Cover Page
Cover Page | 3 Months Ended |
Jan. 31, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | ROYAL BANK OF CANADA |
Entity Central Index Key | 0001000275 |
Entity Accounting Standard | IFRS |
Current Fiscal Year End Date | --10-31 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (unaudited) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Assets | ||
Cash and due from banks | $ 34,120 | $ 26,310 |
Interest-bearing deposits with banks | 31,331 | 38,345 |
Securities | ||
Trading | 145,015 | 146,534 |
Investment, net of applicable allowance (Note 4) | 121,652 | 102,470 |
Securities | 266,667 | 249,004 |
Assets purchased under reverse repurchase agreements and securities borrowed | 324,187 | 306,961 |
Loans (Note 5) | ||
Retail | 430,841 | 426,086 |
Wholesale | 202,238 | 195,870 |
Loans | 633,079 | 621,956 |
Allowance for loan losses (Note 5) | (3,139) | (3,100) |
Loans, net | 629,940 | 618,856 |
Segregated fund net assets | 1,788 | 1,663 |
Other | ||
Customers' liability under acceptances | 18,801 | 18,062 |
Derivatives | 93,982 | 101,560 |
Premises and equipment | 8,257 | 3,191 |
Goodwill | 11,288 | 11,236 |
Other intangibles | 4,641 | 4,674 |
Other assets | 51,302 | 49,073 |
Total other assets | 188,271 | 187,796 |
Total assets | 1,476,304 | 1,428,935 |
Deposits (Note 6) | ||
Personal | 302,002 | 294,732 |
Business and government | 569,236 | 565,482 |
Bank | 31,046 | 25,791 |
Total deposits | 902,284 | 886,005 |
Segregated fund net liabilities | 1,788 | 1,663 |
Other | ||
Acceptances | 18,844 | 18,091 |
Obligations related to securities sold short | 35,624 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 254,391 | 226,586 |
Derivatives | 94,611 | 98,543 |
Insurance claims and policy benefit liabilities | 12,259 | 11,401 |
Other liabilities | 63,173 | 58,137 |
Total other liabilities | 478,902 | 447,827 |
Subordinated debentures (Note 8) | 9,269 | 9,815 |
Total liabilities | 1,392,243 | 1,345,310 |
Equity attributable to shareholders | ||
Retained earnings | 56,279 | 55,981 |
Other components of equity | 4,472 | 4,248 |
Total equity attributable to shareholders | 83,955 | 83,523 |
Non-controlling interests | 106 | 102 |
Total equity | 84,061 | 83,625 |
Total liabilities and equity | 1,476,304 | 1,428,935 |
Preferred shares (Note 8) [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 8) | 5,699 | 5,707 |
Common shares (Note 8) [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 8) | $ 17,505 | $ 17,587 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Interest and dividend income (Note 3) | ||
Loans | $ 6,358 | $ 6,160 |
Securities | 1,742 | 1,696 |
Assets purchased under reverse repurchase agreements and securities borrowed | 2,009 | 2,148 |
Deposits and other | 129 | 145 |
Interest income | 10,238 | 10,149 |
Interest expense (Note 3) | ||
Deposits and other | 3,020 | 3,262 |
Other liabilities | 1,914 | 1,948 |
Subordinated debentures | 83 | 92 |
Interest expense | 5,017 | 5,302 |
Net interest income | 5,221 | 4,847 |
Non-interest income | ||
Insurance premiums, investment and fee income | 1,994 | 1,579 |
Trading revenue | 458 | 395 |
Investment management and custodial fees | 1,535 | 1,450 |
Mutual fund revenue | 946 | 873 |
Securities brokerage commissions | 318 | 342 |
Service charges | 488 | 468 |
Underwriting and other advisory fees | 627 | 345 |
Foreign exchange revenue, other than trading | 253 | 249 |
Card service revenue | 287 | 282 |
Credit fees | 360 | 315 |
Net gains on investment securities | 11 | 46 |
Share of profit in joint ventures and associates | 22 | 15 |
Other | 316 | 383 |
Non-interest income | 7,615 | 6,742 |
Total revenue | 12,836 | 11,589 |
Provision for credit losses (Notes 4 and 5) | 419 | 514 |
Insurance policyholder benefits, claims and acquisition expense | 1,614 | 1,225 |
Non-interest expense | ||
Human resources (Note 7) | 4,060 | 3,643 |
Equipment | 462 | 431 |
Occupancy | 397 | 397 |
Communications | 250 | 240 |
Professional fees | 284 | 305 |
Amortization of other intangibles | 303 | 290 |
Other | 622 | 606 |
Non-interest expense | 6,378 | 5,912 |
Income before income taxes | 4,425 | 3,938 |
Income taxes | 916 | 766 |
Net income | 3,509 | 3,172 |
Net income attributable to: | ||
Shareholders | 3,504 | 3,170 |
Non-controlling interests | 5 | 2 |
Net income | $ 3,509 | $ 3,172 |
Basic earnings per share (in dollars) (Note 9) | $ 2.41 | $ 2.15 |
Diluted earnings per share (in dollars) (Note 9) | 2.40 | 2.15 |
Dividends per common share (in dollars) | $ 1.05 | $ 0.98 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 3,509 | $ 3,172 |
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 | 183 | (1) |
Provision for credit losses recognized in income | (1) | (1) |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (9) | (29) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 173 | (31) |
Foreign currency translation adjustments | ||
Unrealized foreign currency translation gains (losses) | 411 | 35 |
Net foreign currency translation gains (losses) from hedging activities | (178) | (66) |
Reclassification of losses (gains) on foreign currency translation to income | 2 | |
Reclassification of losses (gains) on net investment hedging activities to income | 2 | |
Foreign currency translation adjustments | 233 | (27) |
Net change in cash flow hedges | ||
Net gains (losses) on derivatives designated as cash flow hedges | (174) | (316) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | (8) | (74) |
Net change in cash flow hedges | (182) | (390) |
Items that will not be reclassified subsequently to income: | ||
Remeasurements of employee benefit plans (Note 7) | (469) | (394) |
Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss | (109) | 163 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 1 | 7 |
Total items that will not be reclassified subsequently to income | (577) | (224) |
Total other comprehensive income (loss), net of taxes | (353) | (672) |
Total comprehensive income (loss) | 3,156 | 2,500 |
Total comprehensive income attributable to: | ||
Shareholders | 3,151 | 2,497 |
Non-controlling interests | 5 | 3 |
Total comprehensive income (loss) | 3,156 | 2,500 |
Income taxes on other comprehensive income | ||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 55 | (4) |
Provision for credit losses recognized in income | 0 | 0 |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (3) | (17) |
Unrealized foreign currency translation gains (losses) | 0 | 1 |
Net foreign currency translation gains (losses) from hedging activities | (62) | (24) |
Reclassification of losses (gains) on net investment hedging activities to income | 1 | |
Net gains (losses) on derivatives designated as cash flow hedges | (63) | (113) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | (3) | (27) |
Remeasurements of employee benefit plans | (167) | (125) |
Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss | (39) | 59 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | (2) | (1) |
Total income tax expenses (recoveries) | $ (284) | $ (250) |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes in Equity (unaudited) - CAD ($) $ in Millions | Total | Preferred shares [member] | Common shares [member] | Issued capital [member]Preferred shares [member] | Issued capital [member]Common shares [member] | Treasury shares [member]Preferred shares [member] | Treasury shares [member]Common shares [member] | Retained earnings [member] | Other components of equity [member] | Equity attributable to shareholders [member] | Non-controlling interests [member] | 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, 2018 | $ 79,861 | $ 6,306 | $ 17,635 | $ 3 | $ (18) | $ 51,018 | $ 4,823 | $ 79,767 | $ 94 | $ (12) | $ 4,147 | $ 688 | ||
Changes in equity | ||||||||||||||
Issues of share capital | 361 | 350 | 11 | 361 | ||||||||||
Common shares purchased for cancellation | (348) | $ (45) | (45) | (303) | (348) | |||||||||
Redemption of preferred shares | (250) | (250) | (250) | |||||||||||
Sales of treasury shares | 1,611 | 82 | 1,529 | 1,611 | ||||||||||
Purchases of treasury shares | (1,632) | (85) | (1,547) | (1,632) | ||||||||||
Share-based compensation awards | 2 | 11 | 2 | 2 | ||||||||||
Dividends on common shares | (1,407) | (1,407) | (1,407) | |||||||||||
Dividends on preferred shares and other | (74) | (74) | (74) | |||||||||||
Other | 2 | 2 | 2 | |||||||||||
Net income | 3,172 | 3,170 | 3,170 | 2 | ||||||||||
Total other comprehensive income (loss), net of taxes | (672) | (224) | (449) | (673) | 1 | (31) | (28) | (390) | ||||||
Balance at end of period at Jan. 31, 2019 | 80,626 | 6,406 | 17,601 | (36) | 52,184 | 4,374 | 80,529 | 97 | (43) | 4,119 | 298 | |||
Balance at beginning of period (Previously stated [member]) at Oct. 31, 2019 | 83,625 | 5,706 | 17,645 | 1 | (58) | 55,981 | 4,248 | 83,523 | 102 | 33 | 4,221 | (6) | ||
Balance at beginning of period (Transition adjustment (Note 2)) at Oct. 31, 2019 | (107) | (107) | (107) | |||||||||||
Balance at beginning of period (Balance After IFRS Adjustments) at Oct. 31, 2019 | 83,518 | 5,706 | 17,645 | 1 | (58) | 55,874 | 4,248 | 83,416 | 102 | 33 | 4,221 | (6) | ||
Balance at beginning of period at Oct. 31, 2019 | 83,625 | |||||||||||||
Changes in equity | ||||||||||||||
Issues of share capital | 18 | 18 | 18 | |||||||||||
Common shares purchased for cancellation | (727) | (86) | (86) | (641) | (727) | |||||||||
Redemption of preferred shares | (8) | $ (8) | (8) | |||||||||||
Sales of treasury shares | 1,599 | 33 | 1,566 | 1,599 | ||||||||||
Purchases of treasury shares | (1,613) | (33) | (1,580) | (1,613) | ||||||||||
Share-based compensation awards | 2 | $ 18 | 2 | 2 | ||||||||||
Dividends on common shares | (1,496) | (1,496) | (1,496) | |||||||||||
Dividends on preferred shares and other | (66) | (65) | (65) | (1) | ||||||||||
Other | (322) | (322) | (322) | |||||||||||
Net income | 3,509 | 3,504 | 3,504 | 5 | ||||||||||
Total other comprehensive income (loss), net of taxes | (353) | (577) | 224 | (353) | 0 | 173 | 233 | (182) | ||||||
Balance at end of period at Jan. 31, 2020 | $ 84,061 | $ 5,698 | $ 17,577 | $ 1 | $ (72) | $ 56,279 | $ 4,472 | $ 83,955 | $ 106 | $ 206 | $ 4,454 | $ (188) |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Cash flows from operating activities | ||
Net income | $ 3,509 | $ 3,172 |
Adjustments for non-cash items and others | ||
Provision for credit losses | 419 | 514 |
Depreciation | 333 | 150 |
Deferred income taxes | 14 | (171) |
Amortization and impairment of other intangibles | 311 | 293 |
Net changes in investments in joint ventures and associates | (22) | (15) |
Losses (Gains) on investment securities | (12) | (49) |
Losses (Gains) on disposition of businesses | 8 | |
Adjustments for net changes in operating assets and liabilities | ||
Insurance claims and policy benefit liabilities | 858 | 512 |
Net change in accrued interest receivable and payable | (98) | 122 |
Current income taxes | (255) | (159) |
Derivative assets | 7,578 | 9,223 |
Derivative liabilities | (3,932) | (8,472) |
Trading securities | 1,504 | (9,915) |
Loans, net of securitizations | (11,635) | (13,151) |
Assets purchased under reverse repurchase agreements and securities borrowed | (17,226) | (3,058) |
Obligations related to assets sold under repurchase agreements and securities loaned | 27,805 | 17,715 |
Obligations related to securities sold short | 555 | 995 |
Deposits, net of securitizations | 17,236 | 15,482 |
Brokers and dealers receivable and payable | (644) | (478) |
Other | (6,362) | (1,483) |
Net cash from (used in) operating activities | 19,944 | 11,227 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | 7,016 | (2,182) |
Proceeds from sales and maturities of investment securities | 16,804 | 18,304 |
Purchases of investment securities | (35,200) | (20,668) |
Net acquisitions of premises and equipment and other intangibles | (745) | (561) |
Net cash from (used in) investing activities | (12,125) | (5,107) |
Cash flows from financing activities | ||
Issuance of subordinated debentures | 1,500 | |
Repayment of subordinated debentures | (2,000) | |
Issue of common shares, net of issuance costs | 16 | 9 |
Common shares purchased for cancellation | (727) | (348) |
Issue of preferred shares, net of issuance costs | 350 | |
Redemption of preferred shares | (8) | (250) |
Sales of treasury shares | 1,599 | 1,611 |
Purchases of treasury shares | (1,613) | (1,632) |
Dividends paid | (1,567) | (1,483) |
Dividends/distributions paid to non-controlling interests | (1) | |
Change in short-term borrowings of subsidiaries | 2,779 | 4,860 |
Repayment of lease liabilities | (141) | |
Net cash from (used in) financing activities | (163) | 3,117 |
Effect of exchange rate changes on cash and due from banks | 154 | 587 |
Net change in cash and due from banks | 7,810 | 9,824 |
Cash and due from banks at beginning of period | 26,310 | 30,209 |
Cash and due from banks at end of period | 34,120 | 40,033 |
Cash flows from operating activities include: | ||
Amount of interest paid | 4,757 | 4,748 |
Amount of interest received | 9,751 | 9,660 |
Amount of dividends received | 658 | 493 |
Amount of income taxes paid | $ 875 | $ 791 |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - CAD ($) $ in Billions | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Statement of cash flows [abstract] | ||||
Mandatory reserve deposits at central banks | $ 2.5 | $ 2.6 | $ 2.3 | $ 2.4 |
General information
General information | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
General information | Note 1 General information Our unaudited Interim Condensed Consolidated Financial Statements (Condensed Financial Statements) are presented in compliance with International Accounting Standard (IAS) 34 Interim Financial Reporting |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Summary of significant accounting policies, estimates and judgments | Note 2 Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2019 Annual Consolidated Financial Statements. Our significant accounting policies and future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2 of our audited 2019 Annual Consolidated Financial Statements. Changes in accounting policies Leases During the first quarter, we adopted IFRS 16 Leases Leases As a result of the application of IFRS 16, we changed our accounting policy for leasing as outlined below, applicable from November 1, 2019. As permitted by the transition provisions of IFRS 16, we elected not to restate comparative period results; accordingly, all comparative information is presented in accordance with our previous accounting policies, as described in our 2019 Annual Report. As a result of the adoption of IFRS 16, we increased total assets by $5,084 million and total liabilities by $5,191 million, primarily representing leases of premises and equipment previously classified as operating leases, and reduced retained earnings by $107 million, net of taxes. The adoption of IFRS 16 reduced our CET1 capital ratio by 14 bps. Leasing At inception of a contract, we assess whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys the right to obtain substantially all of the economic benefits from, and direct the use of, an identified asset for a period of time in return for consideration. When we are the lessee in a lease arrangement, we initially record a right-of-use low-value Low-value non-infrastructure low-value Where we are reasonably certain to exercise extension and termination options, they are included in the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at our incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method, recorded in Interest expense. The right-of-use The right-of-use right-of-use Impairment of assets right-of-use Impact of adoption of IFRS 16 – Leases previously classified as operating leases At transition, lease liabilities were measured at the present value of the remaining lease payments, discounted at our incremental borrowing rate as at November 1, 2019. We applied a weighted-average incremental borrowing rate of 2.3%. Right-of-use right-of-use The following practical expedients were adopted when applying IFRS 16 to leases previously classified as operating leases under IAS 17: – Election to not separate lease and non-lease – Exemption from recognition for short-term and low value leases. The following table reconciles our ope r (Millions of Canadian dollars) Lease commitments disclosed as at October 31, 2019 $ 6,175 Less: commitments related to non-recoverable (360 ) Less: commitments for contracts not yet commenced (240 ) Less: recognition exemption adopted for short-term and low-value leases (83 ) Plus: commitments for renewal options reasonably certain to be exercised 977 Other (26 ) Adjusted operating lease commitments as at October 31, 2019 6,443 Discounted as at November 1, 2019 5,557 Finance lease liabilities recognized as at October 31, 2019 49 Lease liability recognized as at November 1, 2019 $ 5,606 Impact of adoption of IFRS 16 – Leases previously classified as finance leases The carrying amount of the right-of-use Leases Interest Rate Benchmark Reform During the first quarter, we early adopted amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures We will cease to apply these Amendments as interbank offered rate (IBOR) based cash flows transition to new risk free rates or when the hedging relationships to which the relief is applied are discontinued. Hedge Accounting Our accounting policies relating to hedge accounting are described in Note 2 and Note 8 of our 2019 Annual Report. We apply hedge accounting when designated hedging instruments are ‘highly effective’ in offsetting changes in the fair value or cash flows of the hedged items at inception and on an ongoing basis. We perform retrospective assessments to demonstrate that the relationship has been effective since designation of the hedge and prospective assessments to evaluate whether the hedge is expected to be effective over the remaining term of the hedge. While uncertainty due to IBOR reform exists, our prospective effectiveness testing is based on existing hedged cash flows or hedged risks. Any ineffectiveness arising from retrospective testing is recognized in net income. In addition to potential sources of ineffectiveness outlined in Note 8 of our 2019 Annual Report, the Reform may result in ineffectiveness as the transition of hedged items and related hedging instruments from IBORs to new risk free rates may occur at different times. This may result in different impacts on the valuation or cash flow variability of hedged items and related hedging instruments. Cash flow hedges We apply hedge accounting for cash flow hedges when the cash flows giving rise to the risk being hedged have a high probability of occurring. While uncertainty due to IBOR reform exists, we apply the relief provided by the Amendments that the IBOR benchmarks, on which the highly probable hedged cash flows are based, are not altered as a result of the Reform. In addition, associated cash flow hedge reserves are not recycled into net income solely due to changes related to the transition from IBOR to new risk free rates. Fair value hedges We apply hedge accounting to IBOR rates which may not be contractually specified when that rate is separately identifiable and reliably measurable at inception of the hedge relationship. Hedging relationships impacted by interest rate benchmark reform The following table presents the notional amount of our hedging instruments which reference IBOR that will expire after 2021 and will be affected by the Reform. The notional amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at November 1, 2019 (Millions of Canadian dollars) Notional/Principal amounts Interest rate contracts USD LIBOR $ 26,709 EURO Interbank Offered Rate 5,589 GBP LIBOR 618 Non-derivative USD LIBOR 888 GBP LIBOR 682 $ 34,486 (1) Excludes interest rate contracts and non-derivative IFRS Interpretations Committee Interpretation 23 Uncertainty over income tax treatments (IFRIC 23) During the first quarter, we adopted IFRIC 23 which provides guidance on the recognition and measurement of tax assets and liabilities under IAS 12 Income taxes Provisions, contingent liabilities and contingent assets IFRS 15 Revenue from Contracts with Customers (IFRS 15) On November 1, 2018, we adopted IFRS 15 and reduced our opening retained earnings. In the fourth quarter of 2019, we amended our opening reduction to retained earnings to $94 million on an after-tax basis. Comparative amounts have been revised from those previously presented. |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Fair value of financial instruments | Note 3 Carrying value and fair value of financial instruments The following tables provide a co m a As at January 31, 2020 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits $ – $ 19,151 $ – $ – $ 12,180 $ 12,180 $ 31,331 $ 31,331 Securities Trading 135,110 9,905 – – – – 145,015 145,015 Investment, net of applicable allowance – – 76,942 522 44,188 44,623 121,652 122,087 135,110 9,905 76,942 522 44,188 44,623 266,667 267,102 Assets purchased under reverse repurchase agreements and securities borrowed 261,216 – – – 62,971 62,972 324,187 324,188 Loans, net of applicable allowance Retail 282 252 95 – 428,194 429,591 428,823 430,220 Wholesale 8,776 1,973 449 – 189,919 189,599 201,117 200,797 9,058 2,225 544 – 618,113 619,190 629,940 631,017 Other Derivatives 93,982 – – – – – 93,982 93,982 Other assets (1) 3,053 – – – 51,146 51,145 54,199 54,198 Financial liabilities Deposits Personal $ 125 $ 17,109 $ 284,768 $ 284,896 $ 302,002 $ 302,130 Business and government (2) 260 117,572 451,404 452,781 569,236 570,613 Bank (3) – 3,450 27,596 27,614 31,046 31,064 385 138,131 763,768 765,291 902,284 903,807 Other Obligations related to securities sold short 35,624 – – – 35,624 35,624 Obligations related to assets sold under repurchase agreements and securities loaned – 247,170 7,221 7,221 254,391 254,391 Derivatives 94,611 – – – 94,611 94,611 Other liabilities (4) (1,484 ) 71 61,838 61,826 60,425 60,413 Subordinated debentures – – 9,269 9,401 9,269 9,401 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 carrying Total fair value 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 – 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 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at January 31, 2020 October 31, 2019 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 $ – $ 19,151 $ – $ $ 19,151 $ – $ 22,283 $ – $ $ 22,283 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 13,923 6,361 – 20,284 14,655 5,474 – 20,129 Provincial and municipal – 13,445 – 13,445 – 11,282 – 11,282 U.S. state, municipal and agencies (1) 774 31,557 55 32,386 2,050 39,584 58 41,692 Other OECD government (2) 3,600 3,154 – 6,754 2,786 3,710 – 6,496 Mortgage-backed securities (1) – 498 – 498 – 482 – 482 Asset-backed securities Non-CDO (3) – 1,397 2 1,399 – 1,333 2 1,335 Corporate debt and other debt – 25,342 19 25,361 1 23,643 21 23,665 Equities 41,576 2,076 1,236 44,888 38,309 1,925 1,219 41,453 59,873 83,830 1,312 145,015 57,801 87,433 1,300 146,534 Investment Debt issued or guaranteed by: Canadian government (1) Federal – 976 – 976 – 657 – 657 Provincial and municipal – 3,514 – 3,514 – 2,898 – 2,898 U.S. state, municipal and agencies (1) 126 34,958 – 35,084 210 20,666 – 20,876 Other OECD government – 4,148 – 4,148 – 4,251 – 4,251 Mortgage-backed securities (1) – 2,866 27 2,893 – 2,675 27 2,702 Asset-backed securities CDO – 6,893 – 6,893 – 7,300 – 7,300 Non-CDO – 828 – 828 – 849 – 849 Corporate debt and other debt – 22,449 158 22,607 – 17,537 153 17,690 Equities 43 185 293 521 42 127 294 463 169 76,817 478 77,464 252 56,960 474 57,686 Assets purchased under reverse repurchase agreements and securities borrowed – 261,216 – 261,216 – 246,068 – 246,068 Loans – 10,832 995 11,827 – 9,294 680 9,974 Other Derivatives Interest rate contracts 1 46,500 422 46,923 1 46,095 349 46,445 Foreign exchange contracts – 32,273 68 32,341 – 40,768 48 40,816 Credit derivatives – 219 – 219 – 169 – 169 Other contracts 2,556 13,154 36 15,746 2,852 12,674 11 15,537 Valuation adjustments – (708 ) 3 (705 ) – (712 ) 15 (697 ) Total gross derivatives 2,557 91,438 529 94,524 2,853 98,994 423 102,270 Netting adjustments (542 ) (542 ) (710 ) (710 ) Total derivatives 93,982 101,560 Other assets 1,339 1,634 80 3,053 1,119 1,960 77 3,156 $ 63,938 $ 544,918 $ 3,394 $ (542 ) $ 611,708 $ 62,025 $ 522,992 $ 2,954 $ (710 ) $ 587,261 Financial Liabilities Deposits Personal $ – $ 16,966 $ 268 $ $ 17,234 $ – $ 17,378 $ 156 $ $ 17,534 Business and government – 117,832 – 117,832 – 111,540 – 111,540 Bank – 3,450 – 3,450 – 3,032 – 3,032 Other Obligations related to securities sold short 17,544 18,080 – 35,624 20,512 14,557 – 35,069 Obligations related to assets sold under repurchase agreements and securities loaned – 247,170 – 247,170 – 218,612 – 218,612 Derivatives Interest rate contracts – 39,622 1,032 40,654 – 39,165 934 40,099 Foreign exchange contracts – 34,373 43 34,416 – 40,183 27 40,210 Credit derivatives – 393 – 393 – 282 – 282 Other contracts 2,560 17,026 191 19,777 2,675 15,776 206 18,657 Valuation adjustments – (74 ) (13 ) (87 ) – 12 (7 ) 5 Total gross derivatives 2,560 91,340 1,253 95,153 2,675 95,418 1,160 99,253 Netting adjustments (542 ) (542 ) (710 ) (710 ) Total derivatives 94,611 98,543 Other liabilities 57 (1,529 ) 59 (1,413 ) 102 (1,280 ) 60 (1,118 ) $ 20,161 $ 493,309 $ 1,580 $ (542 ) $ 514,508 $ 23,289 $ 459,257 $ 1,376 $ (710 ) $ 483,212 (1) As at January 31, 2020, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $20,009 million and $nil (October 31, 2019 – $22,365 million and $nil), respectively, and in all fair value levels of Investment securities were $9,168 million and $2,099 million (October 31, 2019 – $6,474 million and $2,046 million), respectively. (2) OECD stands for Organisation for Economic Co-operation (3) CDO stands for collateralized debt obligations. Fair value measurements using significant unobservable inputs (Level 3 Instruments) A financial instrument is classified as Level 3 in the fair value hierarchy if one or more of its uno b During the three months ended January 31, 2020, there were no significant changes made to the valuation techniques and ranges and weighted averages of unobservable inputs used in the determination of fair value of Level 3 financial instruments. As at January 31, 2020, the impacts of adjusting one or more of the unobservable inputs by reasonably possible alternative assumptions did not change significantly from the impacts disclosed in our 2019 Annual Consolidated Financial Statements. Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3 For the three months ended January 31, 2020 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 58 $ – $ – $ – $ (3 ) $ – $ – $ 55 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – – (1 ) – – 19 (1 ) Equities 1,219 (27 ) 4 71 (28 ) – (3 ) 1,236 (9 ) 1,300 (28 ) 4 71 (32 ) – (3 ) 1,312 (10 ) Investment Mortgage-backed securities 27 – – – – – – 27 n.a. Corporate debt and other debt 153 – 5 – – – – 158 n.a. Equities 294 – – – (1 ) – – 293 n.a. 474 – 5 – (1 ) – – 478 n.a. Loans 680 26 – 318 (9 ) 8 (28 ) 995 28 Other Net derivative balances (3) Interest rate contracts (585 ) 4 – (36 ) 1 – 6 (610 ) 4 Foreign exchange contracts 21 1 – 11 – (5 ) (3 ) 25 (1 ) Other contracts (195 ) (15 ) 1 (2 ) 8 (10 ) 58 (155 ) (8 ) Valuation adjustments 22 – – – (6 ) – – 16 – Other assets 77 7 – – (4 ) – – 80 7 $ 1,794 $ (5 ) $ 10 $ 362 $ (43 ) $ (7 ) $ 30 $ 2,141 $ 20 Liabilities Deposits Personal $ (156 ) $ (1 ) $ – $ (174 ) $ 10 $ (16 ) $ 69 $ (268 ) $ 3 Business and government – – – – – – – – – Other Other liabilities (60 ) (4 ) – 3 2 – – (59 ) (4 ) $ (216 ) $ (5 ) $ – $ (171 ) $ 12 $ (16 ) $ 69 $ (327 ) $ (1 ) . For the three months ended January 31, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains (losses) included Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 66 $ (1 ) $ – $ – $ – $ – $ – $ 65 $ — Asset-backed securities Non-CDO 110 15 – – (116 ) – – 9 1 Corporate debt and other debt 21 1 – – – – – 22 — Equities 1,148 (18 ) – 80 (143 ) 9 – 1,076 (5 ) 1,345 (3 ) – 80 (259 ) 9 – 1,172 (4 ) Investment Mortgage-backed securities – – – 27 – – – 27 n.a. Corporate debt and other debt 192 (3 ) 2 – (56 ) – – 135 n.a. Equities 237 – 10 – – – – 247 n.a. 429 (3 ) 12 27 (56 ) – – 409 n.a. Loans 551 17 1 264 (2 ) – (5 ) 826 16 Other Net derivative balances (3) Interest rate contracts (504 ) (68 ) – – 40 2 (20 ) (550 ) (6 ) Foreign exchange contracts 21 (7 ) 6 2 – (1 ) (9 ) 12 (1 ) Other contracts (84 ) 45 – (9 ) (23 ) (17 ) (14 ) (102 ) 60 Valuation adjustments 1 – – – 12 – – 13 — Other assets 65 – – – (4 ) – – 61 — $ 1,824 $ (19 ) $ 19 $ 364 $ (292 ) $ (7 ) $ (48 ) $ 1,841 $ 65 Liabilities Deposits Personal $ (390 ) $ (30 ) $ (1 ) $ (9 ) $ 5 $ (18 ) $ 352 $ (91 ) $ 2 Business and government 5 – – – – – (5 ) – — Other Other liabilities (68 ) – – – 16 – – (52 ) 1 $ (453 ) $ (30 ) $ (1 ) $ (9 ) $ 21 $ (18 ) $ 347 $ (143 ) $ 3 (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 $4 million for the three months ended January 31, 2020 (January 31, 2019 – gains of $11 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 January 31, 2020 included derivative assets of $529 million (January 31, 2019 – $420 million) and derivative liabilities of $1,253 million (January 31, 2019 –$1,047 million). n.a. not applicable Transfers between fair value hierarchy levels for instruments carried at fair value on a recurring basis Transfers between Level 1 and Level 2, and transfers into and out of Level 3 are assumed to occur at the end of the period. For an asset or a liability that transfers into Level 3 during the period, the entire change in fair value for the period is excluded from the Gains (losses) included in earnings for positions still held column of the above reconciliation, whereas for transfers out of Level 3 during the period, the entire change in fair value for the period is included in the same column of the above reconciliation. Transfers between Level 1 and 2 are dependent on whether fair value is obtained on the basis of quoted market prices in active markets (Level 1). During the three months ended January 31, 2020, transfers out of Level 1 to Level 2 included Trading U.S. state, municipal and agencies debt and Obligations related to securities sold short of $722 million and $233 million, respectively. During the three months ended January 31, 2020 there were no significant transfers out of Level 2 to Level 1. Transfers between Level 2 and Level 3 are primarily due to either a change in the market observability for an input, or a change in an unobservable input’s significance to a financial instrument’s fair value. During the three months ended January 31, 2020 there were no significant transfers in or out of Level 2 and Level 3. Net interest income from financial instruments Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income. For the three months ended (Millions of Canadian dollars) January 31 2020 January 31 2019 (1) Interest and dividend income (2), (3) Financial instruments measured at fair value through profit or loss (4) $ 2,985 $ 2,887 Financial instruments measured at fair value through other comprehensive income 309 272 Financial instruments measured at amortized cost 6,944 6,990 10,238 10,149 Interest expense (2) Financial instruments measured at fair value through profit or loss $ 2,360 $ 2,555 Financial instruments measured at amortized cost (5) 2,657 2,747 5,017 5,302 Net interest income $ 5,221 $ 4,847 (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 Condensed Consolidated Statements of Income: Interest income of $132 million (January 31, 2019 – $129 million), and Interest expense of $2 million (January 31, 2019 – $1 million). (3) Includes dividend income for the three months ended January 31, 2020 of $608 million (January 31, 2019 – $437 million), which is presented in Interest and dividend income in the Condensed Consolidated Statements of Income. (4) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at fair value through profit or loss (FVTPL) previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (5) Includes interest expense on lease liabilities for the three months ended January 31, 2020 of $31 million, due to the adoption of IFRS 16. |
Securities
Securities | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Securities | Note 4 Securities Unrealized gains and losses on securities at FVOCI (1), (2) As at January 31, 2020 October 31, 2019 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Debt issued or guaranteed by: Canadian government Federal (3) $ 972 $ 4 $ – $ 976 $ 655 $ 3 $ (1 ) $ 657 Provincial and municipal 3,410 104 – 3,514 2,878 43 (23 ) 2,898 U.S. state, municipal and agencies (3) 34,941 302 (159 ) 35,084 20,787 215 (126 ) 20,876 Other OECD government 4,147 3 (2 ) 4,148 4,254 2 (5 ) 4,251 Mortgage-backed securities (3) 2,900 1 (8 ) 2,893 2,709 1 (8 ) 2,702 Asset-backed securities CDO 6,897 2 (6 ) 6,893 7,334 1 (35 ) 7,300 Non-CDO 828 3 (3 ) 828 847 4 (2 ) 849 Corporate debt and other debt 22,550 62 (5 ) 22,607 17,655 45 (10 ) 17,690 Equities 306 218 (3 ) 521 248 218 (3 ) 463 $ 76,951 $ 699 $ (186 ) $ 77,464 $ 57,367 $ 532 $ (213 ) $ 57,686 (1) Excludes $44,188 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 January 31, 2020 (October 31, 2019 – $(3) 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 $2,105 million, $1 million, $7 million and $2,099 million, respectively as at January 31, 2020 (October 31, 2019 – $2,051 million, $1 million, $6 million and $2,046 million, respectively). Allowance for credit losses on investment securities The following tables reconcile the opening and closing allowance for debt securities at FVOCI and amortized cost by stage. Reconciling items include the following: • Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance. • Purchases, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Sales and maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time. Allowance for credit losses – securities at FVOCI (1) For the three months ended January 31, 2020 January 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 4 $ – $ (7 ) $ (3 ) $ 4 $ 7 $ – $ 11 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 2 – – 2 2 – – 2 Sales and maturities – – – – (1 ) (7 ) – (8 ) Changes in risk, parameters and exposures – – (2 ) (2 ) 1 – 3 4 Exchange rate and other – – – – – – – – Balance at end of period $ 6 $ – $ (9 ) $ (3 ) $ 6 $ – $ 3 $ 9 (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 three months ended January 31, 2020 January 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ 19 $ – $ 24 $ 6 $ 32 $ – $ 38 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 2 – – 2 1 – – 1 Sales and maturities – – – – – – – – Changes in risk, parameters and exposures (2 ) (1 ) – (3 ) (1 ) (2 ) – (3 ) Exchange rate and other – (1 ) – (1 ) – – – – Balance at end of period $ 5 $ 17 $ – $ 22 $ 6 $ 30 $ – $ 36 Credit risk exposure by internal risk rating The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses, as at the reporting date, as outlined in the internal ratings maps in the Credit risk section of our 2019 Annual Report. As at January 31, 2020 October 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 76,356 $ 1 $ – $ 76,357 $ 56,671 $ 1 $ – $ 56,672 Non-investment 429 1 – 430 400 1 – 401 Impaired – – 155 155 – – 150 150 $ 76,785 $ 2 $ 155 $ 76,942 $ 57,071 $ 2 $ 150 $ 57,223 Items not subject to impairment (2) 522 463 $ 77,464 $ 57,686 Securities at amortized cost Investment grade $ 43,063 $ 53 $ – $ 43,116 $ 43,681 $ 46 $ – $ 43,727 Non-investment 704 390 – 1,094 695 386 – 1,081 Impaired – – – – – – – – $ 43,767 $ 443 $ – $ 44,210 $ 44,376 $ 432 $ – $ 44,808 Allowance for credit losses 5 17 – 22 5 19 – 24 Amortized cost $ 43,762 $ 426 $ – $ 44,188 $ 44,371 $ 413 $ – $ 44,784 (1) Includes $155 million of purchased credit impaired securities (October 31, 2019 – $150 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 | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Allowance for credit losses For the three months ended January 31, 2020 January 31, 2019 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance at Balance at Provision Net write-offs Exchange Balance at Retail Residential mortgages $ 402 $ (7 ) $ (8 ) $ (20 ) $ 367 $ 382 $ 33 $ (4 ) $ (2 ) $ 409 Personal 935 121 (111 ) (5 ) 940 895 123 (113 ) (13 ) 892 Credit cards 832 177 (139 ) (2 ) 868 760 140 (120 ) – 780 Small business 61 14 (8 ) (1 ) 66 51 6 (5 ) (1 ) 51 Wholesale 1,165 102 (41 ) (35 ) 1,191 979 204 (61 ) (12 ) 1,110 Customers’ liability under acceptances 24 14 – 1 39 21 10 – – 31 $ 3,419 $ 421 $ (307 ) $ (62 ) $ 3,471 $ 3,088 $ 516 $ (303 ) $ (28 ) $ 3,273 Presented as: Allowance for loan losses $ 3,100 $ 3,139 $ 2,912 $ 3,061 Other liabilities – Provisions 295 292 154 180 Customers’ liability under acceptances 24 39 21 31 Other components of equity – 1 1 1 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: • Transfers between stages, which are presumed to occur before any corresponding remeasurements of the allowance. • Originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments and additional draws on existing facilities; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time in stage 1 and stage 2. Allowance for credit losses – Retail and wholesale loans For the three months ended January 31, 2020 January 31, 2019 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 $ 146 $ 77 $ 179 $ 402 $ 142 $ 64 $ 176 $ 382 Provision for credit losses Transfers to stage 1 27 (18 ) (9 ) – 8 (8 ) – – Transfers to stage 2 (4 ) 6 (2 ) – (3 ) 4 (1 ) – Transfers to stage 3 (1 ) (8 ) 9 – (1 ) (8 ) 9 – Originations 16 – – 16 13 – – 13 Maturities (4 ) (3 ) – (7 ) (3 ) (2 ) – (5 ) Changes in risk, parameters and exposures (45 ) 29 – (16 ) (18 ) 30 13 25 Write-offs – – (12 ) (12 ) – – (5 ) (5 ) Recoveries – – 4 4 – – 1 1 Exchange rate and other (3 ) (3 ) (14 ) (20 ) – (1 ) (1 ) (2 ) Balance at end of period $ 132 $ 80 $ 155 $ 367 $ 138 $ 79 $ 192 $ 409 Personal Balance at beginning of period $ 272 $ 520 $ 143 $ 935 $ 242 $ 512 $ 141 $ 895 Provision for credit losses Transfers to stage 1 119 (119 ) – – 132 (132 ) – – Transfers to stage 2 (19 ) 19 – – (23 ) 23 – – Transfers to stage 3 (1 ) (20 ) 21 – – (44 ) 44 – Originations 25 – – 25 23 – – 23 Maturities (12 ) (23 ) – (35 ) (7 ) (30 ) – (37 ) Changes in risk, parameters and exposures (111 ) 141 101 131 (132 ) 190 79 137 Write-offs – – (149 ) (149 ) – – (144 ) (144 ) Recoveries – – 38 38 – – 31 31 Exchange rate and other – (1 ) (4 ) (5 ) – – (13 ) (13 ) Balance at end of period $ 273 $ 517 $ 150 $ 940 $ 235 $ 519 $ 138 $ 892 Credit cards Balance at beginning of period $ 173 $ 659 $ – $ 832 $ 161 $ 599 $ – $ 760 Provision for credit losses Transfers to stage 1 118 (118 ) – – 110 (110 ) – – Transfers to stage 2 (22 ) 22 – – (19 ) 19 – – Transfers to stage 3 – (88 ) 88 – – (80 ) 80 – Originations 2 – – 2 1 – – 1 Maturities (1 ) (8 ) – (9 ) (1 ) (6 ) – (7 ) Changes in risk, parameters and exposures (94 ) 227 51 184 (84 ) 190 40 146 Write-offs – – (174 ) (174 ) – – (153 ) (153 ) Recoveries – – 35 35 – – 33 33 Exchange rate and other (2 ) – – (2 ) – – – – Balance at end of period $ 174 $ 694 $ – $ 868 $ 168 $ 612 $ – $ 780 Small business Balance at beginning of period $ 29 $ 10 $ 22 $ 61 $ 17 $ 16 $ 18 $ 51 Provision for credit losses Transfers to stage 1 1 (1 ) – – 5 (5 ) – – Transfers to stage 2 (1 ) 1 – – (1 ) 1 – – Transfers to stage 3 – (1 ) 1 – – (3 ) 3 – Originations 3 – – 3 3 – – 3 Maturities (1 ) (1 ) – (2 ) (1 ) (2 ) – (3 ) Changes in risk, parameters and exposures (2 ) 4 11 13 (7 ) 11 2 6 Write-offs – – (10 ) (10 ) – – (7 ) (7 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other – (1 ) – (1 ) – – (1 ) (1 ) Balance at end of period $ 29 $ 11 $ 26 $ 66 $ 16 $ 18 $ 17 $ 51 Wholesale Balance at beginning of period $ 281 $ 396 $ 488 $ 1,165 $ 274 $ 340 $ 365 $ 979 Provision for credit losses Transfers to stage 1 27 (26 ) (1 ) – 24 (24 ) – – Transfers to stage 2 (8 ) 9 (1 ) – (9 ) 11 (2 ) – Transfers to stage 3 (1 ) (18 ) 19 – (1 ) (16 ) 17 – Originations 66 – – 66 68 10 – 78 Maturities (43 ) (53 ) – (96 ) (43 ) (43 ) – (86 ) Changes in risk, parameters and exposures (17 ) 99 50 132 (11 ) 84 139 212 Write-offs – – (54 ) (54 ) – – (68 ) (68 ) Recoveries – – 13 13 – – 7 7 Exchange rate and other (5 ) – (30 ) (35 ) (1 ) (1 ) (10 ) (12 ) Balance at end of period $ 300 $ 407 $ 484 $ 1,191 $ 301 $ 361 $ 448 $ 1,110 Credit risk exposure by internal risk rating The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of our 2019 Annual Report. As at January 31, 2020 October 31, 2019 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Loans outstanding – Residential mortgages Low risk $ 244,103 $ 6,411 $ – $ 250,514 $ 238,377 $ 6,764 $ – $ 245,141 Medium risk 13,903 1,251 – 15,154 14,033 1,347 – 15,380 High risk 3,023 2,675 – 5,698 2,843 2,722 – 5,565 Not rated (1) 40,873 731 – 41,604 40,030 726 – 40,756 Impaired – – 700 700 – – 732 732 301,902 11,068 700 313,670 295,283 11,559 732 307,574 Items not subject to impairment (2) 534 517 Total 314,204 308,091 Loans outstanding – Personal Low risk $ 71,001 $ 1,756 $ – $ 72,757 $ 71,619 $ 1,944 $ – $ 73,563 Medium risk 5,213 2,863 – 8,076 5,254 3,011 – 8,265 High risk 876 1,814 – 2,690 843 1,874 – 2,717 Not rated (1) 7,187 93 – 7,280 7,293 105 – 7,398 Impaired – – 320 320 – – 307 307 Total 84,277 6,526 320 91,123 85,009 6,934 307 92,250 Loans outstanding – Credit cards Low risk $ 13,668 $ 103 $ – $ 13,771 $ 13,840 $ 103 $ – $ 13,943 Medium risk 2,126 1,778 – 3,904 2,250 1,827 – 4,077 High risk 125 1,428 – 1,553 137 1,432 – 1,569 Not rated (1) 694 50 – 744 677 45 – 722 Total 16,613 3,359 – 19,972 16,904 3,407 – 20,311 Loans outstanding – Small business Low risk $ 2,257 $ 115 $ – $ 2,372 $ 2,200 $ 107 $ – $ 2,307 Medium risk 2,136 611 – 2,747 2,163 563 – 2,726 High risk 131 223 – 354 138 196 – 334 Not rated (1) 7 – – 7 10 – – 10 Impaired – – 62 62 – – 57 57 Total 4,531 949 62 5,542 4,511 866 57 5,434 Undrawn loan commitments – Retail Low risk $ 203,094 $ 1,936 $ – $ 205,030 $ 196,743 $ 1,894 $ – $ 198,637 Medium risk 8,806 245 – 9,051 8,251 246 – 8,497 High risk 925 193 – 1,118 851 208 – 1,059 Not rated (1) 5,650 126 – 5,776 5,861 146 – 6,007 Total 218,475 2,500 – 220,975 211,706 2,494 – 214,200 Wholesale – Loans outstanding Investment grade $ 49,268 $ 67 $ – $ 49,335 $ 47,133 $ 97 $ – $ 47,230 Non-investment 122,070 12,163 – 134,233 119,778 11,940 – 131,718 Not rated (1) 5,801 318 – 6,119 5,862 320 – 6,182 Impaired – – 1,802 1,802 – – 1,829 1,829 177,139 12,548 1,802 191,489 172,773 12,357 1,829 186,959 Items not subject to impairment (2) 10,749 8,911 Total 202,238 195,870 Undrawn loan commitments – Wholesale Investment grade $ 223,333 $ 2 $ – $ 223,335 $ 222,819 $ 18 $ – $ 222,837 Non-investment 98,452 9,300 – 107,752 96,191 9,007 – 105,198 Not rated (1) 3,269 1 – 3,270 3,986 – – 3,986 Total 325,054 9,303 – 334,357 322,996 9,025 – 332,021 (1) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. (2) Items not subject to impairment are loans held at FVTPL. Loans past due but not impaired (1) As at January 31, 2020 October 31, 2019 (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 $ 3,749 $ 1,423 $ 202 $ 5,374 $ 3,173 $ 1,369 $ 186 $ 4,728 Wholesale 2,521 516 5 3,042 1,543 460 3 2,006 $ 6,270 $ 1,939 $ 207 $ 8,416 $ 4,716 $ 1,829 $ 189 $ 6,734 (1) Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. |
Deposits
Deposits | 3 Months Ended |
Jan. 31, 2020 | |
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Deposits | Note 6 Deposits As at January 31, 2020 October 31, 2019 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 149,105 $ 51,253 $ 101,644 $ 302,002 $ 143,958 $ 49,806 $ 100,968 $ 294,732 Business and government 253,815 11,855 303,566 569,236 253,113 13,867 298,502 565,482 Bank 10,277 870 19,899 31,046 8,363 920 16,508 25,791 $ 413,197 $ 63,978 $ 425,109 $ 902,284 $ 405,434 $ 64,593 $ 415,978 $ 886,005 Non-interest-bearing (4) Canada $ 94,688 $ 5,884 $ 248 $ 100,820 $ 93,163 $ 5,692 $ 137 $ 98,992 United States 32,782 – – 32,782 34,632 – – 34,632 Europe (5) 871 – – 871 760 – – 760 Other International 5,620 5 – 5,625 5,225 5 – 5,230 Interest-bearing (4) Canada 235,619 15,861 336,966 588,446 228,386 15,306 333,118 576,810 United States 5,610 38,336 46,350 90,296 4,704 39,626 41,776 86,106 Europe (5) 32,998 880 30,668 64,546 33,073 825 30,090 63,988 Other International 5,009 3,012 10,877 18,898 5,491 3,139 10,857 19,487 $ 413,197 $ 63,978 $ 425,109 $ 902,284 $ 405,434 $ 64,593 $ 415,978 $ 886,005 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which includes both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at January 31, 2020, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $325 billion, $27 billion, $47 billion and $31 billion, respectively (October 31, 2019 – $321 billion, $23 billion, $45 billion and $31 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. Contractual maturities of term deposits As at (Millions of Canadian dollars) January 31 2020 October 31 2019 Within 1 year: less than 3 months $ 116,904 $ 94,585 3 to 6 months 49,773 62,814 6 to 12 months 91,855 92,507 1 to 2 years 42,322 50,055 2 to 3 years 36,091 31,852 3 to 4 years 32,132 31,373 4 to 5 years 22,043 21,130 Over 5 years 33,989 31,662 $ 425,109 $ 415,978 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 388,000 $ 379,000 |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 3 Months Ended |
Jan. 31, 2020 | |
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Employee benefits - Pension and other post-employment benefits | Note 7 Employee benefits – Pension and other post-employment benefit s We offer a number of defined benefit and defi n Pension and other post-employment benefit expense For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) January 31 2020 January 31 2019 January 31 2020 January 31 2019 Current service costs $ 92 $ 74 $ 11 $ 10 Net interest expense (income) 5 (5 ) 15 16 Remeasurements of other long term benefits – – 4 2 Administrative expense 4 4 – – Defined benefit pension expense $ 101 $ 73 $ 30 $ 28 Defined contribution pension expense 63 61 – – $ 164 $ 134 $ 30 $ 28 Pension and other post-employment benefit remeasurements (1) For the three months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) January 31 2020 January 31 2019 January 31 2020 January 31 2019 Actuarial (gains) losses: Changes in financial assumptions (2) $ 1,047 $ 607 $ 96 $ 57 Experience adjustments – – – (1 ) Return on plan assets (excluding interest based on discount rate) (507 ) (144 ) – – $ 540 $ 463 $ 96 $ 56 (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Significant capital and funding
Significant capital and funding transactions | 3 Months Ended |
Jan. 31, 2020 | |
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Significant capital and funding transactions | Note 8 Significant capital and funding transactions Preferred Shares On December 17, 2019, we purchased for cash depositary shares, each representing a one-fortieth interest in a share of our Fixed Rate/Floating Rate Non- C Subordinated deb entures On December 6, 2019 December 6, 2024 On December 23, 2019 0.89 Common shares issued (1) For the three months ended January 31, 2020 January 31, 2019 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 233 $ 18 159 $ 11 Purchased for cancellation (3) (6,993 ) (86 ) (3,684 ) (45 ) (6,760 ) $ (68 ) (3,525 ) $ (34 ) (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three months ended January 31, 2020 and January 31, 2019, our DRIP’s requirements were satisfied through open market share purchases. (2) Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. (3) During the three months ended January 31, 2020, we purchased for cancellation common shares at a total fair value of $727 million (average cost of $104.02 per share), with a book value of $86 million (book value of $12.34 per share) . 12.25 |
Earnings per share
Earnings per share | 3 Months Ended |
Jan. 31, 2020 | |
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Earnings per share | Note 9 e For the three months ended (Millions of Canadian dollars, except share and per share amounts) January 31 2020 January 31 2019 Basic earnings per share Net income $ 3,509 $ 3,172 Preferred share dividends (65 ) (74 ) Net income attributable to non-controlling interest s (5 ) (2 ) Net income available to common shareholders 3,439 3,096 Weighted average number of common shares (in thousands) 1,427,599 1,437,074 Basic earnings per share (in dollars) $ 2.41 $ 2.15 Diluted earnings per share Net income available to common shareholders $ 3,439 $ 3,096 Dilutive impact of exchangeable shares 4 4 Net income available to common shareholders including dilutive impact of exchangeable shares 3,443 3,100 Weighted average number of common shares (in thousands) 1,427,599 1,437,074 Stock options (1) 1,698 2,033 Issuable under other share-based compensation plans 750 737 Exchangeable shares (2) 3,013 3,351 Average number of diluted common shares (in thousands) 1,433,060 1,443,195 Diluted earnings per share (in dollars) $ 2.40 $ 2.15 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended January 31, 2020, no outstanding options were excluded from the calculation of diluted earnings per share. For the three months ended January 31, 2019, 1,364,706 with an average price of $99.73 (2) Includes exchangeable preferred shares. |
Legal and regulatory matters
Legal and regulatory matters | 3 Months Ended |
Jan. 31, 2020 | |
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Legal and regulatory matters | Note 1 0 s 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. Our significant legal proceeding and regulatory matters are described in Note 26 of our 2019 Annual Consolidated Financial Statements. |
Results by business segment
Results by business segment | 3 Months Ended |
Jan. 31, 2020 | |
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Results by business segment | Note 1 1 t For the three months ended January 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,226 $ 738 $ – $ 58 $ 1,161 $ 38 $ 5,221 Non-interest 1,384 2,428 1,994 539 1,387 (117 ) 7,615 Total revenue 4,610 3,166 1,994 597 2,548 (79 ) 12,836 Provision for credit losses 342 (2 ) – – 79 – 419 Insurance policyholder benefits, claims and acquisition expense – – 1,614 – – – 1,614 Non-interest 1,984 2,370 153 402 1,435 34 6,378 Net income (loss) before income taxes 2,284 798 227 195 1,034 (113 ) 4,425 Income taxes (recoveries) 598 175 46 52 152 (107 ) 916 Net income $ 1,686 $ 623 $ 181 $ 143 $ 882 $ (6 ) $ 3,509 Non-interest Depreciation and amortization $ 234 $ 210 $ 15 $ 50 $ 127 $ – $ 636 For the three months ended January 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) , ( 3 $ 3,134 $ 744 $ – $ (31 ) $ 969 $ 31 $ 4,847 Non-interest income (3) 1,284 2,204 1,579 662 1,129 (116 ) 6,742 Total revenue 4,418 2,948 1,579 631 2,098 (85 ) 11,589 Provision for credit losses 348 26 – – 140 – 514 Insurance policyholder benefits, claims and acquisition expense – – 1,225 – – – 1,225 Non-interest 1,915 2,164 154 418 1,230 31 5,912 Net income (loss) before income taxes 2,155 758 200 213 728 (116 ) 3,938 Income taxes (recoveries) 584 161 34 52 75 (140 ) 766 Net income $ 1,571 $ 597 $ 166 $ 161 $ 653 $ 24 $ 3,172 Non-interest Depreciation and amortization $ 153 $ 147 $ 11 $ 34 $ 95 $ – $ 440 (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 Total assets and total liabilities by business segment As at January 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 489,522 $ 109,969 $ 20,293 $ 144,707 $ 666,824 $ 44,989 $ 1,476,304 Total liabilities $ 489,545 $ 109,963 $ 20,270 $ 144,664 $ 666,785 $ (38,984 ) $ 1,392,243 As at October 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 481,720 $ 106,579 $ 19,012 $ 144,406 $ 634,313 $ 42,905 $ 1,428,935 Total liabilities $ 481,745 $ 106,770 $ 19,038 $ 144,378 $ 634,126 $ (40,747 ) $ 1,345,310 |
Capital management
Capital management | 3 Months Ended |
Jan. 31, 2020 | |
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Capital management | Note 1 2 Regulatory capital and capital ratio s OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. During the first quarter of 2020, we complied with all 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) January 31 2020 October 31 2019 Capital (1) CET1 capital $ 63,054 $ 62,184 Tier 1 capital 68,709 67,861 Total capital 78,220 77,888 Risk-weighted Assets (RWA) used in calculation of capital ratios (1) Credit risk $ 428,067 $ 417,835 Market risk 28,415 28,917 Operational risk 67,243 66,104 Total RWA $ 523,725 $ 512,856 Capital ratios and Leverage ratio (1) CET1 ratio 12.0% 12.1% Tier 1 capital ratio 13.1% 13.2% Total capital ratio 14.9% 15.2% Leverage ratio 4.2% 4.3% Leverage ratio exposure (billions) $ 1,630 $ 1,570 (1) Capital, RWA, and capital ratios are calculated using OSFI Capital Adequacy Requirements based on the Basel III framework. The leverage ratio is calculated using OSFI Leverage Requirements Guideline based on the Basel III framework. |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 3 Months Ended |
Jan. 31, 2020 | |
Statement [Line Items] | |
Changes in accounting policies | Changes in accounting policies Leases During the first quarter, we adopted IFRS 16 Leases Leases As a result of the application of IFRS 16, we changed our accounting policy for leasing as outlined below, applicable from November 1, 2019. As permitted by the transition provisions of IFRS 16, we elected not to restate comparative period results; accordingly, all comparative information is presented in accordance with our previous accounting policies, as described in our 2019 Annual Report. As a result of the adoption of IFRS 16, we increased total assets by $5,084 million and total liabilities by $5,191 million, primarily representing leases of premises and equipment previously classified as operating leases, and reduced retained earnings by $107 million, net of taxes. The adoption of IFRS 16 reduced our CET1 capital ratio by 14 bps. |
Leasing | Leasing At inception of a contract, we assess whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys the right to obtain substantially all of the economic benefits from, and direct the use of, an identified asset for a period of time in return for consideration. When we are the lessee in a lease arrangement, we initially record a right-of-use low-value Low-value non-infrastructure low-value Where we are reasonably certain to exercise extension and termination options, they are included in the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at our incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method, recorded in Interest expense. The right-of-use The right-of-use right-of-use Impairment of assets right-of-use Impact of adoption of IFRS 16 – Leases previously classified as operating leases At transition, lease liabilities were measured at the present value of the remaining lease payments, discounted at our incremental borrowing rate as at November 1, 2019. We applied a weighted-average incremental borrowing rate of 2.3%. Right-of-use right-of-use The following practical expedients were adopted when applying IFRS 16 to leases previously classified as operating leases under IAS 17: – Election to not separate lease and non-lease – Exemption from recognition for short-term and low value leases. The following table reconciles our ope r (Millions of Canadian dollars) Lease commitments disclosed as at October 31, 2019 $ 6,175 Less: commitments related to non-recoverable (360 ) Less: commitments for contracts not yet commenced (240 ) Less: recognition exemption adopted for short-term and low-value leases (83 ) Plus: commitments for renewal options reasonably certain to be exercised 977 Other (26 ) Adjusted operating lease commitments as at October 31, 2019 6,443 Discounted as at November 1, 2019 5,557 Finance lease liabilities recognized as at October 31, 2019 49 Lease liability recognized as at November 1, 2019 $ 5,606 Impact of adoption of IFRS 16 – Leases previously classified as finance leases The carrying amount of the right-of-use Leases Interest Rate Benchmark Reform During the first quarter, we early adopted amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures We will cease to apply these Amendments as interbank offered rate (IBOR) based cash flows transition to new risk free rates or when the hedging relationships to which the relief is applied are discontinued. |
Financial instruments - Hedge accounting | Hedge Accounting Our accounting policies relating to hedge accounting are described in Note 2 and Note 8 of our 2019 Annual Report. We apply hedge accounting when designated hedging instruments are ‘highly effective’ in offsetting changes in the fair value or cash flows of the hedged items at inception and on an ongoing basis. We perform retrospective assessments to demonstrate that the relationship has been effective since designation of the hedge and prospective assessments to evaluate whether the hedge is expected to be effective over the remaining term of the hedge. While uncertainty due to IBOR reform exists, our prospective effectiveness testing is based on existing hedged cash flows or hedged risks. Any ineffectiveness arising from retrospective testing is recognized in net income. In addition to potential sources of ineffectiveness outlined in Note 8 of our 2019 Annual Report, the Reform may result in ineffectiveness as the transition of hedged items and related hedging instruments from IBORs to new risk free rates may occur at different times. This may result in different impacts on the valuation or cash flow variability of hedged items and related hedging instruments. Cash flow hedges We apply hedge accounting for cash flow hedges when the cash flows giving rise to the risk being hedged have a high probability of occurring. While uncertainty due to IBOR reform exists, we apply the relief provided by the Amendments that the IBOR benchmarks, on which the highly probable hedged cash flows are based, are not altered as a result of the Reform. In addition, associated cash flow hedge reserves are not recycled into net income solely due to changes related to the transition from IBOR to new risk free rates. Fair value hedges We apply hedge accounting to IBOR rates which may not be contractually specified when that rate is separately identifiable and reliably measurable at inception of the hedge relationship. Hedging relationships impacted by interest rate benchmark reform The following table presents the notional amount of our hedging instruments which reference IBOR that will expire after 2021 and will be affected by the Reform. The notional amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at November 1, 2019 (Millions of Canadian dollars) Notional/Principal amounts Interest rate contracts USD LIBOR $ 26,709 EURO Interbank Offered Rate 5,589 GBP LIBOR 618 Non-derivative USD LIBOR 888 GBP LIBOR 682 $ 34,486 (1) Excludes interest rate contracts and non-derivative IFRS Interpretations Committee Interpretation 23 Uncertainty over income tax treatments (IFRIC 23) During the first quarter, we adopted IFRIC 23 which provides guidance on the recognition and measurement of tax assets and liabilities under IAS 12 Income taxes Provisions, contingent liabilities and contingent assets IFRS 15 Revenue from Contracts with Customers (IFRS 15) On November 1, 2018, we adopted IFRS 15 and reduced our opening retained earnings. In the fourth quarter of 2019, we amended our opening reduction to retained earnings to $94 million on an after-tax basis. Comparative amounts have been revised from those previously presented. |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Reconciliation of Amounts of Lease Liability on Initial Application of IFRS 16 | The following table reconciles our ope r (Millions of Canadian dollars) Lease commitments disclosed as at October 31, 2019 $ 6,175 Less: commitments related to non-recoverable (360 ) Less: commitments for contracts not yet commenced (240 ) Less: recognition exemption adopted for short-term and low-value leases (83 ) Plus: commitments for renewal options reasonably certain to be exercised 977 Other (26 ) Adjusted operating lease commitments as at October 31, 2019 6,443 Discounted as at November 1, 2019 5,557 Finance lease liabilities recognized as at October 31, 2019 49 Lease liability recognized as at November 1, 2019 $ 5,606 |
Disclosure of detailed information about hedging instruments | Hedging relationships impacted by interest rate benchmark reform The following table presents the notional amount of our hedging instruments which reference IBOR that will expire after 2021 and will be affected by the Reform. The notional amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at November 1, 2019 (Millions of Canadian dollars) Notional/Principal amounts Interest rate contracts USD LIBOR $ 26,709 EURO Interbank Offered Rate 5,589 GBP LIBOR 618 Non-derivative USD LIBOR 888 GBP LIBOR 682 $ 34,486 (1) Excludes interest rate contracts and non-derivative |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
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Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument | The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2019 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments . As at January 31, 2020 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits $ – $ 19,151 $ – $ – $ 12,180 $ 12,180 $ 31,331 $ 31,331 Securities Trading 135,110 9,905 – – – – 145,015 145,015 Investment, net of applicable allowance – – 76,942 522 44,188 44,623 121,652 122,087 135,110 9,905 76,942 522 44,188 44,623 266,667 267,102 Assets purchased under reverse repurchase agreements and securities borrowed 261,216 – – – 62,971 62,972 324,187 324,188 Loans, net of applicable allowance Retail 282 252 95 – 428,194 429,591 428,823 430,220 Wholesale 8,776 1,973 449 – 189,919 189,599 201,117 200,797 9,058 2,225 544 – 618,113 619,190 629,940 631,017 Other Derivatives 93,982 – – – – – 93,982 93,982 Other assets (1) 3,053 – – – 51,146 51,145 54,199 54,198 Financial liabilities Deposits Personal $ 125 $ 17,109 $ 284,768 $ 284,896 $ 302,002 $ 302,130 Business and government (2) 260 117,572 451,404 452,781 569,236 570,613 Bank (3) – 3,450 27,596 27,614 31,046 31,064 385 138,131 763,768 765,291 902,284 903,807 Other Obligations related to securities sold short 35,624 – – – 35,624 35,624 Obligations related to assets sold under repurchase agreements and securities loaned – 247,170 7,221 7,221 254,391 254,391 Derivatives 94,611 – – – 94,611 94,611 Other liabilities (4) (1,484 ) 71 61,838 61,826 60,425 60,413 Subordinated debentures – – 9,269 9,401 9,269 9,401 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 carrying Total fair value 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 – 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 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. |
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy | As at January 31, 2020 October 31, 2019 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 $ – $ 19,151 $ – $ $ 19,151 $ – $ 22,283 $ – $ $ 22,283 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 13,923 6,361 – 20,284 14,655 5,474 – 20,129 Provincial and municipal – 13,445 – 13,445 – 11,282 – 11,282 U.S. state, municipal and agencies (1) 774 31,557 55 32,386 2,050 39,584 58 41,692 Other OECD government (2) 3,600 3,154 – 6,754 2,786 3,710 – 6,496 Mortgage-backed securities (1) – 498 – 498 – 482 – 482 Asset-backed securities Non-CDO (3) – 1,397 2 1,399 – 1,333 2 1,335 Corporate debt and other debt – 25,342 19 25,361 1 23,643 21 23,665 Equities 41,576 2,076 1,236 44,888 38,309 1,925 1,219 41,453 59,873 83,830 1,312 145,015 57,801 87,433 1,300 146,534 Investment Debt issued or guaranteed by: Canadian government (1) Federal – 976 – 976 – 657 – 657 Provincial and municipal – 3,514 – 3,514 – 2,898 – 2,898 U.S. state, municipal and agencies (1) 126 34,958 – 35,084 210 20,666 – 20,876 Other OECD government – 4,148 – 4,148 – 4,251 – 4,251 Mortgage-backed securities (1) – 2,866 27 2,893 – 2,675 27 2,702 Asset-backed securities CDO – 6,893 – 6,893 – 7,300 – 7,300 Non-CDO – 828 – 828 – 849 – 849 Corporate debt and other debt – 22,449 158 22,607 – 17,537 153 17,690 Equities 43 185 293 521 42 127 294 463 169 76,817 478 77,464 252 56,960 474 57,686 Assets purchased under reverse repurchase agreements and securities borrowed – 261,216 – 261,216 – 246,068 – 246,068 Loans – 10,832 995 11,827 – 9,294 680 9,974 Other Derivatives Interest rate contracts 1 46,500 422 46,923 1 46,095 349 46,445 Foreign exchange contracts – 32,273 68 32,341 – 40,768 48 40,816 Credit derivatives – 219 – 219 – 169 – 169 Other contracts 2,556 13,154 36 15,746 2,852 12,674 11 15,537 Valuation adjustments – (708 ) 3 (705 ) – (712 ) 15 (697 ) Total gross derivatives 2,557 91,438 529 94,524 2,853 98,994 423 102,270 Netting adjustments (542 ) (542 ) (710 ) (710 ) Total derivatives 93,982 101,560 Other assets 1,339 1,634 80 3,053 1,119 1,960 77 3,156 $ 63,938 $ 544,918 $ 3,394 $ (542 ) $ 611,708 $ 62,025 $ 522,992 $ 2,954 $ (710 ) $ 587,261 Financial Liabilities Deposits Personal $ – $ 16,966 $ 268 $ $ 17,234 $ – $ 17,378 $ 156 $ $ 17,534 Business and government – 117,832 – 117,832 – 111,540 – 111,540 Bank – 3,450 – 3,450 – 3,032 – 3,032 Other Obligations related to securities sold short 17,544 18,080 – 35,624 20,512 14,557 – 35,069 Obligations related to assets sold under repurchase agreements and securities loaned – 247,170 – 247,170 – 218,612 – 218,612 Derivatives Interest rate contracts – 39,622 1,032 40,654 – 39,165 934 40,099 Foreign exchange contracts – 34,373 43 34,416 – 40,183 27 40,210 Credit derivatives – 393 – 393 – 282 – 282 Other contracts 2,560 17,026 191 19,777 2,675 15,776 206 18,657 Valuation adjustments – (74 ) (13 ) (87 ) – 12 (7 ) 5 Total gross derivatives 2,560 91,340 1,253 95,153 2,675 95,418 1,160 99,253 Netting adjustments (542 ) (542 ) (710 ) (710 ) Total derivatives 94,611 98,543 Other liabilities 57 (1,529 ) 59 (1,413 ) 102 (1,280 ) 60 (1,118 ) $ 20,161 $ 493,309 $ 1,580 $ (542 ) $ 514,508 $ 23,289 $ 459,257 $ 1,376 $ (710 ) $ 483,212 (1) As at January 31, 2020, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $20,009 million and $nil (October 31, 2019 – $22,365 million and $nil), respectively, and in all fair value levels of Investment securities were $9,168 million and $2,099 million (October 31, 2019 – $6,474 million and $2,046 million), respectively. (2) OECD stands for Organisation for Economic Co-operation (3) CDO stands for collateralized debt obligations. |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | For the three months ended January 31, 2020 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 58 $ – $ – $ – $ (3 ) $ – $ – $ 55 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – – (1 ) – – 19 (1 ) Equities 1,219 (27 ) 4 71 (28 ) – (3 ) 1,236 (9 ) 1,300 (28 ) 4 71 (32 ) – (3 ) 1,312 (10 ) Investment Mortgage-backed securities 27 – – – – – – 27 n.a. Corporate debt and other debt 153 – 5 – – – – 158 n.a. Equities 294 – – – (1 ) – – 293 n.a. 474 – 5 – (1 ) – – 478 n.a. Loans 680 26 – 318 (9 ) 8 (28 ) 995 28 Other Net derivative balances (3) Interest rate contracts (585 ) 4 – (36 ) 1 – 6 (610 ) 4 Foreign exchange contracts 21 1 – 11 – (5 ) (3 ) 25 (1 ) Other contracts (195 ) (15 ) 1 (2 ) 8 (10 ) 58 (155 ) (8 ) Valuation adjustments 22 – – – (6 ) – – 16 – Other assets 77 7 – – (4 ) – – 80 7 $ 1,794 $ (5 ) $ 10 $ 362 $ (43 ) $ (7 ) $ 30 $ 2,141 $ 20 Liabilities Deposits Personal $ (156 ) $ (1 ) $ – $ (174 ) $ 10 $ (16 ) $ 69 $ (268 ) $ 3 Business and government – – – – – – – – – Other Other liabilities (60 ) (4 ) – 3 2 – – (59 ) (4 ) $ (216 ) $ (5 ) $ – $ (171 ) $ 12 $ (16 ) $ 69 $ (327 ) $ (1 ) . For the three months ended January 31, 2019 (Millions of Canadian dollars) Fair value at Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains (losses) included Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 66 $ (1 ) $ – $ – $ – $ – $ – $ 65 $ — Asset-backed securities Non-CDO 110 15 – – (116 ) – – 9 1 Corporate debt and other debt 21 1 – – – – – 22 — Equities 1,148 (18 ) – 80 (143 ) 9 – 1,076 (5 ) 1,345 (3 ) – 80 (259 ) 9 – 1,172 (4 ) Investment Mortgage-backed securities – – – 27 – – – 27 n.a. Corporate debt and other debt 192 (3 ) 2 – (56 ) – – 135 n.a. Equities 237 – 10 – – – – 247 n.a. 429 (3 ) 12 27 (56 ) – – 409 n.a. Loans 551 17 1 264 (2 ) – (5 ) 826 16 Other Net derivative balances (3) Interest rate contracts (504 ) (68 ) – – 40 2 (20 ) (550 ) (6 ) Foreign exchange contracts 21 (7 ) 6 2 – (1 ) (9 ) 12 (1 ) Other contracts (84 ) 45 – (9 ) (23 ) (17 ) (14 ) (102 ) 60 Valuation adjustments 1 – – – 12 – – 13 — Other assets 65 – – – (4 ) – – 61 — $ 1,824 $ (19) $ 19 $ 364 $ (292) $ (7 ) $ (48 ) $ 1,841 $ 65 Liabilities Deposits Personal $ (390 ) $ (30 ) $ (1 ) $ (9 ) $ 5 $ (18) $ 352 $ (91 ) $ 2 Business and government 5 – – – – – (5 ) – — Other Other liabilities (68 ) – – – 16 – – (52 ) 1 $ (453 ) $ (30 ) $ (1 ) $ (9 ) $ 21 $ (18 ) $ 347 $ (143 ) $ 3 (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 $4 million for the three months ended January 31, 2020 (January 31, 2019 – gains of $11 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 January 31, 2020 included derivative assets of $529 million (January 31, 2019 – $420 million) and derivative liabilities of $1,253 million (January 31, 2019 –$1,047 million). n.a. not applicable |
Summary of Net Interest Income From Financial Instruments | For the three months ended (Millions of Canadian dollars) January 31 2020 January 31 2019 Interest and dividend income (2), (3) Financial instruments measured at fair value through profit or loss ( 4 $ 2,985 $ 2,887 Financial instruments measured at fair value through other comprehensive income 309 272 Financial instruments measured at amortized cost 6,944 6,990 10,238 10,149 Interest expense Financial instruments measured at fair value through profit or loss $ 2,360 $ 2,555 Financial instruments measured at amortized cost 2,657 2,747 5,017 5,302 Net interest income $ 5,221 $ 4,847 (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 Condensed Consolidated Statements of Income: Interest income of $132 million (January 31, 2019 – $129 million), and Interest expense of $2 million (January 31, 2019 – $1 million). (3) Includes dividend income for the three months ended January 31, 2020 of $608 million (January 31, 2019 – $437 million), which is presented in Interest and dividend income in the Condensed Consolidated Statements of Income. (4) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at fair value through profit or loss (FVTPL) previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (5) Includes interest expense on lease liabilities for the three months ended January 31, 2020 of $31 million , due to the adoption of IFRS 16. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
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Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized gains and losses on securities at FVOCI (1), (2) As at January 31, 2020 October 31, 2019 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Debt issued or guaranteed by: Canadian government Federal (3) $ 972 $ 4 $ – $ 976 $ 655 $ 3 $ (1 ) $ 657 Provincial and municipal 3,410 104 – 3,514 2,878 43 (23 ) 2,898 U.S. state, municipal and agencies (3) 34,941 302 (159 ) 35,084 20,787 215 (126 ) 20,876 Other OECD government 4,147 3 (2 ) 4,148 4,254 2 (5 ) 4,251 Mortgage-backed securities (3) 2,900 1 (8 ) 2,893 2,709 1 (8 ) 2,702 Asset-backed securities CDO 6,897 2 (6 ) 6,893 7,334 1 (35 ) 7,300 Non-CDO 828 3 (3 ) 828 847 4 (2 ) 849 Corporate debt and other debt 22,550 62 (5 ) 22,607 17,655 45 (10 ) 17,690 Equities 306 218 (3 ) 521 248 218 (3 ) 463 $ 76,951 $ 699 $ (186 ) $ 77,464 $ 57,367 $ 532 $ (213 ) $ 57,686 (1) Excludes $44,188 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 January 31, 2020 (October 31, 2019 – $(3) 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 $2,105 million, $1 million, $7 million and $2,099 million, respectively as at January 31, 2020 (October 31, 2019 – $2,051 million, $1 million, $6 million and $2,046 million, respectively). |
Summary of Allowance for credit losses - Securities at Amortized Cost | Allowance for credit losses – securities at FVOCI (1) For the three months ended January 31, 2020 January 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 4 $ – $ (7 ) $ (3 ) $ 4 $ 7 $ – $ 11 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 2 – – 2 2 – – 2 Sales and maturities – – – – (1 ) (7 ) – (8 ) Changes in risk, parameters and exposures – – (2 ) (2 ) 1 – 3 4 Exchange rate and other – – – – – – – – Balance at end of period $ 6 $ – $ (9 ) $ (3 ) $ 6 $ – $ 3 $ 9 (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 three months ended January 31, 2020 January 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ 19 $ – $ 24 $ 6 $ 32 $ – $ 38 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 2 – – 2 1 – – 1 Sales and maturities – – – – – – – – Changes in risk, parameters and exposures (2 ) (1 ) – (3 ) (1 ) (2 ) – (3 ) Exchange rate and other – (1 ) – (1 ) – – – – Balance at end of period $ 5 $ 17 $ – $ 22 $ 6 $ 30 $ – $ 36 |
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 outlined in the internal ratings maps in the Credit risk section of our 2019 Annual Report. As at January 31, 2020 October 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 76,356 $ 1 $ – $ 76,357 $ 56,671 $ 1 $ – $ 56,672 Non-investment 429 1 – 430 400 1 – 401 Impaired – – 155 155 – – 150 150 $ 76,785 $ 2 $ 155 $ 76,942 $ 57,071 $ 2 $ 150 $ 57,223 Items not subject to impairment (2) 522 463 $ 77,464 $ 57,686 Securities at amortized cost Investment grade $ 43,063 $ 53 $ – $ 43,116 $ 43,681 $ 46 $ – $ 43,727 Non-investment 704 390 – 1,094 695 386 – 1,081 Impaired – – – – – – – – $ 43,767 $ 443 $ – $ 44,210 $ 44,376 $ 432 $ – $ 44,808 Allowance for credit losses 5 17 – 22 5 19 – 24 Amortized cost $ 43,762 $ 426 $ – $ 44,188 $ 44,371 $ 413 $ – $ 44,784 (1) Includes $155 million of purchased credit impaired securities (October 31, 2019 – $150 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) | 3 Months Ended |
Jan. 31, 2020 | |
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Disclosure of Allowance for Credit Losses | Allowance for credit losses For the three months ended January 31, 2020 January 31, 2019 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance at Balance at Provision Net write-offs Exchange Balance at Retail Residential mortgages $ 402 $ (7 ) $ (8 ) $ (20 ) $ 367 $ 382 $ 33 $ (4 ) $ (2 ) $ 409 Personal 935 121 (111 ) (5 ) 940 895 123 (113 ) (13 ) 892 Credit cards 832 177 (139 ) (2 ) 868 760 140 (120 ) – 780 Small business 61 14 (8 ) (1 ) 66 51 6 (5 ) (1 ) 51 Wholesale 1,165 102 (41 ) (35 ) 1,191 979 204 (61 ) (12 ) 1,110 Customers’ liability under acceptances 24 14 – 1 39 21 10 – – 31 $ 3,419 $ 421 $ (307 ) $ (62 ) $ 3,471 $ 3,088 $ 516 $ (303 ) $ (28 ) $ 3,273 Presented as: Allowance for loan losses $ 3,100 $ 3,139 $ 2,912 $ 3,061 Other liabilities – Provisions 295 292 154 180 Customers’ liability under acceptances 24 39 21 31 Other components of equity – 1 1 1 |
Summary of Allowance for Credit Losses by Stage, for Each Major Product Category | Allowance for credit losses – Retail and wholesale loans For the three months ended January 31, 2020 January 31, 2019 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 $ 146 $ 77 $ 179 $ 402 $ 142 $ 64 $ 176 $ 382 Provision for credit losses Transfers to stage 1 27 (18 ) (9 ) – 8 (8 ) – – Transfers to stage 2 (4 ) 6 (2 ) – (3 ) 4 (1 ) – Transfers to stage 3 (1 ) (8 ) 9 – (1 ) (8 ) 9 – Originations 16 – – 16 13 – – 13 Maturities (4 ) (3 ) – (7 ) (3 ) (2 ) – (5 ) Changes in risk, parameters and exposures (45 ) 29 – (16 ) (18 ) 30 13 25 Write-offs – – (12 ) (12 ) – – (5 ) (5 ) Recoveries – – 4 4 – – 1 1 Exchange rate and other (3 ) (3 ) (14 ) (20 ) – (1 ) (1 ) (2 ) Balance at end of period $ 132 $ 80 $ 155 $ 367 $ 138 $ 79 $ 192 $ 409 Personal Balance at beginning of period $ 272 $ 520 $ 143 $ 935 $ 242 $ 512 $ 141 $ 895 Provision for credit losses Transfers to stage 1 119 (119 ) – – 132 (132 ) – – Transfers to stage 2 (19 ) 19 – – (23 ) 23 – – Transfers to stage 3 (1 ) (20 ) 21 – – (44 ) 44 – Originations 25 – – 25 23 – – 23 Maturities (12 ) (23 ) – (35 ) (7 ) (30 ) – (37 ) Changes in risk, parameters and exposures (111 ) 141 101 131 (132 ) 190 79 137 Write-offs – – (149 ) (149 ) – – (144 ) (144 ) Recoveries – – 38 38 – – 31 31 Exchange rate and other – (1 ) (4 ) (5 ) – – (13 ) (13 ) Balance at end of period $ 273 $ 517 $ 150 $ 940 $ 235 $ 519 $ 138 $ 892 Credit cards Balance at beginning of period $ 173 $ 659 $ – $ 832 $ 161 $ 599 $ – $ 760 Provision for credit losses Transfers to stage 1 118 (118 ) – – 110 (110 ) – – Transfers to stage 2 (22 ) 22 – – (19 ) 19 – – Transfers to stage 3 – (88 ) 88 – – (80 ) 80 – Originations 2 – – 2 1 – – 1 Maturities (1 ) (8 ) – (9 ) (1 ) (6 ) – (7 ) Changes in risk, parameters and exposures (94 ) 227 51 184 (84 ) 190 40 146 Write-offs – – (174 ) (174 ) – – (153 ) (153 ) Recoveries – – 35 35 – – 33 33 Exchange rate and other (2 ) – – (2 ) – – – – Balance at end of period $ 174 $ 694 $ – $ 868 $ 168 $ 612 $ – $ 780 Small business Balance at beginning of period $ 29 $ 10 $ 22 $ 61 $ 17 $ 16 $ 18 $ 51 Provision for credit losses Transfers to stage 1 1 (1 ) – – 5 (5 ) – – Transfers to stage 2 (1 ) 1 – – (1 ) 1 – – Transfers to stage 3 – (1 ) 1 – – (3 ) 3 – Originations 3 – – 3 3 – – 3 Maturities (1 ) (1 ) – (2 ) (1 ) (2 ) – (3 ) Changes in risk, parameters and exposures (2 ) 4 11 13 (7 ) 11 2 6 Write-offs – – (10 ) (10 ) – – (7 ) (7 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other – (1 ) – (1 ) – – (1 ) (1 ) Balance at end of period $ 29 $ 11 $ 26 $ 66 $ 16 $ 18 $ 17 $ 51 Wholesale Balance at beginning of period $ 281 $ 396 $ 488 $ 1,165 $ 274 $ 340 $ 365 $ 979 Provision for credit losses Transfers to stage 1 27 (26 ) (1 ) – 24 (24 ) – – Transfers to stage 2 (8 ) 9 (1 ) – (9 ) 11 (2 ) – Transfers to stage 3 (1 ) (18 ) 19 – (1 ) (16 ) 17 – Originations 66 – – 66 68 10 – 78 Maturities (43 ) (53 ) – (96 ) (43 ) (43 ) – (86 ) Changes in risk, parameters and exposures (17 ) 99 50 132 (11 ) 84 139 212 Write-offs – – (54 ) (54 ) – – (68 ) (68 ) Recoveries – – 13 13 – – 7 7 Exchange rate and other (5 ) – (30 ) (35 ) (1 ) (1 ) (10 ) (12 ) Balance at end of period $ 300 $ 407 $ 484 $ 1,191 $ 301 $ 361 $ 448 $ 1,110 |
Credit Risk Exposure by Internal Risk Rating | The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of our 2019 Annual Report. As at January 31, 2020 October 31, 2019 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Loans outstanding – Residential mortgages Low risk $ 244,103 $ 6,411 $ – $ 250,514 $ 238,377 $ 6,764 $ – $ 245,141 Medium risk 13,903 1,251 – 15,154 14,033 1,347 – 15,380 High risk 3,023 2,675 – 5,698 2,843 2,722 – 5,565 Not rated (1) 40,873 731 – 41,604 40,030 726 – 40,756 Impaired – – 700 700 – – 732 732 301,902 11,068 700 313,670 295,283 11,559 732 307,574 Items not subject to impairment (2) 534 517 Total 314,204 308,091 Loans outstanding – Personal Low risk $ 71,001 $ 1,756 $ – $ 72,757 $ 71,619 $ 1,944 $ – $ 73,563 Medium risk 5,213 2,863 – 8,076 5,254 3,011 – 8,265 High risk 876 1,814 – 2,690 843 1,874 – 2,717 Not rated (1) 7,187 93 – 7,280 7,293 105 – 7,398 Impaired – – 320 320 – – 307 307 Total 84,277 6,526 320 91,123 85,009 6,934 307 92,250 Loans outstanding – Credit cards Low risk $ 13,668 $ 103 $ – $ 13,771 $ 13,840 $ 103 $ – $ 13,943 Medium risk 2,126 1,778 – 3,904 2,250 1,827 – 4,077 High risk 125 1,428 – 1,553 137 1,432 – 1,569 Not rated (1) 694 50 – 744 677 45 – 722 Total 16,613 3,359 – 19,972 16,904 3,407 – 20,311 Loans outstanding – Small business Low risk $ 2,257 $ 115 $ – $ 2,372 $ 2,200 $ 107 $ – $ 2,307 Medium risk 2,136 611 – 2,747 2,163 563 – 2,726 High risk 131 223 – 354 138 196 – 334 Not rated (1) 7 – – 7 10 – – 10 Impaired – – 62 62 – – 57 57 Total 4,531 949 62 5,542 4,511 866 57 5,434 Undrawn loan commitments – Retail Low risk $ 203,094 $ 1,936 $ – $ 205,030 $ 196,743 $ 1,894 $ – $ 198,637 Medium risk 8,806 245 – 9,051 8,251 246 – 8,497 High risk 925 193 – 1,118 851 208 – 1,059 Not rated (1) 5,650 126 – 5,776 5,861 146 – 6,007 Total 218,475 2,500 – 220,975 211,706 2,494 – 214,200 Wholesale – Loans outstanding Investment grade $ 49,268 $ 67 $ – $ 49,335 $ 47,133 $ 97 $ – $ 47,230 Non-investment 122,070 12,163 – 134,233 119,778 11,940 – 131,718 Not rated (1) 5,801 318 – 6,119 5,862 320 – 6,182 Impaired – – 1,802 1,802 – – 1,829 1,829 177,139 12,548 1,802 191,489 172,773 12,357 1,829 186,959 Items not subject to impairment (2) 10,749 8,911 Total 202,238 195,870 Undrawn loan commitments – Wholesale Investment grade $ 223,333 $ 2 $ – $ 223,335 $ 222,819 $ 18 $ – $ 222,837 Non-investment 98,452 9,300 – 107,752 96,191 9,007 – 105,198 Not rated (1) 3,269 1 – 3,270 3,986 – – 3,986 Total 325,054 9,303 – 334,357 322,996 9,025 – 332,021 (1) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. (2) Items not subject to impairment are loans held at FVTPL. |
Disclosure of Loans Past Due But Not Impaired | Loans past due but not impaired (1) As at January 31, 2020 October 31, 2019 (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 $ 3,749 $ 1,423 $ 202 $ 5,374 $ 3,173 $ 1,369 $ 186 $ 4,728 Wholesale 2,521 516 5 3,042 1,543 460 3 2,006 $ 6,270 $ 1,939 $ 207 $ 8,416 $ 4,716 $ 1,829 $ 189 $ 6,734 (1) Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Summary of Deposit Liabilities | As at January 31, 2020 October 31, 2019 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 149,105 $ 51,253 $ 101,644 $ 302,002 $ 143,958 $ 49,806 $ 100,968 $ 294,732 Business and government 253,815 11,855 303,566 569,236 253,113 13,867 298,502 565,482 Bank 10,277 870 19,899 31,046 8,363 920 16,508 25,791 $ 413,197 $ 63,978 $ 425,109 $ 902,284 $ 405,434 $ 64,593 $ 415,978 $ 886,005 Non-interest-bearing (4) Canada $ 94,688 $ 5,884 $ 248 $ 100,820 $ 93,163 $ 5,692 $ 137 $ 98,992 United States 32,782 – – 32,782 34,632 – – 34,632 Europe (5) 871 – – 871 760 – – 760 Other International 5,620 5 – 5,625 5,225 5 – 5,230 Interest-bearing (4) Canada 235,619 15,861 336,966 588,446 228,386 15,306 333,118 576,810 United States 5,610 38,336 46,350 90,296 4,704 39,626 41,776 86,106 Europe (5) 32,998 880 30,668 64,546 33,073 825 30,090 63,988 Other International 5,009 3,012 10,877 18,898 5,491 3,139 10,857 19,487 $ 413,197 $ 63,978 $ 425,109 $ 902,284 $ 405,434 $ 64,593 $ 415,978 $ 886,005 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which includes both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at January 31, 2020, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $325 billion, $27 billion, $47 billion and $31 billion, respectively (October 31, 2019 – $321 billion, $23 billion, $45 billion and $31 billion, respectively). (5) 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) January 31 2020 October 31 2019 Within 1 year: less than 3 months $ 116,904 $ 94,585 3 to 6 months 49,773 62,814 6 to 12 months 91,855 92,507 1 to 2 years 42,322 50,055 2 to 3 years 36,091 31,852 3 to 4 years 32,132 31,373 4 to 5 years 22,043 21,130 Over 5 years 33,989 31,662 $ 425,109 $ 415,978 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 388,000 $ 379,000 |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Summary of Composition of Pension and Other Post-Employment Benefit Expense | Pension and other post-employment benefit expense For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) January 31 2020 January 31 2019 January 31 2020 January 31 2019 Current service costs $ 92 $ 74 $ 11 $ 10 Net interest expense (income) 5 (5 ) 15 16 Remeasurements of other long term benefits – – 4 2 Administrative expense 4 4 – – Defined benefit pension expense $ 101 $ 73 $ 30 $ 28 Defined contribution pension expense 63 61 – – $ 164 $ 134 $ 30 $ 28 |
Summary of Composition of Remeasurements Recorded in OCI related to pension and other post employment benefit plans | Pension and other post-employment benefit remeasurements (1) For the three months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) January 31 2020 January 31 2019 January 31 2020 January 31 2019 Actuarial (gains) losses: Changes in financial assumptions (2) $ 1,047 $ 607 $ 96 $ 57 Experience adjustments – – – (1 ) Return on plan assets (excluding interest based on discount rate) (507 ) (144 ) – – $ 540 $ 463 $ 96 $ 56 (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Significant capital and fundi_2
Significant capital and funding transactions (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Summary of Common Shares Issued | Common shares issued (1) For the three months ended January 31, 2020 January 31, 2019 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 233 $ 18 159 $ 11 Purchased for cancellation (3) (6,993 ) (86 ) (3,684 ) (45 ) (6,760 ) $ (68 ) (3,525 ) $ (34 ) (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three months ended January 31, 2020 and January 31, 2019, our DRIP’s requirements were satisfied through open market share purchases. (2) Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. (3) During the three months ended January 31, 2020, we purchased for cancellation common shares at a total fair value of $727 million (average cost of $104.02 per share), with a book value of $86 million (book value of $12.34 per share) . 12.25 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Summary of Earnings Per Share | For the three months ended (Millions of Canadian dollars, except share and per share amounts) January 31 2020 January 31 2019 Basic earnings per share Net income $ 3,509 $ 3,172 Preferred share dividends (65 ) (74 ) Net income attributable to non-controlling interest s (5 ) (2 ) Net income available to common shareholders 3,439 3,096 Weighted average number of common shares (in thousands) 1,427,599 1,437,074 Basic earnings per share (in dollars) $ 2.41 $ 2.15 Diluted earnings per share Net income available to common shareholders $ 3,439 $ 3,096 Dilutive impact of exchangeable shares 4 4 Net income available to common shareholders including dilutive impact of exchangeable shares 3,443 3,100 Weighted average number of common shares (in thousands) 1,427,599 1,437,074 Stock options (1) 1,698 2,033 Issuable under other share-based compensation plans 750 737 Exchangeable shares (2) 3,013 3,351 Average number of diluted common shares (in thousands) 1,433,060 1,443,195 Diluted earnings per share (in dollars) $ 2.40 $ 2.15 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended January 31, 2020, no outstanding options were excluded from the calculation of diluted earnings per share. For the three months ended January 31, 2019, 1,364,706 with an average price of $99.73 (2) Includes exchangeable preferred shares. |
Results by business segment (Ta
Results by business segment (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Disclosure of operating segments | For the three months ended January 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,226 $ 738 $ – $ 58 $ 1,161 $ 38 $ 5,221 Non-interest 1,384 2,428 1,994 539 1,387 (117 ) 7,615 Total revenue 4,610 3,166 1,994 597 2,548 (79 ) 12,836 Provision for credit losses 342 (2 ) – – 79 – 419 Insurance policyholder benefits, claims and acquisition expense – – 1,614 – – – 1,614 Non-interest 1,984 2,370 153 402 1,435 34 6,378 Net income (loss) before income taxes 2,284 798 227 195 1,034 (113 ) 4,425 Income taxes (recoveries) 598 175 46 52 152 (107 ) 916 Net income $ 1,686 $ 623 $ 181 $ 143 $ 882 $ (6 ) $ 3,509 Non-interest Depreciation and amortization $ 234 $ 210 $ 15 $ 50 $ 127 $ – $ 636 For the three months ended January 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) , ( 3 $ 3,134 $ 744 $ – $ (31 ) $ 969 $ 31 $ 4,847 Non-interest income (3) 1,284 2,204 1,579 662 1,129 (116 ) 6,742 Total revenue 4,418 2,948 1,579 631 2,098 (85 ) 11,589 Provision for credit losses 348 26 – – 140 – 514 Insurance policyholder benefits, claims and acquisition expense – – 1,225 – – – 1,225 Non-interest 1,915 2,164 154 418 1,230 31 5,912 Net income (loss) before income taxes 2,155 758 200 213 728 (116 ) 3,938 Income taxes (recoveries) 584 161 34 52 75 (140 ) 766 Net income $ 1,571 $ 597 $ 166 $ 161 $ 653 $ 24 $ 3,172 Non-interest Depreciation and amortization $ 153 $ 147 $ 11 $ 34 $ 95 $ – $ 440 (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 Total assets and total liabilities by business segment As at January 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 489,522 $ 109,969 $ 20,293 $ 144,707 $ 666,824 $ 44,989 $ 1,476,304 Total liabilities $ 489,545 $ 109,963 $ 20,270 $ 144,664 $ 666,785 $ (38,984 ) $ 1,392,243 As at October 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 481,720 $ 106,579 $ 19,012 $ 144,406 $ 634,313 $ 42,905 $ 1,428,935 Total liabilities $ 481,745 $ 106,770 $ 19,038 $ 144,378 $ 634,126 $ (40,747 ) $ 1,345,310 |
Capital management (Tables)
Capital management (Tables) | 3 Months Ended |
Jan. 31, 2020 | |
Text block [abstract] | |
Summary of Regulatory Capital and Capital Ratios | During the first quarter of 2020, we complied with all 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) January 31 2020 October 31 2019 Capital (1) CET1 capital $ 63,054 $ 62,184 Tier 1 capital 68,709 67,861 Total capital 78,220 77,888 Risk-weighted Assets (RWA) used in calculation of capital ratios (1) Credit risk $ 428,067 $ 417,835 Market risk 28,415 28,917 Operational risk 67,243 66,104 Total RWA $ 523,725 $ 512,856 Capital ratios and Leverage ratio (1) CET1 ratio 12.0% 12.1% Tier 1 capital ratio 13.1% 13.2% Total capital ratio 14.9% 15.2% Leverage ratio 4.2% 4.3% Leverage ratio exposure (billions) $ 1,630 $ 1,570 (1) Capital, RWA, and capital ratios are calculated using OSFI Capital Adequacy Requirements based on the Basel III framework. The leverage ratio is calculated using OSFI Leverage Requirements Guideline based on the Basel III framework. |
Summary of significant accoun_4
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | $ 84,061 | $ 83,625 | $ 80,626 | $ 79,861 | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Equity | $ (94) | $ (107) | |||
Adoption of IFRS 16 [member] | |||||
Disclosure of property, plant and equipment and intangibles [line items] | |||||
Increase in total assets due to IFRS 16 | 5,084 | ||||
Increase (decrease) in retained earnings | $ (107) | ||||
Decrease in CET1 ratio | 0.14% | ||||
Weighted average incremental borrowing rate | 2.30% | ||||
Increase in total liabilities due to IFRS 16 | $ 5,191 |
Summary of significant accoun_5
Summary of significant accounting policies, estimates and judgments - Disclosure of operating lease commitments (Detail) - Adoption of IFRS 16 [member] $ in Millions | Nov. 01, 2019CAD ($) |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease commitments disclosed as at October 31, 2019 | $ 6,175 |
Less: commitments related to non-recoverable tax | (360) |
Less: commitments for contracts not yet commenced | (240) |
Less: recognition exemption adopted for short-term and low-value leases | (83) |
Plus: commitments for renewal options reasonably certain to be exercised | 977 |
Other | (26) |
Adjusted operating lease commitments as at October 31, 2019 | 6,443 |
Discounted as at November 1, 2019 | 5,557 |
Finance lease liabilities recognized as at October 31, 2019 | 49 |
Lease liability recognized as at November 1, 2019 | $ 5,606 |
Summary of significant accoun_6
Summary of significant accounting policies, estimates and judgments - Disclosure of detailed information about hedging instruments (Detail) $ in Millions | Nov. 01, 2019CAD ($) |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | $ 34,486 |
Interest rate contracts [member] | USD LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 26,709 |
Interest rate contracts [member] | EURO Interbank Offered Rate [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 5,589 |
Interest rate contracts [member] | GBP LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 618 |
Non-derivative instruments [member] | USD LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 888 |
Non-derivative instruments [member] | GBP LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | $ 682 |
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 | Jan. 31, 2020 | Oct. 31, 2019 |
Financial assets | ||
Interest-bearing deposits with banks | $ 31,331 | $ 38,345 |
Securities | ||
Trading | 145,015 | 146,534 |
Investment, net of applicable allowance | 121,652 | 102,470 |
Securities | 266,667 | 249,004 |
Assets purchased under reverse repurchase agreements and securities borrowed | 324,187 | 306,961 |
Loans, net of applicable allowance | ||
Loans, net | 629,940 | 618,856 |
Other | ||
Derivatives | 93,982 | 101,560 |
Deposits | ||
Personal | 302,002 | 294,732 |
Business and government | 569,236 | 565,482 |
Bank | 31,046 | 25,791 |
Deposits | 902,284 | 886,005 |
Other | ||
Obligations related to securities sold short | 35,624 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 254,391 | 226,586 |
Derivatives | 94,611 | 98,543 |
Subordinated debentures | 9,269 | 9,815 |
Financial assets classified as at FVTPL [member] | ||
Securities | ||
Trading | 135,110 | 137,600 |
Securities | 135,110 | 137,600 |
Assets purchased under reverse repurchase agreements and securities borrowed | 261,216 | 246,068 |
Loans, net of applicable allowance | ||
Retail | 282 | 275 |
Wholesale | 8,776 | 7,055 |
Loans, net | 9,058 | 7,330 |
Other | ||
Derivatives | 93,982 | 101,560 |
Other assets | 3,053 | 3,156 |
Financial assets designated as at FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 19,151 | 22,283 |
Securities | ||
Trading | 9,905 | 8,934 |
Securities | 9,905 | 8,934 |
Loans, net of applicable allowance | ||
Retail | 252 | 242 |
Wholesale | 1,973 | 1,856 |
Loans, net | 2,225 | 2,098 |
Financial assets classified as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 76,942 | 57,223 |
Securities | 76,942 | 57,223 |
Loans, net of applicable allowance | ||
Retail | 95 | 95 |
Wholesale | 449 | 451 |
Loans, net | 544 | 546 |
Financial assets designated as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 522 | 463 |
Securities | 522 | 463 |
Financial liabilities classified as at FVTPL [member] | ||
Deposits | ||
Personal | 125 | 140 |
Business and government | 260 | 151 |
Deposits | 385 | 291 |
Other | ||
Obligations related to securities sold short | 35,624 | 35,069 |
Derivatives | 94,611 | 98,543 |
Other liabilities | (1,484) | (1,209) |
Financial liabilities designated as at FVTPL [member] | ||
Deposits | ||
Personal | 17,109 | 17,394 |
Business and government | 117,572 | 111,389 |
Bank | 3,450 | 3,032 |
Deposits | 138,131 | 131,815 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 247,170 | 218,612 |
Other liabilities | 71 | 91 |
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 | 12,180 | 16,062 |
Securities | ||
Investment, net of applicable allowance | 44,623 | 45,104 |
Securities | 44,623 | 45,104 |
Assets purchased under reverse repurchase agreements and securities borrowed | 62,972 | 60,894 |
Loans, net of applicable allowance | ||
Retail | 429,591 | 424,416 |
Wholesale | 189,599 | 184,645 |
Loans, net | 619,190 | 609,061 |
Other | ||
Other assets | 51,145 | 50,375 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 284,896 | 277,353 |
Business and government | 452,781 | 452,536 |
Bank | 27,614 | 22,773 |
Deposits | 765,291 | 752,662 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 7,221 | 7,974 |
Other liabilities | 61,826 | 61,024 |
Subordinated debentures | 9,401 | 9,930 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 31,331 | 38,345 |
Securities | ||
Trading | 145,015 | 146,534 |
Investment, net of applicable allowance | 121,652 | 102,470 |
Securities | 266,667 | 249,004 |
Assets purchased under reverse repurchase agreements and securities borrowed | 324,187 | 306,961 |
Loans, net of applicable allowance | ||
Retail | 428,823 | 424,081 |
Wholesale | 201,117 | 194,775 |
Loans, net | 629,940 | 618,856 |
Other | ||
Derivatives | 93,982 | 101,560 |
Other assets | 54,199 | 53,531 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 12,180 | 16,062 |
Securities | ||
Investment, net of applicable allowance | 44,188 | 44,784 |
Securities | 44,188 | 44,784 |
Assets purchased under reverse repurchase agreements and securities borrowed | 62,971 | 60,893 |
Loans, net of applicable allowance | ||
Retail | 428,194 | 423,469 |
Wholesale | 189,919 | 185,413 |
Loans, net | 618,113 | 608,882 |
Other | ||
Other assets | 51,146 | 50,375 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 31,331 | 38,345 |
Securities | ||
Trading | 145,015 | 146,534 |
Investment, net of applicable allowance | 122,087 | 102,790 |
Securities | 267,102 | 249,324 |
Assets purchased under reverse repurchase agreements and securities borrowed | 324,188 | 306,962 |
Loans, net of applicable allowance | ||
Retail | 430,220 | 425,028 |
Wholesale | 200,797 | 194,007 |
Loans, net | 631,017 | 619,035 |
Other | ||
Derivatives | 93,982 | 101,560 |
Other assets | 54,198 | 53,531 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 302,002 | 294,732 |
Business and government | 569,236 | 565,482 |
Bank | 31,046 | 25,791 |
Deposits | 902,284 | 886,005 |
Other | ||
Obligations related to securities sold short | 35,624 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 254,391 | 226,586 |
Derivatives | 94,611 | 98,543 |
Other liabilities | 60,425 | 59,921 |
Subordinated debentures | 9,269 | 9,815 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 284,768 | 277,198 |
Business and government | 451,404 | 453,942 |
Bank | 27,596 | 22,759 |
Deposits | 763,768 | 753,899 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 7,221 | 7,974 |
Other liabilities | 61,838 | 61,039 |
Subordinated debentures | 9,269 | 9,815 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 302,130 | 294,887 |
Business and government | 570,613 | 564,076 |
Bank | 31,064 | 25,805 |
Deposits | 903,807 | 884,768 |
Other | ||
Obligations related to securities sold short | 35,624 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 254,391 | 226,586 |
Derivatives | 94,611 | 98,543 |
Other liabilities | 60,413 | 59,906 |
Subordinated debentures | $ 9,401 | $ 9,930 |
Fair value of financial instr_4
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Financial assets | ||||
Interest-bearing deposits with banks | $ 31,331 | $ 38,345 | ||
Trading | ||||
Trading securities | 145,015 | 146,534 | ||
Investment | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 324,187 | 306,961 | ||
Loans | 629,940 | 618,856 | ||
Derivatives | ||||
Derivatives | 93,982 | 101,560 | ||
Deposits | ||||
Personal | 302,002 | 294,732 | ||
Business and government | 569,236 | 565,482 | ||
Bank | 31,046 | 25,791 | ||
Other | ||||
Obligations related to securities sold short | 35,624 | 35,069 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 254,391 | 226,586 | ||
Derivatives | ||||
Total derivatives | 94,611 | 98,543 | ||
Netting adjustments [member] | ||||
Derivatives | ||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (542) | (710) | ||
Financial assets | (542) | (710) | ||
Derivatives | ||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (542) | (710) | ||
Financial liabilities | (542) | (710) | ||
Total gross fair value [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 59,873 | 57,801 | ||
Investment | ||||
Investment securities | 169 | 252 | ||
Derivatives | ||||
Total gross derivatives, assets | 2,557 | 2,853 | ||
Other assets | 1,339 | 1,119 | ||
Financial assets | 63,938 | 62,025 | ||
Other | ||||
Obligations related to securities sold short | 17,544 | 20,512 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 2,560 | 2,675 | ||
Other liabilities | 57 | 102 | ||
Financial liabilities | 20,161 | 23,289 | ||
Total gross fair value [member] | Level 2 [member] | ||||
Financial assets | ||||
Interest-bearing deposits with banks | 19,151 | 22,283 | ||
Trading | ||||
Trading securities | 83,830 | 87,433 | ||
Investment | ||||
Investment securities | 76,817 | 56,960 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 261,216 | 246,068 | ||
Loans | 10,832 | 9,294 | ||
Derivatives | ||||
Total gross derivatives, assets | 91,438 | 98,994 | ||
Other assets | 1,634 | 1,960 | ||
Financial assets | 544,918 | 522,992 | ||
Deposits | ||||
Personal | 16,966 | 17,378 | ||
Business and government | 117,832 | 111,540 | ||
Bank | 3,450 | 3,032 | ||
Other | ||||
Obligations related to securities sold short | 18,080 | 14,557 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 247,170 | 218,612 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 91,340 | 95,418 | ||
Other liabilities | (1,529) | (1,280) | ||
Financial liabilities | 493,309 | 459,257 | ||
Total gross fair value [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 1,312 | 1,300 | ||
Investment | ||||
Investment securities | 478 | 474 | ||
Loans | 995 | 680 | ||
Derivatives | ||||
Total gross derivatives, assets | 529 | 423 | ||
Other assets | 80 | 77 | ||
Financial assets | 3,394 | 2,954 | ||
Deposits | ||||
Personal | 268 | 156 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 1,253 | 1,160 | ||
Other liabilities | 59 | 60 | ||
Financial liabilities | 1,580 | 1,376 | ||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 13,923 | 14,655 | ||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 6,361 | 5,474 | ||
Investment | ||||
Investment securities | 976 | 657 | ||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 13,445 | 11,282 | ||
Investment | ||||
Investment securities | 3,514 | 2,898 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 774 | 2,050 | ||
Investment | ||||
Investment securities | 126 | 210 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 31,557 | 39,584 | ||
Investment | ||||
Investment securities | 34,958 | 20,666 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 55 | 58 | ||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 3,600 | 2,786 | ||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 3,154 | 3,710 | ||
Investment | ||||
Investment securities | 4,148 | 4,251 | ||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 498 | 482 | ||
Investment | ||||
Investment securities | 2,866 | 2,675 | ||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | ||||
Investment | ||||
Investment securities | 27 | 27 | ||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 1,397 | 1,333 | ||
Investment | ||||
Investment securities | 828 | 849 | ||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 2 | 2 | ||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 1 | |||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 25,342 | 23,643 | ||
Investment | ||||
Investment securities | 22,449 | 17,537 | ||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 19 | 21 | ||
Investment | ||||
Investment securities | 158 | 153 | ||
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 41,576 | 38,309 | ||
Investment | ||||
Investment securities | 43 | 42 | ||
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 2,076 | 1,925 | ||
Investment | ||||
Investment securities | 185 | 127 | ||
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 1,236 | 1,219 | ||
Investment | ||||
Investment securities | 293 | 294 | ||
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | ||||
Investment | ||||
Investment securities | 6,893 | 7,300 | ||
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 | 46,500 | 46,095 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 422 | 349 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 32,273 | 40,768 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 68 | 48 | ||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 219 | 169 | ||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 2,556 | 2,852 | ||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 13,154 | 12,674 | ||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 36 | 11 | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | (708) | (712) | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 3 | 15 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 39,622 | 39,165 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 1,032 | 934 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 34,373 | 40,183 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 43 | 27 | ||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 393 | 282 | ||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 2,560 | 2,675 | ||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 17,026 | 15,776 | ||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 191 | 206 | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | (74) | 12 | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | (13) | (7) | ||
Recurring [member] | ||||
Financial assets | ||||
Interest-bearing deposits with banks | 19,151 | 22,283 | ||
Trading | ||||
Trading securities | 145,015 | 146,534 | ||
Investment | ||||
Investment securities | 77,464 | 57,686 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 261,216 | 246,068 | ||
Loans | 11,827 | 9,974 | ||
Derivatives | ||||
Total gross derivatives, assets | 94,524 | 102,270 | ||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (542) | (710) | ||
Derivatives | 93,982 | 101,560 | ||
Other assets | 3,053 | 3,156 | ||
Financial assets | 611,708 | 587,261 | ||
Deposits | ||||
Personal | 17,234 | 17,534 | ||
Business and government | 117,832 | 111,540 | ||
Bank | 3,450 | 3,032 | ||
Other | ||||
Obligations related to securities sold short | 35,624 | 35,069 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 247,170 | 218,612 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 95,153 | 99,253 | ||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (542) | (710) | ||
Total derivatives | 94,611 | 98,543 | ||
Other liabilities | (1,413) | (1,118) | ||
Financial liabilities | 514,508 | 483,212 | ||
Recurring [member] | Level 3 [member] | ||||
Derivatives | ||||
Financial assets | 2,141 | 1,794 | $ 1,841 | $ 1,824 |
Derivatives | ||||
Financial liabilities | (327) | (216) | $ (143) | $ (453) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | ||||
Trading | ||||
Trading securities | 20,284 | 20,129 | ||
Investment | ||||
Investment securities | 976 | 657 | ||
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||||
Trading | ||||
Trading securities | 13,445 | 11,282 | ||
Investment | ||||
Investment securities | 3,514 | 2,898 | ||
Recurring [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||||
Trading | ||||
Trading securities | 32,386 | 41,692 | ||
Investment | ||||
Investment securities | 35,084 | 20,876 | ||
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | ||||
Trading | ||||
Trading securities | 6,754 | 6,496 | ||
Investment | ||||
Investment securities | 4,148 | 4,251 | ||
Recurring [member] | Mortgage-backed securities [member] | ||||
Trading | ||||
Trading securities | 498 | 482 | ||
Investment | ||||
Investment securities | 2,893 | 2,702 | ||
Recurring [member] | Asset- backed securities, Non-CDO [member] | ||||
Trading | ||||
Trading securities | 1,399 | 1,335 | ||
Investment | ||||
Investment securities | 828 | 849 | ||
Recurring [member] | Corporate debt and other debt [member] | ||||
Trading | ||||
Trading securities | 25,361 | 23,665 | ||
Investment | ||||
Investment securities | 22,607 | 17,690 | ||
Recurring [member] | Equity securities [member] | ||||
Trading | ||||
Trading securities | 44,888 | 41,453 | ||
Investment | ||||
Investment securities | 521 | 463 | ||
Recurring [member] | Asset-backed securities, CDO [member] | ||||
Investment | ||||
Investment securities | 6,893 | 7,300 | ||
Recurring [member] | Interest rate contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 46,923 | 46,445 | ||
Recurring [member] | Foreign exchange contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 32,341 | 40,816 | ||
Recurring [member] | Credit derivatives [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 219 | 169 | ||
Recurring [member] | Other contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 15,746 | 15,537 | ||
Recurring [member] | Valuation adjustments [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | (705) | (697) | ||
Recurring [member] | Interest rate contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 40,654 | 40,099 | ||
Recurring [member] | Foreign exchange contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 34,416 | 40,210 | ||
Recurring [member] | Credit derivatives [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 393 | 282 | ||
Recurring [member] | Other contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 19,777 | 18,657 | ||
Recurring [member] | Valuation adjustments [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | $ (87) | $ 5 |
Fair value of financial instr_5
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 145,015 | $ 146,534 |
Investment securities | 121,652 | 102,470 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 20,009 | 22,365 |
Investment securities | 9,168 | 6,474 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 2,099 | $ 2,046 |
Fair value of financial instr_6
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Detail) - Recurring [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | $ 587,261 | |
Fair value assets, ending balance | 611,708 | |
Fair value liabilities, beginning balance | 483,212 | |
Fair value liabilities, ending balance | 514,508 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,794 | $ 1,824 |
Gains (losses) included in earnings | (5) | (19) |
Gains (losses) included in OCI | 10 | 19 |
Purchases (issuances) | 362 | 364 |
Settlement (sales) and other | (43) | (292) |
Transfers into Level 3 | (7) | (7) |
Transfers out of Level 3 | 30 | (48) |
Fair value assets, ending balance | 2,141 | 1,841 |
Gains (losses) included in earnings for positions still held | 20 | 65 |
Fair value liabilities, beginning balance | (216) | (453) |
Gains (losses) included in earnings | (5) | (30) |
Gains (losses) included in OCI | (1) | |
Purchases (issuances) | (171) | (9) |
Settlement (sales) and other | 12 | 21 |
Transfers into Level 3 | (16) | (18) |
Transfers out of Level 3 | 69 | 347 |
Fair value liabilities, ending balance | (327) | (143) |
Gains (losses) included in earnings for positions still held | (1) | 3 |
Level 3 [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 474 | 429 |
Gains (losses) included in earnings | (3) | |
Gains (losses) included in OCI | 5 | 12 |
Purchases (issuances) | 27 | |
Settlement (sales) and other | (1) | (56) |
Fair value assets, ending balance | 478 | 409 |
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 net derivative, beginning balance | (585) | (504) |
Gains (losses) included in earnings | 4 | (68) |
Purchases (issuances) | (36) | |
Settlement (sales) and other | 1 | 40 |
Transfers into Level 3 | 2 | |
Transfers out of Level 3 | 6 | (20) |
Fair value net derivative, ending balance | (610) | (550) |
Gains (losses) included in earnings for positions still held | 4 | (6) |
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 net derivative, beginning balance | 21 | 21 |
Gains (losses) included in earnings | 1 | (7) |
Gains (losses) included in OCI | 6 | |
Purchases (issuances) | 11 | 2 |
Transfers into Level 3 | (5) | (1) |
Transfers out of Level 3 | (3) | (9) |
Fair value net derivative, ending balance | 25 | 12 |
Gains (losses) included in earnings for positions still held | (1) | (1) |
Level 3 [member] | Other contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value net derivative, beginning balance | (195) | (84) |
Gains (losses) included in earnings | (15) | 45 |
Gains (losses) included in OCI | 1 | |
Purchases (issuances) | (2) | (9) |
Settlement (sales) and other | 8 | (23) |
Transfers into Level 3 | (10) | (17) |
Transfers out of Level 3 | 58 | (14) |
Fair value net derivative, ending balance | (155) | (102) |
Gains (losses) included in earnings for positions still held | (8) | 60 |
Level 3 [member] | Valuation adjustments [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value net derivative, beginning balance | 22 | 1 |
Settlement (sales) and other | (6) | 12 |
Fair value net derivative, ending balance | 16 | 13 |
Level 3 [member] | Other assets [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value net derivative, beginning balance | 77 | 65 |
Gains (losses) included in earnings | 7 | |
Settlement (sales) and other | (4) | (4) |
Fair value net derivative, ending balance | 80 | 61 |
Gains (losses) included in earnings for positions still held | 7 | |
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 | 153 | 192 |
Gains (losses) included in earnings | (3) | |
Gains (losses) included in OCI | 5 | 2 |
Settlement (sales) and other | (56) | |
Fair value assets, ending balance | 158 | 135 |
Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 294 | 237 |
Gains (losses) included in OCI | 10 | |
Settlement (sales) and other | (1) | |
Fair value assets, ending balance | 293 | 247 |
Level 3 [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 680 | 551 |
Gains (losses) included in earnings | 26 | 17 |
Gains (losses) included in OCI | 1 | |
Purchases (issuances) | 318 | 264 |
Settlement (sales) and other | (9) | (2) |
Transfers into Level 3 | 8 | |
Transfers out of Level 3 | (28) | (5) |
Fair value assets, ending balance | 995 | 826 |
Gains (losses) included in earnings for positions still held | 28 | 16 |
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 | 27 |
Level 3 [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,300 | 1,345 |
Gains (losses) included in earnings | (28) | (3) |
Gains (losses) included in OCI | 4 | |
Purchases (issuances) | 71 | 80 |
Settlement (sales) and other | (32) | (259) |
Transfers into Level 3 | 9 | |
Transfers out of Level 3 | (3) | |
Fair value assets, ending balance | 1,312 | 1,172 |
Gains (losses) included in earnings for positions still held | (10) | (4) |
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 | 58 | 66 |
Gains (losses) included in earnings | (1) | |
Settlement (sales) and other | (3) | |
Fair value assets, ending balance | 55 | 65 |
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 | 2 | 110 |
Gains (losses) included in earnings | 15 | |
Settlement (sales) and other | (116) | |
Fair value assets, ending balance | 2 | 9 |
Gains (losses) included in earnings for positions still held | 1 | |
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 | 21 |
Gains (losses) included in earnings | (1) | 1 |
Settlement (sales) and other | (1) | |
Fair value assets, ending balance | 19 | 22 |
Gains (losses) included in earnings for positions still held | (1) | |
Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,219 | 1,148 |
Gains (losses) included in earnings | (27) | (18) |
Gains (losses) included in OCI | 4 | |
Purchases (issuances) | 71 | 80 |
Settlement (sales) and other | (28) | (143) |
Transfers into Level 3 | 9 | |
Transfers out of Level 3 | (3) | |
Fair value assets, ending balance | 1,236 | 1,076 |
Gains (losses) included in earnings for positions still held | (9) | (5) |
Level 3 [member] | Deposits - Personal [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | (156) | (390) |
Gains (losses) included in earnings | (1) | (30) |
Gains (losses) included in OCI | (1) | |
Purchases (issuances) | (174) | (9) |
Settlement (sales) and other | 10 | 5 |
Transfers into Level 3 | (16) | (18) |
Transfers out of Level 3 | 69 | 352 |
Fair value liabilities, ending balance | (268) | (91) |
Gains (losses) included in earnings for positions still held | 3 | 2 |
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 | |
Transfers out of Level 3 | (5) | |
Level 3 [member] | Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | (60) | (68) |
Gains (losses) included in earnings | (4) | |
Purchases (issuances) | 3 | |
Settlement (sales) and other | 2 | 16 |
Fair value liabilities, ending balance | (59) | (52) |
Gains (losses) included in earnings for positions still held | $ (4) | $ 1 |
Fair value of financial instr_7
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 | 3 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Oct. 31, 2019 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |||
Derivative assets | $ 93,982 | $ 101,560 | |
Derivative liabilities | 94,611 | 98,543 | |
Recurring [member] | |||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||
Derivative assets | 93,982 | 101,560 | |
Derivative liabilities | 94,611 | $ 98,543 | |
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 | 4 | $ 11 | |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | |||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||
Derivative assets | 529 | 420 | |
Derivative liabilities | $ 1,253 | $ 1,047 |
Fair value of financial instr_8
Fair value of financial instrument - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jan. 31, 2020CAD ($) | |
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 | $ 233 |
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 | $ 722 |
Fair value of financial instr_9
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | $ 10,238 | $ 10,149 |
Interest expense | 5,017 | 5,302 |
Net interest income | 5,221 | 4,847 |
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 | 2,985 | 2,887 |
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 | 309 | 272 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | 6,944 | 6,990 |
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 | 2,360 | 2,555 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | $ 2,657 | $ 2,747 |
Fair value of financial inst_10
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 1,994 | $ 1,579 |
Dividend income | 608 | 437 |
Interest expenses on lease liabilitites | 31 | |
Interest income [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | 132 | 129 |
Interest expense [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 2 | $ 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 | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 76,951 | $ 57,367 |
Gross unrealized gains | 699 | 532 |
Gross unrealized losses | (186) | (213) |
Fair value | 77,464 | 57,686 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 972 | 655 |
Gross unrealized gains | 4 | 3 |
Gross unrealized losses | (1) | |
Fair value | 976 | 657 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,410 | 2,878 |
Gross unrealized gains | 104 | 43 |
Gross unrealized losses | (23) | |
Fair value | 3,514 | 2,898 |
U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 34,941 | 20,787 |
Gross unrealized gains | 302 | 215 |
Gross unrealized losses | (159) | (126) |
Fair value | 35,084 | 20,876 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 4,147 | 4,254 |
Gross unrealized gains | 3 | 2 |
Gross unrealized losses | (2) | (5) |
Fair value | 4,148 | 4,251 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,900 | 2,709 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | (8) | (8) |
Fair value | 2,893 | 2,702 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,897 | 7,334 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (6) | (35) |
Fair value | 6,893 | 7,300 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 828 | 847 |
Gross unrealized gains | 3 | 4 |
Gross unrealized losses | (3) | (2) |
Fair value | 828 | 849 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 22,550 | 17,655 |
Gross unrealized gains | 62 | 45 |
Gross unrealized losses | (5) | (10) |
Fair value | 22,607 | 17,690 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 306 | 248 |
Gross unrealized gains | 218 | 218 |
Gross unrealized losses | (3) | (3) |
Fair value | $ 521 | $ 463 |
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 | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 76,951 | $ 57,367 |
Allowance for credit losses on debt securities at FVOCI | (3) | (3) |
Gross unrealized gains on securities measured at FVOCI | 699 | 532 |
Gross unrealized losses on securities measured at FVOCI | 186 | 213 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 2,105 | 2,051 |
Gross unrealized gains on securities measured at FVOCI | 1 | 1 |
Gross unrealized losses on securities measured at FVOCI | 7 | 6 |
Fair value | 2,099 | 2,046 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 44,188 | $ 44,784 |
Securities - Summary of Allowan
Securities - Summary of Allowance for Credit Losses - Securities at FVOCI (Detail) - Debt securities at fair value through other comprehensive income [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Balance at beginning of period | $ (3) | $ 11 |
Provision for credit losses | ||
Purchases | 2 | 2 |
Sales and maturities | 0 | (8) |
Changes in risk, parameters and exposures | (2) | 4 |
Balance at end of period | (3) | 9 |
Performing Stage one [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 4 | 4 |
Provision for credit losses | ||
Purchases | 2 | 2 |
Sales and maturities | (1) | |
Changes in risk, parameters and exposures | 1 | |
Balance at end of period | 6 | 6 |
Performing Stage two [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 7 | |
Provision for credit losses | ||
Sales and maturities | (7) | |
Impaired Stage three [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | (7) | |
Provision for credit losses | ||
Changes in risk, parameters and exposures | (2) | 3 |
Balance at end of period | $ (9) | $ 3 |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Credit Losses - Securities at Amortized Cost (Detail) - Debt securities at amortized cost [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 24 | $ 38 |
Provision for credit losses | ||
Purchases | 2 | 1 |
Changes in risk, parameters and exposures | (3) | (3) |
Exchange rate and other | (1) | |
Balance at end of period | 22 | 36 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 5 | 6 |
Provision for credit losses | ||
Purchases | 2 | 1 |
Changes in risk, parameters and exposures | (2) | (1) |
Balance at end of period | 5 | 6 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 19 | 32 |
Provision for credit losses | ||
Changes in risk, parameters and exposures | (1) | (2) |
Exchange rate and other | (1) | |
Balance at end of period | $ 17 | $ 30 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 76,951 | $ 57,367 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 76,357 | 56,672 |
Non-investment grade | 430 | 401 |
Impaired | 155 | 150 |
Carrying amount of securities measured at FVOCI subject to impairment | 76,942 | 57,223 |
Items not subject to impairment | 522 | 463 |
Carrying amount of securities measured at FVOCI | 77,464 | 57,686 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 43,116 | 43,727 |
Non-investment grade | 1,094 | 1,081 |
Amount before allowance for credit losses | 44,210 | 44,808 |
Allowance for credit losses | 22 | 24 |
Amortized cost | 44,188 | 44,784 |
Performing Stage one [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 76,356 | 56,671 |
Non-investment grade | 429 | 400 |
Carrying amount of securities measured at FVOCI subject to impairment | 76,785 | 57,071 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 43,063 | 43,681 |
Non-investment grade | 704 | 695 |
Amount before allowance for credit losses | 43,767 | 44,376 |
Allowance for credit losses | 5 | 5 |
Amortized cost | 43,762 | 44,371 |
Performing Stage two [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 1 | 1 |
Non-investment grade | 1 | 1 |
Carrying amount of securities measured at FVOCI subject to impairment | 2 | 2 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 53 | 46 |
Non-investment grade | 390 | 386 |
Amount before allowance for credit losses | 443 | 432 |
Allowance for credit losses | 17 | 19 |
Amortized cost | 426 | 413 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 155 | 150 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 155 | $ 150 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 155 | $ 150 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 24 | $ 21 |
Provision for credit losses | 14 | 10 |
Exchange rate changes/other | 1 | |
Balance at end of period | 39 | 31 |
Allowance for credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 3,419 | 3,088 |
Provision for credit losses | 421 | 516 |
Net write-offs | (307) | (303) |
Exchange rate changes/other | (62) | (28) |
Balance at end of period | 3,471 | 3,273 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 3,100 | 2,912 |
Balance at end of period | 3,139 | 3,061 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 295 | 154 |
Balance at end of period | 292 | 180 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 24 | 21 |
Balance at end of period | 39 | 31 |
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 | 1 | 1 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 402 | 382 |
Provision for credit losses | (7) | 33 |
Net write-offs | (8) | (4) |
Exchange rate changes/other | (20) | (2) |
Balance at end of period | 367 | 409 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 935 | 895 |
Provision for credit losses | 121 | 123 |
Net write-offs | (111) | (113) |
Exchange rate changes/other | (5) | (13) |
Balance at end of period | 940 | 892 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 832 | 760 |
Provision for credit losses | 177 | 140 |
Net write-offs | (139) | (120) |
Exchange rate changes/other | (2) | |
Balance at end of period | 868 | 780 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 61 | 51 |
Provision for credit losses | 14 | 6 |
Net write-offs | (8) | (5) |
Exchange rate changes/other | (1) | (1) |
Balance at end of period | 66 | 51 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,165 | 979 |
Provision for credit losses | 102 | 204 |
Net write-offs | (41) | (61) |
Exchange rate changes/other | (35) | (12) |
Balance at end of period | $ 1,191 | $ 1,110 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Residential Mortgages (Detail) - Retail [member] - Residential mortgages [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 402 | $ 382 |
Provision for credit losses | ||
Originations | 16 | 13 |
Maturities | (7) | (5) |
Changes in risk, parameters and exposures | (16) | 25 |
Write-offs | (12) | (5) |
Recoveries | 4 | 1 |
Exchange rate and other | (20) | (2) |
Balance at end of period | 367 | 409 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 146 | 142 |
Provision for credit losses | ||
Transfers to Stage 1 | 27 | 8 |
Transfers to Stage 2 | (4) | (3) |
Transfers to Stage 3 | (1) | (1) |
Originations | 16 | 13 |
Maturities | (4) | (3) |
Changes in risk, parameters and exposures | (45) | (18) |
Exchange rate and other | (3) | |
Balance at end of period | 132 | 138 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 77 | 64 |
Provision for credit losses | ||
Transfers to Stage 1 | (18) | (8) |
Transfers to Stage 2 | 6 | 4 |
Transfers to Stage 3 | (8) | (8) |
Maturities | (3) | (2) |
Changes in risk, parameters and exposures | 29 | 30 |
Exchange rate and other | (3) | (1) |
Balance at end of period | 80 | 79 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 179 | 176 |
Provision for credit losses | ||
Transfers to Stage 1 | (9) | |
Transfers to Stage 2 | (2) | (1) |
Transfers to Stage 3 | 9 | 9 |
Changes in risk, parameters and exposures | 13 | |
Write-offs | (12) | (5) |
Recoveries | 4 | 1 |
Exchange rate and other | (14) | (1) |
Balance at end of period | $ 155 | $ 192 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Personal (Detail) - Retail [member] - Personal [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 935 | $ 895 |
Provision for credit losses | ||
Originations | 25 | 23 |
Maturities | (35) | (37) |
Changes in risk, parameters and exposures | 131 | 137 |
Write-offs | (149) | (144) |
Recoveries | 38 | 31 |
Exchange rate and other | (5) | (13) |
Balance at end of period | 940 | 892 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 272 | 242 |
Provision for credit losses | ||
Transfers to Stage 1 | 119 | 132 |
Transfers to Stage 2 | (19) | (23) |
Transfers to Stage 3 | (1) | |
Originations | 25 | 23 |
Maturities | (12) | (7) |
Changes in risk, parameters and exposures | (111) | (132) |
Balance at end of period | 273 | 235 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 520 | 512 |
Provision for credit losses | ||
Transfers to Stage 1 | (119) | (132) |
Transfers to Stage 2 | 19 | 23 |
Transfers to Stage 3 | (20) | (44) |
Maturities | (23) | (30) |
Changes in risk, parameters and exposures | 141 | 190 |
Exchange rate and other | (1) | |
Balance at end of period | 517 | 519 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 143 | 141 |
Provision for credit losses | ||
Transfers to Stage 3 | 21 | 44 |
Changes in risk, parameters and exposures | 101 | 79 |
Write-offs | (149) | (144) |
Recoveries | 38 | 31 |
Exchange rate and other | (4) | (13) |
Balance at end of period | $ 150 | $ 138 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Credit Cards (Detail) - Retail [member] - Credit cards [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 832 | $ 760 |
Provision for credit losses | ||
Originations | 2 | 1 |
Maturities | (9) | (7) |
Changes in risk, parameters and exposures | 184 | 146 |
Write-offs | (174) | (153) |
Recoveries | 35 | 33 |
Exchange rate and other | (2) | |
Balance at end of period | 868 | 780 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 173 | 161 |
Provision for credit losses | ||
Transfers to Stage 1 | 118 | 110 |
Transfers to Stage 2 | (22) | (19) |
Originations | 2 | 1 |
Maturities | (1) | (1) |
Changes in risk, parameters and exposures | (94) | (84) |
Exchange rate and other | (2) | |
Balance at end of period | 174 | 168 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 659 | 599 |
Provision for credit losses | ||
Transfers to Stage 1 | (118) | (110) |
Transfers to Stage 2 | 22 | 19 |
Transfers to Stage 3 | (88) | (80) |
Maturities | (8) | (6) |
Changes in risk, parameters and exposures | 227 | 190 |
Balance at end of period | 694 | 612 |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 88 | 80 |
Changes in risk, parameters and exposures | 51 | 40 |
Write-offs | (174) | (153) |
Recoveries | $ 35 | $ 33 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Small Business (Detail) - Retail [member] - Small business [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 61 | $ 51 |
Provision for credit losses | ||
Originations | 3 | 3 |
Maturities | (2) | (3) |
Changes in risk, parameters and exposures | 13 | 6 |
Write-offs | (10) | (7) |
Recoveries | 2 | 2 |
Exchange rate and other | (1) | (1) |
Balance at end of period | 66 | 51 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 29 | 17 |
Provision for credit losses | ||
Transfers to Stage 1 | 1 | 5 |
Transfers to Stage 2 | (1) | (1) |
Originations | 3 | 3 |
Maturities | (1) | (1) |
Changes in risk, parameters and exposures | (2) | (7) |
Balance at end of period | 29 | 16 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 10 | 16 |
Provision for credit losses | ||
Transfers to Stage 1 | (1) | (5) |
Transfers to Stage 2 | 1 | 1 |
Transfers to Stage 3 | (1) | (3) |
Maturities | (1) | (2) |
Changes in risk, parameters and exposures | 4 | 11 |
Exchange rate and other | (1) | |
Balance at end of period | 11 | 18 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 22 | 18 |
Provision for credit losses | ||
Transfers to Stage 3 | 1 | 3 |
Changes in risk, parameters and exposures | 11 | 2 |
Write-offs | (10) | (7) |
Recoveries | 2 | 2 |
Exchange rate and other | 0 | (1) |
Balance at end of period | $ 26 | $ 17 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Wholesale (Detail) - Wholesale [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,165 | $ 979 |
Provision for credit losses | ||
Originations | 66 | 78 |
Maturities | (96) | (86) |
Changes in risk, parameters and exposures | 132 | 212 |
Write-offs | (54) | (68) |
Recoveries | 13 | 7 |
Exchange rate and other | (35) | (12) |
Balance at end of period | 1,191 | 1,110 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 281 | 274 |
Provision for credit losses | ||
Transfers to Stage 1 | 27 | 24 |
Transfers to Stage 2 | (8) | (9) |
Transfers to Stage 3 | (1) | (1) |
Originations | 66 | 68 |
Maturities | (43) | (43) |
Changes in risk, parameters and exposures | (17) | (11) |
Exchange rate and other | (5) | (1) |
Balance at end of period | 300 | 301 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 396 | 340 |
Provision for credit losses | ||
Transfers to Stage 1 | (26) | (24) |
Transfers to Stage 2 | 9 | 11 |
Transfers to Stage 3 | (18) | (16) |
Originations | 0 | 10 |
Maturities | (53) | (43) |
Changes in risk, parameters and exposures | 99 | 84 |
Exchange rate and other | (1) | |
Balance at end of period | 407 | 361 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 488 | 365 |
Provision for credit losses | ||
Transfers to Stage 1 | (1) | |
Transfers to Stage 2 | (1) | (2) |
Transfers to Stage 3 | 19 | 17 |
Changes in risk, parameters and exposures | 50 | 139 |
Write-offs | (54) | (68) |
Recoveries | 13 | 7 |
Exchange rate and other | (30) | (10) |
Balance at end of period | $ 484 | $ 448 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Residential Mortgage (Detail) - Residential mortgages [member] - Retail loans [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 313,670 | $ 307,574 |
Items not subject to impairment | 534 | 517 |
Gross carrying amount of financial assets | 314,204 | 308,091 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 250,514 | 245,141 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,154 | 15,380 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,698 | 5,565 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 41,604 | 40,756 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 700 | 732 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 301,902 | 295,283 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 244,103 | 238,377 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,903 | 14,033 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,023 | 2,843 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 40,873 | 40,030 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,068 | 11,559 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,411 | 6,764 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,251 | 1,347 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,675 | 2,722 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 731 | 726 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 700 | 732 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 700 | $ 732 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Personal (Detail) - Personal [member] - Retail loans [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 91,123 | $ 92,250 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 72,757 | 73,563 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,076 | 8,265 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,690 | 2,717 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,280 | 7,398 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 320 | 307 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 84,277 | 85,009 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 71,001 | 71,619 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,213 | 5,254 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 876 | 843 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,187 | 7,293 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,526 | 6,934 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,756 | 1,944 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,863 | 3,011 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,814 | 1,874 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 93 | 105 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 320 | 307 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 320 | $ 307 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Credit Cards (Detail) - Credit cards [member] - Retail loans [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 19,972 | $ 20,311 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,771 | 13,943 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,904 | 4,077 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,553 | 1,569 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 744 | 722 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 16,613 | 16,904 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,668 | 13,840 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,126 | 2,250 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 125 | 137 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 694 | 677 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,359 | 3,407 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 103 | 103 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,778 | 1,827 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,428 | 1,432 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 50 | $ 45 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Small Business (Detail) - Small business [member] - Retail loans [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 5,542 | $ 5,434 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,372 | 2,307 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,747 | 2,726 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 354 | 334 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7 | 10 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 62 | 57 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,531 | 4,511 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,257 | 2,200 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,136 | 2,163 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 131 | 138 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7 | 10 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 949 | 866 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 115 | 107 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 611 | 563 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 223 | 196 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 62 | 57 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 62 | $ 57 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Retail (Detail) - Undrawn loan commitments - retail [member] - Retail loans [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 220,975 | $ 214,200 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 205,030 | 198,637 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,051 | 8,497 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,118 | 1,059 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,776 | 6,007 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 218,475 | 211,706 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 203,094 | 196,743 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,806 | 8,251 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 925 | 851 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,650 | 5,861 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,500 | 2,494 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,936 | 1,894 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 245 | 246 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 193 | 208 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 126 | $ 146 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Wholesale (Detail) - Wholesale [member] - Loans outstanding [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 191,489 | $ 186,959 |
Items not subject to impairment | 10,749 | 8,911 |
Gross carrying amount of financial assets | 202,238 | 195,870 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 49,335 | 47,230 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 134,233 | 131,718 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,119 | 6,182 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,802 | 1,829 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 177,139 | 172,773 |
Stage one loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 49,268 | 47,133 |
Stage one loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 122,070 | 119,778 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,801 | 5,862 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 12,548 | 12,357 |
Stage two loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 67 | 97 |
Stage two loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 12,163 | 11,940 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 318 | 320 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,802 | 1,829 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1,802 | $ 1,829 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Wholesale (Detail) - Wholesale [member] - Undrawn loan commitments [member] - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 334,357 | $ 332,021 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 223,335 | 222,837 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 107,752 | 105,198 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,270 | 3,986 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 325,054 | 322,996 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 223,333 | 222,819 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 98,452 | 96,191 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,269 | 3,986 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,303 | 9,025 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2 | 18 |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,300 | $ 9,007 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 8,416 | $ 6,734 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 5,374 | 4,728 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 3,042 | 2,006 |
1 to 29 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 6,270 | 4,716 |
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 | 3,749 | 3,173 |
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 | 2,521 | 1,543 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,939 | 1,829 |
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 | 1,423 | 1,369 |
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 | 516 | 460 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 207 | 189 |
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 | 202 | 186 |
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 | $ 5 | $ 3 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of deposits [line items] | ||
Term | $ 425,109 | $ 415,978 |
Total deposits | 902,284 | 886,005 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 149,105 | 143,958 |
Notice | 51,253 | 49,806 |
Term | 101,644 | 100,968 |
Total deposits | 302,002 | 294,732 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 253,815 | 253,113 |
Notice | 11,855 | 13,867 |
Term | 303,566 | 298,502 |
Total deposits | 569,236 | 565,482 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 10,277 | 8,363 |
Notice | 870 | 920 |
Term | 19,899 | 16,508 |
Total deposits | 31,046 | 25,791 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 413,197 | 405,434 |
Notice | 63,978 | 64,593 |
Term | 425,109 | 415,978 |
Total deposits | 902,284 | 886,005 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 94,688 | 93,163 |
Notice | 5,884 | 5,692 |
Term | 248 | 137 |
Total deposits | 100,820 | 98,992 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 235,619 | 228,386 |
Notice | 15,861 | 15,306 |
Term | 336,966 | 333,118 |
Total deposits | 588,446 | 576,810 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 32,782 | 34,632 |
Total deposits | 32,782 | 34,632 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,610 | 4,704 |
Notice | 38,336 | 39,626 |
Term | 46,350 | 41,776 |
Total deposits | 90,296 | 86,106 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 871 | 760 |
Total deposits | 871 | 760 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 32,998 | 33,073 |
Notice | 880 | 825 |
Term | 30,668 | 30,090 |
Total deposits | 64,546 | 63,988 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,620 | 5,225 |
Notice | 5 | 5 |
Total deposits | 5,625 | 5,230 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,009 | 5,491 |
Notice | 3,012 | 3,139 |
Term | 10,877 | 10,857 |
Total deposits | $ 18,898 | $ 19,487 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of deposits [line items] | ||
Total deposits | $ 902,284 | $ 886,005 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 325,000 | 321,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 27,000 | 23,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 47,000 | 45,000 |
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 | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 425,109 | $ 415,978 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 388,000 | 379,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 116,904 | 94,585 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 49,773 | 62,814 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 91,855 | 92,507 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 42,322 | 50,055 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 36,091 | 31,852 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 32,132 | 31,373 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 22,043 | 21,130 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 33,989 | $ 31,662 |
Employee benefits - Pension a_3
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Pension and Other Post-employment Benefit Expense (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of pension and other post employment plan [Line Items] | ||
Total pension and other post-employment benefit expense | $ 4,060 | $ 3,643 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 92 | 74 |
Net interest expense (income) | 5 | (5) |
Administrative expense | 4 | 4 |
Defined benefit pension expense | 101 | 73 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Defined contribution pension expense | 63 | 61 |
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 | 164 | 134 |
Other post employment benefit [member] | Other post employment benefit expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 11 | 10 |
Net interest expense (income) | 15 | 16 |
Remeasurements of other long term benefits | 4 | 2 |
Defined benefit pension expense | 30 | 28 |
Total pension and other post-employment benefit expense | $ 30 | $ 28 |
Employee benefits - Pension a_4
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Remeasurements Recorded in OCI (Detail) - Remeasurements of Employee Benefit Plans to OCI [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Defined benefit pension plans [member] | ||
Actuarial (gains) losses: | ||
Changes in financial assumptions | $ 1,047 | $ 607 |
Return on plan assets (excluding interest based on discount rate) | (507) | (144) |
Total remeasurements of employee benefit plans | 540 | 463 |
Other post employment benefit [member] | ||
Actuarial (gains) losses: | ||
Changes in financial assumptions | 96 | 57 |
Experience adjustments | (1) | |
Total remeasurements of employee benefit plans | $ 96 | $ 56 |
Significant capital and fundi_3
Significant capital and funding transactions - Additional Information (Detail) $ in Millions, $ in Millions | Dec. 23, 2019CAD ($) | Dec. 17, 2019USD ($)shares | Jan. 31, 2020CAD ($) |
Preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of depositary shares purchased | shares | 200,000 | ||
Total consideration, including accrued dividends | $ 6 | ||
Subordinated debentures [member] | |||
Disclosure of classes of share capital [line items] | |||
Dated subordinated liabilities | $ 2,000 | ||
Interest rate | 2.88% | 2.99% | |
Maturity | December 23, 2029 | December 6, 2024 | |
Redemption date | Dec. 6, 2019 | ||
Percentage of principal amount | 100.00% | ||
Dated subordinated issued | $ 1,500 | ||
Borrowings adjustment to interest rate | 0.89% | ||
Borrowings, interest rate basis | December 23, 2024 |
Significant capital and fundi_4
Significant capital and funding transactions - Summary of Common Shares Issued (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Issued in connection with share-based compensation plans | $ 2 | $ 2 |
Purchased for cancellation | $ (727) | $ (348) |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Issued in connection with share-based compensation plans, shares | 233 | 159 |
Purchased for cancellation, shares | (6,993) | (3,684) |
Increase (decrease) in number of ordinary shares issued, shares | (6,760) | (3,525) |
Issued in connection with share-based compensation plans | $ 18 | $ 11 |
Purchased for cancellation | (86) | (45) |
Increase (decrease) in equity | $ (68) | $ (34) |
Significant capital and fundi_5
Significant capital and funding transactions - Summary of Common Shares Issued (Parenthetical) (Detail) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Book value of shares purchased for cancellation | $ 727 | $ 348 |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Fair value of shares purchased for cancellation | $ 727 | $ 348 |
Average cost of shares purchased for cancellation | $ 104.02 | $ 94.40 |
Book value of shares purchased for cancellation | $ 86 | $ 45 |
Average book value of shares purchased for cancellation | $ 12.34 | $ 12.25 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Basic earnings per share | ||
Net income | $ 3,509 | $ 3,172 |
Net income attributable to non-controlling interests | (5) | (2) |
Net income available to common shareholders | $ 3,439 | $ 3,096 |
Weighted average number of common shares (in thousands) | 1,427,599 | 1,437,074 |
Basic earnings per share (in dollars) | $ 2.41 | $ 2.15 |
Diluted earnings per share | ||
Net income available to common shareholders | $ 3,439 | $ 3,096 |
Dilutive impact of exchangeable shares | 4 | 4 |
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 3,443 | $ 3,100 |
Weighted average number of common shares (in thousands) | 1,427,599 | 1,437,074 |
Stock options | 1,698 | 2,033 |
Issuable under other share-based compensation plans | 750 | 737 |
Exchangeable shares | 3,013 | 3,351 |
Average number of diluted common shares (in thousands) | 1,433,060 | 1,443,195 |
Diluted earnings per share (in dollars) | $ 2.40 | $ 2.15 |
Equity attributable to shareholders [member] | ||
Basic earnings per share | ||
Net income | $ 3,504 | $ 3,170 |
Preferred share dividends | $ (65) | $ (74) |
Earnings per share - Summary _2
Earnings per share - Summary of Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [Member] - $ / shares | 3 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 0 | 1,364,706 |
Average exercise price | $ 99.73 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Oct. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 5,221 | $ 4,847 | |
Non-interest income | 7,615 | 6,742 | |
Total revenue | 12,836 | 11,589 | |
Provision for credit losses | 419 | 514 | |
Insurance policyholder benefits, claims and acquisition expense | 1,614 | 1,225 | |
Non-interest expense | 6,378 | 5,912 | |
Net income (loss) before income taxes | 4,425 | 3,938 | |
Income taxes (recoveries) | 916 | 766 | |
Net income | 3,509 | 3,172 | |
Non-interest expense includes: | |||
Depreciation and amortization | 636 | 440 | |
Total assets | 1,476,304 | $ 1,428,935 | |
Total liabilities | 1,392,243 | 1,345,310 | |
Operating segments [member] | Personal & Commercial Banking [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 3,226 | 3,134 | |
Non-interest income | 1,384 | 1,284 | |
Total revenue | 4,610 | 4,418 | |
Provision for credit losses | 342 | 348 | |
Non-interest expense | 1,984 | 1,915 | |
Net income (loss) before income taxes | 2,284 | 2,155 | |
Income taxes (recoveries) | 598 | 584 | |
Net income | 1,686 | 1,571 | |
Non-interest expense includes: | |||
Depreciation and amortization | 234 | 153 | |
Total assets | 489,522 | 481,720 | |
Total liabilities | 489,545 | 481,745 | |
Operating segments [member] | Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 738 | 744 | |
Non-interest income | 2,428 | 2,204 | |
Total revenue | 3,166 | 2,948 | |
Provision for credit losses | (2) | 26 | |
Non-interest expense | 2,370 | 2,164 | |
Net income (loss) before income taxes | 798 | 758 | |
Income taxes (recoveries) | 175 | 161 | |
Net income | 623 | 597 | |
Non-interest expense includes: | |||
Depreciation and amortization | 210 | 147 | |
Total assets | 109,969 | 106,579 | |
Total liabilities | 109,963 | 106,770 | |
Operating segments [member] | Insurance [member] | |||
Disclosure of operating segments [line items] | |||
Non-interest income | 1,994 | 1,579 | |
Total revenue | 1,994 | 1,579 | |
Insurance policyholder benefits, claims and acquisition expense | 1,614 | 1,225 | |
Non-interest expense | 153 | 154 | |
Net income (loss) before income taxes | 227 | 200 | |
Income taxes (recoveries) | 46 | 34 | |
Net income | 181 | 166 | |
Non-interest expense includes: | |||
Depreciation and amortization | 15 | 11 | |
Total assets | 20,293 | 19,012 | |
Total liabilities | 20,270 | 19,038 | |
Operating segments [member] | Investor & Treasury Services [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 58 | (31) | |
Non-interest income | 539 | 662 | |
Total revenue | 597 | 631 | |
Non-interest expense | 402 | 418 | |
Net income (loss) before income taxes | 195 | 213 | |
Income taxes (recoveries) | 52 | 52 | |
Net income | 143 | 161 | |
Non-interest expense includes: | |||
Depreciation and amortization | 50 | 34 | |
Total assets | 144,707 | 144,406 | |
Total liabilities | 144,664 | 144,378 | |
Operating segments [member] | Capital Markets [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,161 | 969 | |
Non-interest income | 1,387 | 1,129 | |
Total revenue | 2,548 | 2,098 | |
Provision for credit losses | 79 | 140 | |
Non-interest expense | 1,435 | 1,230 | |
Net income (loss) before income taxes | 1,034 | 728 | |
Income taxes (recoveries) | 152 | 75 | |
Net income | 882 | 653 | |
Non-interest expense includes: | |||
Depreciation and amortization | 127 | 95 | |
Total assets | 666,824 | 634,313 | |
Total liabilities | 666,785 | 634,126 | |
Unallocated amounts [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 38 | 31 | |
Non-interest income | (117) | (116) | |
Total revenue | (79) | (85) | |
Non-interest expense | 34 | 31 | |
Net income (loss) before income taxes | (113) | (116) | |
Income taxes (recoveries) | (107) | (140) | |
Net income | (6) | $ 24 | |
Non-interest expense includes: | |||
Total assets | 44,989 | 42,905 | |
Total liabilities | $ (38,984) | $ (40,747) |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Jan. 31, 2020 | Oct. 31, 2019 |
Capital | ||
CET1 capital | $ 63,054 | $ 62,184 |
Tier 1 capital | 68,709 | 67,861 |
Total capital | 78,220 | 77,888 |
Risk-weighted Assets (RWA) used in calculation of capital ratios | ||
Credit risk | 428,067 | 417,835 |
Market risk | 28,415 | 28,917 |
Operational risk | 67,243 | 66,104 |
Total RWA | $ 523,725 | $ 512,856 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 12.00% | 12.10% |
Tier 1 capital ratio | 13.10% | 13.20% |
Total capital ratio | 14.90% | 15.20% |
Leverage ratio | 4.20% | 4.30% |
Leverage ratio exposure (billions) | $ 1,630,000 | $ 1,570,000 |