5.30% |
Upside Scenario [member] | 2 to 5 Years Credit Losses [member] | Canadian unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 4.80% | 5.10% |
Upside Scenario [member] | 2 to 5 Years Credit Losses [member] | US unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 3.40% | 3.30% |
Upside Scenario [member] | 2 to 5 Years Credit Losses [member] | Canada Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 2.10% | 2.10% |
Upside Scenario [member] | 2 to 5 Years Credit Losses [member] | U.S. Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 1.90% | 1.90% |
Upside Scenario [member] | 2 to 5 Years Credit Losses [member] | Oil price (West Texas Intermediate) average price [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 70 | 76 |
Upside Scenario [member] | 2 to 5 Years Credit Losses [member] | Canadian housing price index growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 2.50% | 2.50% |
Downside Scenario [member] | Next Twelve Months Credit Losses [member] | Canadian unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 6.60% | 6.80% |
Downside Scenario [member] | Next Twelve Months Credit Losses [member] | US unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 4.80% | 4.80% |
Downside Scenario [member] | Next Twelve Months Credit Losses [member] | Canada Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | (2.00%) | (2.00%) |
Downside Scenario [member] | Next Twelve Months Credit Losses [member] | U.S. Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | (2.30%) | (2.30%) |
Downside Scenario [member] | Next Twelve Months Credit Losses [member] | Oil price (West Texas Intermediate) average price [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 43 | 56 |
Downside Scenario [member] | Next Twelve Months Credit Losses [member] | Canadian housing price index growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | (9.20%) | (9.20%) |
Downside Scenario [member] | 2 to 5 Years Credit Losses [member] | Canadian unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 6.80% | 7.10% |
Downside Scenario [member] | 2 to 5 Years Credit Losses [member] | US unemployment rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 5.30% | 5.30% |
Downside Scenario [member] | 2 to 5 Years Credit Losses [member] | Canada Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 2.80% | 2.70% |
Downside Scenario [member] | 2 to 5 Years Credit Losses [member] | U.S. Gross domestic product growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 2.60% | 2.60% |
Downside Scenario [member] | 2 to 5 Years Credit Losses [member] | Oil price (West Texas Intermediate) average price [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 56 | 61 |
Downside Scenario [member] | 2 to 5 Years Credit Losses [member] | Canadian housing price index growth rate [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average value macroeconomic drivers percentage | 5.80% | 5.80% |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses, Key Inputs and Assumptions - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2019CAD ($)$ / Perbarrel | Oct. 31, 2018CAD ($)$ / Perbarrel | |
Statement [Line Items] | ||
Increase to ACL on performing loans relative to Base Scenario | $ | $ 376 | $ 290 |
Oil price (West Texas Intermediate) average price [member] | Downside Scenario [member] | Energy [member] | Next Twelve Months [member] | ||
Statement [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 25 | 27 |
Oil price (West Texas Intermediate) average price [member] | Downside Scenario [member] | Energy [member] | Next Two To Five Years [member] | ||
Statement [Line Items] | ||
Average value macroeconomic drivers oil price per barrel | 45 | 45 |
Housing Price Index [Member] | Downside Scenario [member] | Real estate [member] | Next Twelve Months [member] | ||
Statement [Line Items] | ||
Average value macroeconomic drivers percentage | (30.00%) | (30.00%) |
Housing Price Index [Member] | Downside Scenario [member] | Real estate [member] | Next Two To Five Years [member] | ||
Statement [Line Items] | ||
Average value macroeconomic drivers percentage | 11.00% | 11.00% |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Impact of Staging on Allowances for Credit Losses for Performing Loans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of Impact Of Staging On Allowance For Credit Losses on Performing Loans [Abstract] | ||
ACL - All performing loans in Stage 1 | $ 1,737 | $ 1,526 |
Impact of staging | 826 | 841 |
Stage 1 and 2 ACL | $ 2,563 | $ 2,367 |
Loans and Allowance for Cred_17
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 307,574 | $ 282,212 |
Items not subject to impairment | 517 | 259 |
Gross carrying amount of financial assets | 308,091 | 282,471 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 245,141 | 225,714 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,380 | 15,050 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,565 | 5,474 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 40,756 | 35,248 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 732 | 726 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 295,283 | 272,954 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 238,377 | 222,026 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 14,033 | 13,681 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,843 | 2,577 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 40,030 | 34,670 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,559 | 8,532 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,764 | 3,688 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,347 | 1,369 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,722 | 2,897 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 726 | 578 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 732 | 726 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 732 | $ 726 |
Loans and Allowance for Cred_18
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 92,250 | $ 92,700 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 73,563 | 73,019 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,265 | 8,049 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,717 | 2,670 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,398 | 8,659 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 307 | 303 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 85,009 | 87,480 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 71,619 | 71,763 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,254 | 6,124 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 843 | 998 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,293 | 8,595 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,934 | 4,917 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,944 | 1,256 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,011 | 1,925 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,874 | 1,672 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 105 | 64 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 307 | 303 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 307 | $ 303 |
Loans and Allowance for Cred_19
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 20,311 | $ 19,415 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,943 | 13,285 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,077 | 3,866 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,569 | 1,470 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 722 | 794 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 16,904 | 16,322 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,840 | 13,185 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,250 | 2,234 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 137 | 139 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 677 | 764 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,407 | 3,093 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 103 | 100 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,827 | 1,632 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,432 | 1,331 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 45 | $ 30 |
Loans and Allowance for Cred_20
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 5,434 | $ 4,866 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,307 | 2,050 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,726 | 2,332 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 334 | 273 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10 | 167 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 57 | 44 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,511 | 4,495 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,200 | 2,004 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,163 | 2,230 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 138 | 95 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10 | 166 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 866 | 327 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 107 | 46 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 563 | 102 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 196 | 178 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1 | |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 57 | 44 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 57 | $ 44 |
Loans and Allowance for Cred_21
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 214,200 | $ 204,652 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 198,637 | 183,696 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,497 | 11,033 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,059 | 3,906 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,007 | 6,017 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 211,706 | 202,897 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 196,743 | 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 | 8,251 | 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 | 851 | 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 | 5,861 | 5,937 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,494 | 1,755 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,894 | 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 | 246 | 239 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 208 | 166 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 146 | $ 80 |
Loans and Allowance for Cred_22
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 186,959 | $ 171,609 |
Items not subject to impairment | 8,911 | 8,669 |
Gross carrying amount of financial assets | 195,870 | 180,278 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 47,230 | 47,193 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 131,718 | 116,217 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,182 | 7,103 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,829 | 1,096 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 172,773 | 159,588 |
Stage one loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 47,133 | 46,869 |
Stage one loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 119,778 | 106,027 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,862 | 6,692 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 12,357 | 10,925 |
Stage two loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 97 | 324 |
Stage two loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,940 | 10,190 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 320 | 411 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,829 | 1,096 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1,829 | $ 1,096 |
Loans and Allowance for Cred_23
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 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 332,021 | $ 319,853 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 222,837 | 220,718 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 105,198 | 94,889 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,986 | 4,246 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 322,996 | 312,766 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 222,819 | 220,626 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 96,191 | 87,894 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,986 | 4,246 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,025 | 7,087 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 18 | 92 |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 9,007 | $ 6,995 |
Loans and Allowance for Cred_24
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of credit impaired loans collateralized fully or partially | 86.00% | 88.00% |
Loans and Allowance for Cred_25
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 6,734 | $ 6,290 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 4,728 | 4,576 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 2,006 | 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 | 4,716 | 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 | 3,173 | 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 | 1,543 | 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 | 1,829 | 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 | 1,369 | 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 | 460 | 468 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 189 | 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 | $ 3 |
Derecognition of financial as_3
Derecognition of financial assets - Additional Information (Detail) - Canadian residential mortgage loans [member] | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Threshold for the borrower to pay the insurance for mortgages | We require the borrower to pay for mortgage insurance when the loan amount is greater than 80% of the original appraised value of the property (loan-to-value (LTV) ratio). For residential mortgage loans securitized under this program with LTV ratios less than 80%, we are required to insure the mortgages at our own expense. Under the NHA MBS program, we are responsible for making all payments due on our issued MBS, regardless of whether we collect the necessary funds from the mortgagor or the insurer. |
Description of insurance claim | The insurance claim process is managed by the insurance provider in accordance with the insurer’s policies and covers the entire unpaid loan balance plus generally up to 12 months of interest, selling costs and other eligible expenses |
Top of range [member] | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Percentage of loan amount to appraised value (LTV) ratio which insurance amount payable by borrower | 80.00% |
Bottom of range [member] | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Percentage of loan amount to appraised value (LTV) ratio which insurance amount payable by borrower | 80.00% |
Derecognition of financial as_4
Derecognition of financial assets - Summary of Carrying Amount and Fair Value of Transferred Assets Did Not Qualify for Derecognition (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | $ 259,380 | $ 240,919 |
Carrying amount of associated liabilities | 259,201 | 240,789 |
Fair value of transferred assets | 259,343 | 240,305 |
Fair value of associated liabilities | 259,729 | 240,731 |
Fair value of net position | (386) | (426) |
Canadian residential mortgage loans [member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 32,794 | 34,105 |
Carrying amount of associated liabilities | 32,615 | 33,975 |
Fair value of transferred assets | 32,757 | 33,490 |
Fair value of associated liabilities | 33,143 | 33,916 |
Fair value of net position | (386) | (426) |
Securities Sold Under Repurchase Agreements [member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 220,250 | 202,543 |
Carrying amount of associated liabilities | 220,250 | 202,543 |
Fair value of transferred assets | 220,250 | 202,544 |
Fair value of associated liabilities | 220,250 | 202,544 |
Securities Loaned [Member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 6,336 | 4,271 |
Carrying amount of associated liabilities | 6,336 | 4,271 |
Fair value of transferred assets | 6,336 | 4,271 |
Fair value of associated liabilities | $ 6,336 | $ 4,271 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Trading securities | $ 146,534 | $ 128,258 |
Other liabilities | 58,137 | 53,122 |
Sponsored entities [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Commercial mortgages carrying amount | 696 | 352 |
Multi-seller conduits [member] | Loans [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Financial assets | 1,200 | 2,400 |
Multi-seller conduits [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Asset-backed commercial paper issued | 700 | 1,300 |
Credit card securitization vehicles [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
The amount of notes and debentures issued by the entity | 7,100 | 8,500 |
Collateralized commercial paper vehicle [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Commercial paper issued | 16,200 | 16,600 |
Covered bond guarantor limited partnership [member] | Loans [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Mortgages transferred and outstanding | 53,900 | 53,000 |
Covered bond guarantor limited partnership [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Covered bonds issued | 39,800 | 36,900 |
Municipal Bond TOB Structures [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Floating rate certificates issued | 8,700 | 7,600 |
Municipal Bond TOB Structures [member] | Investment Securities [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Municipal bonds issued | 8,300 | 7,100 |
RBC Managed Investment Funds [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Trading securities | 465 | 548 |
Other liabilities | $ 95 | $ 128 |
Structured Entities - Summary o
Structured Entities - Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Securities | $ 249,004 | $ 222,866 |
Loans | 618,856 | 576,818 |
Derivatives | 101,560 | 94,039 |
Other assets | 49,073 | 44,064 |
Derivatives | 98,543 | 90,238 |
Other liabilities | 58,137 | 53,122 |
Multi-seller conduits [member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Securities | 75 | 65 |
Derivatives | 97 | |
Assets | 172 | 65 |
Derivatives | 20 | 84 |
Other liabilities | 30 | |
Liabilities | 50 | 84 |
Maximum exposure to loss | 38,032 | 38,342 |
Total assets of unconsolidated structured entities | 37,192 | 37,590 |
Structured Finance [Member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Loans | 2,718 | 2,301 |
Other assets | 60 | 176 |
Assets | 2,778 | 2,477 |
Maximum exposure to loss | 6,446 | 5,477 |
Total assets of unconsolidated structured entities | 17,571 | 15,776 |
Non RBC Managed Investment Funds [member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Securities | 1,865 | 2,721 |
Assets | 1,865 | 2,721 |
Maximum exposure to loss | 2,123 | 2,981 |
Total assets of unconsolidated structured entities | 412,046 | 523,176 |
Third-party Securitization Vehicles [Member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Loans | 6,392 | 6,292 |
Assets | 6,392 | 6,292 |
Maximum exposure to loss | 10,756 | 10,215 |
Total assets of unconsolidated structured entities | 84,282 | 67,446 |
Other [Member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Securities | 503 | 906 |
Loans | 1,517 | 1,647 |
Derivatives | 83 | 52 |
Other assets | 244 | 288 |
Assets | 2,347 | 2,893 |
Maximum exposure to loss | 2,667 | 3,556 |
Total assets of unconsolidated structured entities | 293,423 | 454,567 |
Unconsolidated Structured Entities [Member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Securities | 2,443 | 3,692 |
Loans | 10,627 | 10,240 |
Derivatives | 180 | 52 |
Other assets | 304 | 464 |
Assets | 13,554 | 14,448 |
Derivatives | 20 | 84 |
Other liabilities | 30 | |
Liabilities | 50 | 84 |
Maximum exposure to loss | 60,024 | 60,571 |
Total assets of unconsolidated structured entities | $ 844,514 | $ 1,098,555 |
Structured Entities - Summary_2
Structured Entities - Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Multi-seller conduits [member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Financial assets purchased by conduits | $ 23.6 | $ 24.7 |
Derivative financial instrume_3
Derivative financial instruments and hedging activities - Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 20,629,076 | $ 17,877,454 |
Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 500 | 500 |
Under 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 8,850,960 | 8,854,687 |
1 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 7,579,943 | 5,706,664 |
Over 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,198,173 | 3,316,103 |
Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,194,763 | 1,904,401 |
Over-the-counter contracts [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 11,652,181 | 11,768,955 |
Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 719,888 | 284,921 |
Over-the-counter contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 725,197 | 281,357 |
Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,746,774 | 1,428,824 |
Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 184,846 | 35,907 |
Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,789,461 | 1,481,099 |
Over-the-counter contracts [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 72,226 | 46,046 |
Over-the-counter contracts [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 73,337 | 54,481 |
Over-the-counter contracts [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 20,854 | 10,265 |
Over-the-counter contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 310,388 | 165,815 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,014,752 | 1,895,613 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 3,294,746 | 4,535,040 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 83,247 | 101,663 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 77,601 | 87,254 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,715,266 | 1,397,520 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 79,264 | 30,358 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 469,910 | 347,477 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 54,756 | 33,202 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 54,985 | 37,716 |
Over-the-counter contracts [member] | Under 1 year [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,693 | 1,578 |
Over-the-counter contracts [member] | Under 1 year [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 201,489 | 81,720 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 179,624 | 8,788 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 5,026,410 | 4,377,512 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 462,599 | 155,985 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 464,906 | 156,886 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 30,523 | 30,688 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 50,416 | 4,379 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 894,250 | 767,742 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 14,409 | 11,037 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 14,969 | 12,250 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 14,724 | 5,263 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 90,436 | 66,686 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 387 | |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 3,331,025 | 2,856,403 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 174,042 | 27,273 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 182,690 | 37,217 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 985 | 616 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 55,166 | 1,170 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 425,301 | 365,880 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 3,061 | 1,807 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 3,383 | 4,515 |
Over-the-counter contracts [member] | Over 5 years [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 3,437 | 3,424 |
Over-the-counter contracts [member] | Over 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 18,463 | 17,409 |
Exchange-traded contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 93,642 | 5,899 |
Exchange-traded contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 76,235 | 3,835 |
Exchange-traded contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 258,970 | 288,229 |
Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 226,046 | 61,301 |
Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 484,240 | 55,502 |
Exchange-traded contracts [member] | Foreign exchange contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 28 | 277 |
Exchange-traded contracts [member] | Foreign exchange contracts, futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 340 | |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 56,657 | 2,587 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 59,840 | 2,544 |
Exchange-traded contracts [member] | Under 1 year [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 214,725 | 228,549 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 107,054 | 38,825 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 363,947 | 32,424 |
Exchange-traded contracts [member] | Under 1 year [member] | Foreign exchange contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 28 | 277 |
Exchange-traded contracts [member] | Under 1 year [member] | Foreign exchange contracts, futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 340 | |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 36,985 | 3,312 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 16,395 | 1,291 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 44,245 | 59,308 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 118,805 | 22,465 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 120,247 | 23,072 |
Exchange-traded contracts [member] | Over 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 372 | |
Exchange-traded contracts [member] | Over 5 years [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 187 | 11 |
Exchange-traded contracts [member] | Over 5 years [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 46 | 6 |
Trading Derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 20,067,095 | 17,460,315 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,186,862 | 1,904,401 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 11,180,497 | 11,424,094 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 719,888 | 284,921 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 725,197 | 281,357 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,724,606 | 1,420,575 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 177,622 | 27,545 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,743,465 | 1,430,437 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 72,226 | 46,046 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 73,337 | 54,481 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 20,341 | 9,752 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 303,893 | 161,323 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 93,642 | 5,899 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 76,235 | 3,835 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 258,970 | 288,229 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 226,046 | 61,301 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 484,240 | 55,502 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Foreign exchange contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 28 | 277 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Foreign exchange contracts, futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 340 | |
Other than trading [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 561,981 | 417,139 |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 7,901 | |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 471,684 | 344,861 |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 22,168 | 8,249 |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 7,224 | 8,362 |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 45,996 | 50,662 |
Other than trading [member] | Over-the-counter contracts [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 513 | 513 |
Other than trading [member] | Over-the-counter contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 6,495 | $ 4,492 |
Derivative financial instrume_4
Derivative financial instruments and hedging activities - Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 20,629,076 | $ 17,877,454 |
Debt Syndication Derivatives | 7,700 | |
Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 500 | 500 |
Trading credit derivatives protection purchase amount | 12,600 | 6,200 |
Trading credit derivatives protection sold amount | $ 7,700 | $ 3,600 |
Derivative financial instrume_5
Derivative financial instruments and hedging activities - Summary of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | $ 102,967 | $ 95,247 |
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (70,411) | (19,776) |
Derivative financial assets | 101,560 | 94,039 |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (70,411) | (19,776) |
Derivative financial liabilities | 98,543 | 90,238 |
Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 100,725 | 92,483 |
Negative gross fair value | 97,217 | 87,901 |
Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 2,242 | 2,764 |
Negative gross fair value | 2,031 | 2,886 |
Gross fair values before netting [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 102,967 | 95,247 |
Negative gross fair value | 99,248 | 90,787 |
Net fair values after netting [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Derivative financial assets | 101,560 | 94,039 |
Derivative financial liabilities | 98,543 | 90,238 |
Interest rate contracts forward rate agreements [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 30 | 308 |
Negative gross fair value | 31 | 232 |
Interest rate contracts swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 39,669 | 29,340 |
Negative gross fair value | 32,570 | 25,501 |
Interest rate contracts swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 848 | 1,226 |
Negative gross fair value | 742 | 1,142 |
Interest rate contracts options purchased [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 5,898 | 3,211 |
Interest rate contracts options written [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 6,756 | 3,471 |
Interest rate contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 45,597 | 32,859 |
Negative gross fair value | 39,357 | 29,204 |
Interest rate contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 848 | 1,226 |
Negative gross fair value | 742 | 1,142 |
Foreign exchange contracts forward contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 11,263 | 13,367 |
Negative gross fair value | 11,755 | 12,929 |
Foreign exchange contracts forward contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 116 | 31 |
Negative gross fair value | 118 | 33 |
Foreign exchange contracts cross currency swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 529 | 174 |
Negative gross fair value | 223 | 258 |
Foreign exchange contracts cross currency swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 193 | 212 |
Negative gross fair value | 527 | 423 |
Foreign exchange contracts cross currency interest rate swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 26,569 | 26,837 |
Negative gross fair value | 26,188 | 25,849 |
Foreign exchange contracts cross currency interest rate swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 904 | 1,145 |
Negative gross fair value | 501 | 1,104 |
Foreign exchange contracts options purchased [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,242 | 1,540 |
Foreign exchange contracts options written [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 898 | 1,272 |
Foreign exchange contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 39,603 | 41,918 |
Negative gross fair value | 39,064 | 40,308 |
Foreign exchange contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,213 | 1,388 |
Negative gross fair value | 1,146 | 1,560 |
Credit derivatives [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 169 | 38 |
Negative gross fair value | 279 | 89 |
Credit derivatives [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 3 | 5 |
Other contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 15,356 | 17,668 |
Negative gross fair value | 18,517 | 18,300 |
Other contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 181 | 150 |
Negative gross fair value | 140 | 179 |
Valuation adjustments determined on a pooled basis [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Derivative asset valuation adjustment pooled basis | (697) | (625) |
Derivative liability valuation adjustments determined on a pooled basis | 5 | 34 |
Impact Of Netting Agreements [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (710) | (583) |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | $ (710) | $ (583) |
Derivative financial instrume_6
Derivative financial instruments and hedging activities - Summary of Fair Value of Derivative Instruments by Term to Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | $ 101,560 | $ 94,039 |
Derivative liabilities | 98,543 | 90,238 |
At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 101,560 | 94,039 |
Derivative liabilities | 98,543 | 90,238 |
Under 1 year [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 99,792 | 91,833 |
Derivative liabilities | 97,415 | 88,112 |
Under 1 year [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 25,342 | 28,241 |
Derivative liabilities | 25,495 | 26,720 |
1 to 5 years [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 28,568 | 29,197 |
Derivative liabilities | 26,503 | 27,013 |
Over 5 years [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 47,650 | 36,601 |
Derivative liabilities | $ 46,545 | $ 36,505 |
Derivative financial instrume_7
Derivative financial instruments and hedging activities - Summary of Derivative-related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Replacement cost | $ 20,009 | $ 37,654 |
Credit equivalent amount | 80,417 | 69,278 |
Risk-weighted equivalent | 20,225 | 17,383 |
Exchange-traded contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 5,439 | 2,912 |
Credit equivalent amount | 19,630 | 11,285 |
Risk-weighted equivalent | 393 | 225 |
Interest rate contracts forward rate agreements [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 18 | 307 |
Credit equivalent amount | 73 | 324 |
Risk-weighted equivalent | 19 | 13 |
Interest rate contracts swaps [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 6,487 | 9,671 |
Credit equivalent amount | 15,911 | 20,321 |
Risk-weighted equivalent | 6,229 | 3,363 |
Interest rate contracts options purchased [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 149 | 610 |
Credit equivalent amount | 547 | 857 |
Risk-weighted equivalent | 326 | 407 |
Interest rate contracts Options written [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit equivalent amount | 256 | |
Risk-weighted equivalent | 113 | |
Foreign exchange contracts forward contracts [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 2,333 | 4,589 |
Credit equivalent amount | 15,822 | 10,944 |
Risk-weighted equivalent | 3,899 | 3,439 |
Foreign exchange contracts swaps [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 3,047 | 9,342 |
Credit equivalent amount | 15,678 | 13,718 |
Risk-weighted equivalent | 4,001 | 5,002 |
Foreign exchange contracts options purchased [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 404 | 443 |
Credit equivalent amount | 908 | 1,100 |
Risk-weighted equivalent | 285 | 478 |
Foreign exchange contracts, Options written [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 4 | |
Credit equivalent amount | 213 | |
Risk-weighted equivalent | 67 | |
Credit derivatives [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 156 | 71 |
Credit equivalent amount | 613 | 770 |
Risk-weighted equivalent | 40 | 153 |
Other contracts [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 1,972 | 9,709 |
Credit equivalent amount | 10,766 | 9,959 |
Risk-weighted equivalent | $ 4,853 | $ 4,303 |
Derivative financial instrume_8
Derivative financial instruments and hedging activities - Summary of Derivative-related Credit Risk (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Total credit equivalent amount, collateral applied | $ 80,417 | $ 69,278 |
Credit valuation adjustment | $ 13,000 | 12,000 |
Collateral [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total credit equivalent amount, collateral applied | $ 16,000 |
Derivative financial instrume_9
Derivative financial instruments and hedging activities - Summary of Replacement Cost of Derivative Instruments by Risk Rating and by Counterparty Type (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | $ 102,967 | $ 95,247 |
Impact of master netting agreements | 82,958 | 57,593 |
Replacement cost (after netting agreements) | 20,009 | 37,654 |
Banks [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 48,509 | 42,937 |
Impact of master netting agreements | 47,376 | 36,081 |
Replacement cost (after netting agreements) | 1,133 | 6,856 |
OECD Governmemnts [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 18,126 | 18,749 |
Impact of master netting agreements | 17,705 | 8,348 |
Replacement cost (after netting agreements) | 421 | 10,401 |
Other Counterparties [Member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 36,332 | 33,561 |
Impact of master netting agreements | 17,877 | 13,164 |
Replacement cost (after netting agreements) | 18,455 | 20,397 |
Risk rating AAA, AA [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 27,126 | 25,458 |
Impact of master netting agreements | 23,146 | 14,544 |
Replacement cost (after netting agreements) | 3,980 | 10,914 |
Risk rating A [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 38,812 | 32,693 |
Impact of master netting agreements | 35,088 | 24,255 |
Replacement cost (after netting agreements) | 3,724 | 8,438 |
Risk rating BBB [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 20,620 | 21,215 |
Impact of master netting agreements | 16,719 | 15,046 |
Replacement cost (after netting agreements) | 3,901 | 6,169 |
Risk rating BB or lower [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive replacement cost | 16,409 | 15,881 |
Impact of master netting agreements | 8,005 | 3,748 |
Replacement cost (after netting agreements) | $ 8,404 | $ 12,133 |
Derivative financial instrum_10
Derivative financial instruments and hedging activities - Summary of Fair Values of Derivative and Non-derivative Instruments Categorized by Hedging Relationships (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about hedges [line items] | ||
Derivatives | $ 101,560 | $ 94,039 |
Derivatives | 98,543 | 90,238 |
Designated as hedging instruments in hedging relationships [member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 146 | 404 |
Derivatives | 187 | 4 |
Designated as hedging instruments in hedging relationships [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 77 | 12 |
Derivatives | 526 | 413 |
Designated as hedging instruments in hedging relationships [member] | Net investment hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 52 | 13 |
Derivatives | 70 | 28 |
Non-derivative instruments, liabilities | 27,688 | 25,565 |
Not designated in hedging relationship [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 101,285 | 93,610 |
Derivatives | $ 97,760 | $ 89,793 |
Derivative financial instrum_11
Derivative financial instruments and hedging activities - Maturity Analysis of notional Amounts and Average Rates of hedging Instruments (Detail) $ in Millions | Oct. 31, 2019CAD ($)Members | Oct. 31, 2018CAD ($) |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 20,629,076 | $ 17,877,454 |
Under 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 8,850,960 | 8,854,687 |
1 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 7,579,943 | 5,706,664 |
Over 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,198,173 | 3,316,103 |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | 2 | 311 |
Carrying amount, Liabilities | 187 | 4 |
Derivative notional amount | $ 28,973 | $ 19,964 |
Weighted average fixed interest rate | 2.20% | 2.30% |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | $ 144 | $ 93 |
Derivative notional amount | $ 73,429 | $ 70,036 |
Weighted average fixed interest rate | 1.70% | 1.80% |
Fair value hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 4,625 | $ 2,518 |
Weighted average fixed interest rate | 1.90% | 1.10% |
Fair value hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 16,003 | $ 14,946 |
Weighted average fixed interest rate | 1.70% | 1.60% |
Fair value hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 20,439 | $ 12,778 |
Weighted average fixed interest rate | 2.20% | 2.40% |
Fair value hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 48,361 | $ 47,658 |
Weighted average fixed interest rate | 1.80% | 1.80% |
Fair value hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 3,909 | $ 4,668 |
Weighted average fixed interest rate | 2.70% | 2.80% |
Fair value hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 9,065 | $ 7,432 |
Weighted average fixed interest rate | 1.80% | 1.80% |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 30,752 | $ 27,106 |
Weighted average fixed interest rate | 2.10% | 2.30% |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 59,613 | $ 44,234 |
Weighted average fixed interest rate | 2.00% | 2.00% |
Cash flow hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 17,327 | $ 12,686 |
Weighted average fixed interest rate | 2.10% | 2.20% |
Cash flow hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 200 | $ 2,000 |
Weighted average fixed interest rate | 2.60% | 2.10% |
Cash flow hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 11,729 | $ 12,805 |
Weighted average fixed interest rate | 2.00% | 2.40% |
Cash flow hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 54,610 | $ 38,256 |
Weighted average fixed interest rate | 1.90% | 1.90% |
Cash flow hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 1,696 | $ 1,615 |
Weighted average fixed interest rate | 2.60% | 2.70% |
Cash flow hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 4,803 | $ 3,978 |
Weighted average fixed interest rate | 2.40% | 2.50% |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | $ 2 | $ 12 |
Carrying amount, Liabilities | 526 | 368 |
Derivative notional amount | $ 3,088 | $ 3,457 |
Weighted average CAD-CHF exchange rate | 1.27 | |
Weighted average CAD-EUR exchange rate | 1.52 | 1.52 |
Weighted average USD-EUR exchange rate | 1.33 | 1.33 |
Cash flow hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 2,937 | $ 326 |
Weighted average CAD-CHF exchange rate | 1.27 | |
Weighted average USD-EUR exchange rate | 1.33 | |
Cash flow hedges [member] | Foreign exchange risk [member] | 1 to 5 years [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 63 | $ 2,978 |
Weighted average CAD-EUR exchange rate | 1.48 | |
Weighted average USD-EUR exchange rate | 1.33 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Over 5 years [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 88 | $ 153 |
Weighted average CAD-EUR exchange rate | 1.55 | 1.52 |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Liabilities | $ 27,859 | $ 25,043 |
Derivative notional amount | $ 27,688 | $ 25,565 |
Weighted average CAD-USD exchange rate | 1.30 | 1.27 |
Weighted average CAD-EUR exchange rate | 1.51 | 1.53 |
Weighted average CAD-GBP exchange rate | 1.69 | 1.73 |
Net investment hedges [member] | Foreign exchange risk [member] | Forward contract [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | $ 52 | $ 13 |
Carrying amount, Liabilities | 70 | 28 |
Derivative notional amount | $ 5,355 | $ 3,372 |
Weighted average CAD-USD exchange rate | 1.33 | 1.31 |
Weighted average CAD-EUR exchange rate | 1.47 | 1.49 |
Weighted average CAD-GBP exchange rate | 1.67 | 1.68 |
Net investment hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 8,701 | $ 3,457 |
Weighted average CAD-USD exchange rate | 1.31 | 1.20 |
Weighted average CAD-GBP exchange rate | 1.91 | |
Net investment hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Forward contract [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 5,355 | $ 3,372 |
Weighted average CAD-USD exchange rate | 1.33 | 1.31 |
Weighted average CAD-EUR exchange rate | 1.47 | 1.49 |
Weighted average CAD-GBP exchange rate | 1.67 | 1.68 |
Net investment hedges [member] | Foreign exchange risk [member] | 1 to 5 years [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 14,843 | $ 18,233 |
Weighted average CAD-USD exchange rate | 1.29 | 1.28 |
Weighted average CAD-GBP exchange rate | 1.69 | 1.69 |
Net investment hedges [member] | Foreign exchange risk [member] | Over 5 years [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 4,144 | $ 3,875 |
Weighted average CAD-USD exchange rate | 1.31 | 1.31 |
Weighted average CAD-EUR exchange rate | 1.51 | 1.53 |
Derivative financial instrum_12
Derivative financial instruments and hedging activities - Summary of Fair Value Hedges - Assets and Liabilities Designated as hedged Items (Detail) - Fair value hedges [member] - Interest rate risk [member] - Designated as hedged items in hedging relationships [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount, Assets | $ 29,985 | $ 20,172 |
Accumulated amount of fair value adjustments on the hedged item, Assets | 569 | $ (529) |
Accumulated amount of fair value adjustments on the hedged item, Liabilities | $ 0 | |
Balance sheet item(s) | Investment securities; Loans - Retail | Investment securities; Loans - Retail |
Changes in fair values used for calculating hedge ineffectiveness | $ 1,028 | $ (650) |
Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount, Liabilities | 74,099 | 68,714 |
Accumulated amount of fair value adjustments on the hedged item, Liabilities | $ 693 | $ (1,302) |
Balance sheet item(s) | Deposits - Business and government; Subordinated debentures | Deposits - Business and government; Subordinated debentures |
Changes in fair values used for calculating hedge ineffectiveness | $ (2,045) | $ 1,018 |
Derivative financial instrum_13
Derivative financial instruments and hedging activities - Summary of Fair Value Hedges - Assets and Liabilities Designated as hedged Items (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Fair value hedge, Hedged items - Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Accumulated amount of fair value hedge adjustments on hedged items ceased to be adjusted for hedging gains/losses | $ 53 | $ 105 |
Fair value hedge, Hedged items - Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Accumulated amount of fair value hedge adjustments on hedged items ceased to be adjusted for hedging gains/losses | $ 170 | $ 277 |
Derivative financial instrum_14
Derivative financial instruments and hedging activities - Summary of Cash flow and Net Investment Hedges - Assets and Liabilities Designated as Hedged Items (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Cash flow hedges [member] | Interest rate risk [member] | Variable rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet item(s) | Securities – Investment, net of applicable allowance; Loans – Retail | Securities – Investment, net of applicable allowance; Loans – Retail |
Changes in fair values used for calculating hedge ineffectiveness | $ (608) | $ 308 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | 163 | (187) |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ 84 | $ (171) |
Cash flow hedges [member] | Interest rate risk [member] | Variable rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet item(s) | Deposits – Business and government; Deposits – Personal | Deposits – Business and government; Deposits – Personal |
Changes in fair values used for calculating hedge ineffectiveness | $ 1,274 | $ (769) |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | (372) | 706 |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ 70 | $ 477 |
Cash flow hedges [member] | Foreign exchange risk [member] | Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet item(s) | Securities – Investment, net of applicable allowance; Loans – Retail | Securities – Investment, net of applicable allowance; Loans – Retail |
Changes in fair values used for calculating hedge ineffectiveness | $ (5) | $ 19 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | $ (1) | $ (4) |
Cash flow hedges [member] | Foreign exchange risk [member] | Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet item(s) | Deposits - Business and government | Deposits - Business and government |
Changes in fair values used for calculating hedge ineffectiveness | $ 125 | $ 60 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | 9 | 95 |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign subsidiary [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Changes in fair values used for calculating hedge ineffectiveness | (7) | 315 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | (5,407) | (5,365) |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ (871) | $ (923) |
Derivative financial instrum_15
Derivative financial instruments and hedging activities - Summary of Effectiveness of Designated Hedging Relationships (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Fixed rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | $ (1,060) | $ 605 |
Hedge ineffectiveness recognized in income | (32) | (45) |
Changes in the value of the hedging instrument recognized in OCI | 0 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Fixed rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 2,032 | (1,000) |
Hedge ineffectiveness recognized in income | (13) | 18 |
Changes in the value of the hedging instrument recognized in OCI | 0 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Variable rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 605 | (318) |
Hedge ineffectiveness recognized in income | 8 | (11) |
Changes in the value of the hedging instrument recognized in OCI | 582 | (275) |
Amount reclassified from hedge reserves to income | (25) | (37) |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Variable rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (1,261) | 751 |
Hedge ineffectiveness recognized in income | (5) | (1) |
Changes in the value of the hedging instrument recognized in OCI | (1,265) | 674 |
Amount reclassified from hedge reserves to income | 220 | 101 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap - fixed rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 5 | (19) |
Hedge ineffectiveness recognized in income | 0 | |
Changes in the value of the hedging instrument recognized in OCI | 8 | (10) |
Amount reclassified from hedge reserves to income | 5 | (7) |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap - fixed rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (125) | (61) |
Hedge ineffectiveness recognized in income | 0 | |
Changes in the value of the hedging instrument recognized in OCI | (193) | (137) |
Amount reclassified from hedge reserves to income | (106) | (165) |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (50) | (331) |
Hedge ineffectiveness recognized in income | 0 | |
Changes in the value of the hedging instrument recognized in OCI | (50) | (331) |
Net investment hedges [member] | Foreign exchange risk [member] | Forward contract [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 57 | 16 |
Hedge ineffectiveness recognized in income | 0 | |
Changes in the value of the hedging instrument recognized in OCI | 57 | $ 17 |
Amount reclassified from hedge reserves to income | $ (2) |
Derivative financial instrum_16
Derivative financial instruments and hedging activities - Summary of Effectiveness of Designated Hedging Relationships (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Changes in the value of the hedging instrument recognized in income [member] | Excluded from assessment of hedge effectiveness and offset by economic hedges [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Hedging loss | $ (70) | $ (46) |
Derivative financial instrum_17
Derivative financial instruments and hedging activities - Reconciliation of Components of Equity by Hedging Designation (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Balance at the end of the year, Cash Flow Hedges Reserve | $ (694) | $ 257 | |
Net investment hedges [member] | Foreign currency translation reserve [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Tax on movements on reserves during the period | (3) | 75 | |
Balance at the end of the year, Foreign currency translation reserves | 4,221 | 4,147 | $ 3,545 |
Net investment hedges [member] | Foreign currency translation reserve [member] | Foreign exchange denominated debt [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | (50) | (331) | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Forward Foreign Exchange Contracts [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 57 | 17 | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Foreign currency translation differences for foreign operations [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 66 | 841 | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Reclassification of losses (gains) on foreign currency translation to income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 2 | ||
Net investment hedges [member] | Foreign currency translation reserve [member] | Reclassification of losses (gains) on net investment hedging activities to income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 2 | ||
Cash flow hedges [member] | Cash flow hedge reserve [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Tax on movements on reserves during the period | 250 | (92) | |
Balance at the end of the year, Cash Flow Hedges Reserve | (6) | 688 | $ 431 |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | (683) | 399 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | (185) | (147) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Equity price risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | 108 | (18) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Amount reclassified to profit or loss | 24 | 44 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Amount reclassified to profit or loss | 104 | 172 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Equity price risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Amount reclassified to profit or loss | (93) | 7 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | De-designated hedges [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Amount reclassified to profit or loss | (219) | $ (108) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | De-designated hedges [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Amount reclassified to profit or loss | $ 0 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 2,832 | |
Ending balance | 3,191 | $ 2,832 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 153 | |
Ending balance | 153 | 153 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 730 | |
Ending balance | 692 | 730 |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 567 | |
Ending balance | 567 | 567 |
Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 322 | |
Ending balance | 420 | 322 |
Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 796 | |
Ending balance | 927 | 796 |
Work In Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 264 | |
Ending balance | 432 | 264 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 8,038 | 7,448 |
Additions | 996 | 733 |
Transfers from work in process | 0 | |
Disposals | (172) | (186) |
Foreign exchange translation | 4 | 22 |
Other | (3) | 21 |
Ending balance | 8,863 | 8,038 |
Gross carrying amount [member] | Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 153 | 157 |
Disposals | (5) | |
Foreign exchange translation | 1 | |
Ending balance | 153 | 153 |
Gross carrying amount [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,399 | 1,363 |
Transfers from work in process | 4 | 7 |
Disposals | (10) | (17) |
Foreign exchange translation | 5 | |
Other | 2 | 41 |
Ending balance | 1,395 | 1,399 |
Gross carrying amount [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,123 | 1,875 |
Additions | 195 | 255 |
Transfers from work in process | 84 | 44 |
Disposals | (68) | (50) |
Foreign exchange translation | 3 | 4 |
Other | (12) | (5) |
Ending balance | 2,325 | 2,123 |
Gross carrying amount [member] | Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,373 | 1,314 |
Additions | 129 | 43 |
Transfers from work in process | 82 | 56 |
Disposals | (29) | (41) |
Foreign exchange translation | (1) | 4 |
Other | 3 | (3) |
Ending balance | 1,557 | 1,373 |
Gross carrying amount [member] | Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,726 | 2,586 |
Additions | 81 | 61 |
Transfers from work in process | 262 | 184 |
Disposals | (65) | (73) |
Foreign exchange translation | 2 | 8 |
Other | (5) | (40) |
Ending balance | 3,001 | 2,726 |
Gross carrying amount [member] | Work In Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 264 | 153 |
Additions | 591 | 374 |
Transfers from work in process | (432) | (291) |
Other | 9 | 28 |
Ending balance | 432 | 264 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,206 | 4,778 |
Depreciation | 627 | 569 |
Disposals | (151) | (147) |
Foreign exchange translation | 2 | 11 |
Other | (12) | (5) |
Ending balance | 5,672 | 5,206 |
Accumulated depreciation and amortisation [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 669 | 608 |
Depreciation | 45 | 44 |
Disposals | (8) | (10) |
Foreign exchange translation | 2 | |
Other | (3) | 25 |
Ending balance | 703 | 669 |
Accumulated depreciation and amortisation [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,556 | 1,367 |
Depreciation | 273 | 246 |
Disposals | (61) | (48) |
Foreign exchange translation | 1 | 1 |
Other | (11) | (10) |
Ending balance | 1,758 | 1,556 |
Accumulated depreciation and amortisation [member] | Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,051 | 984 |
Depreciation | 113 | 100 |
Disposals | (26) | (34) |
Foreign exchange translation | 2 | |
Other | (1) | (1) |
Ending balance | 1,137 | 1,051 |
Accumulated depreciation and amortisation [member] | Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,930 | 1,819 |
Depreciation | 196 | 179 |
Disposals | (56) | (55) |
Foreign exchange translation | 1 | 6 |
Other | 3 | (19) |
Ending balance | $ 2,074 | $ 1,930 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Total contractual commitments to acquire premises and equipment | $ 338 | $ 273 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 11,137 | $ 10,977 |
Acquisitions | 98 | 81 |
Dispositions | (20) | (8) |
Currency translations | 21 | 87 |
Ending balance | 11,236 | 11,137 |
Canadian Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,528 | 2,527 |
Acquisitions | 27 | 1 |
Ending balance | 2,555 | 2,528 |
Caribbean Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,729 | 1,694 |
Currency translations | (2) | 35 |
Ending balance | 1,727 | 1,729 |
Canadian Wealth Management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 579 | 576 |
Currency translations | 3 | |
Ending balance | 579 | 579 |
Global asset management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,986 | 2,006 |
Dispositions | (20) | |
Currency translations | 19 | (20) |
Ending balance | 1,985 | 1,986 |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,870 | 2,745 |
Acquisitions | 71 | 80 |
Dispositions | (8) | |
Currency translations | 2 | 53 |
Ending balance | 2,943 | 2,870 |
International wealth management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 118 | 120 |
Currency translations | 2 | (2) |
Ending balance | 120 | 118 |
Insurance [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 112 | 112 |
Ending balance | 112 | 112 |
Investor & Treasury Services [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 148 | 148 |
Ending balance | 148 | 148 |
Capital Markets [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,067 | 1,049 |
Currency translations | 18 | |
Ending balance | $ 1,067 | $ 1,067 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Additional Information (Detail) | 12 Months Ended | |
Oct. 31, 2019 | Aug. 01, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Period of discounted cash flow method for calculating value in use | five-year | |
Increase in post-tax discount rates to determine sensitivity of current estimate of value in use | 1.00% | |
Decrease in terminal growth rates to determine sensitivity of current estimate of value in use | 1.00% | |
Reduction in future cash flows to determine sensitivity of current estimate of value in use | 10.00% | |
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | As at August 1, 2019, no reasonably possible change in an individual key input or assumption, as described, would result in the CGU’s carrying amount exceeding its recoverable amount based on fair value less costs of disposal. | |
Caribbean Banking [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Description of valuation techniques used to measure fair value less costs of disposal | calculated fair value less costs of disposal using a discounted cash flow method that projects future cash flows over a 5-year period. Cash flows are based on management forecasts, adjusted to approximate the considerations of a prospective third-party buyer. Cash flows beyond the initial 5-year period are assumed to increase at a constant rate using a nominal long-term growth rate.​​​​​​​ | |
Description of level of fair value hierarchy within which fair value measurement is categorised | level 3 | |
Percentage of value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | 1.80% | |
Decrease in terminal growth rates to determine sensitivity of current estimate of fair value less costs of disposal | 2.40% | |
Reduction in future cash flows to determine sensitivity of current estimate of fair value less costs of disposal | 21.00% | |
Percentage of unit's recoverable amount exceeds its carrying amount | 126.00% | |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Period of discounted cash flow method for calculating value in use | 6 years | |
International wealth management [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Description of valuation techniques used to measure fair value less costs of disposal | fair value less costs of disposal using a multiples-based approach. Each business within the CGU was valued using either a Price-to-assets-under-administration (P/AUA) or Price-to-revenue (P/Rev) multiple, as appropriate, to reflect the considerations of a prospective third-party buyer. In 2019, we applied a P/AUA multiple of 2.25% to AUA as at August 1 (August 1, 2018 – 2.5%) and a P/Rev multiple of 2.5x (August 1, 2018​​​​​​​ – 2.5x) to revenue for the 12 months preceding the testing date. | |
Description of level of fair value hierarchy within which fair value measurement is categorised | level 3 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models (Detail) | Aug. 01, 2019 | Aug. 01, 2018 |
Canadian Banking [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.20% | 10.00% |
Terminal growth rate | 3.00% | 3.00% |
Caribbean Banking [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.90% | 11.80% |
Terminal growth rate | 4.20% | 4.30% |
Canadian Wealth Management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.20% | 11.20% |
Terminal growth rate | 3.00% | 3.00% |
Global asset management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.10% | 11.00% |
Terminal growth rate | 3.00% | 3.00% |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.20% | 11.00% |
Terminal growth rate | 3.00% | 3.00% |
International wealth management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.80% | 10.10% |
Terminal growth rate | 3.00% | 3.00% |
Insurance [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.00% | 11.00% |
Terminal growth rate | 3.00% | 3.00% |
Investor & Treasury Services [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.90% | 11.20% |
Terminal growth rate | 3.00% | 3.00% |
Capital Markets [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.80% | 12.40% |
Terminal growth rate | 3.00% | 3.00% |
Goodwill and other intangible_6
Goodwill and other intangible assets - Summary of Carrying Amount of Other Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | $ 4,687 | |
Amortization charge for the year | 1,197 | $ 1,077 |
Impairment losses | 110 | 6 |
Balance at end of period | 4,674 | 4,687 |
Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,483 | |
Balance at end of period | 1,685 | 1,483 |
Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 356 | |
Balance at end of period | 327 | 356 |
Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,096 | |
Balance at end of period | 940 | 1,096 |
Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 606 | |
Balance at end of period | 482 | 606 |
In process software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,146 | |
Balance at end of period | 1,240 | 1,146 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 12,230 | 10,935 |
Additions | 1,275 | 1,230 |
Acquisitions through business combinations | 22 | 16 |
Dispositions | (1) | (4) |
Impairment losses | (142) | (8) |
Currency translations | 7 | 65 |
Other changes | (186) | (4) |
Balance at end of period | 13,205 | 12,230 |
Gross carrying amount [member] | Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 5,984 | 5,143 |
Additions | 42 | 40 |
Transfers | 1,009 | 798 |
Dispositions | (1) | |
Impairment losses | (94) | (1) |
Currency translations | 16 | |
Other changes | (11) | |
Balance at end of period | 6,941 | 5,984 |
Gross carrying amount [member] | Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,582 | 1,432 |
Additions | 49 | 79 |
Acquisitions through business combinations | 16 | |
Transfers | 42 | 51 |
Dispositions | (1) | (1) |
Impairment losses | (6) | |
Currency translations | 1 | 11 |
Other changes | 1 | 10 |
Balance at end of period | 1,684 | 1,582 |
Gross carrying amount [member] | Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,750 | 1,715 |
Currency translations | 1 | 35 |
Other changes | (184) | |
Balance at end of period | 1,567 | 1,750 |
Gross carrying amount [member] | Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,768 | 1,753 |
Acquisitions through business combinations | 6 | 16 |
Currency translations | 7 | (1) |
Other changes | (8) | |
Balance at end of period | 1,773 | 1,768 |
Gross carrying amount [member] | In process software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,146 | 892 |
Additions | 1,184 | 1,111 |
Transfers | (1,051) | (849) |
Dispositions | (2) | |
Impairment losses | (42) | (7) |
Currency translations | (2) | 4 |
Other changes | 5 | (3) |
Balance at end of period | 1,240 | 1,146 |
Accumulated amortization [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (7,543) | (6,428) |
Amortization charge for the year | (1,197) | (1,077) |
Dispositions | 2 | |
Impairment losses | 32 | |
Currency translations | (7) | (29) |
Other changes | 184 | (11) |
Balance at end of period | (8,531) | (7,543) |
Accumulated amortization [member] | Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (4,501) | (3,825) |
Amortization charge for the year | (793) | (669) |
Dispositions | 1 | |
Impairment losses | 30 | |
Currency translations | (1) | (11) |
Other changes | 9 | 3 |
Balance at end of period | (5,256) | (4,501) |
Accumulated amortization [member] | Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (1,226) | (1,094) |
Amortization charge for the year | (121) | (112) |
Dispositions | 1 | |
Impairment losses | 2 | |
Currency translations | (1) | (7) |
Other changes | (11) | (14) |
Balance at end of period | (1,357) | (1,226) |
Accumulated amortization [member] | Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (654) | (487) |
Amortization charge for the year | (159) | (153) |
Currency translations | 1 | (14) |
Other changes | 185 | |
Balance at end of period | (627) | (654) |
Accumulated amortization [member] | Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (1,162) | (1,022) |
Amortization charge for the year | (124) | (143) |
Currency translations | (6) | 3 |
Other changes | 1 | |
Balance at end of period | $ (1,291) | $ (1,162) |
Significant dispositions - Addi
Significant dispositions - Additional Information (Detail) - Private debt Global Asset Management business [member] $ in Millions | 12 Months Ended |
Oct. 31, 2019CAD ($) | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Pretax gain on disposal of business | $ 142 |
Gain on disposal of business,after tax | $ 134 |
Joint ventures and associated_3
Joint ventures and associated companies - Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Net income | $ 76 | $ 21 |
Joint ventures [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Carrying amount | 178 | 165 |
Net income | 107 | 113 |
Associated companies [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Carrying amount | 474 | 521 |
Net income | $ (31) | $ (92) |
Joint ventures and associated_4
Joint ventures and associated companies - Additional Information (Detail) - Associated companies [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Impairment losses | $ 2 | $ 12 |
Restricted net assets of subsidiaries, joint ventures and associates | $ 34,900 | $ 33,900 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of other assets [abstract] | |||
Cash collateral | $ 15,629 | $ 14,467 | |
Margin deposits | 5,688 | 4,940 | |
Receivable from brokers, dealers and clients | 2,511 | 2,868 | |
Accounts receivable and prepaids | 4,569 | 4,047 | |
Investments in joint ventures and associates | 652 | 686 | |
Employee benefit assets | 147 | 626 | |
Insurance-related assets | |||
Collateral loans | 926 | 991 | |
Policy loans | 95 | 99 | |
Reinsurance assets | 748 | 656 | |
Other | 78 | 163 | |
Deferred income tax asset | 1,989 | 1,475 | $ 1,948 |
Taxes receivable | 5,553 | 5,456 | |
Accrued interest receivable | 2,866 | 2,641 | |
Precious metals | 416 | 361 | |
Commodity trading receivables | 4,232 | 1,898 | |
Other | 2,974 | 2,690 | |
Other assets | $ 49,073 | $ 44,064 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits [line items] | ||
Term | $ 415,978 | $ 395,951 |
Total deposits | 886,005 | 836,197 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 143,958 | 135,101 |
Notice | 49,806 | 48,873 |
Term | 100,968 | 86,180 |
Total deposits | 294,732 | 270,154 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 253,113 | 238,617 |
Notice | 13,867 | 8,606 |
Term | 298,502 | 286,299 |
Total deposits | 565,482 | 533,522 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 8,363 | 8,750 |
Notice | 920 | 299 |
Term | 16,508 | 23,472 |
Total deposits | 25,791 | 32,521 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 405,434 | 382,468 |
Notice | 64,593 | 57,778 |
Term | 415,978 | 395,951 |
Total deposits | 886,005 | 836,197 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 93,163 | 88,119 |
Notice | 5,692 | 5,086 |
Term | 137 | |
Total deposits | 98,992 | 93,205 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 228,386 | 213,747 |
Notice | 15,306 | 15,112 |
Term | 333,118 | 292,641 |
Total deposits | 576,810 | 521,500 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 34,632 | 34,098 |
Total deposits | 34,632 | 34,098 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 4,704 | 2,478 |
Notice | 39,626 | 33,099 |
Term | 41,776 | 67,211 |
Total deposits | 86,106 | 102,788 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 760 | 564 |
Total deposits | 760 | 564 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 33,073 | 32,930 |
Notice | 825 | 1,412 |
Term | 30,090 | 25,749 |
Total deposits | 63,988 | 60,091 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,225 | 5,495 |
Notice | 5 | 5 |
Total deposits | 5,230 | 5,500 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,491 | 5,037 |
Notice | 3,139 | 3,064 |
Term | 10,857 | 10,350 |
Total deposits | $ 19,487 | $ 18,451 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits [line items] | ||
Total deposits | $ 886,005 | $ 836,197 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 321,000 | 309,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 23,000 | 20,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 45,000 | 38,000 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 31,000 | $ 31,000 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 415,978 | $ 395,951 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 379,000 | 362,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 94,585 | 89,553 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 62,814 | 59,109 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 92,507 | 80,773 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 50,055 | 51,798 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 31,852 | 45,550 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 31,373 | 21,127 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 21,130 | 23,863 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 31,662 | $ 24,178 |
Deposits - Summary of Average D
Deposits - Summary of Average Deposit Balances and Average Rates of Interest (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of deposits [line items] | ||
Average balances | $ 870,081 | $ 819,001 |
Average rates | 1.49% | 1.20% |
Canada [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 650,555 | $ 603,582 |
Average rates | 1.60% | 1.28% |
United States [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 129,903 | $ 131,715 |
Average rates | 1.17% | 1.00% |
Europe [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 63,333 | $ 59,916 |
Average rates | 1.15% | 0.91% |
Other International [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 26,290 | $ 23,788 |
Average rates | 1.20% | 1.11% |
Insurance - Summary of Net Prem
Insurance - Summary of Net Premiums and Claims (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Gross amount [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | $ 4,209 | $ 4,236 |
Claims and benefits | 3,990 | 2,615 |
Reinsurers' share of amount [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | (225) | (204) |
Claims and benefits | (241) | (224) |
Net Amounts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | 3,984 | 4,032 |
Claims and benefits | $ 3,749 | $ 2,391 |
Insurance - Significant Insuran
Insurance - Significant Insurance Assumptions (Detail) - Life insurance contracts [member] | Oct. 31, 2019 | Oct. 31, 2018 |
Country of domicile [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Mortality rates | 0.12% | 0.11% |
Morbidity rates | 1.82% | 1.82% |
Future reinvestment yield | 3.69% | 3.80% |
Lapse rates | 0.50% | 0.50% |
Foreign countries [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Mortality rates | 0.57% | 0.52% |
Future reinvestment yield | 3.06% | 3.14% |
Insurance - Summary of Gross an
Insurance - Summary of Gross and Reinsurers' Share of Insurance Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | $ 11,401 | $ 10,000 |
Life insurance contracts, Life, health and annuity [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 11,339 | 9,982 |
Ceded amount | 601 | 493 |
Net amount | 10,738 | 9,489 |
Life insurance contracts, Investment contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 38 | 42 |
Net amount | 38 | 42 |
Life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 11,377 | 10,024 |
Ceded amount | 601 | 493 |
Net amount | 10,776 | 9,531 |
Non-life insurance contracts, Unearned premium provision [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 29 | 26 |
Net amount | 29 | 26 |
Non-life insurance contracts, Unpaid claims provision [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 62 | 18 |
Ceded amount | 2 | 3 |
Net amount | 60 | 15 |
Non-life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 91 | 44 |
Ceded amount | 2 | 3 |
Net amount | 89 | 41 |
Life and non-life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 11,468 | 10,068 |
Ceded amount | 603 | 496 |
Net amount | $ 10,865 | $ 9,572 |
Insurance - Reconciliation of L
Insurance - Reconciliation of Life Insurance Policyholder Liabilities (Detail) - Life insurance contracts [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Gross amount [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | $ 10,024 | $ 9,687 |
New and in-force policies | 1,479 | 502 |
Changes in assumption and methodology | (122) | (173) |
Net change in investment contracts | (4) | 8 |
Balances, at end of period | 11,377 | 10,024 |
Reinsurers' share of amount [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | 493 | 393 |
New and in-force policies | 103 | 83 |
Changes in assumption and methodology | 5 | 17 |
Balances, at end of period | 601 | 493 |
Net Amounts [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | 9,531 | 9,294 |
New and in-force policies | 1,376 | 419 |
Changes in assumption and methodology | (127) | (190) |
Net change in investment contracts | (4) | 8 |
Balances, at end of period | $ 10,776 | $ 9,531 |
Insurance - Additional Informat
Insurance - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2019CAD ($) | |
Changes in insurance liabilities due to updates to actuarial methods and assumptions [abstract] | |
Net decrease in insurance liabilities | $ (127) |
Decrease in insurance liabilities due to revised actuarial reserves on interest rate risk | (104) |
Increase in insurance liabilities due to insurance risk related assumption updates | 72 |
Decrease in insurance liabilities due to reinsurance contract renegotiations | (78) |
Decrease in insurance liabilities due to valuation system and data changes | $ (17) |
Insurance - Sensitivity Analysi
Insurance - Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
1% increase in market interest rates impact on net income | $ (7) | $ (2) |
1% decrease in market interest rates impact on net income | 4 | |
10% increase in equity market values impact on net income | 1 | 6 |
10% decrease in equity market values impact on net income | (3) | (8) |
5% increase in maintenance expenses impact on net income | (33) | (29) |
Life insurance [member] | ||
Life Insurance | ||
2% adverse change in annuitant mortality rates impact on net income | (205) | (131) |
2% adverse change in assurance mortality rates impact on net income | (60) | (59) |
5% adverse change in morbidity rates impact on net income | (205) | (188) |
10% adverse change in lapse rates impact on net income | $ (247) | $ (226) |
Insurance - Sensitivity Analy_2
Insurance - Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Life Insurance | |
Expected current period earnings impact in yield curve | 1.00% |
Segregated funds - Summary of C
Segregated funds - Summary of Changes in Net Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of segregated funds net assets [Line Items] | |||
Segregated funds net assets | $ 1,663 | $ 1,368 | |
Level 1 [member] | Segregated funds net assets [member] | |||
Disclosure of segregated funds net assets [Line Items] | |||
Cash | 31 | 19 | |
Investment in mutual funds | 1,631 | 1,348 | |
Other assets (liabilities) net | 1 | 1 | |
Segregated funds net assets | $ 1,663 | $ 1,368 | $ 1,216 |
Segregated funds - Summary of S
Segregated funds - Summary of Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of changes in segregated fund net assets [Line Items] | ||
Net assets at beginning of period | $ 1,368 | |
Additions (deductions): | ||
Net assets at end of period | 1,663 | $ 1,368 |
Level 1 [member] | Segregated funds net assets [member] | ||
Disclosure of changes in segregated fund net assets [Line Items] | ||
Net assets at beginning of period | 1,368 | 1,216 |
Additions (deductions): | ||
Deposits from policyholders | 557 | 537 |
Net realized and unrealized gains (losses) | 124 | (40) |
Interest and dividends | 39 | 31 |
Payment to policyholders | (386) | (342) |
Management and administrative fees | (39) | (34) |
Net assets at end of period | $ 1,663 | $ 1,368 |
Employee benefits - Pension a_3
Employee benefits - Pension and other post-employment benefits - Additional Information (Detail) - CAD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of employee benefits [line items] | ||
Plan assets, fair value of our debt securities | $ 57 | $ 49 |
Dividends received on our common shares held in plan assets | $ 4 | $ 4 |
Common shares [member] | ||
Disclosure of employee benefits [line items] | ||
Number of our common shares included in plan assets | 1 | 1 |
Plan assets, fair value of our common shares | $ 104 | $ 95 |
Foreign defined benefit plans [member] | Investments and other [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 40.00% | 35.00% |
Defined benefit pension plans [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 100.00% | 100.00% |
Defined benefit pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Remeasurement gains (losses) recorded in OCI | $ (1,102) | $ 633 |
Defined benefit pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Remeasurement gains (losses) recorded in OCI | $ (20) | $ 113 |
Defined benefit pension plans [member] | Equity securities [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 10.00% | 10.00% |
Defined benefit pension plans [member] | Equity securities [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 22.00% | 24.00% |
Defined benefit plans other than multi-employer plans, state plans and plans that share risks between entities under common control [member] | Equity securities [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 33.00% | 33.00% |
Defined benefit plans other than multi-employer plans, state plans and plans that share risks between entities under common control [member] | Equity securities [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 16.00% | 23.00% |
Defined benefit plans other than multi-employer plans, state plans and plans that share risks between entities under common control [member] | Debt securities [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 47.00% | 46.00% |
Defined benefit plans other than multi-employer plans, state plans and plans that share risks between entities under common control [member] | Debt securities [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 44.00% | 42.00% |
Defined benefit plans other than multi-employer plans, state plans and plans that share risks between entities under common control [member] | Investments and other [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 20.00% | 21.00% |
Defined benefit and contribution pension plans [member] | ||
Disclosure of employee benefits [line items] | ||
Contributions to pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans | $ 551 | $ 594 |
Estimated contributions to pension plans and other post-employment benefit plans | 549 | |
Defined benefit and contribution pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Service costs for pension plans | 293 | 354 |
Net interest expense (income) for pension plans | (21) | 4 |
Defined benefit and contribution pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Service costs for pension plans | 5 | (8) |
Net interest expense (income) for pension plans | (1) | 4 |
Other post employment benefit plan [member] | ||
Disclosure of employee benefits [line items] | ||
Contributions to pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans | 72 | $ 65 |
Estimated contributions to pension plans and other post-employment benefit plans | $ 78 |
Employee benefits - Pension a_4
Employee benefits - Pension and other post-employment benefits - Analysis of Financial Position Related to Pension and Other Post-employment Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Amounts recognized in our Consolidated Balance Sheets | ||
Employee benefit assets | $ 147 | $ 626 |
Defined benefit pension plans [member] | ||
Disclosure of employee benefits [line items] | ||
Fair value of plan assets | 14,785 | 13,564 |
Present value of defined benefit obligation | 15,517 | 13,218 |
Net surplus (deficit) | (732) | 346 |
Effect of asset ceiling | (1) | (1) |
Total net surplus (deficit), net of effect of asset ceiling | (733) | 345 |
Amounts recognized in our Consolidated Balance Sheets | ||
Employee benefit assets | 147 | 626 |
Employee benefit liabilities | (880) | (281) |
Total net surplus (deficit), net of effect of asset ceiling | (733) | 345 |
Defined benefit pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Fair value of plan assets | 13,679 | 12,587 |
Present value of defined benefit obligation | 14,428 | 12,270 |
Net surplus (deficit) | (749) | 317 |
Defined benefit pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Fair value of plan assets | 1,106 | 977 |
Present value of defined benefit obligation | 1,089 | 948 |
Net surplus (deficit) | 17 | 29 |
Other post employment benefit plan [member] | ||
Disclosure of employee benefits [line items] | ||
Fair value of plan assets | 1 | 1 |
Present value of defined benefit obligation | 1,820 | 1,622 |
Net surplus (deficit) | (1,819) | (1,621) |
Total net surplus (deficit), net of effect of asset ceiling | (1,819) | (1,621) |
Amounts recognized in our Consolidated Balance Sheets | ||
Employee benefit liabilities | (1,819) | (1,621) |
Total net surplus (deficit), net of effect of asset ceiling | (1,819) | (1,621) |
Other post employment benefit plan [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Fair value of plan assets | 1 | 1 |
Present value of defined benefit obligation | 1,722 | 1,522 |
Net surplus (deficit) | (1,721) | (1,521) |
Other post employment benefit plan [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Present value of defined benefit obligation | 98 | 100 |
Net surplus (deficit) | $ (98) | $ (100) |
Employee benefits - Pension a_5
Employee benefits - Pension and other post-employment benefits - Analysis of Movement in Financial Position Related to Pension and Other Post-employment Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Payments | $ 601 | |
Defined benefit pension plans [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 13,218 | |
Opening Fair value of plan assets at beginning of period | 13,564 | |
Closing Benefit obligation at end of period | 15,517 | $ 13,218 |
Closing fair value of plan assets at end of period | 14,785 | 13,564 |
Defined benefit pension plans [member] | Change in fair value of plan assets [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Fair value of plan assets at beginning of period | 13,564 | 13,573 |
Interest income expense | 532 | 476 |
Remeasurements: Return on plan assets (excluding interest income) | 910 | (268) |
Change in foreign currency exchange rate | 9 | (10) |
Contributions - Employer | 339 | 409 |
Contributions - Plan participant | 48 | 49 |
Payments | (601) | (586) |
Payments - amount paid in respect of any settlements | (64) | |
Other | (16) | (15) |
Closing fair value of plan assets at end of period | 14,785 | 13,564 |
Defined benefit pension plans [member] | Change in present value of benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 13,218 | 14,005 |
Current service costs | 297 | 359 |
Past service costs | 1 | (13) |
Gains and losses on settlements | 13 | |
Interest income expense | 510 | 484 |
Remeasurements: Actuarial losses (gains) from demographic assumptions | (4) | (164) |
Remeasurements: Actuarial losses (gains) from financial assumptions | 1,977 | (828) |
Remeasurements: Actuarial losses (gains) from experience adjustments | 59 | (22) |
Change in foreign currency exchange rate | 12 | (15) |
Contributions - Plan participant | 48 | 49 |
Payments | (601) | (586) |
Payments - amount paid in respect of any settlements | (64) | |
Closing Benefit obligation at end of period | 15,517 | 13,218 |
Defined benefit pension plans [member] | Unfunded Obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 27 | |
Closing Benefit obligation at end of period | 29 | 27 |
Defined benefit pension plans [member] | Wholly or partly funded obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 13,191 | |
Closing Benefit obligation at end of period | 15,488 | 13,191 |
Other post employment benefit [member] | Change in fair value of plan assets [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Fair value of plan assets at beginning of period | 1 | 1 |
Contributions - Employer | 72 | 65 |
Contributions - Plan participant | 18 | 19 |
Payments | (90) | (84) |
Closing fair value of plan assets at end of period | 1 | 1 |
Other post employment benefit [member] | Change in present value of benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 1,622 | 1,845 |
Current service costs | 39 | 34 |
Past service costs | (25) | |
Interest income expense | 65 | 66 |
Remeasurements: Actuarial losses (gains) from demographic assumptions | (7) | (66) |
Remeasurements: Actuarial losses (gains) from financial assumptions | 196 | (140) |
Remeasurements: Actuarial losses (gains) from experience adjustments | (23) | (32) |
Change in foreign currency exchange rate | 0 | 5 |
Contributions - Plan participant | 18 | 19 |
Payments | (90) | (84) |
Closing Benefit obligation at end of period | 1,820 | 1,622 |
Other post employment benefit [member] | Unfunded Obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 1,481 | |
Closing Benefit obligation at end of period | 1,671 | 1,481 |
Other post employment benefit [member] | Wholly or partly funded obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Opening Benefit obligation at beginning of period | 141 | |
Closing Benefit obligation at end of period | $ 149 | $ 141 |
Employee benefits - Pension a_6
Employee benefits - Pension and other post-employment benefits - Analysis of Movement in Financial Position Related to Pension and Other Post-employment Benefit Plans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Defined benefit obligation for plans with funding deficits [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Benefit obligations | $ 14,329 | $ 685 |
Fair value of assets for defined benefit plans with funding deficits [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of plan assets | $ 13,449 | $ 404 |
Employee benefits - Pension a_7
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Pension and Other Post-employment Benefit Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of pension and other post employment plan [Line Items] | ||
Total pension and other post-employment benefit expense | $ 14,600 | $ 13,776 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 297 | 359 |
Past service costs | 1 | (13) |
Gains and losses on settlements | 13 | |
Net interest expense (income) | (22) | 8 |
Administrative expense | 16 | 15 |
Defined benefit pension expense | 292 | 382 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Defined contribution pension expense | 212 | 185 |
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 | 504 | 567 |
Other post employment benefit [member] | Other post employment benefit expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 39 | 34 |
Past service costs | (25) | |
Net interest expense (income) | 65 | 66 |
Remeasurements of other long term benefits | 13 | (4) |
Administrative expense | 0 | |
Defined benefit pension expense | 117 | 71 |
Total pension and other post-employment benefit expense | $ 117 | $ 71 |
Employee benefits - Pension a_8
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 | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Defined benefit pension plans [member] | ||
Actuarial (gains) losses: | ||
Changes in demographic assumptions | $ (4) | $ (164) |
Changes in financial assumptions | 1,977 | (828) |
Experience adjustments | 59 | (22) |
Return on plan assets (excluding interest based on discount rate) | (910) | 268 |
Total remeasurements of employee benefit plans | 1,122 | (746) |
Other post employment benefit [member] | ||
Actuarial (gains) losses: | ||
Changes in demographic assumptions | (11) | (65) |
Changes in financial assumptions | 186 | (134) |
Experience adjustments | (22) | (35) |
Total remeasurements of employee benefit plans | $ 153 | $ (234) |
Employee benefits - Pension a_9
Employee benefits - Pension and other post-employment benefits - Asset Allocation of Defined Benefit Pension Plans (Detail) - Defined benefit pension plans [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 14,785 | $ 13,564 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 100.00% | 100.00% |
Equity securities [member] | Canada [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 1,544 | $ 1,259 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 10.00% | 10.00% |
Equity securities [member] | Foreign countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,215 | $ 3,243 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 22.00% | 24.00% |
Alternative investments and other [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,158 | $ 2,866 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 21.00% | 21.00% |
Debt securities [member] | Domestic government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,014 | $ 2,643 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 21.00% | 19.00% |
Debt securities [member] | Foreign government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 396 | $ 288 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 3.00% | 2.00% |
Debt securities [member] | Corporate And Other Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,458 | $ 3,265 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 23.00% | 24.00% |
Level 1 [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 35.00% | 36.00% |
Level 1 [member] | Equity securities [member] | Canada [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100.00% | 100.00% |
Level 1 [member] | Equity securities [member] | Foreign countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 98.00% | 99.00% |
Level 1 [member] | Alternative investments and other [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 13.00% | 15.00% |
Employee benefits - Pension _10
Employee benefits - Pension and other post-employment benefits - Asset Allocation of Defined Benefit Pension Plans (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Equity securities [member] | Level 1 [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market, based on direct investments | 36.00% | 40.00% |
Employee benefits - Pension _11
Employee benefits - Pension and other post-employment benefits - Maturity Profile of Defined Benefit Pension Plan Obligation (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2019CAD ($)yrParticipants | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 76,719 |
Actual benefit payments 2019 | $ 601 |
Benefits expected to be paid 2020 | 660 |
Benefits expected to be paid 2021 | 682 |
Benefits expected to be paid 2022 | 702 |
Benefits expected to be paid 2023 | 722 |
Benefits expected to be paid 2024 | 743 |
Benefits expected to be paid 2025-2029 | $ 3,967 |
Weighted average duration of defined benefit payments | yr | 16.2 |
Canada [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 69,084 |
Actual benefit payments 2019 | $ 551 |
Benefits expected to be paid 2020 | 610 |
Benefits expected to be paid 2021 | 630 |
Benefits expected to be paid 2022 | 650 |
Benefits expected to be paid 2023 | 670 |
Benefits expected to be paid 2024 | 690 |
Benefits expected to be paid 2025-2029 | $ 3,709 |
Weighted average duration of defined benefit payments | yr | 16 |
Foreign countries [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 7,635 |
Actual benefit payments 2019 | $ 50 |
Benefits expected to be paid 2020 | 50 |
Benefits expected to be paid 2021 | 52 |
Benefits expected to be paid 2022 | 52 |
Benefits expected to be paid 2023 | 52 |
Benefits expected to be paid 2024 | 53 |
Benefits expected to be paid 2025-2029 | $ 258 |
Weighted average duration of defined benefit payments | yr | 19.2 |
Employee benefits - Pension _12
Employee benefits - Pension and Other Post-employment Benefits - Weighted Average Assumptions to Determine Benefit Obligation (Detail) | Oct. 31, 2019 | Oct. 31, 2018 |
Defined benefit pension plans [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.00% | 4.00% |
Rate of increase in future compensation | 3.30% | 3.30% |
Other post employment benefit [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.30% | 4.10% |
Healthcare cost trend rates | ||
- Medical | 3.50% | 3.50% |
- Dental | 3.10% | 3.10% |
Employee benefits - Pension _13
Employee benefits - Pension and other post-employment benefits - Mortality Assumptions to Determine Benefit Obligation (Detail) | Oct. 31, 2019 | Oct. 31, 2018 |
Male [member] | Canada [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 23.7 | 23.7 |
Male [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24.7 | 24.7 |
Male [member] | United States [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 20.6 | 20.6 |
Male [member] | United States [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 22.2 | 22.3 |
Male [member] | United Kingdom [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 23.5 | 23.4 |
Male [member] | United Kingdom [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25.1 | 25 |
Female [member] | Canada [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24.1 | 24.1 |
Female [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25 | 25 |
Female [member] | United States [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 22.6 | 22.7 |
Female [member] | United States [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24.1 | 24.2 |
Female [member] | United Kingdom [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25.2 | 25.2 |
Female [member] | United Kingdom [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 27 | 26.9 |
Employee benefits - Pension _14
Employee benefits - Pension and other post-employment benefits - Sensitivity Analysis of Key Assumptions (Detail) $ in Millions | Oct. 31, 2019CAD ($) |
Defined benefit pension plans [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | $ (2,248) |
Impact of decrease in actuarial assumption | 2,834 |
Defined benefit pension plans [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 66 |
Impact of decrease in actuarial assumption | (70) |
Defined benefit pension plans [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 425 |
Post employment plan [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | (239) |
Impact of decrease in actuarial assumption | 304 |
Post employment plan [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 1 |
Impact of decrease in actuarial assumption | (1) |
Post employment plan [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 36 |
Post employment plan [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 81 |
Impact of decrease in actuarial assumption | $ (68) |
Employee benefits - Pension _15
Employee benefits - Pension and other post-employment benefits - Sensitivity Analysis of Key Assumptions (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Period of reasonably possible increase in actuarial assumption | 1 year |
Defined benefit pension plans [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Defined benefit pension plans [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Defined benefit pension plans [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Period of reasonably possible increase in actuarial assumption | 1 year |
Defined benefit pension plans [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Post employment plan [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Post employment plan [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Post employment plan [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Other liabilities - Summary of
Other liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Other Liabilities [abstract] | |||
Cash collateral | $ 16,195 | $ 13,907 | |
Accounts payable and accrued expenses | 1,598 | 1,531 | |
Payroll and related compensation | 7,416 | 7,073 | |
Payable to brokers, dealers and clients | 3,241 | 4,078 | |
Negotiable instruments | 1,671 | 1,693 | |
Accrued interest payable | 3,496 | 3,072 | |
Deferred income | 2,563 | 2,259 | |
Taxes payable | 2,202 | 2,071 | |
Precious metals certificates | 431 | 346 | |
Dividends payable | 1,567 | 1,482 | |
Insurance related liabilities | 387 | 364 | |
Deferred income taxes | 82 | 84 | $ 97 |
Provisions | 581 | 507 | |
Employee benefit liabilities | 2,699 | 1,902 | |
Commodity liabilities | 8,487 | 7,315 | |
Other | 5,521 | 5,438 | |
Other liabilities | $ 58,137 | $ 53,122 |
Subordinated debentures - Summa
Subordinated debentures - Summary of Net of Holdings in Debentures (Detail) $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||
Oct. 31, 2019CAD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2019TTD ($) | Oct. 31, 2018CAD ($) | |
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Dated subordinated liabilities | $ 9,825 | $ 9,141 | ||
Deferred financing costs | (10) | (10) | ||
Subordinated debentures | $ 9,815 | 9,131 | ||
August 12, 2019 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Aug. 12, 2019 | |||
Redemption date | Aug. 12, 2019 | |||
Interest rate | 9.00% | 9.00% | 9.00% | |
Dated subordinated liabilities | $ 75 | 103 | ||
July 15, 2022 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jul. 15, 2022 | |||
Interest rate | 5.38% | 5.38% | 5.38% | |
Dated subordinated liabilities | $ 206 | $ 150 | 208 | |
June 8, 2023 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jun. 8, 2023 | |||
Interest rate | 9.30% | 9.30% | 9.30% | |
Dated subordinated liabilities | $ 110 | 110 | ||
July 17, 2024 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jul. 17, 2024 | |||
Redemption date | Jul. 17, 2019 | |||
Interest rate | 3.04% | 3.04% | 3.04% | |
Dated subordinated liabilities | 998 | |||
December 6, 2024 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Dec. 06, 2024 | |||
Redemption date | Dec. 6, 2019 | |||
Interest rate | 2.99% | 2.99% | 2.99% | |
Dated subordinated liabilities | $ 1,999 | 1,978 | ||
June 4, 2025 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jun. 04, 2025 | |||
Redemption date | Jun. 4, 2020 | |||
Interest rate | 2.48% | 2.48% | 2.48% | |
Dated subordinated liabilities | $ 997 | 988 | ||
January 20, 2026 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jan. 20, 2026 | |||
Redemption date | Jan. 20, 2021 | |||
Interest rate | 3.31% | 3.31% | 3.31% | |
Dated subordinated liabilities | $ 1,483 | 1,443 | ||
January 27, 2026 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jan. 27, 2026 | |||
Interest rate | 4.65% | 4.65% | 4.65% | |
Dated subordinated liabilities | $ 2,023 | $ 1,500 | 1,813 | |
September 29, 2026 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Sep. 29, 2026 | |||
Redemption date | Sep. 29, 2021 | |||
Interest rate | 3.45% | 3.45% | 3.45% | |
Dated subordinated liabilities | $ 1,009 | 988 | ||
November 1, 2027 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Nov. 1, 2027 | |||
Redemption date | Nov. 1, 2022 | |||
Interest rate | 4.75% | 4.75% | 4.75% | |
Dated subordinated liabilities | $ 59 | $ 300 | 59 | |
July 25, 2029 [Member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jul. 25, 2029 | |||
Redemption date | Jul. 25, 2024 | |||
Interest rate | 2.74% | 2.74% | 2.74% | |
Dated subordinated liabilities | $ 1,486 | |||
October 1, 2083 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Oct. 1, 2083 | |||
Dated subordinated liabilities | $ 224 | 224 | ||
Redemption date | Any interest payment date | |||
June 29, 2085 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | Jun. 29, 2085 | |||
Dated subordinated liabilities | $ 229 | $ 174 | $ 229 | |
Redemption date | Any interest payment date |
Subordinated debentures - Sum_2
Subordinated debentures - Summary of Net of Holdings in Debentures (Parenthetical) (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2019CAD ($)$ / shares | Oct. 31, 2019USD ($) | Oct. 31, 2018CAD ($) | |
Disclosure of Detailed Information About Borrowings [Line items] | |||
Dated subordinated liabilities | $ 9,825 | $ 9,141 | |
August 12, 2019 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Dated subordinated liabilities | $ 75 | 103 | |
Percentage of principal amount | 100.00% | ||
Maturity | Aug. 12, 2019 | ||
July 17, 2024 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Debt conversion price | 1.5 | 1.5 | |
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||
Dated subordinated liabilities | 998 | ||
Percentage of principal amount | 100.00% | ||
Maturity | Jul. 17, 2019 | ||
Borrowings, interest rate basis | The notes include non-viability contingency capital (NVCC) provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | ||
June 4, 2025 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Debt conversion price | 1.5 | 1.5 | |
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||
Dated subordinated liabilities | $ 997 | 988 | |
Maturity | Jun. 4, 2020 | ||
Borrowings, interest rate basis | The notes include non-viability contingency capital (NVCC) provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | ||
Interest rate | 1.10% | 1.10% | |
January 20, 2026 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Debt conversion price | 1.5 | 1.5 | |
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||
Dated subordinated liabilities | $ 1,483 | 1,443 | |
Maturity | Jan. 20, 2021 | ||
Borrowings, interest rate basis | The notes include non-viability contingency capital (NVCC) provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | ||
Interest rate | 2.35% | 2.35% | |
January 27, 2026 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Debt conversion price | 1.5 | 1.5 | |
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||
Dated subordinated liabilities | $ 2,023 | $ 1,500 | 1,813 |
Borrowings, interest rate basis | The notes include non-viability contingency capital (NVCC) provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | ||
September 29, 2026 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Debt conversion price | 1.5 | 1.5 | |
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||
Dated subordinated liabilities | $ 1,009 | 988 | |
Maturity | Sep. 29, 2021 | ||
Borrowings, interest rate basis | The notes include non-viability contingency capital (NVCC) provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | ||
Interest rate | 1.12% | 1.12% | |
December 6, 2024 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Dated subordinated liabilities | $ 1,999 | 1,978 | |
Maturity | Dec. 6, 2019 | ||
Interest rate | 1.10% | 1.10% | |
July 25, 2029 [Member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Debt conversion price | 1.5 | 1.5 | |
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||
Dated subordinated liabilities | $ 1,486 | ||
Maturity | Jul. 25, 2024 | ||
Borrowings, interest rate basis | The notes include non-viability contingency capital (NVCC) provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | ||
Interest rate | 0.98% | 0.98% | |
October 1, 2083 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Dated subordinated liabilities | $ 224 | 224 | |
Basis points | 0.40% | 0.40% | |
Borrowings, interest rate basis | Interest at a rate of 40 basis points above the 30-day Bankers' Acceptance rate. | ||
June 29, 2085 [member] | |||
Disclosure of Detailed Information About Borrowings [Line items] | |||
Dated subordinated liabilities | $ 229 | $ 174 | $ 229 |
Basis points | 0.25% | 0.25% | |
Borrowings, interest rate basis | Interest at a rate of 25 basis points above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN). In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. |
Subordinated debentures - Matur
Subordinated debentures - Maturities of Subordinated Debentures (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | $ 9,825 | $ 9,141 |
Under 1 year [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 0 | |
1 to 5 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 316 | |
5 to 10 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 9,056 | |
Over 10 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | $ 453 |
Trust capital securities - Addi
Trust capital securities - Additional Information (Detail) | 1 Months Ended |
Jun. 30, 2018$ / shares | |
Disclosure of trust capital securities [abstract] | |
Capital securities redemption price per unit | $ 1,000 |
Equity - Additional Information
Equity - Additional Information (Detail) shares in Millions, $ in Billions | 12 Months Ended |
Oct. 31, 2019CAD ($)shares | |
Treasury shares [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of shares to be issued in addition | shares | 38.9 |
Preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Explanation of fact that shares without nominal or have no par value | An unlimited number of First Preferred Shares and Second Preferred Shares without nominal or par value |
First preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Preferred stock Par value | 0 |
Aggregate consideration on authorised shares | $ | $ 20 |
Second preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Preferred stock Par value | 0 |
Aggregate consideration on authorised shares | $ | $ 5 |
Common shares [member] | |
Disclosure of classes of share capital [line items] | |
Explanation of fact that shares without nominal or have no par value | An unlimited number of shares without nominal or par value may be issued. |
Common stock no par value per share | 0 |
Shares available for future issuances | shares | 42.9 |
Equity - Summary of Common and
Equity - Summary of Common and Preferred Shares Outstanding (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Oct. 31, 2019CAD ($)$ / sharesshares | Oct. 31, 2019$ / shares | Oct. 31, 2018CAD ($)$ / sharesshares | Oct. 31, 2018$ / shares | |
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | $ 79,955 | $ 73,791 | ||
Issued in connection with share-based compensation plans | 486 | 92 | ||
Purchased for cancellation | (1,030) | (1,522) | ||
Balance at end of period | 83,625 | 79,955 | ||
Purchases | (5,564) | (5,726) | ||
Sales | $ 5,522 | $ 5,738 | ||
Common shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,439,029 | 1,452,898 | ||
Issued in connection with share-based compensation plans | shares | 1,900 | 1,466 | ||
Purchased for cancellation | shares | (10,251) | (15,335) | ||
Balance at end of period | shares | 1,430,678 | 1,439,029 | ||
Balance at beginning of period | $ 17,635 | $ 17,730 | ||
Issued in connection with share-based compensation plans | 136 | 92 | ||
Purchased for cancellation | (126) | (187) | ||
Balance at end of period | $ 17,645 | $ 17,635 | ||
Dividends declared per share | $ / shares | $ 4.07 | $ 3.77 | ||
Common shares [member] | Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | (235) | (363) | ||
Balance at end of period | shares | (582) | (235) | ||
Balance at beginning of period | $ (18) | $ (27) | ||
Balance at end of period | $ (58) | $ (18) | ||
Purchases | shares | (54,263) | (53,964) | ||
Sales | shares | 53,916 | 54,092 | ||
Purchases | $ (5,380) | $ (5,470) | ||
Sales | $ 5,340 | $ 5,479 | ||
Common shares [member] | Outstanding capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,438,794 | |||
Balance at end of period | shares | 1,430,096 | 1,438,794 | ||
Balance at beginning of period | $ 17,617 | |||
Balance at end of period | $ 17,587 | $ 17,617 | ||
Preferred shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 251,020 | |||
Balance at end of period | shares | 227,020 | 251,020 | ||
Balance at beginning of period | $ 6,306 | $ 6,413 | ||
Issued in connection with share-based compensation plans | 350 | |||
Balance at end of period | $ 5,706 | $ 6,306 | ||
Preferred shares [member] | Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 114 | 6 | ||
Balance at end of period | shares | 34 | 114 | ||
Balance at beginning of period | $ 3 | |||
Balance at end of period | $ 1 | $ 3 | ||
Purchases | shares | (8,021) | (10,215) | ||
Sales | shares | 7,941 | 10,323 | ||
Purchases | $ (184) | $ (256) | ||
Sales | 182 | 259 | ||
Preferred shares [member] | Outstanding capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | 6,309 | |||
Balance at end of period | $ 5,707 | $ 6,309 | ||
Balance at end of period | shares | 227,054 | 251,134 | ||
Series W non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 12,000 | |||
Balance at end of period | shares | 12,000 | 12,000 | ||
Balance at beginning of period | $ 300 | |||
Balance at end of period | $ 300 | $ 300 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series AA non cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 12,000 | |||
Balance at end of period | shares | 12,000 | 12,000 | ||
Balance at beginning of period | $ 300 | |||
Balance at end of period | $ 300 | $ 300 | ||
Dividends declared per share | $ / shares | $ 1.11 | $ 1.11 | ||
Series AC non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 8,000 | |||
Balance at end of period | shares | 8,000 | 8,000 | ||
Balance at beginning of period | $ 200 | |||
Balance at end of period | $ 200 | $ 200 | ||
Dividends declared per share | $ / shares | $ 1.15 | $ 1.15 | ||
Series AD non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 10,000 | |||
Balance at end of period | shares | 10,000 | |||
Balance at beginning of period | $ 250 | |||
Balance at end of period | $ 250 | |||
Dividends declared per share | $ / shares | $ 1.13 | |||
Series AE non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 10,000 | |||
Balance at end of period | shares | 10,000 | 10,000 | ||
Balance at beginning of period | $ 250 | |||
Balance at end of period | $ 250 | $ 250 | ||
Dividends declared per share | $ / shares | $ 1.13 | $ 1.13 | ||
Series AF non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 8,000 | |||
Balance at end of period | shares | 8,000 | 8,000 | ||
Balance at beginning of period | $ 200 | |||
Balance at end of period | $ 200 | $ 200 | ||
Dividends declared per share | $ / shares | $ 1.11 | $ 1.11 | ||
Series AG non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 10,000 | |||
Balance at end of period | shares | 10,000 | 10,000 | ||
Balance at beginning of period | $ 250 | |||
Balance at end of period | $ 250 | $ 250 | ||
Dividends declared per share | $ / shares | $ 1.13 | $ 1.13 | ||
Series BH non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series BI non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series BJ non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.31 | $ 1.31 | ||
Series AJ non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 13,579 | |||
Balance at end of period | shares | 13,579 | |||
Balance at beginning of period | $ 339 | |||
Balance at end of period | $ 339 | |||
Dividends declared per share | $ / shares | $ 0.22 | $ 0.88 | ||
Series AL non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 12,000 | |||
Balance at end of period | shares | 12,000 | |||
Balance at beginning of period | $ 300 | |||
Balance at end of period | $ 300 | |||
Dividends declared per share | $ / shares | $ 0.27 | $ 1.07 | ||
Series AZ non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20,000 | |||
Balance at end of period | shares | 20,000 | 20,000 | ||
Balance at beginning of period | $ 500 | |||
Balance at end of period | $ 500 | $ 500 | ||
Dividends declared per share | $ / shares | $ 0.96 | $ 1 | ||
Series BB non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20,000 | |||
Balance at end of period | shares | 20,000 | 20,000 | ||
Balance at beginning of period | $ 500 | |||
Balance at end of period | $ 500 | $ 500 | ||
Dividends declared per share | $ / shares | $ 0.96 | $ 0.98 | ||
Series BD non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 24,000 | |||
Balance at end of period | shares | 24,000 | 24,000 | ||
Balance at beginning of period | $ 600 | |||
Balance at end of period | $ 600 | $ 600 | ||
Dividends declared per share | $ / shares | $ 0.90 | $ 0.90 | ||
Series BF non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 12,000 | |||
Balance at end of period | shares | 12,000 | 12,000 | ||
Balance at beginning of period | $ 300 | |||
Balance at end of period | $ 300 | $ 300 | ||
Dividends declared per share | $ / shares | $ 0.90 | $ 0.90 | ||
Series BK non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 29,000 | |||
Balance at end of period | shares | 29,000 | 29,000 | ||
Balance at beginning of period | $ 725 | |||
Balance at end of period | $ 725 | $ 725 | ||
Dividends declared per share | $ / shares | $ 1.38 | $ 1.38 | ||
Series BM non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 30,000 | |||
Balance at end of period | shares | 30,000 | 30,000 | ||
Balance at beginning of period | $ 750 | |||
Balance at end of period | $ 750 | $ 750 | ||
Dividends declared per share | $ / shares | $ 1.38 | $ 1.38 | ||
Series BO non-cumulative five year rate reset first preference shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at end of period | shares | 14,000 | |||
Balance at end of period | $ 350 | |||
Dividends declared per share | $ / shares | $ 1.27 | |||
Series AK non-cumulative floating rate first preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 2,421 | |||
Balance at end of period | shares | 2,421 | |||
Balance at beginning of period | $ 61 | |||
Balance at end of period | $ 61 | |||
Dividends declared per share | $ / shares | $ 0.23 | $ 0.78 | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20 | |||
Balance at end of period | shares | 20 | 20 | ||
Balance at beginning of period | $ 31 | |||
Balance at end of period | $ 31 | $ 31 | ||
Dividends declared per share | $ / shares | $ 67.50 | $ 67.50 |
Equity - Summary of Common an_2
Equity - Summary of Common and Preferred Shares Outstanding (Parenthetical) (Detail) $ / shares in Units, shares in Thousands, $ in Millions | Feb. 24, 2019$ / sharesshares | Nov. 24, 2018$ / sharesshares | Oct. 31, 2019CAD ($)$ / sharesshares | Oct. 31, 2019CAD ($)$ / shares$ / sharesshares | Oct. 31, 2018CAD ($)$ / sharesshares | Oct. 31, 2019$ / shares | Nov. 02, 2018CAD ($)shares | Oct. 31, 2017CAD ($) |
Disclosure of classes of share capital [line items] | ||||||||
Equity | $ | $ 83,625 | $ 83,625 | $ 79,955 | $ 73,791 | ||||
Common shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Fair value adjustments to stock options | $ | $ 29 | $ 15 | ||||||
Average cost of shares purchased for cancellation | $ / shares | $ 100.41 | $ 99.29 | ||||||
Average book value of shares purchased for cancellation | $ / shares | 12.29 | $ 12.22 | ||||||
Series AD non-cumulative fixed rate first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | shares | 10,000 | |||||||
Redemption price per share | $ / shares | $ 25 | $ 25 | $ 25 | |||||
Number of shares issued | shares | 10,000 | |||||||
Equity | $ | $ 250 | |||||||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Preferred shares issued price per share | $ / shares | $ 1,000 | |||||||
Preferred shares issued price per depositary share | $ / shares | $ 25 | |||||||
Redemption price per share | $ / shares | $ 1,000 | |||||||
Number of shares issued | shares | 20 | 20 | 20 | |||||
Equity | $ | $ 31 | $ 31 | $ 31 | |||||
Series AK non-cumulative fixed rate first preference shares [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Preferred shares issued price per depositary share | $ / shares | $ 25 | |||||||
Number of shares redeemed | shares | 2,400 | |||||||
Series AJ non cumulative fixed rate first preference shares [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | shares | 13,600 | |||||||
Redemption price per share | $ / shares | $ 25 | $ 25 | ||||||
Number of shares issued | shares | 13,579 | |||||||
Equity | $ | $ 339 | |||||||
Series AL non-cumulative Five year rate reset first preference Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | shares | 12,000 | |||||||
Redemption price per share | $ / shares | $ 25 | |||||||
Number of shares issued | shares | 12,000 | |||||||
Equity | $ | $ 300 | |||||||
Series BO non-cumulative five year rate reset first preference shares [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued | shares | 14,000 | |||||||
Equity | $ | $ 350 |
Equity - Summary of Significant
Equity - Summary of Significant Terms and Conditions of Preferred Shares (Detail) | 12 Months Ended | ||
Oct. 31, 2019CAD ($)$ / shares | Oct. 31, 2019USD ($) | Oct. 31, 2019$ / shares | |
Series W non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Feb. 24, 2010 | Feb. 24, 2010 | |
Issue Date | Jan. 31, 2005 | Jan. 31, 2005 | |
Redemption price | $ / shares | $ 25 | ||
Series AA non cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.45% | 4.45% | |
Current Dividend per share | $ | $ 0.278125 | ||
Earliest redemption date | May 24, 2011 | May 24, 2011 | |
Issue Date | Apr. 4, 2006 | Apr. 4, 2006 | |
Redemption price | $ / shares | $ 25 | ||
Series AC non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.60% | 4.60% | |
Current Dividend per share | $ | $ 0.287500 | ||
Earliest redemption date | Nov. 24, 2011 | Nov. 24, 2011 | |
Issue Date | Nov. 1, 2006 | Nov. 1, 2006 | |
Redemption price | $ / shares | $ 25 | ||
Series AE non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.50% | 4.50% | |
Current Dividend per share | $ | $ 0.281250 | ||
Earliest redemption date | Feb. 24, 2012 | Feb. 24, 2012 | |
Issue Date | Jan. 19, 2007 | Jan. 19, 2007 | |
Redemption price | $ / shares | $ 25 | ||
Series AF non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.45% | 4.45% | |
Current Dividend per share | $ | $ 0.278125 | ||
Earliest redemption date | May 24, 2012 | May 24, 2012 | |
Issue Date | Mar. 14, 2007 | Mar. 14, 2007 | |
Redemption price | $ / shares | $ 25 | ||
Series AG non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.50% | 4.50% | |
Current Dividend per share | $ | $ 0.281250 | ||
Earliest redemption date | May 24, 2012 | May 24, 2012 | |
Issue Date | Apr. 26, 2007 | Apr. 26, 2007 | |
Redemption price | $ / shares | $ 25 | ||
Series BH non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Jun. 5, 2015 | Jun. 5, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series BI non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Jul. 22, 2015 | Jul. 22, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series BJ non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 5.25% | 5.25% | |
Current Dividend per share | $ | $ 0.328125 | ||
Earliest redemption date | Feb. 24, 2021 | Feb. 24, 2021 | |
Issue Date | Oct. 2, 2015 | Oct. 2, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series AZ non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 3.70% | 3.70% | |
Premium | 2.21% | 2.21% | |
Current Dividend per share | $ | $ 0.231250 | ||
Earliest redemption date | May 24, 2019 | May 24, 2019 | |
Issue Date | Jan. 30, 2014 | Jan. 30, 2014 | |
Redemption price | $ / shares | $ 25 | ||
Series BB non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 3.65% | 3.65% | |
Premium | 2.26% | 2.26% | |
Current Dividend per share | $ | $ 0.228125 | ||
Earliest redemption date | Aug. 24, 2019 | Aug. 24, 2019 | |
Issue Date | Jun. 3, 2014 | Jun. 3, 2014 | |
Redemption price | $ / shares | $ 25 | ||
Series BD non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 3.60% | 3.60% | |
Premium | 2.74% | 2.74% | |
Current Dividend per share | $ | $ 0.225000 | ||
Earliest redemption date | May 24, 2020 | May 24, 2020 | |
Issue Date | Jan. 30, 2015 | Jan. 30, 2015 | |
Redemption price | $ / shares | $ 25 | ||
Series BF non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 3.60% | 3.60% | |
Premium | 2.62% | 2.62% | |
Current Dividend per share | $ | $ 0.225000 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Mar. 13, 2015 | Mar. 13, 2015 | |
Redemption price | $ / shares | $ 25 | ||
Series BK non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 5.50% | 5.50% | |
Premium | 4.53% | 4.53% | |
Current Dividend per share | $ | $ 0.343750 | ||
Earliest redemption date | May 24, 2021 | May 24, 2021 | |
Issue Date | Dec. 16, 2015 | Dec. 16, 2015 | |
Redemption price | $ / shares | $ 25 | ||
Series BM non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 5.50% | 5.50% | |
Premium | 4.80% | 4.80% | |
Current Dividend per share | $ | $ 0.343750 | ||
Earliest redemption date | Aug. 24, 2021 | Aug. 24, 2021 | |
Issue Date | Mar. 7, 2016 | Mar. 7, 2016 | |
Redemption price | $ / shares | $ 25 | ||
Series BO non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 4.80% | 4.80% | |
Premium | 2.38% | 2.38% | |
Current Dividend per share | $ | $ 0.300000 | ||
Earliest redemption date | Feb. 24, 2024 | Feb. 24, 2024 | |
Issue Date | Nov. 2, 2018 | Nov. 2, 2018 | |
Redemption price | $ / shares | $ 25 | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial Period Annual Yield | 6.75% | 6.75% | |
Premium | 4.052% | 4.052% | |
Current Dividend per share | $ | $ 16.875000 | ||
Earliest redemption date | Nov. 7, 2023 | Nov. 7, 2023 | |
Issue Date | Nov. 2, 2015 | Nov. 2, 2015 | |
Redemption price | $ / shares | $ 1,000 |
Equity - Summary of Significa_2
Equity - Summary of Significant Terms and Conditions of Preferred Shares (Parenthetical) (Detail) | 12 Months Ended | ||
Oct. 31, 2019$ / shares | Oct. 31, 2019$ / shares | Nov. 24, 2018$ / shares | |
Series AZ, BB, BD, BF, BK, BM, and BO [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 25 | ||
Series W, AA, AC, AD, AE, AF, AG, BH, BI and BJ [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | 26 | ||
Redemption price per share decreasing rate | $ 0.25 | ||
Series C-2 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 1,000 | ||
Series BH, BI, BJ, AZ, BB, BD, BF, BF and BM [member] | |||
Disclosure of classes of share capital [line items] | |||
Preference shares NVCC conversion formula | The number of shares issued is determined by dividing the preferred share value ($25 plus declared and unpaid dividends) by the conversion price. | ||
Bottom of range [member] | Series BH, BI, BJ, AZ, BB, BD, BF, BF and BM [member] | |||
Disclosure of classes of share capital [line items] | |||
Preference shares NVCC provision floor price | $ 5 | ||
Series W non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 25 | ||
Series W non-cumulative fixed rate first preference shares [member] | Bottom of range [member] | |||
Disclosure of classes of share capital [line items] | |||
First Preferred Shares conversion formula | First Preferred Shares Series W may be converted into that number of common shares determined by dividing the current redemption price by the greater of $2.50 and 95% of the weighted average trading price of common shares at such time. | ||
Redemption price per share | $ 2.50 | ||
Series W non-cumulative fixed rate first preference shares [member] | Weighted average [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price percentage | 95.00% | 95.00% | |
Series AD non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 25 | $ 25 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) | 12 Months Ended | ||
Oct. 31, 2019CAD ($)shares | Oct. 31, 2019GBP (£)shares | Oct. 31, 2018CAD ($) | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 1,001,000,000 | $ 493,000,000 | |
Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 10.00% | 10.00% | |
Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 1.00% | 1.00% | |
Stock option plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Stock option plans, vesting period | 4 years | 4 years | |
Compensation expense | $ 6,000,000 | 6,000,000 | |
Weighted average fair value of options granted | $ 5.61 | 6.66 | |
Description of option pricing model, share options granted | Black-Scholes model | Black-Scholes model | |
Stock option plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Stock option plans, exercisable period from grant date | 10 years | 10 years | |
Information about how fair value was measured, share options granted | The weighted average fair value of options granted during the year ended October 31, 2019 was estimated at $5.61 (October 31, 2018 – $6.66). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering both historic average share price volatility and implied volatility derived from traded options over our common shares of similar maturity to those of the employee options. The following assumptions were used to determine the fair value of options granted | The weighted average fair value of options granted during the year ended October 31, 2019 was estimated at $5.61 (October 31, 2018 – $6.66). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering both historic average share price volatility and implied volatility derived from traded options over our common shares of similar maturity to those of the employee options. The following assumptions were used to determine the fair value of options granted | |
Deferred bonus plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 274,000,000 | 139,000,000 | |
Description of vesting requirements for share-based payment arrangement | The deferred bonus is invested as RBC share units and a specified percentage vests on each of the three anniversary dates following the grant date. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. | The deferred bonus is invested as RBC share units and a specified percentage vests on each of the three anniversary dates following the grant date. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. | |
Performance deferred share award plans [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 294,000,000 | 190,000,000 | |
Description of vesting requirements for share-based payment arrangement | We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. | We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. | |
Performance deferred share award plans [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of share award plans, increase or decrease | 25.00% | 25.00% | |
Non-vested options [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 3,000,000 | $ 3,000,000 | |
Weighted average period for compensation expense to be recognized of non-vested options | 1 year 9 months 18 days | 1 year 9 months 18 days | 1 year 1 month 6 days |
RBC Dominion Securities Savings Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Maximum annual employer contribution per employee towards share ownership plans | $ 4,500 | ||
RBC U.K. Share Incentive Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Maximum annual employer contribution per employee towards share ownership plans | £ | £ 1,500 | ||
Employee Savings and Share Ownership Plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of employer matching contribution for each contribution between 1% and 6% | 50.00% | 50.00% | |
Employer contribution towards share ownership plans | $ 112,000,000 | $ 97,000,000 | |
Description of employee ownership plan contribution | Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. | Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. | |
Employee Savings and Share Ownership Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 6.00% | 6.00% | |
Employee Savings and Share Ownership Plan [member] | Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 1.00% | 1.00% | |
Common shares [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Number of shares per board lot | shares | 100 | 100 | |
Common shares [member] | Employee Savings and Share Ownership Plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Common shares held under employee ownership plan | 35,000,000 | 35,000,000 |
Share-based compensation - Summ
Share-based compensation - Summary of Stock Option Activity and Related Information (Detail) shares in Thousands | 12 Months Ended | |
Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of options, outstanding at beginning of year | shares | 7,770 | 8,566 |
Number of options, granted | shares | 1,090 | 773 |
Number of options, exercised | shares | (1,900) | (1,440) |
Number of options, forfeited in the year | shares | (10) | (129) |
Number of options, outstanding at end of year | shares | 6,950 | 7,770 |
Number of options, exercisable at end of year | shares | 2,980 | 3,726 |
Weighted average exercise price, outstanding at beginning of year | $ | $ 71.40 | $ 64.96 |
Weighted average exercise price, granted | $ | 96.55 | 102.33 |
Weighted average exercise price, exercised | $ | 55.05 | 50.42 |
Weighted average exercise price, forfeited in the year | $ | 54.99 | 78.12 |
Weighted average exercise price, outstanding at end of year | $ | 79.88 | 71.40 |
Weighted average exercise price, exercisable at end of year | $ | $ 64.24 | $ 55.82 |
Share-based compensation - Su_2
Share-based compensation - Summary of Stock Option Activity and Related Information (Parenthetical) (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Cash received for options exercised | $ 105,000,000 | $ 73,000,000 |
Weighted average share price at the date of exercise | $ 103.15 | $ 101.81 |
Share-based compensation - Su_3
Share-based compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) shares in Thousands | Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | Oct. 31, 2017CAD ($)shares |
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 6,950 | 7,770 | 8,566 |
Options outstanding, weighted average exercise price | $ | $ 79.88 | $ 71.40 | $ 64.96 |
Options outstanding, weighted average remaining contractual life (in years) | 6.10 | ||
Options exercisable, number | shares | 2,980 | 3,726 | |
Options exercisable, weighted average exercise price | $ | $ 64.24 | $ 55.82 | |
$36.46 – $52.23 [member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 704 | ||
Options outstanding, weighted average exercise price | $ | $ 45.63 | ||
Options outstanding, weighted average remaining contractual life (in years) | 2.35 | ||
Options exercisable, number | shares | 704 | ||
Options exercisable, weighted average exercise price | $ | $ 45.63 | ||
$52.60 – $69.17 [member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 907 | ||
Options outstanding, weighted average exercise price | $ | $ 60.47 | ||
Options outstanding, weighted average remaining contractual life (in years) | 3.15 | ||
Options exercisable, number | shares | 907 | ||
Options exercisable, weighted average exercise price | $ | $ 60.47 | ||
$73.14 – $76.68 [member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,490 | ||
Options outstanding, weighted average exercise price | $ | $ 74.57 | ||
Options outstanding, weighted average remaining contractual life (in years) | 5.92 | ||
Options exercisable, number | shares | 818 | ||
Options exercisable, weighted average exercise price | $ | $ 74.76 | ||
$78.59 – $90.23 [member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,986 | ||
Options outstanding, weighted average exercise price | $ | $ 87 | ||
Options outstanding, weighted average remaining contractual life (in years) | 6.49 | ||
Options exercisable, number | shares | 551 | ||
Options exercisable, weighted average exercise price | $ | $ 78.59 | ||
$96.55 – $102.33 [member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,863 | ||
Options outstanding, weighted average exercise price | $ | $ 98.95 | ||
Options outstanding, weighted average remaining contractual life (in years) | 8.70 |
Share-based compensation - Weig
Share-based compensation - Weighted average assumptions (Detail) | 12 Months Ended | |
Oct. 31, 2019CAD ($)yr | Oct. 31, 2018CAD ($)yr | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Share price at grant date | $ | $ 94.09 | $ 101.83 |
Risk-free interest rate | 2.01% | 1.71% |
Expected dividend yield | 3.77% | 3.66% |
Expected share price volatility | 12.00% | 13.00% |
Expected life of option | yr | 6 | 6 |
Share-based compensation - Su_4
Share-based compensation - Summary of Units Granted Under Deferred Share and Other Plans (Detail) shares in Thousands | 12 Months Ended | |
Oct. 31, 2019shares$ / shares | Oct. 31, 2018shares$ / shares | |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 495 | 376 |
Units granted, weighted average fair value | $ / shares | $ 99.69 | $ 100.71 |
Deferred bonus plan [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 3,423 | 4,820 |
Units granted, weighted average fair value | $ / shares | $ 105.12 | $ 95.18 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 2,471 | 2,099 |
Units granted, weighted average fair value | $ / shares | $ 96.39 | $ 101.55 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 116 | 91 |
Units granted, weighted average fair value | $ / shares | $ 94.06 | $ 103.55 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 1,210 | 978 |
Units granted, weighted average fair value | $ / shares | $ 96.28 | $ 101.48 |
Deferred Share and Other Plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 7,715 | 8,364 |
Units granted, weighted average fair value | $ / shares | $ 100.42 | $ 97.85 |
Share-based compensation - Su_5
Share-based compensation - Summary of Obligation Under Deferred Share and Other Plans (Detail) shares in Thousands, $ in Millions | 12 Months Ended | |
Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 24,588 | 26,309 |
Carrying amount | $ | $ 2,607 | $ 2,520 |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 5,288 | 4,631 |
Carrying amount | $ | $ 562 | $ 446 |
Deferred bonus plan [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 8,820 | 10,347 |
Carrying amount | $ | $ 937 | $ 990 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 5,621 | 5,892 |
Carrying amount | $ | $ 597 | $ 565 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 3,072 | 3,299 |
Carrying amount | $ | $ 326 | $ 317 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 1,787 | 2,140 |
Carrying amount | $ | $ 185 | $ 202 |
Share-based compensation - Su_6
Share-based compensation - Summary of Compensation Expenses Recognized Under Deferred Share and Other Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | $ 1,001 | $ 493 |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 77 | 6 |
Deferred bonus plan [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 274 | 139 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 294 | 190 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 250 | 80 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | $ 106 | $ 78 |
Income taxes - Components of Ta
Income taxes - Components of Tax Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Current tax | ||
Tax expense for current year | $ 3,256 | $ 3,351 |
Adjustments for prior years | (26) | (212) |
Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period | (31) | (11) |
Current tax expense income after adjustments | 3,199 | 3,128 |
Deferred tax | ||
Origination and reversal of temporary difference | (114) | 28 |
Effects of changes in tax rates | 29 | 148 |
Adjustments for prior years | (57) | 152 |
Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net | (14) | (127) |
Deferred tax expense income after adjustments | (156) | 201 |
Income taxes (recoveries) | 3,043 | 3,329 |
Other comprehensive income | ||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 51 | 12 |
Provision for credit losses recognized in income | 0 | (5) |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (60) | (52) |
Unrealized foreign currency translation gains (losses) | 2 | 2 |
Net foreign currency translation gains (losses) from hedging activities | 2 | (77) |
Reclassification of losses (gains) on net investment hedging activities to income | 1 | |
Net gains (losses) on derivatives designated as cash flow hedges | (200) | 84 |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | (50) | 8 |
Remeasurements of employee benefit plans | (333) | 256 |
Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss | 18 | 45 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 5 | (5) |
Share-based compensation awards | (9) | 15 |
Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity | (573) | 283 |
Total income taxes | $ 2,470 | $ 3,612 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2018CAD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | |
Additional details on Income taxes [line items] | |||||
Effective tax rate | 19.10% | 21.10% | |||
Deferred tax assets | $ 1,989 | $ 1,475 | $ 1,948 | ||
Unused tax losses | 413 | 443 | |||
Tax credits | 365 | 426 | |||
Deductible temporary differences | 0 | 39 | |||
Amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities is unrecognized | $ 17,900 | $ 14,600 | |||
Corporate income tax rate | 26.50% | 26.50% | |||
Tax Rate Effects | 2.00% | ||||
2013 taxation years [member] | |||||
Additional details on Income taxes [line items] | |||||
Tax examinations and assessments amount | $ 756 | ||||
2009, 2010 and 2011 taxation year [member] | |||||
Additional details on Income taxes [line items] | |||||
Tax examinations and assessments amount | $ 434 | ||||
United States [member] | |||||
Additional details on Income taxes [line items] | |||||
Corporate income tax rate | 21.00% | 35.00% | |||
Writedown from U.S. Tax reform | $ 178 | $ 142 | |||
Tax loss and tax credit carryforwards [member] | Caribbean, Canadian and Japanese Operations [Member] | |||||
Additional details on Income taxes [line items] | |||||
Deferred tax assets | $ 202 | $ 203 | |||
Under 1 year [member] | |||||
Additional details on Income taxes [line items] | |||||
Unused tax losses | 1 | 4 | |||
Tax credits | 0 | 0 | |||
Deductible temporary differences | 0 | 1 | |||
Expire in two to four years [member] | |||||
Additional details on Income taxes [line items] | |||||
Unused tax losses | 7 | 2 | |||
Tax credits | 60 | 45 | |||
Deductible temporary differences | 0 | 1 | |||
Expire after four years [member] | |||||
Additional details on Income taxes [line items] | |||||
Unused tax losses | 405 | 437 | |||
Tax credits | $ 305 | 381 | |||
Deductible temporary differences | $ 37 |
Income taxes - Reconciliation t
Income taxes - Reconciliation to Statutory Tax Rate (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Income taxes at Canadian statutory tax rate | $ 4,217 | $ 4,176 |
Increase (decrease) in income taxes resulting from | ||
Lower average tax rate applicable to subsidiaries | (815) | (752) |
Tax-exempt income from securities | (310) | (285) |
Tax rate change | 29 | 148 |
Other | (78) | 42 |
Income taxes (recoveries) | $ 3,043 | $ 3,329 |
Reconciliation of average effective tax rate | ||
Income taxes at Canadian statutory tax rate | 26.50% | 26.50% |
Increase (decrease) in income taxes result from | ||
Lower average tax rate applicable to subsidiaries | (5.10%) | (4.80%) |
Tax-exempt income from securities | (1.90%) | (1.80%) |
Tax rate change | 0.10% | 0.90% |
Other | (0.50%) | 0.30% |
Income taxes in Consolidated Statements of Income / effective tax rate | 19.10% | 21.10% |
Income taxes - Significant Comp
Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | $ 1,391 | $ 1,851 | |
Change through equity | 354 | (260) | |
Change through profit or loss | 156 | (201) | |
Exchange rate differences | 1 | ||
Other components of deferred tax expense (income) | 6 | ||
Net deferred asset (liability) at ending of period | 1,907 | 1,391 | |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | 1,989 | 1,475 | $ 1,948 |
Deferred tax liabilities | (82) | (84) | $ (97) |
Financial Instruments Classified As Fair Value Through Other Comprehensive Income Category [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (8) | 48 | |
Change through equity | (33) | 19 | |
Change through profit or loss | (1) | (74) | |
Exchange rate differences | (1) | (1) | |
Net deferred asset (liability) at ending of period | (43) | (8) | |
Allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 695 | 703 | |
Change through equity | (6) | ||
Change through profit or loss | 23 | 1 | |
Exchange rate differences | (2) | (3) | |
Net deferred asset (liability) at ending of period | 716 | 695 | |
Deferred compensation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 1,033 | 1,491 | |
Change through equity | 9 | (15) | |
Change through profit or loss | 197 | (502) | |
Exchange rate differences | 7 | 59 | |
Net deferred asset (liability) at ending of period | 1,246 | 1,033 | |
Business realignment charges [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 3 | 11 | |
Change through profit or loss | 7 | (8) | |
Net deferred asset (liability) at ending of period | 10 | 3 | |
Tax loss and tax credit carryforwards [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 203 | 19 | |
Change through profit or loss | (10) | 188 | |
Exchange rate differences | (4) | ||
Other components of deferred tax expense (income) | 9 | ||
Net deferred asset (liability) at ending of period | 202 | 203 | |
Deferred income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (48) | (11) | |
Change through profit or loss | (11) | (37) | |
Exchange rate differences | (1) | ||
Net deferred asset (liability) at ending of period | (60) | (48) | |
Premises and equipment and intangibles [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (858) | (1,003) | |
Change through equity | (1) | ||
Change through profit or loss | (4) | 182 | |
Exchange rate differences | (4) | (36) | |
Other components of deferred tax expense (income) | (3) | ||
Net deferred asset (liability) at ending of period | (869) | (858) | |
Deferred expense [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 55 | 76 | |
Change through equity | 36 | ||
Change through profit or loss | (47) | (23) | |
Exchange rate differences | 1 | 2 | |
Net deferred asset (liability) at ending of period | 45 | 55 | |
Pension and post employment related [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 295 | 571 | |
Change through equity | 339 | (260) | |
Change through profit or loss | (6) | (16) | |
Exchange rate differences | 3 | ||
Net deferred asset (liability) at ending of period | 631 | 295 | |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 21 | (54) | |
Change through equity | 3 | 3 | |
Change through profit or loss | 8 | 88 | |
Exchange rate differences | (3) | (16) | |
Net deferred asset (liability) at ending of period | $ 29 | $ 21 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Basic earnings per share | ||
Net income | $ 12,871 | $ 12,431 |
Net income attributable to non-controlling interests | (11) | (31) |
Net income available to common shareholders | $ 12,591 | $ 12,115 |
Weighted average number of common shares (in thousands) | 1,434,779 | 1,443,894 |
Basic earnings per share (in dollars) | $ 8.78 | $ 8.39 |
Diluted earnings per share | ||
Net income available to common shareholders | $ 12,591 | $ 12,115 |
Dilutive impact of exchangeable shares | 15 | 15 |
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 12,606 | $ 12,130 |
Weighted average number of common shares (in thousands) | 1,434,779 | 1,443,894 |
Stock options | 2,011 | 2,691 |
Issuable under other share-based compensation plans | 742 | 742 |
Exchangeable shares | 3,150 | 3,158 |
Average number of diluted common shares (in thousands) | 1,440,682 | 1,450,485 |
Diluted earnings per share (in dollars) | $ 8.75 | $ 8.36 |
Equity attributable to shareholders [member] | ||
Basic earnings per share | ||
Net income | $ 12,860 | $ 12,400 |
Preferred share dividends | $ (269) | $ (285) |
Earnings per share - Summary _2
Earnings per share - Summary of Earnings Per Share (Parenthetical) (Detail) - CAD ($) | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings per share [line items] | |||
Average exercise price | $ 79.88 | $ 71.40 | $ 64.96 |
Dilutive potential shares from stock options [Member] | |||
Earnings per share [line items] | |||
Outstanding options excluded from calculation of diluted earnings per share | 767,225 | 657,353 | |
Average exercise price | $ 102.33 | $ 102.33 |
Guarantees, commitments, pled_3
Guarantees, commitments, pledged assets and contingencies - Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Financial guarantees [member] | Financial standby letters of credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | $ 16,608 | $ 15,502 |
Commitments to extend credit [member] | Backstop liquidity facilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 36,305 | 36,267 |
Commitments to extend credit [member] | Credit enhancements [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 1,692 | 2,128 |
Commitments to extend credit [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 268 | 268 |
Commitments to extend credit [member] | Other commitments to extend credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 225,911 | 223,954 |
Other Credit-Related Commitments [Member] | Securities lending indemnifications [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 91,625 | 107,239 |
Other Credit-Related Commitments [Member] | Performance guarantees [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 7,061 | 6,955 |
Other Credit-Related Commitments [Member] | Other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | $ 787 | $ 391 |
Guarantees, commitments, pled_4
Guarantees, commitments, pledged assets and contingencies - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | Our clients generally have the right to request settlement of, or draw on, our guarantees and commitments within one year. However, certain guarantees can only be drawn if specified conditions are met. These conditions, along with collateral requirements, are described below. We believe that it is highly unlikely that all or substantially all of the guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. | |
Uncommitted amounts | $ 287,000 | $ 264,000 |
Other commitments related to purchase the new issue for resale to investors | 35 | 141 |
Unfunded commitments | 684 | 948 |
Bank of canada [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Average assets pledged intraday to the Bank of Canada on a daily basis | $ 4,900 | $ 4,000 |
Top of range [member] | Performance guarantees [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 7 years | |
Top of range [member] | Financial standby letters of credit [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 7 years | |
Weighted average [member] | Backstop liquidity facilities [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 4 years | |
Weighted average [member] | Credit enhancements [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 3 years | |
Bottom of range [member] | Performance guarantees [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 5 years | |
Bottom of range [member] | Financial standby letters of credit [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 5 years |
Guarantees, commitments, pled_5
Guarantees, commitments, pledged assets and contingencies - Sources of Pledged Assets and Collateral (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 556,415 | $ 496,794 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 157,402 | 148,197 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Loans [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 80,542 | 79,798 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 55,544 | 48,993 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Other assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 21,316 | 19,406 |
Sources Of Pledged Assets And Collateral [Member] | Client assets [member] | ||
Disclosure of financial assets [line items] | ||
Collateral received and available for sale or re-pledging | 448,338 | 402,187 |
Less: not sold or re-pledged | (49,325) | (53,590) |
Net client assets pledged and collateral | $ 399,013 | $ 348,597 |
Guarantees, commitments, pled_6
Guarantees, commitments, pledged assets and contingencies - Uses of Pledged Assets and Collateral (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 556,415 | $ 496,794 |
Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 556,415 | 496,794 |
Securities borrowing and lending [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 146,590 | 119,087 |
Obligations related to securities sold short [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 34,686 | 32,247 |
Obligations related to securities lent or sold under repurchase agreements [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 229,905 | 209,353 |
Securitization [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 47,254 | 49,997 |
Covered bonds [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 42,103 | 36,959 |
Derivative transactions [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 26,448 | 21,110 |
Foreign governments and central banks [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 5,963 | 5,058 |
Clearing systems, payment systems and depositories [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 4,804 | 4,006 |
Other [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 18,662 | $ 18,977 |
Guarantees, commitments, pled_7
Guarantees, commitments, pledged assets and contingencies - Summary of Future Minimum Lease Payments under Non Cancellable Operating Leases (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Land and buildings [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | $ 6,011 | $ 5,581 |
Less: Future minimum sublease payments to be received | (25) | (11) |
Net future minimum lease payments | 5,986 | 5,570 |
Land and buildings [member] | Under 1 year [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | 721 | 684 |
Land and buildings [member] | 1 to 5 years [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | 2,251 | 2,081 |
Land and buildings [member] | Over 5 years [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | 3,039 | 2,816 |
Equipment [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | 189 | 240 |
Net future minimum lease payments | 189 | 240 |
Equipment [member] | Under 1 year [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | 88 | 103 |
Equipment [member] | 1 to 5 years [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | 101 | $ 137 |
Equipment [member] | Over 5 years [member] | ||
Disclosure of operating lease by lessee [Line Items] | ||
Future minimum lease payments | $ 0 |
Related party transactions - Su
Related party transactions - Summary of Compensation of Key Management Personnel and Directors (Detail) - Key management personnel and Directors [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Salaries and other short-term employee benefits | $ 26 | $ 34 |
Post-employment benefits | 2 | 2 |
Share-based payments | 44 | 42 |
Compensation of key management personnel and Directors | $ 72 | $ 78 |
Related party transactions - _2
Related party transactions - Summary of Stock Options, Stock Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | Oct. 31, 2017shares | |
Disclosure of transactions between related parties [line items] | |||
Number of units held, stock options | 6,950,000 | 7,770,000 | 8,566,000 |
Key management personnel and directors and their close family members [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of units held, stock options | 2,372,714 | 2,154,835 | |
Number of units held, other non-option stock based awards | 1,481,096 | 1,440,002 | |
Number of units held, RBC common and preferred shares | 463,362 | 453,316 | |
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | 4,317,172 | 4,048,153 | |
Stock options, value | $ | $ 51 | $ 37 | |
Other non-option stock based awards, value | $ | 157 | 138 | |
RBC common and preferred shares, value | $ | 49 | 43 | |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 257 | $ 218 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Key management personnel and directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related parties | $ 8,000,000 | $ 10,000,000 |
Provisions for doubtful debts related to outstanding balances of related party transaction | 0 | 0 |
Guarantees or pledges given to related parties | 0 | 0 |
Commitments given to related parties | 0 | 0 |
Joint ventures and associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related parties | 222,000,000 | 225,000,000 |
Provisions for doubtful debts related to outstanding balances of related party transaction | 0 | 0 |
Guarantees or pledges given to related parties | 1,000,000 | 1,000,000 |
Commitments given to related parties | 430,000,000 | 621,000,000 |
Deposits from related parties | $ 180,000,000 | $ 203,000,000 |
Related party transactions - _3
Related party transactions - Summary of Other Transactions, Arrangements or Agreements Involving Joint Ventures and Associates (Detail) - Joint ventures and associates [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Commitments and other contingencies | $ 430 | $ 621 |
Other fees received for services rendered | 47 | 41 |
Other fees paid for services received | $ 128 | $ 150 |
Results by business segment - A
Results by business segment - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2019CAD ($) | Oct. 31, 2018CAD ($) | |
Disclosure of operating segments [abstract] | ||
Description of types of products and services from which each reportable segment derives its revenues | For management purposes, based on the products and services offered, we are organized into five business segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets. | |
Number of business segments | 5 | |
Taxable equivalent basis adjustment amount | $ 450 | $ 542 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of operating segments [line items] | ||
Net interest income | $ 19,749 | $ 17,952 |
Non-interest income | 26,253 | 24,624 |
Total revenue | 46,002 | 42,576 |
Provision for credit losses | 1,864 | 1,307 |
Insurance policyholder benefits, claims and acquisition expense | 4,085 | 2,676 |
Non-interest expense | 24,139 | 22,833 |
Net income (loss) before income taxes | 15,914 | 15,760 |
Income taxes (recoveries) | 3,043 | 3,329 |
Net income | 12,871 | 12,431 |
Non-interest expense includes: | ||
Depreciation and amortization | 1,824 | 1,646 |
Impairment of other intangibles | 110 | 6 |
Total assets | 1,428,935 | 1,334,734 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 2,271 | 1,963 |
Total liabilities | 1,345,310 | 1,254,779 |
Canada [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 14,375 | 13,076 |
Non-interest income | 14,037 | 12,698 |
Total revenue | 28,412 | 25,774 |
Provision for credit losses | 1,512 | 1,259 |
Insurance policyholder benefits, claims and acquisition expense | 2,800 | 1,347 |
Non-interest expense | 12,175 | 11,634 |
Net income (loss) before income taxes | 11,925 | 11,534 |
Income taxes (recoveries) | 2,748 | 2,661 |
Net income | 9,177 | 8,873 |
Non-interest expense includes: | ||
Depreciation and amortization | 1,176 | 1,102 |
Impairment of other intangibles | 20 | 4 |
Total assets | 753,142 | 680,276 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 1,326 | 1,196 |
Total liabilities | 669,543 | 600,619 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 4,058 | 3,616 |
Non-interest income | 6,411 | 6,080 |
Total revenue | 10,469 | 9,696 |
Provision for credit losses | 282 | 41 |
Non-interest expense | 7,994 | 7,322 |
Net income (loss) before income taxes | 2,193 | 2,333 |
Income taxes (recoveries) | 133 | 402 |
Net income | 2,060 | 1,931 |
Non-interest expense includes: | ||
Depreciation and amortization | 486 | 389 |
Impairment of other intangibles | 54 | 1 |
Total assets | 399,792 | 384,921 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 669 | 503 |
Total liabilities | 399,800 | 384,816 |
Other International [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 1,316 | 1,260 |
Non-interest income | 5,805 | 5,846 |
Total revenue | 7,121 | 7,106 |
Provision for credit losses | 70 | 7 |
Insurance policyholder benefits, claims and acquisition expense | 1,285 | 1,329 |
Non-interest expense | 3,970 | 3,877 |
Net income (loss) before income taxes | 1,796 | 1,893 |
Income taxes (recoveries) | 162 | 266 |
Net income | 1,634 | 1,627 |
Non-interest expense includes: | ||
Depreciation and amortization | 162 | 155 |
Impairment of other intangibles | 36 | 1 |
Total assets | 276,001 | 269,537 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 276 | 264 |
Total liabilities | 275,967 | 269,344 |
Operating segments [member] | Personal & Commercial Banking [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 12,653 | 11,776 |
Non-interest income | 5,212 | 5,140 |
Total revenue | 17,865 | 16,916 |
Provision for credit losses | 1,448 | 1,273 |
Non-interest expense | 7,768 | 7,526 |
Net income (loss) before income taxes | 8,649 | 8,117 |
Income taxes (recoveries) | 2,247 | 2,089 |
Net income | 6,402 | 6,028 |
Non-interest expense includes: | ||
Depreciation and amortization | 632 | 579 |
Total assets | 481,720 | 453,879 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 408 | 279 |
Total liabilities | 481,745 | 453,878 |
Operating segments [member] | Wealth Management [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 2,993 | 2,602 |
Non-interest income | 9,150 | 8,324 |
Total revenue | 12,143 | 10,926 |
Provision for credit losses | 117 | (15) |
Non-interest expense | 8,813 | 8,070 |
Net income (loss) before income taxes | 3,213 | 2,871 |
Income taxes (recoveries) | 663 | 606 |
Net income | 2,550 | 2,265 |
Non-interest expense includes: | ||
Depreciation and amortization | 593 | 544 |
Total assets | 106,579 | 93,063 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 565 | 431 |
Total liabilities | 106,770 | 93,162 |
Operating segments [member] | Insurance [member] | ||
Disclosure of operating segments [line items] | ||
Non-interest income | 5,710 | 4,279 |
Total revenue | 5,710 | 4,279 |
Insurance policyholder benefits, claims and acquisition expense | 4,085 | 2,676 |
Non-interest expense | 606 | 602 |
Net income (loss) before income taxes | 1,019 | 1,001 |
Income taxes (recoveries) | 213 | 226 |
Net income | 806 | 775 |
Non-interest expense includes: | ||
Depreciation and amortization | 48 | 36 |
Total assets | 19,012 | 16,210 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 44 | 45 |
Total liabilities | 19,038 | 16,289 |
Operating segments [member] | Investor & Treasury Services [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | (44) | 297 |
Non-interest income | 2,389 | 2,294 |
Total revenue | 2,345 | 2,591 |
Provision for credit losses | 1 | |
Non-interest expense | 1,725 | 1,617 |
Net income (loss) before income taxes | 620 | 973 |
Income taxes (recoveries) | 145 | 232 |
Net income | 475 | 741 |
Non-interest expense includes: | ||
Depreciation and amortization | 143 | 124 |
Impairment of other intangibles | 44 | 1 |
Total assets | 144,406 | 136,030 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 142 | 187 |
Total liabilities | 144,378 | 135,944 |
Operating segments [member] | Capital Markets [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 4,043 | 3,328 |
Non-interest income | 4,245 | 5,070 |
Total revenue | 8,288 | 8,398 |
Provision for credit losses | 299 | 48 |
Non-interest expense | 5,096 | 4,960 |
Net income (loss) before income taxes | 2,893 | 3,390 |
Income taxes (recoveries) | 227 | 613 |
Net income | 2,666 | 2,777 |
Non-interest expense includes: | ||
Depreciation and amortization | 408 | 363 |
Impairment of other intangibles | 2 | 1 |
Total assets | 634,313 | 590,950 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 491 | 442 |
Total liabilities | 634,126 | 590,582 |
Unallocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 104 | (51) |
Non-interest income | (453) | (483) |
Total revenue | (349) | (534) |
Non-interest expense | 131 | 58 |
Net income (loss) before income taxes | (480) | (592) |
Income taxes (recoveries) | (452) | (437) |
Net income | (28) | (155) |
Non-interest expense includes: | ||
Impairment of other intangibles | 64 | 4 |
Total assets | 42,905 | 44,602 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 621 | 579 |
Total liabilities | $ (40,747) | $ (35,076) |
Nature and extent of risks ar_3
Nature and extent of risks arising from financial instruments - Summary of Credit Exposure Associated With on-and Off-balance Sheet Financial Instruments (Detail) - Credit risk [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 1,049,970 | $ 985,241 |
On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 947,003 | 889,994 |
On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 102,967 | 95,247 |
Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 667,550 | 656,994 |
Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 551,469 | 526,907 |
Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 116,081 | 130,087 |
Canada [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 666,111 | $ 613,187 |
Maximum exposure to credit risk | 64.00% | 62.00% |
Canada [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 646,567 | $ 594,823 |
Maximum exposure to credit risk | 69.00% | 66.00% |
Canada [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 19,544 | $ 18,364 |
Maximum exposure to credit risk | 19.00% | 19.00% |
Canada [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 435,317 | $ 424,944 |
Maximum exposure to credit risk | 65.00% | 65.00% |
Canada [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 367,907 | $ 345,545 |
Maximum exposure to credit risk | 67.00% | 66.00% |
Canada [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 67,410 | $ 79,399 |
Maximum exposure to credit risk | 58.00% | 61.00% |
United States [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 212,490 | $ 204,093 |
Maximum exposure to credit risk | 20.00% | 21.00% |
United States [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 189,240 | $ 184,040 |
Maximum exposure to credit risk | 20.00% | 21.00% |
United States [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 23,250 | $ 20,053 |
Maximum exposure to credit risk | 23.00% | 21.00% |
United States [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 163,572 | $ 157,544 |
Maximum exposure to credit risk | 25.00% | 24.00% |
United States [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 148,326 | $ 142,692 |
Maximum exposure to credit risk | 27.00% | 27.00% |
United States [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 15,246 | $ 14,852 |
Maximum exposure to credit risk | 13.00% | 11.00% |
Europe [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 114,306 | $ 111,412 |
Maximum exposure to credit risk | 11.00% | 11.00% |
Europe [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 60,554 | $ 60,645 |
Maximum exposure to credit risk | 6.00% | 7.00% |
Europe [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 53,752 | $ 50,767 |
Maximum exposure to credit risk | 52.00% | 53.00% |
Europe [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 61,396 | $ 66,379 |
Maximum exposure to credit risk | 9.00% | 10.00% |
Europe [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 29,462 | $ 31,530 |
Maximum exposure to credit risk | 5.00% | 6.00% |
Europe [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 31,934 | $ 34,849 |
Maximum exposure to credit risk | 28.00% | 27.00% |
Other International [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 57,063 | $ 56,549 |
Maximum exposure to credit risk | 5.00% | 6.00% |
Other International [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 50,642 | $ 50,486 |
Maximum exposure to credit risk | 5.00% | 6.00% |
Other International [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 6,421 | $ 6,063 |
Maximum exposure to credit risk | 6.00% | 7.00% |
Other International [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 7,265 | $ 8,127 |
Maximum exposure to credit risk | 1.00% | 1.00% |
Other International [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 5,774 | $ 7,140 |
Maximum exposure to credit risk | 1.00% | 1.00% |
Other International [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 1,491 | $ 987 |
Maximum exposure to credit risk | 1.00% | 1.00% |
Nature and extent of risks ar_4
Nature and extent of risks arising from financial instruments - Summary of Credit Exposure Associated With on-and Off-balance Sheet Financial Instruments (Parenthetical) (Detail) - Credit risk [member] - On balance sheet risk [member] | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Concentration risk threshold percentage | 35.00% | 32.00% |
Number of companies above threshold percentage | No industry accounts for more than 35% (October 31, 2018 – 32%) of total on-balance sheet credit instruments. | |
On balance sheet assets other than derivatives [member] | Ontario Canada [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 56.00% | 54.00% |
On balance sheet assets other than derivatives [member] | Prairies Canada [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 16.00% | 18.00% |
On balance sheet assets other than derivatives [member] | British Columbia and the Territories [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 14.00% | 14.00% |
On balance sheet assets other than derivatives [member] | Quebec [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 10.00% | 10.00% |
Committed and uncommitted [member] | Retail [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 43.00% | 42.00% |
Committed and uncommitted [member] | Wholesale [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 57.00% | 58.00% |
Committed and uncommitted [member] | Wholesale [member] | Bank financial services [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 13.00% | 14.00% |
Committed and uncommitted [member] | Wholesale [member] | Utilities [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 11.00% | 11.00% |
Committed and uncommitted [member] | Wholesale [member] | Real estate & related [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 9.00% | 9.00% |
Committed and uncommitted [member] | Wholesale [member] | Other Services [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 7.00% | 8.00% |
Committed and uncommitted [member] | Wholesale [member] | Oil & gas [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 7.00% | 7.00% |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Capital | ||
CET1 capital | $ 62,184 | $ 57,001 |
Tier 1 capital | 67,861 | 63,279 |
Total capital | 77,888 | 72,494 |
Risk-weighted Assets (RWA) used in calculation of capital ratios | ||
CET1 capital RWA | 512,856 | 495,528 |
Tier 1 capital RWA | 512,856 | 495,993 |
Total capital RWA | 512,856 | 496,459 |
Total capital RWA consisting of: | ||
Credit risk | 417,835 | 401,534 |
Market risk | 28,917 | 32,209 |
Operational risk | 66,104 | 62,716 |
Total capital RWA | $ 512,856 | $ 496,459 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 12.10% | 11.50% |
Tier 1 capital ratio | 13.20% | 12.80% |
Total capital ratio | 15.20% | 14.60% |
Leverage ratio | 4.30% | 4.40% |
Leverage ratio exposure (billions) | $ 1,570,000 | $ 1,451,000 |
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% |
Offsetting financial assets a_3
Offsetting financial assets and financial liabilities - Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | $ 464,607 | $ 395,798 |
Amounts of financial liabilities offset on the balance sheet | 70,411 | 19,776 |
Net amount of financial assets presented on the balance sheet | 394,196 | 376,022 |
Impact of master netting agreements | 63,052 | 57,491 |
Financial collateral received | 319,086 | 307,376 |
Net amount | 12,058 | 11,155 |
Amounts not subject to enforceable netting arrangements | 15,038 | 13,441 |
Total amount recognized on the balance sheet | 409,234 | 389,463 |
Assets purchased under reverse repurchase agreements and securities borrowed [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 374,617 | 312,392 |
Amounts of financial liabilities offset on the balance sheet | 69,420 | 18,379 |
Net amount of financial assets presented on the balance sheet | 305,197 | 294,013 |
Impact of master netting agreements | 527 | 481 |
Financial collateral received | 303,539 | 292,412 |
Net amount | 1,131 | 1,120 |
Amounts not subject to enforceable netting arrangements | 1,764 | 589 |
Total amount recognized on the balance sheet | 306,961 | 294,602 |
Derivative assets [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 88,996 | 81,770 |
Amounts of financial liabilities offset on the balance sheet | 710 | 583 |
Net amount of financial assets presented on the balance sheet | 88,286 | 81,187 |
Impact of master netting agreements | 62,524 | 57,010 |
Financial collateral received | 15,458 | 14,720 |
Net amount | 10,304 | 9,457 |
Amounts not subject to enforceable netting arrangements | 13,274 | 12,852 |
Total amount recognized on the balance sheet | 101,560 | 94,039 |
Other Financial Assets [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 994 | 1,636 |
Amounts of financial liabilities offset on the balance sheet | 281 | 814 |
Net amount of financial assets presented on the balance sheet | 713 | 822 |
Impact of master netting agreements | 1 | |
Financial collateral received | 89 | 244 |
Net amount | 623 | 578 |
Amounts not subject to enforceable netting arrangements | 0 | |
Total amount recognized on the balance sheet | $ 713 | $ 822 |
Offsetting financial assets a_4
Offsetting financial assets and financial liabilities - Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract] | ||
Financial cash collateral received | $ 11.6 | $ 10.7 |
Financial non-cash collateral received | 307.5 | 296.7 |
Cash margin to offset against derivative assets balance on balance sheet | $ 3.6 | $ 2.2 |
Offsetting financial assets a_5
Offsetting financial assets and financial liabilities - Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | $ 379,874 | $ 303,061 |
Amounts of financial assets offset on the balance sheet | 70,411 | 19,776 |
Net amount of financial liabilities presented on the balance sheet | 309,463 | 283,285 |
Impact of master netting agreements | 63,052 | 57,491 |
Financial collateral pledged | 238,046 | 217,552 |
Net amount | 8,365 | 8,242 |
Amounts not subject to enforceable netting arrangements | 15,877 | 13,944 |
Total amount recognized on the balance sheet | 325,340 | 297,229 |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 294,758 | 225,193 |
Amounts of financial assets offset on the balance sheet | 69,420 | 18,379 |
Net amount of financial liabilities presented on the balance sheet | 225,338 | 206,814 |
Impact of master netting agreements | 527 | 481 |
Financial collateral pledged | 224,506 | 206,106 |
Net amount | 305 | 227 |
Amounts not subject to enforceable netting arrangements | 1,248 | 0 |
Total amount recognized on the balance sheet | 226,586 | 206,814 |
Derivative liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 84,624 | 76,877 |
Amounts of financial assets offset on the balance sheet | 710 | 583 |
Net amount of financial liabilities presented on the balance sheet | 83,914 | 76,294 |
Impact of master netting agreements | 62,524 | 57,010 |
Financial collateral pledged | 13,540 | 11,446 |
Net amount | 7,850 | 7,838 |
Amounts not subject to enforceable netting arrangements | 14,629 | 13,944 |
Total amount recognized on the balance sheet | 98,543 | 90,238 |
Other liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 492 | 991 |
Amounts of financial assets offset on the balance sheet | 281 | 814 |
Net amount of financial liabilities presented on the balance sheet | 211 | 177 |
Impact of master netting agreements | 1 | 0 |
Net amount | 210 | 177 |
Amounts not subject to enforceable netting arrangements | 0 | 0 |
Total amount recognized on the balance sheet | $ 211 | $ 177 |
Offsetting financial assets a_6
Offsetting financial assets and financial liabilities - Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract] | ||
Financial cash collateral pledged | $ 11.5 | $ 11.1 |
Financial non-cash collateral pledged | 226.5 | 206.5 |
Cash margin offset against derivative liabilities balance on balance sheet | $ 1.3 | $ 2.3 |
Recovery and settlement of on_3
Recovery and settlement of on-balance sheet assets and liabilities - Analysis of Financial Assets and Liabilities by Contractual Maturities Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Assets | |||
Cash and due from banks | $ 26,310 | $ 30,209 | $ 28,407 |
Interest-bearing deposits with banks | 38,345 | 36,471 | |
Securities | |||
Trading | 146,534 | 128,258 | |
Investment, net of applicable allowance | 102,470 | 94,608 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 | |
Loans | |||
Retail | 426,086 | 399,452 | |
Wholesale | 195,870 | 180,278 | |
Allowance for loan losses (Note 5) | (3,100) | (2,912) | |
Segregated fund net assets | 1,663 | 1,368 | |
Other | |||
Customers' liability under acceptances | 18,062 | 15,641 | |
Derivatives | 101,560 | 94,039 | |
Premises and equipment | 3,191 | 2,832 | |
Goodwill | 11,236 | 11,137 | $ 10,977 |
Other intangibles | 4,674 | 4,687 | |
Other assets | 49,073 | 44,064 | |
Total assets | 1,428,935 | 1,334,734 | |
Liabilities | |||
Deposits | 886,005 | 836,197 | |
Segregated fund net liabilities | 1,663 | 1,368 | |
Other | |||
Acceptances | 18,091 | 15,662 | |
Obligations related to securities sold short | 35,069 | 32,247 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,586 | 206,814 | |
Derivatives | 98,543 | 90,238 | |
Insurance claims and policy benefit liabilities | 11,401 | 10,000 | |
Other liabilities | 58,137 | 53,122 | |
Subordinated debentures | 9,815 | 9,131 | |
Total liabilities | 1,345,310 | 1,254,779 | |
Under 1 year [member] | |||
Assets | |||
Cash and due from banks | 24,822 | 28,583 | |
Interest-bearing deposits with banks | 38,345 | 36,471 | |
Securities | |||
Trading | 137,772 | 121,152 | |
Investment, net of applicable allowance | 17,283 | 16,795 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,828 | 294,049 | |
Loans | |||
Retail | 108,382 | 97,414 | |
Wholesale | 48,737 | 43,280 | |
Other | |||
Customers' liability under acceptances | 18,062 | 15,635 | |
Derivatives | 99,792 | 91,833 | |
Other assets | 38,775 | 33,578 | |
Total assets | 838,798 | 778,790 | |
Liabilities | |||
Deposits | 719,933 | 669,682 | |
Other | |||
Acceptances | 18,091 | 15,657 | |
Obligations related to securities sold short | 32,668 | 29,725 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 226,582 | 206,813 | |
Derivatives | 97,415 | 88,112 | |
Insurance claims and policy benefit liabilities | 1,726 | 1,691 | |
Other liabilities | 41,612 | 36,906 | |
Subordinated debentures | 1,999 | 103 | |
Total liabilities | 1,140,026 | 1,048,689 | |
After 1 year [member] | |||
Assets | |||
Cash and due from banks | 1,488 | 1,626 | |
Securities | |||
Trading | 8,762 | 7,106 | |
Investment, net of applicable allowance | 85,187 | 77,813 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 133 | 553 | |
Loans | |||
Retail | 317,704 | 302,038 | |
Wholesale | 147,133 | 136,998 | |
Segregated fund net assets | 1,663 | 1,368 | |
Other | |||
Customers' liability under acceptances | 6 | ||
Derivatives | 1,768 | 2,206 | |
Premises and equipment | 3,191 | 2,832 | |
Goodwill | 11,236 | 11,137 | |
Other intangibles | 4,674 | 4,687 | |
Other assets | 10,298 | 10,486 | |
Total assets | 593,237 | 558,856 | |
Liabilities | |||
Deposits | 166,072 | 166,515 | |
Segregated fund net liabilities | 1,663 | 1,368 | |
Other | |||
Acceptances | 5 | ||
Obligations related to securities sold short | 2,401 | 2,522 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 4 | 1 | |
Derivatives | 1,128 | 2,126 | |
Insurance claims and policy benefit liabilities | 9,675 | 8,309 | |
Other liabilities | 16,525 | 16,216 | |
Subordinated debentures | 7,816 | 9,028 | |
Total liabilities | $ 205,284 | $ 206,090 |
Recovery and settlement of on_4
Recovery and settlement of on-balance sheet assets and liabilities - Analysis of Financial Assets and Liabilities by Contractual Maturities Basis (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Deposits from personal, business and government, and banks by geography [member] | ||
Disclosure of financial assets [line items] | ||
Demand deposits | $ 405 | $ 382 |
Parent company information - Su
Parent company information - Summary of Parent Company Information - Condensed Balance Sheets (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Assets | |||
Cash and due from banks | $ 26,310 | $ 30,209 | $ 28,407 |
Interest-bearing deposits with banks | 38,345 | 36,471 | |
Securities | 249,004 | 222,866 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 306,961 | 294,602 | |
Loans, net of allowance for loan losses | 618,856 | 576,818 | |
Other assets | 49,073 | 44,064 | |
Total assets | 1,428,935 | 1,334,734 | |
Liabilities and shareholders' equity | |||
Deposits | 886,005 | 836,197 | |
Other liabilities | 58,137 | 53,122 | |
Subordinated debentures | 9,815 | 9,131 | |
Shareholders' equity | 83,625 | 79,955 | 73,791 |
Total liabilities and equity | 1,428,935 | 1,334,734 | |
Parent [member] | |||
Assets | |||
Cash and due from banks | 14,264 | 16,398 | $ 12,901 |
Interest-bearing deposits with banks | 22,279 | 20,261 | |
Securities | 118,716 | 111,072 | |
Investments in bank subsidiaries and associated corporations | 37,234 | 34,547 | |
Investments in other subsidiaries and associated corporations | 73,785 | 69,063 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 123,755 | 107,941 | |
Loans, net of allowance for loan losses | 526,078 | 494,922 | |
Net balances due from bank subsidiaries | 0 | 4,329 | |
Other assets | 152,422 | 137,821 | |
Total assets | 1,068,533 | 996,354 | |
Liabilities and shareholders' equity | |||
Deposits | 681,509 | 642,271 | |
Net balances due to bank subsidiaries | 2,678 | ||
Net balances due to other subsidiaries | 36,594 | 38,985 | |
Other liabilities | 254,678 | 226,475 | |
Total other liabilities | 975,459 | 907,731 | |
Subordinated debentures | 9,551 | 8,762 | |
Shareholders' equity | 83,523 | 79,861 | |
Total liabilities and equity | $ 1,068,533 | $ 996,354 |
Parent company information - _2
Parent company information - Summary of Parent Company Information - Condensed Statements of Income and Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Parent company information [line items] | ||
Interest income | $ 41,333 | $ 33,021 |
Interest expense | 21,584 | 15,069 |
Net interest income | 19,749 | 17,952 |
Non-interest income | 26,253 | 24,624 |
Total revenue | 46,002 | 42,576 |
Provision for credit losses | 1,864 | 1,307 |
Non-interest expense | 24,139 | 22,833 |
Income before income taxes | 15,914 | 15,760 |
Income taxes | 3,043 | 3,329 |
Net income | 12,871 | 12,431 |
Other comprehensive income (loss), net of taxes | (1,442) | 1,532 |
Total comprehensive income (loss) | 11,429 | 13,963 |
Parent [member] | ||
Parent company information [line items] | ||
Interest income | 27,630 | 22,578 |
Interest expense | 14,966 | 10,662 |
Net interest income | 12,664 | 11,916 |
Non-interest income | 5,569 | 6,119 |
Total revenue | 18,233 | 18,035 |
Provision for credit losses | 1,730 | 1,294 |
Non-interest expense | 9,212 | 9,085 |
Income before income taxes | 7,291 | 7,656 |
Income taxes | 1,568 | 1,546 |
Net income before equity in undistributed income of subsidiaries | 5,723 | 6,110 |
Equity in undistributed income of subsidiaries | 7,137 | 6,321 |
Net income | 12,860 | 12,431 |
Other comprehensive income (loss), net of taxes | (1,441) | 1,532 |
Total comprehensive income (loss) | $ 11,419 | $ 13,963 |
Parent company information - _3
Parent company information - Summary of Parent Company Information - Condensed Statements of Income and Comprehensive Income (Parenthetical) (Detail) - Parent [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Parent company information [line items] | ||
Dividend income from investments in subsidiaries | $ 27 | $ 12 |
Share of profit (losses) from associated corporations | $ (31) |
Parent company information - _4
Parent company information - Summary of Parent Company Information - Condensed Statements of Cash Flows (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 12,871 | $ 12,431 |
Adjustments to determine net cash from operating activities: | ||
Change in deposits, net of securitizations | 49,808 | 48,499 |
Change in loans, net of securitizations | (42,672) | (41,477) |
Change in trading securities | (18,276) | 2,297 |
Change in obligations related to assets sold under repurchase agreements and securities loaned | 19,772 | 63,730 |
Change in assets purchased under reverse repurchase agreements and securities borrowed | (12,359) | (73,626) |
Change in obligations related to securities sold short | 2,822 | 2,239 |
Other operating activities, net | (2,413) | 3,238 |
Net cash from (used in) operating activities | 14,265 | 17,474 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | (1,874) | (3,809) |
Purchases of investment securities | (72,435) | (59,286) |
Net acquisitions of premises and equipment and other intangibles | (2,261) | (1,980) |
Net cash from (used in) investing activities | (11,126) | (8,018) |
Cash flows from financing activities | ||
Issue of subordinated debentures | 1,500 | |
Repayment of subordinated debentures | (1,100) | |
Issue of common shares, net of issuance costs | 105 | 72 |
Common shares purchased for cancellation | (1,030) | (1,522) |
Issue of preferred shares, net of issuance costs | 350 | |
Dividends paid | (6,025) | (5,640) |
Net cash from (used in) financing activities | (7,457) | (7,720) |
Net change in cash and due from banks | (3,899) | 1,802 |
Cash and due from banks at beginning of period | 30,209 | 28,407 |
Cash and due from banks at end of period | 26,310 | 30,209 |
Supplemental disclosure of cash flow information | ||
Amount of interest paid | 19,984 | 13,513 |
Amount of interest received | 39,500 | 31,386 |
Amount of dividends received | 2,209 | 1,706 |
Amount of income taxes paid | 2,977 | 5,818 |
Parent [member] | ||
Cash flows from operating activities | ||
Net income | 12,860 | 12,431 |
Adjustments to determine net cash from operating activities: | ||
Change in undistributed earnings of subsidiaries | (7,137) | (6,321) |
Change in deposits, net of securitizations | 39,238 | 38,331 |
Change in loans, net of securitizations | (31,744) | (26,281) |
Change in trading securities | 2,350 | 3,730 |
Change in obligations related to assets sold under repurchase agreements and securities loaned | 12,449 | 49,811 |
Change in assets purchased under reverse repurchase agreements and securities borrowed | (15,814) | (58,326) |
Change in obligations related to securities sold short | 797 | 2,600 |
Other operating activities, net | (8,149) | 763 |
Net cash from (used in) operating activities | 4,850 | 16,738 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | (2,018) | 603 |
Proceeds from sales and maturities of investment securities | 37,963 | 30,355 |
Purchases of investment securities | (39,461) | (32,561) |
Net acquisitions of premises and equipment and other intangibles | (1,266) | (1,173) |
Change in cash invested in subsidiaries | 332 | 93 |
Change in net funding provided to subsidiaries | 4,616 | (3,363) |
Net cash from (used in) investing activities | 166 | (6,046) |
Cash flows from financing activities | ||
Issue of subordinated debentures | 1,500 | |
Repayment of subordinated debentures | (1,100) | |
Issue of common shares, net of issuance costs | 105 | 72 |
Common shares purchased for cancellation | (1,030) | (1,522) |
Issue of preferred shares, net of issuance costs | 350 | |
Redemption of preferred shares | (950) | (105) |
Dividends paid | (6,025) | (5,640) |
Net cash from (used in) financing activities | (7,150) | (7,195) |
Net change in cash and due from banks | (2,134) | 3,497 |
Cash and due from banks at beginning of period | 16,398 | 12,901 |
Cash and due from banks at end of period | 14,264 | 16,398 |
Supplemental disclosure of cash flow information | ||
Amount of interest paid | 14,574 | 9,475 |
Amount of interest received | 25,883 | 20,490 |
Amount of dividends received | 1,694 | 1,414 |
Amount of income taxes paid | $ 1,789 | $ 3,562 |