Cover Page
Cover Page | 3 Months Ended |
Jan. 31, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2021 |
Document Fiscal Year Focus | 2021 |
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, 2021 | Oct. 31, 2020 |
Assets | ||
Cash and due from banks | $ 149,588 | $ 118,888 |
Interest-bearing deposits with banks | 33,731 | 39,013 |
Securities | ||
Trading | 148,023 | 136,071 |
Investment, net of applicable allowance (Note 4) | 139,459 | 139,743 |
Securities | 287,482 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 311,033 | 313,015 |
Loans (Note 5) | ||
Retail | 464,579 | 457,976 |
Wholesale | 213,462 | 208,655 |
Loans | 678,041 | 666,631 |
Allowance for loan losses (Note 5) | (5,478) | (5,639) |
Loans, net | 672,563 | 660,992 |
Segregated fund net assets | 2,127 | 1,922 |
Other | ||
Customers' liability under acceptances | 18,756 | 18,507 |
Derivatives | 110,917 | 113,488 |
Premises and equipment | 7,835 | 7,934 |
Goodwill | 11,085 | 11,302 |
Other intangibles | 4,633 | 4,752 |
Other assets | 61,401 | 58,921 |
Total other assets | 214,627 | 214,904 |
Total assets | 1,671,151 | 1,624,548 |
Deposits (Note 6) | ||
Personal | 348,304 | 343,052 |
Business and government | 660,064 | 624,311 |
Bank | 46,229 | 44,522 |
Total deposits | 1,054,597 | 1,011,885 |
Segregated fund net liabilities | 2,127 | 1,922 |
Other | ||
Acceptances | 18,881 | 18,618 |
Obligations related to securities sold short | 32,569 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 274,907 | 274,231 |
Derivatives | 106,071 | 109,927 |
Insurance claims and policy benefit liabilities | 12,754 | 12,215 |
Other liabilities | 69,810 | 69,831 |
Total other liabilities | 514,992 | 514,107 |
Subordinated debentures (Note 9) | 9,186 | 9,867 |
Total liabilities | 1,580,902 | 1,537,781 |
Equity attributable to shareholders | ||
Retained earnings | 62,751 | 59,806 |
Other components of equity | 2,545 | 3,414 |
Total equity attributable to shareholders | 90,149 | 86,664 |
Non-controlling interests | 100 | 103 |
Total equity | 90,249 | 86,767 |
Total liabilities and equity | 1,671,151 | 1,624,548 |
Preferred shares and other equity instruments [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 9) | 7,215 | 5,945 |
Common shares [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 9) | $ 17,638 | $ 17,499 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Interest and dividend income (Note 3) | ||
Loans | $ 5,507 | $ 6,358 |
Securities | 1,276 | 1,742 |
Assets purchased under reverse repurchase agreements and securities borrowed | 389 | 2,009 |
Deposits and other | 64 | 129 |
Interest and dividend income | 7,236 | 10,238 |
Interest expense (Note 3) | ||
Deposits and other | 1,508 | 3,020 |
Other liabilities | 641 | 1,914 |
Subordinated debentures | 52 | 83 |
Interest expense | 2,201 | 5,017 |
Net interest income | 5,035 | 5,221 |
Non-interest income | ||
Insurance premiums, investment and fee income | 1,809 | 1,994 |
Trading revenue | 524 | 458 |
Investment management and custodial fees | 1,703 | 1,535 |
Mutual fund revenue | 1,000 | 946 |
Securities brokerage commissions | 401 | 318 |
Service charges | 458 | 488 |
Underwriting and other advisory fees | 590 | 627 |
Foreign exchange revenue, other than trading | 289 | 253 |
Card service revenue | 272 | 287 |
Credit fees | 332 | 360 |
Net gains on investment securities | 35 | 11 |
Share of profit in joint ventures and associates | 25 | 22 |
Other | 470 | 316 |
Non-interest income | 7,908 | 7,615 |
Total revenue | 12,943 | 12,836 |
Provision for credit losses (Notes 4 and 5) | 110 | 419 |
Insurance policyholder benefits, claims and acquisition expense | 1,406 | 1,614 |
Non-interest expense | ||
Human resources (Note 7) | 4,288 | 4,060 |
Equipment | 493 | 462 |
Occupancy | 404 | 397 |
Communications | 213 | 250 |
Professional fees | 291 | 284 |
Amortization of other intangibles | 319 | 303 |
Other | 534 | 622 |
Non-interest expense | 6,542 | 6,378 |
Income before income taxes | 4,885 | 4,425 |
Income taxes | 1,038 | 916 |
Net income | 3,847 | 3,509 |
Net income attributable to: | ||
Shareholders | 3,845 | 3,504 |
Non-controlling interests | 2 | 5 |
Net income | $ 3,847 | $ 3,509 |
Basic earnings per share (in dollars) (Note 10) | $ 2.66 | $ 2.41 |
Diluted earnings per share (in dollars) (Note 10) | 2.66 | 2.40 |
Dividends per common share (in dollars) | $ 1.08 | $ 1.05 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 3,847 | $ 3,509 |
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 | 369 | 183 |
Provision for credit losses recognized in income | (2) | (1) |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (36) | (9) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 331 | 173 |
Foreign currency translation adjustments | ||
Unrealized foreign currency translation gains (losses) | (2,168) | 411 |
Net foreign currency translation gains (losses) from hedging activities | 792 | (178) |
Foreign currency translation adjustments | (1,376) | 233 |
Net change in cash flow hedges | ||
Net gains (losses) on derivatives designated as cash flow hedges | 127 | (174) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 45 | (8) |
Net change in cash flow hedges | 172 | (182) |
Items that will not be reclassified subsequently to income: | ||
Remeasurements of employee benefit plans (Note 7) | 781 | (469) |
Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | (124) | (109) |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 4 | 1 |
Total items that will not be reclassified subsequently to income | 661 | (577) |
Total other comprehensive income (loss), net of taxes | (212) | (353) |
Total comprehensive income (loss) | 3,635 | 3,156 |
Total comprehensive income attributable to: | ||
Shareholders | 3,637 | 3,151 |
Non-controlling interests | (2) | 5 |
Total comprehensive income (loss) | 3,635 | 3,156 |
Income taxes on other comprehensive income | ||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 47 | 55 |
Provision for credit losses recognized in income | ||
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (13) | (3) |
Unrealized foreign currency translation gains (losses) | 2 | |
Net foreign currency translation gains (losses) from hedging activities | 266 | (62) |
Net gains (losses) on derivatives designated as cash flow hedges | 45 | (63) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 16 | (3) |
Remeasurements of employee benefit plans | 277 | (167) |
Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | (44) | (39) |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | (2) | |
Total income tax expenses (recoveries) | $ 596 | $ (284) |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes in Equity (unaudited) - CAD ($) $ in Millions | Total | Common shares [member] | Issued capital [member]Preferred shares and other equity instruments [member] | Issued capital [member]Common shares [member] | Treasury instruments [member]Preferred shares and other equity instruments [member] | Treasury instruments [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, 2019 | $ 83,518 | $ 5,706 | $ 17,645 | $ 1 | $ (58) | $ 55,874 | $ 4,248 | $ 83,416 | $ 102 | $ 33 | $ 4,221 | $ (6) | |
Changes in equity | |||||||||||||
Issues of share capital and other equity instruments | 18 | 18 | 18 | ||||||||||
Common shares purchased for cancellation | (727) | $ (86) | (86) | (641) | (727) | ||||||||
Redemption of preferred shares and other equity instruments | (8) | (8) | (8) | ||||||||||
Sales of treasury shares and other equity instruments | 1,599 | 33 | 1,566 | 1,599 | |||||||||
Purchases of treasury shares and other equity instruments | (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 distributions on other equity instruments | (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) | 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) | |
Balance at beginning of period at Oct. 31, 2020 | 86,767 | 5,948 | 17,628 | (3) | (129) | 59,806 | 3,414 | 86,664 | 103 | (139) | 4,632 | (1,079) | |
Changes in equity | |||||||||||||
Issues of share capital and other equity instruments | 1,283 | 1,250 | 36 | (3) | 1,283 | ||||||||
Sales of treasury shares and other equity instruments | 949 | 46 | 903 | 949 | |||||||||
Purchases of treasury shares and other equity instruments | (826) | (26) | (800) | (826) | |||||||||
Share-based compensation awards | (2) | $ 36 | (2) | (2) | |||||||||
Dividends on common shares | (1,539) | (1,539) | (1,539) | ||||||||||
Dividends on preferred shares and distributions on other equity instruments | (59) | (58) | (58) | (1) | |||||||||
Other | 41 | 41 | 41 | ||||||||||
Net income | 3,847 | 3,845 | 3,845 | 2 | |||||||||
Total other comprehensive income (loss), net of taxes | (212) | 661 | (869) | (208) | (4) | 331 | (1,372) | 172 | |||||
Balance at end of period at Jan. 31, 2021 | $ 90,249 | $ 7,198 | $ 17,664 | $ 17 | $ (26) | $ 62,751 | $ 2,545 | $ 90,149 | $ 100 | $ 192 | $ 3,260 | $ (907) |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 3,847 | $ 3,509 |
Adjustments for non-cash items and others | ||
Provision for credit losses | 110 | 419 |
Depreciation | 314 | 333 |
Deferred income taxes | 332 | 14 |
Amortization and impairment of other intangibles | 320 | 311 |
Net changes in investments in joint ventures and associates | (24) | (22) |
Losses (Gains) on investment securities | (41) | (12) |
Losses (Gains) on disposition of businesses | 8 | |
Adjustments for net changes in operating assets and liabilities | ||
Insurance claims and policy benefit liabilities | 539 | 858 |
Net change in accrued interest receivable and payable | (221) | (98) |
Current income taxes | 279 | (255) |
Derivative assets | 2,571 | 7,578 |
Derivative liabilities | (3,856) | (3,932) |
Trading securities | (11,952) | 1,504 |
Loans, net of securitizations | (11,375) | (11,635) |
Assets purchased under reverse repurchase agreements and securities borrowed | 1,982 | (17,226) |
Obligations related to assets sold under repurchase agreements and securities loaned | 676 | 27,805 |
Obligations related to securities sold short | 3,284 | 555 |
Deposits, net of securitizations | 42,664 | 17,236 |
Brokers and dealers receivable and payable | (1,138) | (644) |
Other | 2,502 | (6,362) |
Net cash from (used in) operating activities | 30,813 | 19,944 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | 5,282 | 7,016 |
Proceeds from sales and maturities of investment securities | 29,673 | 16,804 |
Purchases of investment securities | (33,181) | (35,200) |
Net acquisitions of premises and equipment and other intangibles | (429) | (745) |
Net cash from (used in) investing activities | 1,345 | (12,125) |
Cash flows from financing activities | ||
Issuance of subordinated debentures | 1,000 | 1,500 |
Repayment of subordinated debentures | (1,500) | (2,000) |
Issue of common shares, net of issuance costs | 31 | 16 |
Common shares purchased for cancellation | (727) | |
Issue of preferred shares and other equity instruments, net of issuance costs | 1,247 | |
Redemption of preferred shares and other equity instruments | (8) | |
Sales of treasury shares and other equity instruments | 949 | 1,599 |
Purchases of treasury shares and other equity instruments | (826) | (1,613) |
Dividends paid on shares and distributions paid on other equity instruments | (1,613) | (1,567) |
Dividends/distributions paid to non-controlling interests | (1) | (1) |
Change in short-term borrowings of subsidiaries | (7) | 2,779 |
Repayment of lease liabilities | (146) | (141) |
Net cash from (used in) financing activities | (866) | (163) |
Effect of exchange rate changes on cash and due from banks | (592) | 154 |
Net change in cash and due from banks | 30,700 | 7,810 |
Cash and due from banks at beginning of period | 118,888 | 26,310 |
Cash and due from banks at end of period | 149,588 | 34,120 |
Cash flows from operating activities include: | ||
Amount of interest paid | 2,134 | 4,757 |
Amount of interest received | 6,779 | 9,751 |
Amount of dividends received | 655 | 658 |
Amount of income taxes paid | $ 1,026 | $ 875 |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - CAD ($) $ in Billions | Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Statement of cash flows [abstract] | ||||
Mandatory reserve deposits at central banks | $ 2.5 | $ 2.5 | $ 2.5 | $ 2.6 |
General information
General information | 3 Months Ended |
Jan. 31, 2021 | |
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. The Condensed Financial Statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with our audited 2020 Annual Consolidated Financial Statements and the accompanying notes included on pages 127 to 220 in our 2020 Annual Report. Tabular information is stated in millions of Canadian dollars, except per share amounts and percentages. On February 23, 2021, the Board of Directors authorized the Condensed Financial Statements for issue. |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 3 Months Ended |
Jan. 31, 2021 | |
Text Block [Abstract] | |
Summary of significant accounting policies, estimates and judgments | Note 2 Summary of significant accounting policies, estimates and judgments Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2020 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 2020 Annual Consolidated Financial Statements. Changes in accounting policies Conceptual Framework for Financial Reporting (Conceptual Framework) During the first quarter of 2021, we adopted the revised Conceptual Framework, which replaces the previous version of the Conceptual Framework issued in 2010. The Conceptual Framework is not a standard, and does not override the concepts or requirements in any standard. It may be used to develop consistent accounting policies where there is no applicable standard in place. The revisions include a few new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no material impact on our Consolidated Financial Statements. Interest Rate Benchmark Reform During the first quarter of 2021, we early adopted the Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance contracts Leases • For modifications of financial instruments carried at amortized cost resulting from the Reform which are transacted on an economically equivalent basis, the Amendments allow the benchmark interest rate change to be reflected prospectively in the effective interest rate of the instrument rather than as an immediate gain or loss. • If qualifying criteria are met, hedging relationships that are directly impacted by the Reform would be able to continue hedge accounting upon transition to alternative benchmark interest rates. Hedge Accounting Our hedge accounting policies are described in Note 2 and Note 8 of our 2020 Annual Report. We apply hedge accounting when the hedge is expected to be highly effective in achieving offsetting changes in fair value or variable cash flows attributable to the hedged risk, both at inception and throughout the hedge term. Where hedge accounting can be applied, a hedge relationship is designated and documented at inception to detail the particular risk management objective and strategy for undertaking the hedge transaction. For changes related to the Reform, hedge documentation will be amended for alternative benchmark interest rate risk, including consequential changes to the description of the hedging instrument(s) and the hedged item(s), and the method for assessing hedge effectiveness without terminating the hedge relationship where the scoping requirements are met. Fair value hedges Hedge accounting is applicable when the benchmark interest rate designated as the hedged risk can be separately identified as a component of the interest rate risk inherent in the fixed-rate instrument. Generally, this requirement is met when the benchmark interest rate impacting changes in fair value of the instrument is widely accepted and used. In order for alternative benchmark rates to qualify for fair value hedge accounting, the separately identifiable requirement must be met within 24 months of the first designation of that rate in a hedging relationship. If, subsequently, we reasonably expect that the alternative benchmark interest rate will not be separately identifiable within that timeframe, we will discontinue hedge accounting prospectively. Cash flow hedges We apply hedge accounting to groups of similar assets or similar liabilities when individual items in the group share similar risk characteristics, and we treat these items and related derivatives as a single hedging relationship. Where hedged cash flows of some items in the group are changed to reference an alternative benchmark interest rate before other items in the group are changed, the individual hedged items within the group are allocated to a subgroup based on the benchmark interest rate being hedged. Each subgroup would be assessed separately to determine whether it meets the eligibility requirements. If a subgroup fails the eligibility requirements, we would discontinue hedge accounting prospectively for the hedging relationship in its entirety. Progress in and risks arising from the transition to alternative benchmark interest rates The transition from IBORs to alternative benchmark interest rates will impact financial instruments referencing IBOR rates for terms that extend beyond December 31, 2021. The details regarding our transition program related to the Reform are described in Note 2 of our 2020 Annual Report. Transition activities are focused on two broad streams of work: (i) developing new alternative risk-free rate linked products, and (ii) converting existing LIBOR based contracts to alternative risk-free rates. Notable transition activities include: • Our continued incorporation of contractual provisions in new IBOR-based products which provides a means to determine new alternative benchmark rates upon the cessation of IBORs (fallback language). • The development of new products for clients, including interest-rate derivatives and loans referencing the relevant alternative benchmark interest rates. Our program timelines are ultimately dependent on broader market acceptance of products that reference the new alternative risk-free rates and our clients’ readiness and ability to adopt the replacement products. Significant matters that we continue to evaluate include client product offerings, short and long term funding strategies, and our hedging programs. We are following the recommended target dates for cessation of LIBOR-based products provided by our regulators. Financial instruments that have yet to transition to alternative benchmark interest rates Our disclosure is provided as at November 1, 2020 to represent the opening balances for the annual period ending on October 31, 2021 and will be updated at the end of the financial year, unless movements indicate a significant change to the risks arising from the transition. The tables below show our are As at November 1, 2020 (Millions of Canadian dollars) Non-derivative financial assets Non-derivative financial liabilities Derivative notional USD LIBOR $ 79,123 $ 5,135 $ 4,894,150 GBP LIBOR 7,518 1,227 1,773,893 Other IBOR currencies 324 2,456 263,299 $ 86,965 $ 8,818 $ 6,931,342 Cross currency swaps USD LIBOR – GBP LIBOR n.a. n.a. $ 384,263 Other combinations n.a. n.a. 52,875 n.a. n.a. $ 437,138 $ 86,965 $ 8,818 $ 7,368,480 (1) Non-derivative assets represent the drawn outstanding balance of Loans and the fair value of Securities. (2) Non-derivative liabilities represent the drawn outstanding balance of Deposits. (3) The notional amount of derivative instruments excludes cross currency swaps with multiple LIBOR legs, which are presented separately in the Cross currency swaps section of this table. n.a. not applicable In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. The following table presents the undrawn balances of loan commitments referencing benchmark interest rates subject to the Reform. (Millions of Canadian dollars) As at November 1, 2020 Authorized and committed undrawn commitments USD LIBOR $ 136,725 GBP LIBOR 7,533 Other IBOR currencies 1,370 $ 145,628 We continue to manage significant exposures to benchmarks that have no announced plans for cessation or further reform, including the |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Jan. 31, 2021 | |
Text Block [Abstract] | |
Fair value of financial instruments | Note 3 Fair value of financial instruments Carrying value and fair value of financial instruments The following tables provide a comparison of the carrying value s As at January 31, 2021 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 $ – $ 18,440 $ – $ – $ 15,291 $ 15,291 $ 33,731 $ 33,731 Securities Trading 137,867 10,156 – – – – 148,023 148,023 Investment, net of applicable allowance – – 76,248 529 62,682 63,457 139,459 140,234 137,867 10,156 76,248 529 62,682 63,457 287,482 288,257 Assets purchased under reverse repurchase agreements and securities borrowed 253,348 – – – 57,685 57,686 311,033 311,034 Loans, net of applicable allowance Retail – 255 260 – 461,051 469,144 461,566 469,659 Wholesale 8,055 2,339 817 – 199,786 202,128 210,997 213,339 8,055 2,594 1,077 – 660,837 671,272 672,563 682,998 Other Derivatives 110,917 – – – – – 110,917 110,917 Other assets (1) 3,680 – – – 57,655 57,655 61,335 61,335 Financial liabilities Deposits Personal $ 182 $ 16,845 $ 331,277 $ 330,624 $ 348,304 $ 347,651 Business and government (2) 445 127,946 531,673 533,825 660,064 662,216 Bank (3) – 13,765 32,464 32,466 46,229 46,231 627 158,556 895,414 896,915 1,054,597 1,056,098 Other Obligations related to securities sold short 32,569 – – – 32,569 32,569 Obligations related to assets sold under repurchase agreements and securities loaned – 250,747 24,160 24,160 274,907 274,907 Derivatives 106,071 – – – 106,071 106,071 Other liabilities (4) 35 109 67,016 67,041 67,160 67,185 Subordinated debentures – – 9,186 9,475 9,186 9,475 As at October 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 with $ – $ 21,603 $ – $ – $ 17,410 $ 17,410 $ 39,013 $ 39,013 Securities Trading 126,027 10,044 – – – – 136,071 136,071 Investment, net of applicable allowance – – 81,395 525 57,823 58,627 139,743 140,547 126,027 10,044 81,395 525 57,823 58,627 275,814 276,618 Assets purchased under reverse repurchase agreements and securities borrowed 264,394 – – – 48,621 48,621 313,015 313,015 Loans, net of applicable allowance Retail – 253 260 – 454,429 462,884 454,942 463,397 Wholesale 6,197 2,363 744 – 196,746 198,753 206,050 208,057 6,197 2,616 1,004 – 651,175 661,637 660,992 671,454 Other Derivatives 113,488 – – – – – 113,488 113,488 Other assets (1) 3,414 – – – 57,065 57,065 60,479 60,479 Financial liabilities Deposits Personal $ 104 $ 17,096 $ 325,852 $ 324,804 $ 343,052 $ 342,004 Business and government (2) 389 107,466 516,456 518,501 624,311 626,356 Bank (3) – 18,015 26,507 26,518 44,522 44,533 493 142,577 868,815 869,823 1,011,885 1,012,893 Other Obligations related to securities sold short 29,285 – – – 29,285 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 255,922 18,309 18,309 274,231 274,231 Derivatives 109,927 – – – 109,927 109,927 Other liabilities (4) 80 86 65,712 65,719 65,878 65,885 Subordinated debentures – – 9,867 10,071 9,867 10,071 (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. Financial assets designated as fair value through profit or loss For our financial assets designated as FVTPL, we measure the change in fair value attributable to changes in credit risk as the difference between the total change in the fair value of the instrument during the period and the change in fair value calculated using the appropriate risk-free yield curves. For the three months ended January 31, 2021, a gain Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy January 31, 2021 October 31, 2020 Fair value measurements using Netting adjustments Fair value measurements using Netting adjustments (Millions of Canadian dollars) Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 Fair value Financial assets Interest-bearing deposits with banks $ – $ 18,440 $ – $ 18,440 $ – $ 21,603 $ – $ $ 21,603 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 8,176 2,707 – 10,883 12,773 3,012 – 15,785 Provincial and municipal – 12,179 – 12,179 – 11,562 – 11,562 U.S. state, municipal and agencies (1) 594 39,321 39 39,954 1,508 35,029 44 36,581 Other OECD government (2) 3,653 2,982 – 6,635 3,085 3,380 – 6,465 Mortgage-backed securities (1) – 78 – 78 – 39 – 39 Asset-backed securities – Non-CDO securities (3) – 401 2 403 – 526 2 528 Corporate debt and other debt – 24,556 36 24,592 – 21,464 30 21,494 Equities 49,353 2,614 1,332 53,299 39,795 2,561 1,261 43,617 61,776 84,838 1,409 148,023 57,161 77,573 1,337 136,071 Investment Debt issued or guaranteed by: Canadian government (1) Federal 865 1,933 – 2,798 647 1,894 – 2,541 Provincial and municipal – 2,785 – 2,785 – 3,233 – 3,233 U.S. state, municipal and agencies (1) 58 35,465 – 35,523 160 38,364 – 38,524 Other OECD government – 6,263 – 6,263 – 7,345 – 7,345 Mortgage-backed securities (1) – 2,140 21 2,161 – 2,343 27 2,370 Asset-backed securities CDO – 6,883 – 6,883 – 7,414 – 7,414 Non-CDO securities – 759 – 759 – 854 – 854 Corporate debt and other debt – 18,922 154 19,076 – 18,954 160 19,114 Equities 46 147 336 529 38 152 335 525 969 75,297 511 76,777 845 80,553 522 81,920 Assets purchased under reverse repurchase agreements and securities borrowed – 253,348 – 253,348 – 264,394 – 264,394 Loans – 10,613 1,113 11,726 – 8,747 1,070 9,817 Other Derivatives Interest rate contracts – 46,829 386 47,215 1 53,720 501 54,222 Foreign exchange contracts – 46,696 75 46,771 – 39,246 57 39,303 Credit derivatives – 468 – 468 – 463 – 463 Other contracts 2,484 15,591 39 18,114 4,458 16,767 36 21,261 Valuation adjustments – (872 ) 8 (864 ) – (1,112 ) 8 (1,104 ) Total gross derivatives 2,484 108,712 508 111,704 4,459 109,084 602 114,145 Netting adjustments (787 ) (787 ) (657 ) (657 ) Total derivatives 110,917 113,488 Other assets 1,399 2,272 9 3,680 1,154 2,207 53 3,414 $ 66,628 $ 553,520 $ 3,550 (787 ) $ 622,911 $ 63,619 $ 564,161 $ 3,584 $ (657 ) $ 630,707 Financial liabilities Deposits Personal $ – $ 16,858 $ 169 $ 17,027 $ – $ 17,061 $ 139 $ $ 17,200 Business and government – 128,391 – 128,391 – 107,855 – 107,855 Bank – 13,765 – 13,765 – 18,015 – 18,015 Other Obligations related to securities sold short 13,279 19,290 – 32,569 12,484 16,801 – 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 250,747 – 250,747 – 255,922 – 255,922 Derivatives Interest rate contracts – 40,349 1,029 41,378 – 46,723 1,089 47,812 Foreign exchange contracts – 44,189 33 44,222 – 38,210 35 38,245 Credit derivatives – 586 – 586 – 531 – 531 Other contracts 3,111 17,400 139 20,650 5,734 18,041 337 24,112 Valuation adjustments – 50 (28 ) 22 – (84 ) (32 ) (116 ) Total gross derivatives 3,111 102,574 1,173 106,858 5,734 103,421 1,429 110,584 Netting adjustments (787 ) (787 ) (657 ) (657 ) Total derivatives 106,071 109,927 Other liabilities 130 1 13 144 118 10 38 166 $ 16,520 $ 531,626 $ 1,355 (787 ) $ 548,714 $ 18,336 $ 519,085 $ 1,606 $ (657 ) $ 538,370 (1) As at January 31, 2021, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were 16,622 million and (October 31, 2020 respectively, and in all fair value levels of Investment securities were 8,446 million 1 , million (2) OECD stands for Organisation for Economic Co-operation and Development. (3) CDO stands for collateralized debt obligations. Fair value measurements using significant unobservable inputs (Level 3 Instruments) A financial instrument is classified as Level 3 in the fair value hierarchy if one or more of its unobservable inputs may significantly affect the measurement of its fair value. In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are consistent with prevailing market evidence or management judgment. Due to the unobservable nature of the prices or rates, there may be uncertainty about the valuation of these Level 3 financial instruments. During the three months ended January 31, 2021, 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, 2021, 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 2020 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, 2021 (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 $ 44 $ – $ (1 ) $ – $ (4 ) $ – $ – $ 39 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 30 – – 3 – 14 (11 ) 36 – Equities 1,261 18 (33 ) 109 (23 ) – – 1,332 25 1,337 18 (34 ) 112 (27 ) 14 (11 ) 1,409 25 Investment Mortgage-backed securities 27 – (6 ) – – – – 21 n.a. Corporate debt and other debt 160 – (7 ) – 1 – – 154 n.a. Equities 335 – (1 ) – 2 – – 336 n.a. 522 – (14 ) – 3 – – 511 n.a. Loans 1,070 (5 ) 7 82 3 16 (60 ) 1,113 18 Other Net derivative balances (3) Interest rate contracts (588 ) 1 (1 ) (3 ) (39 ) (3 ) (10 ) (643 ) 2 Foreign exchange contracts 22 13 3 5 (6 ) 1 4 42 10 Other contracts (301 ) (11 ) 11 (17 ) 47 8 163 (100 ) 13 Valuation adjustments 40 – – – (4 ) – – 36 – Other assets 53 (39 ) (2 ) – (3 ) – – 9 (39 ) $ 2,155 $ (23 ) $ (30 ) $ 179 $ (26 ) $ 36 $ 86 $ 2,377 $ 29 Liabilities Deposits $ (139 ) $ (29 ) $ 3 $ (45 ) $ 13 $ (72 ) $ 100 $ (169 ) $ (25 ) Other Other liabilities (38 ) 22 1 – 2 – – (13 ) 22 $ (177 ) $ (7 ) $ 4 $ (45 ) $ 15 $ (72 ) $ 100 $ (182 ) $ (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 securities 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 $ (156 ) $ (1 ) $ – $ (174 ) $ 10 $ (16 ) $ 69 $ (268 ) $ 3 Other Other liabilities (60 ) (4 ) – 3 2 – – (59 ) (4 ) $ (216 ) $ (5 ) $ – $ (171 ) $ 12 $ (16 ) $ 69 $ (327 ) $ (1 ) (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 losses on Investment securities recognized in OCI were $3 million for the three months ended January 31, 2021 (January 31, 2020 – gains of (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at January 31, 2021 included derivative assets of $ 508 million 1,173 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, 2021, transfers out of Level 1 to Level 2 included Obligations related to securities sold short of $138 million. During the three months ended January 31, 2021 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, 2021 there were no significant transfers out of Level 2 to Level 3. During the three months ended January 31, 2021, transfers out of Level 3 to Level 2 include: • $163 million of Other contracts, comprised of $199 million of derivative related liabilities, due to changes in the significance of the unobservable inputs and changes in market observability of inputs, and $36 million of derivative related assets, due to changes in the market observability of inputs • $100 million of Personal deposits, due to changes in the significance of unobservable inputs. Net interest income from financial instruments Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income. For the three months ended (Millions of Canadian dollars) January 31 2021 January 31 2020 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 1,172 $ 2,985 Financial instruments measured at fair value through other comprehensive income 102 309 Financial instruments measured at amortized cost 5,962 6,944 7,236 10,238 Interest expense (1) Financial instruments measured at fair value through profit or loss 737 2,360 Financial instruments measured at amortized cost 1,464 2,657 2,201 5,017 Net interest income $ 5,035 $ 5,221 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Interim Consolidated Statements of Income. For the three months ended January 31, 2021, Interest and dividend income of million million (2) Includes dividend income for the three months ended January 31, 2021 of $608 million |
Securities
Securities | 3 Months Ended |
Jan. 31, 2021 | |
Text Block [Abstract] | |
Securities | Note 4 Securities Unrealized gains and losses on securities at FVOCI (1), (2) As at January 31, 2021 October 31, 2020 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Debt issued or guaranteed by: Canadian government Federal (3) $ 2,840 $ 3 $ (45 ) $ 2,798 $ 2,562 $ 1 $ (22 ) $ 2,541 Provincial and municipal 2,821 10 (46 ) 2,785 3,237 27 (31 ) 3,233 U.S. state, municipal and agencies (3) 35,253 445 (175 ) 35,523 38,523 323 (322 ) 38,524 Other OECD government 6,260 11 (8 ) 6,263 7,336 11 (2 ) 7,345 Mortgage-backed securities (3) 2,177 2 (18 ) 2,161 2,418 5 (53 ) 2,370 Asset-backed securities CDO 6,885 1 (3 ) 6,883 7,504 – (90 ) 7,414 Non-CDO securities 752 8 (1 ) 759 859 2 (7 ) 854 Corporate debt and other debt 18,998 90 (12 ) 19,076 19,041 76 (3 ) 19,114 Equities 277 253 (1 ) 529 276 253 (4 ) 525 $ 76,263 $ 823 $ (309 ) $ 76,777 $ 81,756 $ 698 $ (534 ) $ 81,920 (1) Excludes $62,682 million (2) Gross unrealized gains and losses includes $5 million of allowance for credit losses on debt securities at FVOCI as at January 31, 2021 (October 31, 2020 – $8 million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, Gross unrealized gains, Gross unrealized losses and Fair value related to commercial MBS are $1,974 million, $1 million, $18 million and $1,957 million, respectively as at January 31, 2021 (October 31, 2020 – $2,185 million, $ nil, $48 million and $2,137 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, 2021 January 31, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 (2) Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 12 $ – $ (4 ) $ 8 $ 4 $ – $ (7 ) $ (3 ) Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 2 – – 2 2 – – 2 Sales and maturities (4 ) – – (4 ) – – – – Changes in risk, parameters and exposures (2 ) 3 (2 ) (1 ) – – (2 ) (2 ) Exchange rate and other (1 ) – 1 – – – – – Balance at end of period $ 7 $ 3 $ (5 ) $ 5 $ 6 $ – $ (9 ) $ (3 ) (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, 2021 January 31, 2020 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 $ 10 $ 19 $ – $ 29 $ 5 $ 19 $ – $ 24 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 3 – – 3 2 – – 2 Sales and maturities – – – – – – – – Changes in risk, parameters and exposures (5 ) 1 – (4 ) (2 ) (1 ) – (3 ) Exchange rate and other – (2 ) – (2 ) – (1 ) – (1 ) Balance at end of period $ 8 $ 18 $ – $ 26 $ 5 $ 17 $ – $ 22 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 2020 Annual Report. January 31, 2021 October 31, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 75,613 $ 36 $ – $ 75,649 $ 80,719 $ 87 $ – $ 80,806 Non-investment grade 447 – – 447 431 1 – 432 Impaired – – 152 152 – – 157 157 76,060 36 152 76,248 81,150 88 157 81,395 Items not subject to impairment (2) 529 525 $ 76,777 $ 81,920 Securities at amortized cost Investment grade $ 61,616 $ – $ – $ 61,616 $ 56,885 $ – $ – $ 56,885 Non-investment grade 840 252 – 1,092 647 320 – 967 Impaired – – – – – – – – 62,456 252 – 62,708 57,532 320 – 57,852 Allowance for credit losses 8 18 – 26 10 19 – 29 Amortized cost $ 62,448 $ 234 $ – $ 62,682 $ 57,522 $ 301 $ – $ 57,823 (1) Includes $152 million of purchased credit impaired securities (October 31, 2020 – $157 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, 2021 | |
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, 2021 January 31, 2020 (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 $ 518 $ 15 $ (7 ) $ (14 ) $ 512 $ 402 $ (7 ) $ (8 ) $ (20 ) $ 367 Personal 1,309 69 (59 ) (4 ) 1,315 935 121 (111 ) (5 ) 940 Credit cards 1,246 25 (69 ) (1 ) 1,201 832 177 (139 ) (2 ) 868 Small business 140 8 (5 ) – 143 61 14 (8 ) (1 ) 66 Wholesale 2,795 (11 ) (86 ) (76 ) 2,622 1,165 102 (41 ) (35 ) 1,191 Customers’ liability under acceptances 107 15 – (1 ) 121 24 14 – 1 39 $ 6,115 $ 121 $ (226 ) $ (96 ) $ 5,914 $ 3,419 $ 421 $ (307 ) $ (62 ) $ 3,471 Presented as: Allowance for loan losses $ 5,639 $ 5,478 $ 3,100 $ 3,139 Other liabilities – Provisions 363 309 295 292 Customers’ liability under acceptances 107 121 24 39 Other components of equity 6 6 – 1 The following table reconciles the opening and closing for each major product of loans and commitments as determined by our modelled, scenario-weighted allowance and the application of expert credit judgment as applicable. 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, 2021 January 31, 2020 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 $ 206 $ 160 $ 152 $ 518 $ 146 $ 77 $ 179 $ 402 Provision for credit losses Transfers to stage 1 74 (69 ) (5 ) – 27 (18 ) (9 ) – Transfers to stage 2 (6 ) 8 (2 ) – (4 ) 6 (2 ) – Transfers to stage 3 – (13 ) 13 – (1 ) (8 ) 9 – Originations 30 – – 30 16 – – 16 Maturities (6 ) (4 ) – (10 ) (4 ) (3 ) – (7 ) Changes in risk, parameters and exposures (104 ) 86 13 (5 ) (45 ) 29 – (16 ) Write-offs – – (9 ) (9 ) – – (12 ) (12 ) Recoveries – – 2 2 – – 4 4 Exchange rate and other (2 ) (6 ) (6 ) (14 ) (3 ) (3 ) (14 ) (20 ) Balance at end of period $ 192 $ 162 $ 158 $ 512 $ 132 $ 80 $ 155 $ 367 Personal Balance at beginning of period $ 480 $ 733 $ 96 $ 1,309 $ 272 $ 520 $ 143 $ 935 Provision for credit losses Transfers to stage 1 197 (196 ) (1 ) – 119 (119 ) – – Transfers to stage 2 (27 ) 27 – – (19 ) 19 – – Transfers to stage 3 (1 ) (14 ) 15 – (1 ) (20 ) 21 – Originations 33 – – 33 25 – – 25 Maturities (22 ) (27 ) – (49 ) (12 ) (23 ) – (35 ) Changes in risk, parameters and exposures (182 ) 198 69 85 (111 ) 141 101 131 Write-offs – – (94 ) (94 ) – – (149 ) (149 ) Recoveries – – 35 35 – – 38 38 Exchange rate and other (2 ) – (2 ) (4 ) – (1 ) (4 ) (5 ) Balance at end of period $ 476 $ 721 $ 118 $ 1,315 $ 273 $ 517 $ 150 $ 940 Credit cards Balance at beginning of period $ 364 $ 882 $ – $ 1,246 $ 173 $ 659 $ – $ 832 Provision for credit losses Transfers to stage 1 226 (226 ) – – 118 (118 ) – – Transfers to stage 2 (30 ) 30 – – (22 ) 22 – – Transfers to stage 3 (2 ) (60 ) 62 – – (88 ) 88 – Originations 2 – – 2 2 – – 2 Maturities (2 ) (8 ) – (10 ) (1 ) (8 ) – (9 ) Changes in risk, parameters and exposures (205 ) 231 7 33 (94 ) 227 51 184 Write-offs – – (106 ) (106 ) – – (174 ) (174 ) Recoveries – – 37 37 – – 35 35 Exchange rate and other – (1 ) – (1 ) (2 ) – – (2 ) Balance at end of period $ 353 $ 848 $ – $ 1,201 $ 174 $ 694 $ – $ 868 Small business Balance at beginning of period $ 78 $ 29 $ 33 $ 140 $ 29 $ 10 $ 22 $ 61 Provision for credit losses Transfers to stage 1 13 (13 ) – – 1 (1 ) – – Transfers to stage 2 (1 ) 1 – – (1 ) 1 – – Transfers to stage 3 – (1 ) 1 – – (1 ) 1 – Originations 9 – – 9 3 – – 3 Maturities (6 ) (3 ) – (9 ) (1 ) (1 ) – (2 ) Changes in risk, parameters and exposures (20 ) 20 8 8 (2 ) 4 11 13 Write-offs – – (7 ) (7 ) – – (10 ) (10 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other 1 – (1 ) – – (1 ) – (1 ) Balance at end of period $ 74 $ 33 $ 36 $ 143 $ 29 $ 11 $ 26 $ 66 Wholesale Balance at beginning of period $ 995 $ 1,132 $ 668 $ 2,795 $ 281 $ 396 $ 488 $ 1,165 Provision for credit losses Transfers to stage 1 129 (129 ) – – 27 (26 ) (1 ) – Transfers to stage 2 (47 ) 61 (14 ) – (8 ) 9 (1 ) – Transfers to stage 3 (1 ) (15 ) 16 – (1 ) (18 ) 19 – Originations 207 – – 207 66 – – 66 Maturities (165 ) (139 ) – (304 ) (43 ) (53 ) – (96 ) Changes in risk, parameters and exposures (207 ) 257 36 86 (17 ) 99 50 132 Write-offs – – (98 ) (98 ) – – (54 ) (54 ) Recoveries – – 12 12 – – 13 13 Exchange rate and other (16 ) (22 ) (38 ) (76 ) (5 ) – (30 ) (35 ) Balance at end of period $ 895 $ 1,145 $ 582 $ 2,622 $ 300 $ 407 $ 484 $ 1,191 Key inputs and assumptions The following provides an update on the key inputs and assumptions used in the measurement of expected credit losses. For further details, refer to Note 2 of our Condensed Financial Statements, and Note 2 and Note 5 of our 2020 Annual Report. The COVID-19 pandemic significantly impacted our determination of allowance for credit losses and required the application of heightened judgment. A resurgence in the spread of COVID-19 in the latter part of 2020, including the emergence of new variants of COVID-19 in different regions, has resulted in many countries increasing the extent of containment measures, curtailing economic activity. Significant fiscal and monetary policy stimulus, as well as bank-led deferral programs introduced in the spring of 2020 have generally supported lower defaults. As the COVID-19 pandemic continues to evolve, including through the emergence of new variants of COVID-19 in different regions, governments have continued to adjust their response and approach to the pandemic. Consequently, the extent of containment measures and progress towards reopening continues to vary and fluctuate across regions. Despite recent government approvals authorizing the use of vaccines in many countries, uncertainty remains regarding vaccine efficacy, supply and availability as well as the ability of governments to quickly and effectively distribute vaccines in order to inoculate a sufficient proportion of the population to enable widespread easing of containment measures and support the transition to a fully reopened economy. As there is continued uncertainty as to how containment and support measures and vaccinations will evolve, our allowances have a higher than usual degree of uncertainty and the inputs used are inherently subject to change, which may materially change our estimate of Stage 1 and Stage 2 allowance for credit losses in future periods. To address the uncertainties inherent in the current and future environment and to reflect all relevant risk factors not captured in our modelled results, we applied expert credit judgment in determining significant increases in credit risk since origination and on All of our IFRS 9 scenarios are designed to include the impact of COVID-19 and depict an ongoing stressed environment as at January 31, 2021 relative to pre-pandemic conditions. The possibility of a more prolonged recovery period, including the re-imposition of varying degrees of containment measures in some regions have been reflected in our scenario design and weights. Our base scenario reflects a continuation of the recovery that has been underway since the sharp drop in economic activity in calendar Q2 2020. Favourable vaccine developments have emerged since Q4 2020, and the recovery is expected to occur more quickly than our October 31, 2020 forecast. Canadian and U.S. unemployment rates are expected to remain above pre-shock levels at the end of calendar 2021 and we expect the pace of GDP growth to pick up from Q2 2021 onwards alongside the easing of containment measures. Downside scenarios, including two additional and more severe downside scenarios designed for the energy and real estate sectors, reflect the possibility of a double-dip recession, with conditions deteriorating from Q1 2021 levels for up to two years, followed by a recovery for the remainder of the period. These scenarios assume a monetary policy response that returns the economy to a long-run, sustainable growth rate within the forecast period. The upside scenario reflects a slightly faster and larger economic recovery than the base scenario, without prompting an offsetting monetary policy response, followed by a return to a long-run sustainable growth rate within the forecast period, at levels slightly above the base scenario. The following provides additional detail about our forecasts for certain key macroeconomic variables used in the models to estimate ACL: • Unemployment • Gross Domestic Product (GDP) • Oil price (West Texas Intermediate in US$) • Canadian housing price index 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 2020 Annual Report. As at January 31, 2021 October 31, 2020 (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 $ 280,049 $ 2,261 $ – $ 282,310 $ 270,396 $ 2,848 $ – $ 273,244 Medium risk 15,066 2,944 – 18,010 15,230 3,307 – 18,537 High risk 4,480 2,557 – 7,037 4,346 1,467 – 5,813 Not rated (1) 42,729 913 – 43,642 43,176 936 – 44,112 Impaired – – 678 678 – – 638 638 342,324 8,675 678 351,677 333,148 8,558 638 342,344 Items not subject to impairment (2) 255 253 Total $ 351,932 $ 342,597 Loans outstanding – Personal Low risk $ 70,029 $ 806 $ – $ 70,835 $ 71,245 $ 1,084 $ – $ 72,329 Medium risk 4,028 4,903 – 8,931 3,974 5,415 – 9,389 High risk 814 1,625 – 2,439 817 1,416 – 2,233 Not rated (1) 7,900 149 – 8,049 7,704 144 – 7,848 Impaired – – 242 242 – – 212 212 Total $ 82,771 $ 7,483 $ 242 $ 90,496 $ 83,740 $ 8,059 $ 212 $ 92,011 Loans outstanding – Credit cards Low risk $ 11,271 $ 31 $ – $ 11,302 $ 11,824 $ 63 $ – $ 11,887 Medium risk 1,404 1,931 – 3,335 1,596 2,360 – 3,956 High risk 124 1,083 – 1,207 132 1,105 – 1,237 Not rated (1) 479 56 – 535 490 56 – 546 Total $ 13,278 $ 3,101 $ – $ 16,379 $ 14,042 $ 3,584 $ – $ 17,626 Loans outstanding – Small business Low risk $ 3,766 $ 241 $ – $ 4,007 $ 2,034 $ 172 $ – $ 2,206 Medium risk 860 492 – 1,352 1,976 1,143 – 3,119 High risk 143 177 – 320 126 192 – 318 Not rated (1) 3 – – 3 9 – – 9 Impaired – – 90 90 – – 90 90 Total $ 4,772 $ 910 $ 90 $ 5,772 $ 4,145 $ 1,507 $ 90 $ 5,742 Undrawn loan commitments – Retail Low risk $ 217,435 $ 709 $ – $ 218,144 $ 214,176 $ 887 $ – $ 215,063 Medium risk 10,451 182 – 10,633 10,402 291 – 10,693 High risk 1,271 174 – 1,445 1,141 129 – 1,270 Not rated (1) 4,832 135 – 4,967 5,238 117 – 5,355 Total $ 233,989 $ 1,200 $ – $ 235,189 $ 230,957 $ 1,424 $ – $ 232,381 Wholesale – Loans outstanding Investment grade $ 53,719 $ 158 $ – $ 53,877 $ 50,998 $ 328 $ – $ 51,326 Non-investment grade 112,706 24,676 – 137,382 112,434 26,575 – 139,009 Not rated (1) 9,509 438 – 9,947 7,093 432 – 7,525 Impaired – – 1,862 1,862 – – 2,235 2,235 175,934 25,272 1,862 203,068 170,525 27,335 2,235 200,095 Items not subject to impairment (2) 10,394 8,560 Total $ 213,462 $ 208,655 Undrawn loan commitments – Wholesale Investment grade $ 237,339 $ 50 $ – $ 237,389 $ 242,244 $ 1,022 $ – $ 243,266 Non-investment grade 98,347 19,533 – 117,880 92,262 21,581 – 113,843 Not rated (1) 3,480 – – 3,480 3,918 – – 3,918 Total $ 339,166 $ 19,583 $ – $ 358,749 $ 338,424 $ 22,603 $ – $ 361,027 (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) , (2) As at January 31, 2021 October 31, 2020 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,620 $ 165 $ 1,785 $ 1,013 $ 129 $ 1,142 Wholesale 693 11 704 574 13 587 $ 2,313 $ 176 $ 2,489 $ 1,587 $ 142 $ 1,729 (1) Excludes loans less than 30 days past due as they are not generally representative of the borrowers’ ability to meet their payment obligations. (2) Loans in our payment deferral programs established to help clients manage through the challenges of the COVID-19 pandemic have been re-aged to current and are not aged further during the deferral period. Subsequent to the payment deferral period, loans will commence re-aging from current. 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 refinance, which can fluctuate based on business volumes. 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, 2021 | |
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Deposits | Note 6 Deposits As at January 31, 2021 October 31, 2020 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 188,943 $ 62,835 $ 96,526 $ 348,304 $ 182,745 $ 61,761 $ 98,546 $ 343,052 Business and government 318,203 17,399 324,462 660,064 315,472 16,585 292,254 624,311 Bank 14,687 728 30,814 46,229 12,502 956 31,064 44,522 $ 521,833 $ 80,962 $ 451,802 $ 1,054,597 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 Non-interest-bearing (4) Canada $ 130,607 $ 7,902 $ 362 $ 138,871 $ 123,402 $ 7,390 $ 368 $ 131,160 United States 42,239 – – 42,239 43,831 – – 43,831 Europe (5) 846 – – 846 654 – – 654 Other International 7,635 – – 7,635 7,372 – – 7,372 Interest-bearing (4) Canada 291,099 19,535 323,605 634,239 287,046 19,036 310,492 616,574 United States 6,417 52,669 68,274 127,360 7,190 52,046 57,037 116,273 Europe (5) 35, 883 856 44,226 80, 965 33,810 830 37,250 71,890 Other International 7,107 – 15,335 22,442 7,414 – 16,717 24,131 $ 521,833 $ 80,962 $ 451,802 $ 1,054,597 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 (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, 2021, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $375 billion, $34 billion, $47 billion and $33 billion, respectively (October 31, 2020 – $347 billion, $32 billion, $47 billion and $33 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 2021 October 31 2020 Within 1 year: less than 3 months $ 163,188 $ 121,144 3 to 6 months 51,329 62,892 6 to 12 months 76,645 78,676 1 to 2 years 38,429 32,950 2 to 3 years 40,418 42,201 3 to 4 years 23,849 26,749 4 to 5 years 26,055 24,651 Over 5 years 31,889 32,601 $ 451,802 $ 421,864 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 418,000 $ 388,000 |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 3 Months Ended |
Jan. 31, 2021 | |
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Employee benefits - Pension and other post-employment benefits | Note 7 Employee benefits – Pension and other post-employment benefits We offer a number of defined benefit and defined contribution plans which provide pension and post-employment benefits to eligible employees. The following tables 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 2021 January 31 2020 January 31 2021 January 31 2020 Current service costs $ 90 $ 92 $ 11 $ 11 Net interest expense (income) 2 5 14 15 Remeasurements of other long term benefits – – 1 4 Administrative expense 3 4 – – Defined benefit pension expense 95 101 26 30 Defined contribution pension expense 66 63 – – $ 161 $ 164 $ 26 $ 30 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 2021 January 31 2020 January 31 2021 January 31 2020 Actuarial (gains) losses: Changes in financial assumptions (2) $ (12 ) $ 1,047 $ (22 ) $ 96 Return on plan assets (excluding interest based on discount rate) (1,024 ) (507 ) – – $ (1,036 ) $ 540 $ (22 ) $ 96 (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Income taxes
Income taxes | 3 Months Ended |
Jan. 31, 2021 | |
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Income taxes | Note 8 Income taxes Tax examinations and assessments During the first quarter of 2021, we received a reassessment from the Canada Revenue Agency (CRA) in respect of the 2015 taxation year which suggests that Royal Bank of Canada owes additional taxes as they denied the deductibility of certain dividends. The reassessment is consistent with the previously received proposal letters as described in Note 22 of our 2020 Annual Consolidated Financial Statements. It is possible that the CRA will reassess us for significant additional income taxes for subsequent years on the same basis. In all cases, we are confident that our tax filing position was appropriate and intend to defend ourselves vigorously. |
Significant capital and funding
Significant capital and funding transactions | 3 Months Ended |
Jan. 31, 2021 | |
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Significant capital and funding transactions | Note 9 Significant capital and funding transactions Preferred shares and other equity instruments On November 2, 2020, we issued $1,250 million of Limited Recourse Capital Notes Series 2 (LRCN Series 2) with recourse limited to assets (Trust Assets) held by a third party trustee in a consolidated trust (Limited Recourse Trust). The Trust Assets consist of $1,250 million of our First Preferred Shares, Series BR (Series BR Preferred Shares) , The price per LRCN Series 2 note is $1,000 and will bear interest paid semi-annually at a fixed rate of 4.0% per annum until February 24, 2026 and thereafter at a rate per annum , , equal to the 5-year Government of Canada Yield plus 3.617% until maturity on February 24, 2081. In the event of (i) non-payment of interest on any interest payment date, (ii) non-payment of the redemption price in case of a redemption of LRCN Series 2, (iii) non-payment of principal at the maturity of LRCN Series 2, or (iv) an event of default on the notes, noteholders will have recourse only to the Trust Assets and each noteholder will be entitled to receive its pro rata share of the Trust Assets. In such an event, the delivery of the Trust Assets will represent the full and complete extinguishment of our obligations under LRCN Series 2. LRCN Series 2 are redeemable on or prior to maturity to the extent we redeem Series BR Preferred Shares on certain redemption dates as set out in the terms of Series BR Preferred Shares and subject to the consent and approval of the Office of the Superintendent of Financial Institutions (OSFI). The terms of Series BR Preferred Shares and LRCN Series 2 include non-viability contingency capital (NVCC) provisions necessary for them to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, LRCN Series 2 will be automatically redeemed and the redemption price will be satisfied by the delivery of Trust Assets, which will consist of common shares pursuant to an automatic conversion of Series BR Preferred Shares. The terms of Series BR Preferred Shares include an automatic conversion formula with a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of common shares issued in respect of each Series BR Preferred Shares will be determined by dividing the share value of Series BR Preferred Shares (including declared and unpaid dividends) by the conversion price. The number of common shares delivered to each noteholder will be based on such noteholder’s pro rata interest in the Trust Assets. LRCN Series 2 are compound instruments with both equity and liability features as payments of interest and principal in cash are made at our discretion. Non-payment of interest and principal in cash does not constitute an event of default and will trigger a delivery of Series BR Preferred Shares. The liability component of the notes has a nominal value and, as a result, the full proceeds received have been presented as equity. Subordinated debentures On January 20, 2021, we redeemed all $1,500 million of our outstanding 3.31% subordinated debentures due on January 20, 2026 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. On January 28, 2021 , we issued $1,000 million of NVCC subordinated debentures. The notes bear interest at a fixed rate of 1.67 January January Common shares issued (1) For the three months ended January 31, 2021 January 31, 2020 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 496 $ 36 233 $ 18 Purchased for cancellation (3) – – (6,993 ) (86 ) 496 $ 36 (6,760 ) $ (68 ) (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, 2021 and January 31, 2020, 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, 2021, we did not purchase for cancellation any common shares. 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). |
Earnings per share
Earnings per share | 3 Months Ended |
Jan. 31, 2021 | |
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Earnings per share | Note 10 Earnings per share For the three months ended (Millions of Canadian dollars, except share and per share amounts) January 31 2021 January 31 2020 Basic earnings per share Net income $ 3,847 $ 3,509 Dividends on preferred shares and distributions on other equity instruments (58 ) (65 ) Net income attributable to non-controlling interests (2 ) (5 ) Net income available to common shareholders 3,787 3,439 Weighted average number of common shares (in thousands) 1,423,350 1,427,599 Basic earnings per share (in dollars) $ 2.66 $ 2.41 Diluted earnings per share Net income available to common shareholders $ 3,787 $ 3,439 Dilutive impact of exchangeable shares – 4 Net income available to common shareholders including dilutive impact of exchangeable shares 3,787 3,443 Weighted average number of common shares (in thousands) 1,423,350 1,427,599 Stock options (1) 1,188 1,698 Issuable under other share-based compensation plans 742 750 Exchangeable shares (2) – 3,013 Average number of diluted common shares (in thousands) 1,425,280 1,433,060 Diluted earnings per share (in dollars) $ 2.66 $ 2.40 (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, 2021, an average of 1,690,512 outstanding options with an average price of $105.17 were 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. (2) Includes exchangeable preferred shares. |
Legal and regulatory matters
Legal and regulatory matters | 3 Months Ended |
Jan. 31, 2021 | |
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Legal and regulatory matters | Note 11 Legal and regulatory matters We are a large global institution that is subject to many different complex legal and regulatory requirements that continue to evolve. 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 2020 Annual Consolidated Financial Statements as updated below. Royal Bank of Canada Trust Company (Bahamas) Limited proceedings On January 6, 2021, the French Supreme Court issued a judgment reversing the decision of the French Court of Appeal dated June 29, 2018 and sent the case back to the French Court of Appeal for rehearing. Interchange fees litigation A settlement agreement has been reached with class counsel, contingent on court approval. This settlement upon final court approval would resolve the claims of all Canadian merchants subject to limited rights to opt-out for Quebec merchants. |
Results by business segment
Results by business segment | 3 Months Ended |
Jan. 31, 2021 | |
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Results by business segment | Note 12 Results by business segment For the three months ended January 31, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,161 $ 666 $ – $ 91 $ 1,199 $ (82 ) $ 5,035 Non-interest income 1,402 2,721 1,809 474 1,509 (7 ) 7,908 Total revenue 4,563 3,387 1,809 565 2,708 (89 ) 12,943 Provision for credit losses 165 (29 ) – (2 ) (23 ) (1 ) 110 Insurance policyholder benefits, claims and acquisition expense – – 1,406 – – – 1,406 Non-interest expense 1,978 2,563 149 401 1,441 10 6,542 Income (loss) before income taxes 2,420 853 254 166 1,290 (98 ) 4,885 Income taxes (recoveries) 627 204 53 43 223 (112 ) 1,038 Net income $ 1,793 $ 649 $ 201 $ 123 $ 1,067 $ 14 $ 3,847 Non-interest expense includes: Depreciation and amortization $ 224 $ 220 $ 14 $ 49 $ 125 $ 1 $ 633 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 income 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 expense 1,984 2,370 153 402 1,435 34 6,378 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 expense includes: Depreciation and amortization $ 234 $ 210 $ 15 $ 50 $ 127 $ – $ 636 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. Total assets a nd total liabilities by business segment As at January 31, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 517,139 $ 127,868 $ 21,684 $ 256,491 $ 700,056 $ 47,913 $ 1,671,151 Total liabilities 517,104 127,844 21,764 256,423 699,884 (42,117 ) 1,580,902 As at October 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 509,679 $ 129,706 $ 21,253 $ 230,695 $ 688,054 $ 45,161 $ 1,624,548 Total liabilities 509,682 129,673 21,311 230,618 688,314 (41,817 ) 1,537,781 |
Capital management
Capital management | 3 Months Ended |
Jan. 31, 2021 | |
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Capital management | Note 13 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. During the first quarter of 2021, 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 2021 October 31 2020 Capital (1) CET1 capital $ 69,555 $ 68,082 Tier 1 capital 76,733 74,005 Total capital 86,543 84,928 Risk-weighted assets (1) Credit risk $ 458,162 $ 448,821 Market risk 28,449 27,374 Operational risk 70,908 70,047 Total RWA $ 557,519 $ 546,242 Capital ratios and Leverage ratio (1) CET1 ratio 12.5 12.5% Tier 1 capital ratio 13.8 13.5% Total capital ratio 15.5 15.5% Leverage ratio 4.8 4.8% Leverage ratio exposure (billions) $ 1,585.3 $ 1,552.9 (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI Leverage Requirements Guideline as updated in accordance with the regulatory guidance issued by OSFI in response to the COVID-19 pandemic. Both the CAR guideline and Leverage Requirements Guideline are 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, 2021 | |
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Changes in accounting policies | Changes in accounting policies Conceptual Framework for Financial Reporting (Conceptual Framework) During the first quarter of 2021, we adopted the revised Conceptual Framework, which replaces the previous version of the Conceptual Framework issued in 2010. The Conceptual Framework is not a standard, and does not override the concepts or requirements in any standard. It may be used to develop consistent accounting policies where there is no applicable standard in place. The revisions include a few new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no material impact on our Consolidated Financial Statements. Interest Rate Benchmark Reform During the first quarter of 2021, we early adopted the Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance contracts Leases • For modifications of financial instruments carried at amortized cost resulting from the Reform which are transacted on an economically equivalent basis, the Amendments allow the benchmark interest rate change to be reflected prospectively in the effective interest rate of the instrument rather than as an immediate gain or loss. • If qualifying criteria are met, hedging relationships that are directly impacted by the Reform would be able to continue hedge accounting upon transition to alternative benchmark interest rates. Hedge Accounting Our hedge accounting policies are described in Note 2 and Note 8 of our 2020 Annual Report. We apply hedge accounting when the hedge is expected to be highly effective in achieving offsetting changes in fair value or variable cash flows attributable to the hedged risk, both at inception and throughout the hedge term. Where hedge accounting can be applied, a hedge relationship is designated and documented at inception to detail the particular risk management objective and strategy for undertaking the hedge transaction. For changes related to the Reform, hedge documentation will be amended for alternative benchmark interest rate risk, including consequential changes to the description of the hedging instrument(s) and the hedged item(s), and the method for assessing hedge effectiveness without terminating the hedge relationship where the scoping requirements are met. Fair value hedges Hedge accounting is applicable when the benchmark interest rate designated as the hedged risk can be separately identified as a component of the interest rate risk inherent in the fixed-rate instrument. Generally, this requirement is met when the benchmark interest rate impacting changes in fair value of the instrument is widely accepted and used. In order for alternative benchmark rates to qualify for fair value hedge accounting, the separately identifiable requirement must be met within 24 months of the first designation of that rate in a hedging relationship. If, subsequently, we reasonably expect that the alternative benchmark interest rate will not be separately identifiable within that timeframe, we will discontinue hedge accounting prospectively. Cash flow hedges We apply hedge accounting to groups of similar assets or similar liabilities when individual items in the group share similar risk characteristics, and we treat these items and related derivatives as a single hedging relationship. Where hedged cash flows of some items in the group are changed to reference an alternative benchmark interest rate before other items in the group are changed, the individual hedged items within the group are allocated to a subgroup based on the benchmark interest rate being hedged. Each subgroup would be assessed separately to determine whether it meets the eligibility requirements. If a subgroup fails the eligibility requirements, we would discontinue hedge accounting prospectively for the hedging relationship in its entirety. Progress in and risks arising from the transition to alternative benchmark interest rates The transition from IBORs to alternative benchmark interest rates will impact financial instruments referencing IBOR rates for terms that extend beyond December 31, 2021. The details regarding our transition program related to the Reform are described in Note 2 of our 2020 Annual Report. Transition activities are focused on two broad streams of work: (i) developing new alternative risk-free rate linked products, and (ii) converting existing LIBOR based contracts to alternative risk-free rates. Notable transition activities include: • Our continued incorporation of contractual provisions in new IBOR-based products which provides a means to determine new alternative benchmark rates upon the cessation of IBORs (fallback language). • The development of new products for clients, including interest-rate derivatives and loans referencing the relevant alternative benchmark interest rates. Our program timelines are ultimately dependent on broader market acceptance of products that reference the new alternative risk-free rates and our clients’ readiness and ability to adopt the replacement products. Significant matters that we continue to evaluate include client product offerings, short and long term funding strategies, and our hedging programs. We are following the recommended target dates for cessation of LIBOR-based products provided by our regulators. Financial instruments that have yet to transition to alternative benchmark interest rates Our disclosure is provided as at November 1, 2020 to represent the opening balances for the annual period ending on October 31, 2021 and will be updated at the end of the financial year, unless movements indicate a significant change to the risks arising from the transition. The tables below show our are As at November 1, 2020 (Millions of Canadian dollars) Non-derivative financial assets Non-derivative financial liabilities Derivative notional USD LIBOR $ 79,123 $ 5,135 $ 4,894,150 GBP LIBOR 7,518 1,227 1,773,893 Other IBOR currencies 324 2,456 263,299 $ 86,965 $ 8,818 $ 6,931,342 Cross currency swaps USD LIBOR – GBP LIBOR n.a. n.a. $ 384,263 Other combinations n.a. n.a. 52,875 n.a. n.a. $ 437,138 $ 86,965 $ 8,818 $ 7,368,480 (1) Non-derivative assets represent the drawn outstanding balance of Loans and the fair value of Securities. (2) Non-derivative liabilities represent the drawn outstanding balance of Deposits. (3) The notional amount of derivative instruments excludes cross currency swaps with multiple LIBOR legs, which are presented separately in the Cross currency swaps section of this table. n.a. not applicable In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. The following table presents the undrawn balances of loan commitments referencing benchmark interest rates subject to the Reform. (Millions of Canadian dollars) As at November 1, 2020 Authorized and committed undrawn commitments USD LIBOR $ 136,725 GBP LIBOR 7,533 Other IBOR currencies 1,370 $ 145,628 We continue to manage significant exposures to benchmarks that have no announced plans for cessation or further reform, including the |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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Summary of Changes in our exposures To Financial Instruments | Changes in our exposures during the quarter did not result in significant changes to the risks arising from transition since November 1, 2020. As at November 1, 2020 (Millions of Canadian dollars) Non-derivative financial assets Non-derivative financial liabilities Derivative notional USD LIBOR $ 79,123 $ 5,135 $ 4,894,150 GBP LIBOR 7,518 1,227 1,773,893 Other IBOR currencies 324 2,456 263,299 $ 86,965 $ 8,818 $ 6,931,342 Cross currency swaps USD LIBOR – GBP LIBOR n.a. n.a. $ 384,263 Other combinations n.a. n.a. 52,875 n.a. n.a. $ 437,138 $ 86,965 $ 8,818 $ 7,368,480 (1) Non-derivative assets represent the drawn outstanding balance of Loans and the fair value of Securities. (2) Non-derivative liabilities represent the drawn outstanding balance of Deposits. (3) The notional amount of derivative instruments excludes cross currency swaps with multiple LIBOR legs, which are presented separately in the Cross currency swaps section of this table. n.a. not applicable |
Summary of undrawn balances of loan commitments | The following table presents the undrawn balances of loan commitments referencing benchmark interest rates subject to the Reform. (Millions of Canadian dollars) As at November 1, 2020 Authorized and committed undrawn commitments USD LIBOR $ 136,725 GBP LIBOR 7,533 Other IBOR currencies 1,370 $ 145,628 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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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 value s As at January 31, 2021 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 $ – $ 18,440 $ – $ – $ 15,291 $ 15,291 $ 33,731 $ 33,731 Securities Trading 137,867 10,156 – – – – 148,023 148,023 Investment, net of applicable allowance – – 76,248 529 62,682 63,457 139,459 140,234 137,867 10,156 76,248 529 62,682 63,457 287,482 288,257 Assets purchased under reverse repurchase agreements and securities borrowed 253,348 – – – 57,685 57,686 311,033 311,034 Loans, net of applicable allowance Retail – 255 260 – 461,051 469,144 461,566 469,659 Wholesale 8,055 2,339 817 – 199,786 202,128 210,997 213,339 8,055 2,594 1,077 – 660,837 671,272 672,563 682,998 Other Derivatives 110,917 – – – – – 110,917 110,917 Other assets (1) 3,680 – – – 57,655 57,655 61,335 61,335 Financial liabilities Deposits Personal $ 182 $ 16,845 $ 331,277 $ 330,624 $ 348,304 $ 347,651 Business and government (2) 445 127,946 531,673 533,825 660,064 662,216 Bank (3) – 13,765 32,464 32,466 46,229 46,231 627 158,556 895,414 896,915 1,054,597 1,056,098 Other Obligations related to securities sold short 32,569 – – – 32,569 32,569 Obligations related to assets sold under repurchase agreements and securities loaned – 250,747 24,160 24,160 274,907 274,907 Derivatives 106,071 – – – 106,071 106,071 Other liabilities (4) 35 109 67,016 67,041 67,160 67,185 Subordinated debentures – – 9,186 9,475 9,186 9,475 As at October 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 with $ – $ 21,603 $ – $ – $ 17,410 $ 17,410 $ 39,013 $ 39,013 Securities Trading 126,027 10,044 – – – – 136,071 136,071 Investment, net of applicable allowance – – 81,395 525 57,823 58,627 139,743 140,547 126,027 10,044 81,395 525 57,823 58,627 275,814 276,618 Assets purchased under reverse repurchase agreements and securities borrowed 264,394 – – – 48,621 48,621 313,015 313,015 Loans, net of applicable allowance Retail – 253 260 – 454,429 462,884 454,942 463,397 Wholesale 6,197 2,363 744 – 196,746 198,753 206,050 208,057 6,197 2,616 1,004 – 651,175 661,637 660,992 671,454 Other Derivatives 113,488 – – – – – 113,488 113,488 Other assets (1) 3,414 – – – 57,065 57,065 60,479 60,479 Financial liabilities Deposits Personal $ 104 $ 17,096 $ 325,852 $ 324,804 $ 343,052 $ 342,004 Business and government (2) 389 107,466 516,456 518,501 624,311 626,356 Bank (3) – 18,015 26,507 26,518 44,522 44,533 493 142,577 868,815 869,823 1,011,885 1,012,893 Other Obligations related to securities sold short 29,285 – – – 29,285 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 255,922 18,309 18,309 274,231 274,231 Derivatives 109,927 – – – 109,927 109,927 Other liabilities (4) 80 86 65,712 65,719 65,878 65,885 Subordinated debentures – – 9,867 10,071 9,867 10,071 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. |
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy | Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy January 31, 2021 October 31, 2020 Fair value measurements using Netting adjustments Fair value measurements using Netting adjustments (Millions of Canadian dollars) Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 Fair value Financial assets Interest-bearing deposits with banks $ – $ 18,440 $ – $ 18,440 $ – $ 21,603 $ – $ $ 21,603 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 8,176 2,707 – 10,883 12,773 3,012 – 15,785 Provincial and municipal – 12,179 – 12,179 – 11,562 – 11,562 U.S. state, municipal and agencies (1) 594 39,321 39 39,954 1,508 35,029 44 36,581 Other OECD government (2) 3,653 2,982 – 6,635 3,085 3,380 – 6,465 Mortgage-backed securities (1) – 78 – 78 – 39 – 39 Asset-backed securities – Non-CDO securities (3) – 401 2 403 – 526 2 528 Corporate debt and other debt – 24,556 36 24,592 – 21,464 30 21,494 Equities 49,353 2,614 1,332 53,299 39,795 2,561 1,261 43,617 61,776 84,838 1,409 148,023 57,161 77,573 1,337 136,071 Investment Debt issued or guaranteed by: Canadian government (1) Federal 865 1,933 – 2,798 647 1,894 – 2,541 Provincial and municipal – 2,785 – 2,785 – 3,233 – 3,233 U.S. state, municipal and agencies (1) 58 35,465 – 35,523 160 38,364 – 38,524 Other OECD government – 6,263 – 6,263 – 7,345 – 7,345 Mortgage-backed securities (1) – 2,140 21 2,161 – 2,343 27 2,370 Asset-backed securities CDO – 6,883 – 6,883 – 7,414 – 7,414 Non-CDO securities – 759 – 759 – 854 – 854 Corporate debt and other debt – 18,922 154 19,076 – 18,954 160 19,114 Equities 46 147 336 529 38 152 335 525 969 75,297 511 76,777 845 80,553 522 81,920 Assets purchased under reverse repurchase agreements and securities borrowed – 253,348 – 253,348 – 264,394 – 264,394 Loans – 10,613 1,113 11,726 – 8,747 1,070 9,817 Other Derivatives Interest rate contracts – 46,829 386 47,215 1 53,720 501 54,222 Foreign exchange contracts – 46,696 75 46,771 – 39,246 57 39,303 Credit derivatives – 468 – 468 – 463 – 463 Other contracts 2,484 15,591 39 18,114 4,458 16,767 36 21,261 Valuation adjustments – (872 ) 8 (864 ) – (1,112 ) 8 (1,104 ) Total gross derivatives 2,484 108,712 508 111,704 4,459 109,084 602 114,145 Netting adjustments (787 ) (787 ) (657 ) (657 ) Total derivatives 110,917 113,488 Other assets 1,399 2,272 9 3,680 1,154 2,207 53 3,414 $ 66,628 $ 553,520 $ 3,550 (787 ) $ 622,911 $ 63,619 $ 564,161 $ 3,584 $ (657 ) $ 630,707 Financial liabilities Deposits Personal $ – $ 16,858 $ 169 $ 17,027 $ – $ 17,061 $ 139 $ $ 17,200 Business and government – 128,391 – 128,391 – 107,855 – 107,855 Bank – 13,765 – 13,765 – 18,015 – 18,015 Other Obligations related to securities sold short 13,279 19,290 – 32,569 12,484 16,801 – 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 250,747 – 250,747 – 255,922 – 255,922 Derivatives Interest rate contracts – 40,349 1,029 41,378 – 46,723 1,089 47,812 Foreign exchange contracts – 44,189 33 44,222 – 38,210 35 38,245 Credit derivatives – 586 – 586 – 531 – 531 Other contracts 3,111 17,400 139 20,650 5,734 18,041 337 24,112 Valuation adjustments – 50 (28 ) 22 – (84 ) (32 ) (116 ) Total gross derivatives 3,111 102,574 1,173 106,858 5,734 103,421 1,429 110,584 Netting adjustments (787 ) (787 ) (657 ) (657 ) Total derivatives 106,071 109,927 Other liabilities 130 1 13 144 118 10 38 166 $ 16,520 $ 531,626 $ 1,355 (787 ) $ 548,714 $ 18,336 $ 519,085 $ 1,606 $ (657 ) $ 538,370 (1) As at January 31, 2021, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were 16,622 million and (October 31, 2020 respectively, and in all fair value levels of Investment securities were 8,446 million 1 , million (2) OECD stands for Organisation for Economic Co-operation and Development. (3) CDO stands for collateralized debt obligations. |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3 For the three months ended January 31, 2021 (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 $ 44 $ – $ (1 ) $ – $ (4 ) $ – $ – $ 39 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 30 – – 3 – 14 (11 ) 36 – Equities 1,261 18 (33 ) 109 (23 ) – – 1,332 25 1,337 18 (34 ) 112 (27 ) 14 (11 ) 1,409 25 Investment Mortgage-backed securities 27 – (6 ) – – – – 21 n.a. Corporate debt and other debt 160 – (7 ) – 1 – – 154 n.a. Equities 335 – (1 ) – 2 – – 336 n.a. 522 – (14 ) – 3 – – 511 n.a. Loans 1,070 (5 ) 7 82 3 16 (60 ) 1,113 18 Other Net derivative balances (3) Interest rate contracts (588 ) 1 (1 ) (3 ) (39 ) (3 ) (10 ) (643 ) 2 Foreign exchange contracts 22 13 3 5 (6 ) 1 4 42 10 Other contracts (301 ) (11 ) 11 (17 ) 47 8 163 (100 ) 13 Valuation adjustments 40 – – – (4 ) – – 36 – Other assets 53 (39 ) (2 ) – (3 ) – – 9 (39 ) $ 2,155 $ (23 ) $ (30 ) $ 179 $ (26 ) $ 36 $ 86 $ 2,377 $ 29 Liabilities Deposits $ (139 ) $ (29 ) $ 3 $ (45 ) $ 13 $ (72 ) $ 100 $ (169 ) $ (25 ) Other Other liabilities (38 ) 22 1 – 2 – – (13 ) 22 $ (177 ) $ (7 ) $ 4 $ (45 ) $ 15 $ (72 ) $ 100 $ (182 ) $ (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 securities 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 $ (156 ) $ (1 ) $ – $ (174 ) $ 10 $ (16 ) $ 69 $ (268 ) $ 3 Other Other liabilities (60 ) (4 ) – 3 2 – – (59 ) (4 ) $ (216 ) $ (5 ) $ – $ (171 ) $ 12 $ (16 ) $ 69 $ (327 ) $ (1 ) (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 losses on Investment securities recognized in OCI were $3 million for the three months ended January 31, 2021 (January 31, 2020 – gains of (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at January 31, 2021 included derivative assets of $ 508 million 1,173 million n.a. not applicable |
Summary of Net Interest Income From Financial Instruments | For the three months ended (Millions of Canadian dollars) January 31 2021 January 31 2020 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 1,172 $ 2,985 Financial instruments measured at fair value through other comprehensive income 102 309 Financial instruments measured at amortized cost 5,962 6,944 7,236 10,238 Interest expense (1) Financial instruments measured at fair value through profit or loss 737 2,360 Financial instruments measured at amortized cost 1,464 2,657 2,201 5,017 Net interest income $ 5,035 $ 5,221 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Interim Consolidated Statements of Income. For the three months ended January 31, 2021, Interest and dividend income of million million (2) Includes dividend income for the three months ended January 31, 2021 of $608 million |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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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, 2021 October 31, 2020 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Debt issued or guaranteed by: Canadian government Federal (3) $ 2,840 $ 3 $ (45 ) $ 2,798 $ 2,562 $ 1 $ (22 ) $ 2,541 Provincial and municipal 2,821 10 (46 ) 2,785 3,237 27 (31 ) 3,233 U.S. state, municipal and agencies (3) 35,253 445 (175 ) 35,523 38,523 323 (322 ) 38,524 Other OECD government 6,260 11 (8 ) 6,263 7,336 11 (2 ) 7,345 Mortgage-backed securities (3) 2,177 2 (18 ) 2,161 2,418 5 (53 ) 2,370 Asset-backed securities CDO 6,885 1 (3 ) 6,883 7,504 – (90 ) 7,414 Non-CDO securities 752 8 (1 ) 759 859 2 (7 ) 854 Corporate debt and other debt 18,998 90 (12 ) 19,076 19,041 76 (3 ) 19,114 Equities 277 253 (1 ) 529 276 253 (4 ) 525 $ 76,263 $ 823 $ (309 ) $ 76,777 $ 81,756 $ 698 $ (534 ) $ 81,920 (1) Excludes $62,682 million (2) Gross unrealized gains and losses includes $5 million of allowance for credit losses on debt securities at FVOCI as at January 31, 2021 (October 31, 2020 – $8 million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, Gross unrealized gains, Gross unrealized losses and Fair value related to commercial MBS are $1,974 million, $1 million, $18 million and $1,957 million, respectively as at January 31, 2021 (October 31, 2020 – $2,185 million, $ nil, $48 million and $2,137 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, 2021 January 31, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 (2) Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 12 $ – $ (4 ) $ 8 $ 4 $ – $ (7 ) $ (3 ) Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 2 – – 2 2 – – 2 Sales and maturities (4 ) – – (4 ) – – – – Changes in risk, parameters and exposures (2 ) 3 (2 ) (1 ) – – (2 ) (2 ) Exchange rate and other (1 ) – 1 – – – – – Balance at end of period $ 7 $ 3 $ (5 ) $ 5 $ 6 $ – $ (9 ) $ (3 ) (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, 2021 January 31, 2020 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 $ 10 $ 19 $ – $ 29 $ 5 $ 19 $ – $ 24 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 3 – – 3 2 – – 2 Sales and maturities – – – – – – – – Changes in risk, parameters and exposures (5 ) 1 – (4 ) (2 ) (1 ) – (3 ) Exchange rate and other – (2 ) – (2 ) – (1 ) – (1 ) Balance at end of period $ 8 $ 18 $ – $ 26 $ 5 $ 17 $ – $ 22 |
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 2020 Annual Report. January 31, 2021 October 31, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 75,613 $ 36 $ – $ 75,649 $ 80,719 $ 87 $ – $ 80,806 Non-investment grade 447 – – 447 431 1 – 432 Impaired – – 152 152 – – 157 157 76,060 36 152 76,248 81,150 88 157 81,395 Items not subject to impairment (2) 529 525 $ 76,777 $ 81,920 Securities at amortized cost Investment grade $ 61,616 $ – $ – $ 61,616 $ 56,885 $ – $ – $ 56,885 Non-investment grade 840 252 – 1,092 647 320 – 967 Impaired – – – – – – – – 62,456 252 – 62,708 57,532 320 – 57,852 Allowance for credit losses 8 18 – 26 10 19 – 29 Amortized cost $ 62,448 $ 234 $ – $ 62,682 $ 57,522 $ 301 $ – $ 57,823 (1) Includes $152 million of purchased credit impaired securities (October 31, 2020 – $157 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, 2021 | |
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Disclosure of Allowance for Credit Losses | Allowance for credit losses For the three months ended January 31, 2021 January 31, 2020 (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 $ 518 $ 15 $ (7 ) $ (14 ) $ 512 $ 402 $ (7 ) $ (8 ) $ (20 ) $ 367 Personal 1,309 69 (59 ) (4 ) 1,315 935 121 (111 ) (5 ) 940 Credit cards 1,246 25 (69 ) (1 ) 1,201 832 177 (139 ) (2 ) 868 Small business 140 8 (5 ) – 143 61 14 (8 ) (1 ) 66 Wholesale 2,795 (11 ) (86 ) (76 ) 2,622 1,165 102 (41 ) (35 ) 1,191 Customers’ liability under acceptances 107 15 – (1 ) 121 24 14 – 1 39 $ 6,115 $ 121 $ (226 ) $ (96 ) $ 5,914 $ 3,419 $ 421 $ (307 ) $ (62 ) $ 3,471 Presented as: Allowance for loan losses $ 5,639 $ 5,478 $ 3,100 $ 3,139 Other liabilities – Provisions 363 309 295 292 Customers’ liability under acceptances 107 121 24 39 Other components of equity 6 6 – 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, 2021 January 31, 2020 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 $ 206 $ 160 $ 152 $ 518 $ 146 $ 77 $ 179 $ 402 Provision for credit losses Transfers to stage 1 74 (69 ) (5 ) – 27 (18 ) (9 ) – Transfers to stage 2 (6 ) 8 (2 ) – (4 ) 6 (2 ) – Transfers to stage 3 – (13 ) 13 – (1 ) (8 ) 9 – Originations 30 – – 30 16 – – 16 Maturities (6 ) (4 ) – (10 ) (4 ) (3 ) – (7 ) Changes in risk, parameters and exposures (104 ) 86 13 (5 ) (45 ) 29 – (16 ) Write-offs – – (9 ) (9 ) – – (12 ) (12 ) Recoveries – – 2 2 – – 4 4 Exchange rate and other (2 ) (6 ) (6 ) (14 ) (3 ) (3 ) (14 ) (20 ) Balance at end of period $ 192 $ 162 $ 158 $ 512 $ 132 $ 80 $ 155 $ 367 Personal Balance at beginning of period $ 480 $ 733 $ 96 $ 1,309 $ 272 $ 520 $ 143 $ 935 Provision for credit losses Transfers to stage 1 197 (196 ) (1 ) – 119 (119 ) – – Transfers to stage 2 (27 ) 27 – – (19 ) 19 – – Transfers to stage 3 (1 ) (14 ) 15 – (1 ) (20 ) 21 – Originations 33 – – 33 25 – – 25 Maturities (22 ) (27 ) – (49 ) (12 ) (23 ) – (35 ) Changes in risk, parameters and exposures (182 ) 198 69 85 (111 ) 141 101 131 Write-offs – – (94 ) (94 ) – – (149 ) (149 ) Recoveries – – 35 35 – – 38 38 Exchange rate and other (2 ) – (2 ) (4 ) – (1 ) (4 ) (5 ) Balance at end of period $ 476 $ 721 $ 118 $ 1,315 $ 273 $ 517 $ 150 $ 940 Credit cards Balance at beginning of period $ 364 $ 882 $ – $ 1,246 $ 173 $ 659 $ – $ 832 Provision for credit losses Transfers to stage 1 226 (226 ) – – 118 (118 ) – – Transfers to stage 2 (30 ) 30 – – (22 ) 22 – – Transfers to stage 3 (2 ) (60 ) 62 – – (88 ) 88 – Originations 2 – – 2 2 – – 2 Maturities (2 ) (8 ) – (10 ) (1 ) (8 ) – (9 ) Changes in risk, parameters and exposures (205 ) 231 7 33 (94 ) 227 51 184 Write-offs – – (106 ) (106 ) – – (174 ) (174 ) Recoveries – – 37 37 – – 35 35 Exchange rate and other – (1 ) – (1 ) (2 ) – – (2 ) Balance at end of period $ 353 $ 848 $ – $ 1,201 $ 174 $ 694 $ – $ 868 Small business Balance at beginning of period $ 78 $ 29 $ 33 $ 140 $ 29 $ 10 $ 22 $ 61 Provision for credit losses Transfers to stage 1 13 (13 ) – – 1 (1 ) – – Transfers to stage 2 (1 ) 1 – – (1 ) 1 – – Transfers to stage 3 – (1 ) 1 – – (1 ) 1 – Originations 9 – – 9 3 – – 3 Maturities (6 ) (3 ) – (9 ) (1 ) (1 ) – (2 ) Changes in risk, parameters and exposures (20 ) 20 8 8 (2 ) 4 11 13 Write-offs – – (7 ) (7 ) – – (10 ) (10 ) Recoveries – – 2 2 – – 2 2 Exchange rate and other 1 – (1 ) – – (1 ) – (1 ) Balance at end of period $ 74 $ 33 $ 36 $ 143 $ 29 $ 11 $ 26 $ 66 Wholesale Balance at beginning of period $ 995 $ 1,132 $ 668 $ 2,795 $ 281 $ 396 $ 488 $ 1,165 Provision for credit losses Transfers to stage 1 129 (129 ) – – 27 (26 ) (1 ) – Transfers to stage 2 (47 ) 61 (14 ) – (8 ) 9 (1 ) – Transfers to stage 3 (1 ) (15 ) 16 – (1 ) (18 ) 19 – Originations 207 – – 207 66 – – 66 Maturities (165 ) (139 ) – (304 ) (43 ) (53 ) – (96 ) Changes in risk, parameters and exposures (207 ) 257 36 86 (17 ) 99 50 132 Write-offs – – (98 ) (98 ) – – (54 ) (54 ) Recoveries – – 12 12 – – 13 13 Exchange rate and other (16 ) (22 ) (38 ) (76 ) (5 ) – (30 ) (35 ) Balance at end of period $ 895 $ 1,145 $ 582 $ 2,622 $ 300 $ 407 $ 484 $ 1,191 |
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 2020 Annual Report. As at January 31, 2021 October 31, 2020 (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 $ 280,049 $ 2,261 $ – $ 282,310 $ 270,396 $ 2,848 $ – $ 273,244 Medium risk 15,066 2,944 – 18,010 15,230 3,307 – 18,537 High risk 4,480 2,557 – 7,037 4,346 1,467 – 5,813 Not rated (1) 42,729 913 – 43,642 43,176 936 – 44,112 Impaired – – 678 678 – – 638 638 342,324 8,675 678 351,677 333,148 8,558 638 342,344 Items not subject to impairment (2) 255 253 Total $ 351,932 $ 342,597 Loans outstanding – Personal Low risk $ 70,029 $ 806 $ – $ 70,835 $ 71,245 $ 1,084 $ – $ 72,329 Medium risk 4,028 4,903 – 8,931 3,974 5,415 – 9,389 High risk 814 1,625 – 2,439 817 1,416 – 2,233 Not rated (1) 7,900 149 – 8,049 7,704 144 – 7,848 Impaired – – 242 242 – – 212 212 Total $ 82,771 $ 7,483 $ 242 $ 90,496 $ 83,740 $ 8,059 $ 212 $ 92,011 Loans outstanding – Credit cards Low risk $ 11,271 $ 31 $ – $ 11,302 $ 11,824 $ 63 $ – $ 11,887 Medium risk 1,404 1,931 – 3,335 1,596 2,360 – 3,956 High risk 124 1,083 – 1,207 132 1,105 – 1,237 Not rated (1) 479 56 – 535 490 56 – 546 Total $ 13,278 $ 3,101 $ – $ 16,379 $ 14,042 $ 3,584 $ – $ 17,626 Loans outstanding – Small business Low risk $ 3,766 $ 241 $ – $ 4,007 $ 2,034 $ 172 $ – $ 2,206 Medium risk 860 492 – 1,352 1,976 1,143 – 3,119 High risk 143 177 – 320 126 192 – 318 Not rated (1) 3 – – 3 9 – – 9 Impaired – – 90 90 – – 90 90 Total $ 4,772 $ 910 $ 90 $ 5,772 $ 4,145 $ 1,507 $ 90 $ 5,742 Undrawn loan commitments – Retail Low risk $ 217,435 $ 709 $ – $ 218,144 $ 214,176 $ 887 $ – $ 215,063 Medium risk 10,451 182 – 10,633 10,402 291 – 10,693 High risk 1,271 174 – 1,445 1,141 129 – 1,270 Not rated (1) 4,832 135 – 4,967 5,238 117 – 5,355 Total $ 233,989 $ 1,200 $ – $ 235,189 $ 230,957 $ 1,424 $ – $ 232,381 Wholesale – Loans outstanding Investment grade $ 53,719 $ 158 $ – $ 53,877 $ 50,998 $ 328 $ – $ 51,326 Non-investment grade 112,706 24,676 – 137,382 112,434 26,575 – 139,009 Not rated (1) 9,509 438 – 9,947 7,093 432 – 7,525 Impaired – – 1,862 1,862 – – 2,235 2,235 175,934 25,272 1,862 203,068 170,525 27,335 2,235 200,095 Items not subject to impairment (2) 10,394 8,560 Total $ 213,462 $ 208,655 Undrawn loan commitments – Wholesale Investment grade $ 237,339 $ 50 $ – $ 237,389 $ 242,244 $ 1,022 $ – $ 243,266 Non-investment grade 98,347 19,533 – 117,880 92,262 21,581 – 113,843 Not rated (1) 3,480 – – 3,480 3,918 – – 3,918 Total $ 339,166 $ 19,583 $ – $ 358,749 $ 338,424 $ 22,603 $ – $ 361,027 (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) , (2) As at January 31, 2021 October 31, 2020 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,620 $ 165 $ 1,785 $ 1,013 $ 129 $ 1,142 Wholesale 693 11 704 574 13 587 $ 2,313 $ 176 $ 2,489 $ 1,587 $ 142 $ 1,729 (1) Excludes loans less than 30 days past due as they are not generally representative of the borrowers’ ability to meet their payment obligations. (2) Loans in our payment deferral programs established to help clients manage through the challenges of the COVID-19 pandemic have been re-aged to current and are not aged further during the deferral period. Subsequent to the payment deferral period, loans will commence re-aging from current. 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 refinance, which can fluctuate based on business volumes. 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, 2021 | |
Text Block [Abstract] | |
Summary of Deposit Liabilities | As at January 31, 2021 October 31, 2020 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 188,943 $ 62,835 $ 96,526 $ 348,304 $ 182,745 $ 61,761 $ 98,546 $ 343,052 Business and government 318,203 17,399 324,462 660,064 315,472 16,585 292,254 624,311 Bank 14,687 728 30,814 46,229 12,502 956 31,064 44,522 $ 521,833 $ 80,962 $ 451,802 $ 1,054,597 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 Non-interest-bearing (4) Canada $ 130,607 $ 7,902 $ 362 $ 138,871 $ 123,402 $ 7,390 $ 368 $ 131,160 United States 42,239 – – 42,239 43,831 – – 43,831 Europe (5) 846 – – 846 654 – – 654 Other International 7,635 – – 7,635 7,372 – – 7,372 Interest-bearing (4) Canada 291,099 19,535 323,605 634,239 287,046 19,036 310,492 616,574 United States 6,417 52,669 68,274 127,360 7,190 52,046 57,037 116,273 Europe (5) 35, 883 856 44,226 80, 965 33,810 830 37,250 71,890 Other International 7,107 – 15,335 22,442 7,414 – 16,717 24,131 $ 521,833 $ 80,962 $ 451,802 $ 1,054,597 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 (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, 2021, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $375 billion, $34 billion, $47 billion and $33 billion, respectively (October 31, 2020 – $347 billion, $32 billion, $47 billion and $33 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 2021 October 31 2020 Within 1 year: less than 3 months $ 163,188 $ 121,144 3 to 6 months 51,329 62,892 6 to 12 months 76,645 78,676 1 to 2 years 38,429 32,950 2 to 3 years 40,418 42,201 3 to 4 years 23,849 26,749 4 to 5 years 26,055 24,651 Over 5 years 31,889 32,601 $ 451,802 $ 421,864 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 418,000 $ 388,000 |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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 2021 January 31 2020 January 31 2021 January 31 2020 Current service costs $ 90 $ 92 $ 11 $ 11 Net interest expense (income) 2 5 14 15 Remeasurements of other long term benefits – – 1 4 Administrative expense 3 4 – – Defined benefit pension expense 95 101 26 30 Defined contribution pension expense 66 63 – – $ 161 $ 164 $ 26 $ 30 |
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 2021 January 31 2020 January 31 2021 January 31 2020 Actuarial (gains) losses: Changes in financial assumptions (2) $ (12 ) $ 1,047 $ (22 ) $ 96 Return on plan assets (excluding interest based on discount rate) (1,024 ) (507 ) – – $ (1,036 ) $ 540 $ (22 ) $ 96 (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, 2021 | |
Text Block [Abstract] | |
Summary of Common Shares Issued | Common shares issued (1) For the three months ended January 31, 2021 January 31, 2020 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 496 $ 36 233 $ 18 Purchased for cancellation (3) – – (6,993 ) (86 ) 496 $ 36 (6,760 ) $ (68 ) (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, 2021 and January 31, 2020, 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, 2021, we did not purchase for cancellation any common shares. 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). |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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 2021 January 31 2020 Basic earnings per share Net income $ 3,847 $ 3,509 Dividends on preferred shares and distributions on other equity instruments (58 ) (65 ) Net income attributable to non-controlling interests (2 ) (5 ) Net income available to common shareholders 3,787 3,439 Weighted average number of common shares (in thousands) 1,423,350 1,427,599 Basic earnings per share (in dollars) $ 2.66 $ 2.41 Diluted earnings per share Net income available to common shareholders $ 3,787 $ 3,439 Dilutive impact of exchangeable shares – 4 Net income available to common shareholders including dilutive impact of exchangeable shares 3,787 3,443 Weighted average number of common shares (in thousands) 1,423,350 1,427,599 Stock options (1) 1,188 1,698 Issuable under other share-based compensation plans 742 750 Exchangeable shares (2) – 3,013 Average number of diluted common shares (in thousands) 1,425,280 1,433,060 Diluted earnings per share (in dollars) $ 2.66 $ 2.40 (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, 2021, an average of 1,690,512 outstanding options with an average price of $105.17 were 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. (2) Includes exchangeable preferred shares. |
Results by business segment (Ta
Results by business segment (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of operating segments | For the three months ended January 31, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,161 $ 666 $ – $ 91 $ 1,199 $ (82 ) $ 5,035 Non-interest income 1,402 2,721 1,809 474 1,509 (7 ) 7,908 Total revenue 4,563 3,387 1,809 565 2,708 (89 ) 12,943 Provision for credit losses 165 (29 ) – (2 ) (23 ) (1 ) 110 Insurance policyholder benefits, claims and acquisition expense – – 1,406 – – – 1,406 Non-interest expense 1,978 2,563 149 401 1,441 10 6,542 Income (loss) before income taxes 2,420 853 254 166 1,290 (98 ) 4,885 Income taxes (recoveries) 627 204 53 43 223 (112 ) 1,038 Net income $ 1,793 $ 649 $ 201 $ 123 $ 1,067 $ 14 $ 3,847 Non-interest expense includes: Depreciation and amortization $ 224 $ 220 $ 14 $ 49 $ 125 $ 1 $ 633 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 income 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 expense 1,984 2,370 153 402 1,435 34 6,378 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 expense includes: Depreciation and amortization $ 234 $ 210 $ 15 $ 50 $ 127 $ – $ 636 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. Total assets a nd total liabilities by business segment As at January 31, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 517,139 $ 127,868 $ 21,684 $ 256,491 $ 700,056 $ 47,913 $ 1,671,151 Total liabilities 517,104 127,844 21,764 256,423 699,884 (42,117 ) 1,580,902 As at October 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 509,679 $ 129,706 $ 21,253 $ 230,695 $ 688,054 $ 45,161 $ 1,624,548 Total liabilities 509,682 129,673 21,311 230,618 688,314 (41,817 ) 1,537,781 |
Capital management (Tables)
Capital management (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | During the first quarter of 2021, 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 2021 October 31 2020 Capital (1) CET1 capital $ 69,555 $ 68,082 Tier 1 capital 76,733 74,005 Total capital 86,543 84,928 Risk-weighted assets (1) Credit risk $ 458,162 $ 448,821 Market risk 28,449 27,374 Operational risk 70,908 70,047 Total RWA $ 557,519 $ 546,242 Capital ratios and Leverage ratio (1) CET1 ratio 12.5 12.5% Tier 1 capital ratio 13.8 13.5% Total capital ratio 15.5 15.5% Leverage ratio 4.8 4.8% Leverage ratio exposure (billions) $ 1,585.3 $ 1,552.9 (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI Leverage Requirements Guideline as updated in accordance with the regulatory guidance issued by OSFI in response to the COVID-19 pandemic. Both the CAR guideline and Leverage Requirements Guideline are based on the Basel III framework. |
Summary of significant accoun_4
Summary of significant accounting policies, estimates and judgments - Summary of Changes in our exposures To Financial Instruments (Detail) $ in Millions | Nov. 01, 2020CAD ($) |
Statement [Line Items] | |
Non-derivative financial assets | $ 86,965 |
Non-derivative financial liabilities | 8,818 |
Derivative notional | 7,368,480 |
Interest rate swap contract [member] | |
Statement [Line Items] | |
Non-derivative financial assets | 86,965 |
Non-derivative financial liabilities | 8,818 |
Derivative notional | 6,931,342 |
Interest rate swap contract [member] | USD LIBOR [member] | |
Statement [Line Items] | |
Non-derivative financial assets | 79,123 |
Non-derivative financial liabilities | 5,135 |
Derivative notional | 4,894,150 |
Interest rate swap contract [member] | GBP LIBOR [member] | |
Statement [Line Items] | |
Non-derivative financial assets | 7,518 |
Non-derivative financial liabilities | 1,227 |
Derivative notional | 1,773,893 |
Interest rate swap contract [member] | Other IBOR [member] | |
Statement [Line Items] | |
Non-derivative financial assets | 324 |
Non-derivative financial liabilities | 2,456 |
Derivative notional | 263,299 |
Currency swap contract [member] | |
Statement [Line Items] | |
Derivative notional | 437,138 |
Currency swap contract [member] | USD LIBRO - GBP LIBOR [member] | |
Statement [Line Items] | |
Derivative notional | 384,263 |
Currency swap contract [member] | Other Combinations [member] | |
Statement [Line Items] | |
Derivative notional | $ 52,875 |
Summary of significant accoun_5
Summary of significant accounting policies, estimates and judgments - Loan commitments referencing benchmark interest rates (Detail) $ in Millions | Nov. 01, 2020CAD ($) |
Statement [Line Items] | |
Undrawn borrowing facilities | $ 145,628 |
USD LIBOR [member] | |
Statement [Line Items] | |
Undrawn borrowing facilities | 136,725 |
GBP LIBOR [member] | |
Statement [Line Items] | |
Undrawn borrowing facilities | 7,533 |
Other IBOR [member] | |
Statement [Line Items] | |
Undrawn borrowing facilities | $ 1,370 |
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, 2021 | Oct. 31, 2020 |
Financial assets | ||
Interest-bearing deposits with banks | $ 33,731 | $ 39,013 |
Securities | ||
Trading | 148,023 | 136,071 |
Investment, net of applicable allowance | 139,459 | 139,743 |
Securities | 287,482 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 311,033 | 313,015 |
Loans, net of applicable allowance | ||
Loans, net | 672,563 | 660,992 |
Other | ||
Derivatives | 110,917 | 113,488 |
Deposits | ||
Personal | 348,304 | 343,052 |
Business and government | 660,064 | 624,311 |
Bank | 46,229 | 44,522 |
Deposits | 1,054,597 | 1,011,885 |
Other | ||
Obligations related to securities sold short | 32,569 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 274,907 | 274,231 |
Derivatives | 106,071 | 109,927 |
Subordinated debentures | 9,186 | 9,867 |
Financial assets classified as FVTPL [member] | ||
Securities | ||
Trading | 137,867 | 126,027 |
Securities | 137,867 | 126,027 |
Assets purchased under reverse repurchase agreements and securities borrowed | 253,348 | 264,394 |
Loans, net of applicable allowance | ||
Wholesale | 8,055 | 6,197 |
Loans, net | 8,055 | 6,197 |
Other | ||
Derivatives | 110,917 | 113,488 |
Other assets | 3,680 | 3,414 |
Financial assets designated as FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 18,440 | 21,603 |
Securities | ||
Trading | 10,156 | 10,044 |
Securities | 10,156 | 10,044 |
Loans, net of applicable allowance | ||
Retail | 255 | 253 |
Wholesale | 2,339 | 2,363 |
Loans, net | 2,594 | 2,616 |
Financial assets classified as FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 76,248 | 81,395 |
Securities | 76,248 | 81,395 |
Loans, net of applicable allowance | ||
Retail | 260 | 260 |
Wholesale | 817 | 744 |
Loans, net | 1,077 | 1,004 |
Financial assets designated as FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 529 | 525 |
Securities | 529 | 525 |
Financial liabilities classified as FVTPL [member] | ||
Deposits | ||
Personal | 182 | 104 |
Business and government | 445 | 389 |
Deposits | 627 | 493 |
Other | ||
Obligations related to securities sold short | 32,569 | 29,285 |
Derivatives | 106,071 | 109,927 |
Other liabilities | 35 | 80 |
Financial liabilities designated as FVTPL [member] | ||
Deposits | ||
Personal | 16,845 | 17,096 |
Business and government | 127,946 | 107,466 |
Bank | 13,765 | 18,015 |
Deposits | 158,556 | 142,577 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 250,747 | 255,922 |
Other liabilities | 109 | 86 |
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 | 15,291 | 17,410 |
Securities | ||
Investment, net of applicable allowance | 63,457 | 58,627 |
Securities | 63,457 | 58,627 |
Assets purchased under reverse repurchase agreements and securities borrowed | 57,686 | 48,621 |
Loans, net of applicable allowance | ||
Retail | 469,144 | 462,884 |
Wholesale | 202,128 | 198,753 |
Loans, net | 671,272 | 661,637 |
Other | ||
Other assets | 57,655 | 57,065 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 330,624 | 324,804 |
Business and government | 533,825 | 518,501 |
Bank | 32,466 | 26,518 |
Deposits | 896,915 | 869,823 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 24,160 | 18,309 |
Other liabilities | 67,041 | 65,719 |
Subordinated debentures | 9,475 | 10,071 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 33,731 | 39,013 |
Securities | ||
Trading | 148,023 | 136,071 |
Investment, net of applicable allowance | 139,459 | 139,743 |
Securities | 287,482 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 311,033 | 313,015 |
Loans, net of applicable allowance | ||
Retail | 461,566 | 454,942 |
Wholesale | 210,997 | 206,050 |
Loans, net | 672,563 | 660,992 |
Other | ||
Derivatives | 110,917 | 113,488 |
Other assets | 61,335 | 60,479 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 15,291 | 17,410 |
Securities | ||
Investment, net of applicable allowance | 62,682 | 57,823 |
Securities | 62,682 | 57,823 |
Assets purchased under reverse repurchase agreements and securities borrowed | 57,685 | 48,621 |
Loans, net of applicable allowance | ||
Retail | 461,051 | 454,429 |
Wholesale | 199,786 | 196,746 |
Loans, net | 660,837 | 651,175 |
Other | ||
Other assets | 57,655 | 57,065 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 33,731 | 39,013 |
Securities | ||
Trading | 148,023 | 136,071 |
Investment, net of applicable allowance | 140,234 | 140,547 |
Securities | 288,257 | 276,618 |
Assets purchased under reverse repurchase agreements and securities borrowed | 311,034 | 313,015 |
Loans, net of applicable allowance | ||
Retail | 469,659 | 463,397 |
Wholesale | 213,339 | 208,057 |
Loans, net | 682,998 | 671,454 |
Other | ||
Derivatives | 110,917 | 113,488 |
Other assets | 61,335 | 60,479 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 348,304 | 343,052 |
Business and government | 660,064 | 624,311 |
Bank | 46,229 | 44,522 |
Deposits | 1,054,597 | 1,011,885 |
Other | ||
Obligations related to securities sold short | 32,569 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 274,907 | 274,231 |
Derivatives | 106,071 | 109,927 |
Other liabilities | 67,160 | 65,878 |
Subordinated debentures | 9,186 | 9,867 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 331,277 | 325,852 |
Business and government | 531,673 | 516,456 |
Bank | 32,464 | 26,507 |
Deposits | 895,414 | 868,815 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 24,160 | 18,309 |
Other liabilities | 67,016 | 65,712 |
Subordinated debentures | 9,186 | 9,867 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 347,651 | 342,004 |
Business and government | 662,216 | 626,356 |
Bank | 46,231 | 44,533 |
Deposits | 1,056,098 | 1,012,893 |
Other | ||
Obligations related to securities sold short | 32,569 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 274,907 | 274,231 |
Derivatives | 106,071 | 109,927 |
Other liabilities | 67,185 | 65,885 |
Subordinated debentures | $ 9,475 | $ 10,071 |
Fair value of financial instr_4
Fair value of financial instrument - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jan. 31, 2021CAD ($) | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Changes in the fair value of the financial assets designated as at FVTPL attributable to changes in credit risk | $ 462 |
Derivative liabilities [member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 3 to Level 2 | 199 |
Personal deposits [member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 3 to Level 2 | 100 |
Derivative assets [member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 3 to Level 2 | 36 |
Other Contracts [member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 3 to Level 2 | 163 |
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 | $ 138 |
Fair value of financial instr_5
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | $ 7,236 | $ 10,238 |
Interest expense | 2,201 | 5,017 |
Net interest income | 5,035 | 5,221 |
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 | 1,172 | 2,985 |
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 | 102 | 309 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | 5,962 | 6,944 |
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 | 737 | 2,360 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | $ 1,464 | $ 2,657 |
Fair value of financial instr_6
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 1,809 | $ 1,994 |
Dividend income | 608 | 608 |
Interest and dividend income [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | 149 | 132 |
Interest expense [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 1 | $ 2 |
Fair value of financial instr_7
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, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Financial assets | ||||
Interest-bearing deposits with banks | $ 33,731 | $ 39,013 | ||
Trading | ||||
Trading securities | 148,023 | 136,071 | ||
Investment | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 311,033 | 313,015 | ||
Loans | 672,563 | 660,992 | ||
Derivatives | ||||
Derivatives | 110,917 | 113,488 | ||
Deposits | ||||
Personal | 348,304 | 343,052 | ||
Business and government | 660,064 | 624,311 | ||
Bank | 46,229 | 44,522 | ||
Other | ||||
Obligations related to securities sold short | 32,569 | 29,285 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 274,907 | 274,231 | ||
Derivatives | ||||
Total derivatives | 106,071 | 109,927 | ||
Netting adjustments [member] | ||||
Derivatives | ||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (787) | (657) | ||
Financial assets | (787) | (657) | ||
Derivatives | ||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (787) | (657) | ||
Financial liabilities | (787) | (657) | ||
Total gross fair value [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 61,776 | 57,161 | ||
Investment | ||||
Investment securities | 969 | 845 | ||
Derivatives | ||||
Total gross derivatives, assets | 2,484 | 4,459 | ||
Other assets | 1,399 | 1,154 | ||
Financial assets | 66,628 | 63,619 | ||
Other | ||||
Obligations related to securities sold short | 13,279 | 12,484 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 3,111 | 5,734 | ||
Other liabilities | 130 | 118 | ||
Financial liabilities | 16,520 | 18,336 | ||
Total gross fair value [member] | Level 2 [member] | ||||
Financial assets | ||||
Interest-bearing deposits with banks | 18,440 | 21,603 | ||
Trading | ||||
Trading securities | 84,838 | 77,573 | ||
Investment | ||||
Investment securities | 75,297 | 80,553 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 253,348 | 264,394 | ||
Loans | 10,613 | 8,747 | ||
Derivatives | ||||
Total gross derivatives, assets | 108,712 | 109,084 | ||
Other assets | 2,272 | 2,207 | ||
Financial assets | 553,520 | 564,161 | ||
Deposits | ||||
Personal | 16,858 | 17,061 | ||
Business and government | 128,391 | 107,855 | ||
Bank | 13,765 | 18,015 | ||
Other | ||||
Obligations related to securities sold short | 19,290 | 16,801 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 250,747 | 255,922 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 102,574 | 103,421 | ||
Other liabilities | 1 | 10 | ||
Financial liabilities | 531,626 | 519,085 | ||
Total gross fair value [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 1,409 | 1,337 | ||
Investment | ||||
Investment securities | 511 | 522 | ||
Loans | 1,113 | 1,070 | ||
Derivatives | ||||
Total gross derivatives, assets | 508 | 602 | ||
Other assets | 9 | 53 | ||
Financial assets | 3,550 | 3,584 | ||
Deposits | ||||
Personal | 169 | 139 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 1,173 | 1,429 | ||
Other liabilities | 13 | 38 | ||
Financial liabilities | 1,355 | 1,606 | ||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 8,176 | 12,773 | ||
Investment | ||||
Investment securities | 865 | 647 | ||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 2,707 | 3,012 | ||
Investment | ||||
Investment securities | 1,933 | 1,894 | ||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 12,179 | 11,562 | ||
Investment | ||||
Investment securities | 2,785 | 3,233 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 594 | 1,508 | ||
Investment | ||||
Investment securities | 58 | 160 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 39,321 | 35,029 | ||
Investment | ||||
Investment securities | 35,465 | 38,364 | ||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 39 | 44 | ||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 3,653 | 3,085 | ||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 2,982 | 3,380 | ||
Investment | ||||
Investment securities | 6,263 | 7,345 | ||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 78 | 39 | ||
Investment | ||||
Investment securities | 2,140 | 2,343 | ||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | ||||
Investment | ||||
Investment securities | 21 | 27 | ||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 401 | 526 | ||
Investment | ||||
Investment securities | 759 | 854 | ||
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 2 [member] | ||||
Trading | ||||
Trading securities | 24,556 | 21,464 | ||
Investment | ||||
Investment securities | 18,922 | 18,954 | ||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 36 | 30 | ||
Investment | ||||
Investment securities | 154 | 160 | ||
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | ||||
Trading | ||||
Trading securities | 49,353 | 39,795 | ||
Investment | ||||
Investment securities | 46 | 38 | ||
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | ||||
Trading | ||||
Trading securities | 2,614 | 2,561 | ||
Investment | ||||
Investment securities | 147 | 152 | ||
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | ||||
Trading | ||||
Trading securities | 1,332 | 1,261 | ||
Investment | ||||
Investment securities | 336 | 335 | ||
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | ||||
Investment | ||||
Investment securities | 6,883 | 7,414 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 1 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 1 | |||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 46,829 | 53,720 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 386 | 501 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 46,696 | 39,246 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 75 | 57 | ||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 468 | 463 | ||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 2,484 | 4,458 | ||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 15,591 | 16,767 | ||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 39 | 36 | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | (872) | (1,112) | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 8 | 8 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 40,349 | 46,723 | ||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 1,029 | 1,089 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 44,189 | 38,210 | ||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 33 | 35 | ||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 586 | 531 | ||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 3,111 | 5,734 | ||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 17,400 | 18,041 | ||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 139 | 337 | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 50 | (84) | ||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | (28) | (32) | ||
Recurring [member] | ||||
Financial assets | ||||
Interest-bearing deposits with banks | 18,440 | 21,603 | ||
Trading | ||||
Trading securities | 148,023 | 136,071 | ||
Investment | ||||
Investment securities | 76,777 | 81,920 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 253,348 | 264,394 | ||
Loans | 11,726 | 9,817 | ||
Derivatives | ||||
Total gross derivatives, assets | 111,704 | 114,145 | ||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (787) | (657) | ||
Derivatives | 110,917 | 113,488 | ||
Other assets | 3,680 | 3,414 | ||
Financial assets | 622,911 | 630,707 | ||
Deposits | ||||
Personal | 17,027 | 17,200 | ||
Business and government | 128,391 | 107,855 | ||
Bank | 13,765 | 18,015 | ||
Other | ||||
Obligations related to securities sold short | 32,569 | 29,285 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 250,747 | 255,922 | ||
Derivatives | ||||
Total gross derivatives, liabilities | 106,858 | 110,584 | ||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (787) | (657) | ||
Total derivatives | 106,071 | 109,927 | ||
Other liabilities | 144 | 166 | ||
Financial liabilities | 548,714 | 538,370 | ||
Recurring [member] | Level 3 [member] | ||||
Derivatives | ||||
Financial assets | 2,377 | 2,155 | $ 2,141 | $ 1,794 |
Derivatives | ||||
Financial liabilities | (182) | (177) | $ (327) | $ (216) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | ||||
Trading | ||||
Trading securities | 10,883 | 15,785 | ||
Investment | ||||
Investment securities | 2,798 | 2,541 | ||
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||||
Trading | ||||
Trading securities | 12,179 | 11,562 | ||
Investment | ||||
Investment securities | 2,785 | 3,233 | ||
Recurring [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||||
Trading | ||||
Trading securities | 39,954 | 36,581 | ||
Investment | ||||
Investment securities | 35,523 | 38,524 | ||
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | ||||
Trading | ||||
Trading securities | 6,635 | 6,465 | ||
Investment | ||||
Investment securities | 6,263 | 7,345 | ||
Recurring [member] | Mortgage-backed securities [member] | ||||
Trading | ||||
Trading securities | 78 | 39 | ||
Investment | ||||
Investment securities | 2,161 | 2,370 | ||
Recurring [member] | Asset- backed securities, Non-CDO [member] | ||||
Trading | ||||
Trading securities | 403 | 528 | ||
Investment | ||||
Investment securities | 759 | 854 | ||
Recurring [member] | Corporate debt and other debt [member] | ||||
Trading | ||||
Trading securities | 24,592 | 21,494 | ||
Investment | ||||
Investment securities | 19,076 | 19,114 | ||
Recurring [member] | Equity securities [member] | ||||
Trading | ||||
Trading securities | 53,299 | 43,617 | ||
Investment | ||||
Investment securities | 529 | 525 | ||
Recurring [member] | Asset-backed securities, CDO [member] | ||||
Investment | ||||
Investment securities | 6,883 | 7,414 | ||
Recurring [member] | Interest rate contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 47,215 | 54,222 | ||
Recurring [member] | Foreign exchange contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 46,771 | 39,303 | ||
Recurring [member] | Credit derivatives [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 468 | 463 | ||
Recurring [member] | Other contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | 18,114 | 21,261 | ||
Recurring [member] | Valuation adjustments [member] | ||||
Derivatives | ||||
Total gross derivatives, assets | (864) | (1,104) | ||
Recurring [member] | Interest rate contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 41,378 | 47,812 | ||
Recurring [member] | Foreign exchange contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 44,222 | 38,245 | ||
Recurring [member] | Credit derivatives [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 586 | 531 | ||
Recurring [member] | Other contracts [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | 20,650 | 24,112 | ||
Recurring [member] | Valuation adjustments [member] | ||||
Derivatives | ||||
Total gross derivatives, liabilities | $ 22 | $ (116) |
Fair value of financial instr_8
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, 2021 | Oct. 31, 2020 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 148,023 | $ 136,071 |
Investment securities | 139,459 | 139,743 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 16,622 | 20,520 |
Investment securities | 8,446 | 9,487 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 1,957 | $ 2,137 |
Fair value of financial instr_9
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, 2021 | Jan. 31, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | $ 630,707 | |
Fair value assets, ending balance | 622,911 | |
Fair value liabilities, beginning balance | 538,370 | |
Fair value liabilities, ending balance | 548,714 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 2,155 | $ 1,794 |
Gains (losses) included in earnings | (23) | (5) |
Gains (losses) included in OCI | (30) | 10 |
Purchases (issuances) | 179 | 362 |
Settlement (sales) and other | (26) | (43) |
Transfers into Level 3 | 36 | (7) |
Transfers out of Level 3 | 86 | 30 |
Fair value assets, ending balance | 2,377 | 2,141 |
Gains (losses) included in earnings for positions still held | 29 | 20 |
Fair value liabilities, beginning balance | (177) | (216) |
Gains (losses) included in earnings | (7) | (5) |
Gains (losses) included in OCI | 4 | |
Purchases (issuances) | (45) | (171) |
Settlement (sales) and other | 15 | 12 |
Transfers into Level 3 | (72) | (16) |
Transfers out of Level 3 | 100 | 69 |
Fair value liabilities, ending balance | (182) | (327) |
Gains (losses) included in earnings for positions still held | (3) | (1) |
Level 3 [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 522 | 474 |
Gains (losses) included in OCI | (14) | 5 |
Settlement (sales) and other | 3 | (1) |
Fair value assets, ending balance | 511 | 478 |
Level 3 [member] | Interest rate contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Gains (losses) included in OCI | (1) | |
Fair value net derivative, beginning balance | (588) | (585) |
Gains (losses) included in earnings | 1 | 4 |
Purchases (issuances) | (3) | (36) |
Settlement (sales) and other | (39) | 1 |
Transfers into Level 3 | (3) | |
Transfers out of Level 3 | (10) | 6 |
Fair value net derivative, ending balance | (643) | (610) |
Gains (losses) included in earnings for positions still held | 2 | 4 |
Level 3 [member] | Foreign exchange contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Gains (losses) included in OCI | 3 | |
Fair value net derivative, beginning balance | 22 | 21 |
Gains (losses) included in earnings | 13 | 1 |
Purchases (issuances) | 5 | 11 |
Settlement (sales) and other | (6) | |
Transfers into Level 3 | 1 | (5) |
Transfers out of Level 3 | 4 | (3) |
Fair value net derivative, ending balance | 42 | 25 |
Gains (losses) included in earnings for positions still held | 10 | (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 | (301) | (195) |
Gains (losses) included in earnings | (11) | (15) |
Gains (losses) included in OCI | 11 | 1 |
Purchases (issuances) | (17) | (2) |
Settlement (sales) and other | 47 | 8 |
Transfers into Level 3 | 8 | (10) |
Transfers out of Level 3 | 163 | 58 |
Fair value net derivative, ending balance | (100) | (155) |
Gains (losses) included in earnings for positions still held | 13 | (8) |
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 | 40 | 22 |
Settlement (sales) and other | (4) | (6) |
Fair value net derivative, ending balance | 36 | 16 |
Level 3 [member] | Other assets [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Gains (losses) included in OCI | (2) | |
Fair value net derivative, beginning balance | 53 | 77 |
Gains (losses) included in earnings | (39) | 7 |
Settlement (sales) and other | (3) | (4) |
Fair value net derivative, ending balance | 9 | 80 |
Gains (losses) included in earnings for positions still held | (39) | 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 | 160 | 153 |
Gains (losses) included in OCI | (7) | 5 |
Fair value assets, ending balance | 154 | 158 |
Settlement (sales) and other | 1 | |
Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 335 | 294 |
Gains (losses) included in OCI | (1) | |
Fair value assets, ending balance | 336 | 293 |
Settlement (sales) and other | 2 | (1) |
Level 3 [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,070 | 680 |
Gains (losses) included in earnings | (5) | 26 |
Gains (losses) included in OCI | 7 | |
Purchases (issuances) | 82 | 318 |
Settlement (sales) and other | 3 | (9) |
Transfers into Level 3 | 16 | 8 |
Transfers out of Level 3 | (60) | (28) |
Fair value assets, ending balance | 1,113 | 995 |
Gains (losses) included in earnings for positions still held | 18 | 28 |
Level 3 [member] | Mortgage-backed securities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 27 | 27 |
Gains (losses) included in OCI | (6) | |
Fair value assets, ending balance | 21 | 27 |
Level 3 [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,337 | 1,300 |
Gains (losses) included in earnings | 18 | (28) |
Gains (losses) included in OCI | (34) | 4 |
Purchases (issuances) | 112 | 71 |
Settlement (sales) and other | (27) | (32) |
Transfers into Level 3 | 14 | |
Transfers out of Level 3 | (11) | (3) |
Fair value assets, ending balance | 1,409 | 1,312 |
Gains (losses) included in earnings for positions still held | 25 | (10) |
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 | 44 | 58 |
Gains (losses) included in OCI | (1) | |
Settlement (sales) and other | (4) | (3) |
Fair value assets, ending balance | 39 | 55 |
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 | 2 |
Fair value assets, ending balance | 2 | 2 |
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 | 30 | 21 |
Gains (losses) included in earnings | (1) | |
Purchases (issuances) | 3 | |
Settlement (sales) and other | (1) | |
Transfers out of Level 3 | (11) | |
Fair value assets, ending balance | 36 | 19 |
Gains (losses) included in earnings for positions still held | (1) | |
Transfers into Level 3 | 14 | |
Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,261 | 1,219 |
Gains (losses) included in earnings | 18 | (27) |
Gains (losses) included in OCI | (33) | 4 |
Purchases (issuances) | 109 | 71 |
Settlement (sales) and other | (23) | (28) |
Transfers out of Level 3 | 0 | (3) |
Fair value assets, ending balance | 1,332 | 1,236 |
Gains (losses) included in earnings for positions still held | 25 | (9) |
Level 3 [member] | Deposits - Personal [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | (139) | (156) |
Gains (losses) included in earnings | (29) | (1) |
Gains (losses) included in OCI | 3 | |
Purchases (issuances) | (45) | (174) |
Settlement (sales) and other | 13 | 10 |
Transfers into Level 3 | (72) | (16) |
Transfers out of Level 3 | 100 | 69 |
Fair value liabilities, ending balance | (169) | (268) |
Gains (losses) included in earnings for positions still held | (25) | 3 |
Level 3 [member] | Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | (38) | (60) |
Gains (losses) included in earnings | 22 | (4) |
Gains (losses) included in OCI | 1 | |
Purchases (issuances) | 3 | |
Settlement (sales) and other | 2 | 2 |
Fair value liabilities, ending balance | (13) | (59) |
Gains (losses) included in earnings for positions still held | $ 22 | $ (4) |
Fair value of financial inst_10
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, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |||
Derivative assets | $ 110,917 | $ 113,488 | |
Derivative liabilities | 106,071 | 109,927 | |
Recurring [member] | |||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||
Derivative assets | 110,917 | 113,488 | |
Derivative liabilities | 106,071 | $ 109,927 | |
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 | 3 | $ 4 | |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | |||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||
Derivative assets | 508 | 529 | |
Derivative liabilities | $ 1,173 | $ 1,253 |
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, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 76,263 | $ 81,756 |
Gross unrealized gains | 823 | 698 |
Gross unrealized losses | (309) | (534) |
Fair value | 76,777 | 81,920 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,840 | 2,562 |
Gross unrealized gains | 3 | 1 |
Gross unrealized losses | (45) | (22) |
Fair value | 2,798 | 2,541 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,821 | 3,237 |
Gross unrealized gains | 10 | 27 |
Gross unrealized losses | (46) | (31) |
Fair value | 2,785 | 3,233 |
U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 35,253 | 38,523 |
Gross unrealized gains | 445 | 323 |
Gross unrealized losses | (175) | (322) |
Fair value | 35,523 | 38,524 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,260 | 7,336 |
Gross unrealized gains | 11 | 11 |
Gross unrealized losses | (8) | (2) |
Fair value | 6,263 | 7,345 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,177 | 2,418 |
Gross unrealized gains | 2 | 5 |
Gross unrealized losses | (18) | (53) |
Fair value | 2,161 | 2,370 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,885 | 7,504 |
Gross unrealized gains | 1 | |
Gross unrealized losses | (3) | (90) |
Fair value | 6,883 | 7,414 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 752 | 859 |
Gross unrealized gains | 8 | 2 |
Gross unrealized losses | (1) | (7) |
Fair value | 759 | 854 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 18,998 | 19,041 |
Gross unrealized gains | 90 | 76 |
Gross unrealized losses | (12) | (3) |
Fair value | 19,076 | 19,114 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 277 | 276 |
Gross unrealized gains | 253 | 253 |
Gross unrealized losses | (1) | (4) |
Fair value | $ 529 | $ 525 |
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, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 76,263 | $ 81,756 |
Allowance for credit losses on debt securities at FVOCI | 5 | 8 |
Gross unrealized gains on securities measured at FVOCI | 823 | 698 |
Gross unrealized losses on securities measured at FVOCI | 309 | 534 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 1,974 | 2,185 |
Gross unrealized gains on securities measured at FVOCI | 1 | 0 |
Gross unrealized losses on securities measured at FVOCI | 18 | 48 |
Fair value | 1,957 | 2,137 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 62,682 | $ 57,823 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Balance at beginning of period | $ 8 | $ (3) |
Provision for credit losses | ||
Purchases | 2 | 2 |
Sales and maturities | (4) | |
Changes in risk, parameters and exposures | (1) | (2) |
Balance at end of period | 5 | (3) |
Performing Stage one [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 12 | 4 |
Provision for credit losses | ||
Purchases | 2 | 2 |
Sales and maturities | (4) | |
Changes in risk, parameters and exposures | (2) | |
Exchange rate and other | (1) | |
Balance at end of period | 7 | 6 |
Performing Stage two [member] | ||
Provision for credit losses | ||
Changes in risk, parameters and exposures | 3 | |
Balance at end of period | 3 | |
Impaired Stage three [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | (4) | (7) |
Provision for credit losses | ||
Changes in risk, parameters and exposures | (2) | (2) |
Exchange rate and other | 1 | |
Balance at end of period | $ (5) | $ (9) |
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, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 29 | $ 24 |
Provision for credit losses | ||
Purchases | 3 | 2 |
Changes in risk, parameters and exposures | (4) | (3) |
Exchange rate and other | (2) | (1) |
Balance at end of period | 26 | 22 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 10 | 5 |
Provision for credit losses | ||
Purchases | 3 | 2 |
Changes in risk, parameters and exposures | (5) | (2) |
Balance at end of period | 8 | 5 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 19 | 19 |
Provision for credit losses | ||
Changes in risk, parameters and exposures | 1 | (1) |
Exchange rate and other | (2) | (1) |
Balance at end of period | $ 18 | $ 17 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 76,263 | $ 81,756 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 75,649 | 80,806 |
Non-investment grade | 447 | 432 |
Impaired | 152 | 157 |
Carrying amount of securities measured at FVOCI subject to impairment | 76,248 | 81,395 |
Items not subject to impairment | 529 | 525 |
Carrying amount of securities measured at FVOCI | 76,777 | 81,920 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 61,616 | 56,885 |
Non-investment grade | 1,092 | 967 |
Amount before allowance for credit losses | 62,708 | 57,852 |
Allowance for credit losses | 26 | 29 |
Amortized cost | 62,682 | 57,823 |
Performing Stage one [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 75,613 | 80,719 |
Non-investment grade | 447 | 431 |
Carrying amount of securities measured at FVOCI subject to impairment | 76,060 | 81,150 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 61,616 | 56,885 |
Non-investment grade | 840 | 647 |
Amount before allowance for credit losses | 62,456 | 57,532 |
Allowance for credit losses | 8 | 10 |
Amortized cost | 62,448 | 57,522 |
Performing Stage two [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 36 | 87 |
Non-investment grade | 1 | |
Carrying amount of securities measured at FVOCI subject to impairment | 36 | 88 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Non-investment grade | 252 | 320 |
Amount before allowance for credit losses | 252 | 320 |
Allowance for credit losses | 18 | 19 |
Amortized cost | 234 | 301 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 152 | 157 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 152 | $ 157 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 152 | $ 157 |
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, 2021 | Jan. 31, 2020 | |
Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 107 | $ 24 |
Provision for credit losses | 15 | 14 |
Exchange rate changes/other | (1) | 1 |
Balance at end of period | 121 | 39 |
Allowance for credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 6,115 | 3,419 |
Provision for credit losses | 121 | 421 |
Net write-offs | (226) | (307) |
Exchange rate changes/other | (96) | (62) |
Balance at end of period | 5,914 | 3,471 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 5,639 | 3,100 |
Balance at end of period | 5,478 | 3,139 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 363 | 295 |
Balance at end of period | 309 | 292 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 107 | 24 |
Balance at end of period | 121 | 39 |
Allowance for credit losses [member] | Other components of equity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 6 | |
Balance at end of period | 6 | 1 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 518 | 402 |
Provision for credit losses | 15 | (7) |
Net write-offs | (7) | (8) |
Exchange rate changes/other | (14) | (20) |
Balance at end of period | 512 | 367 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,309 | 935 |
Provision for credit losses | 69 | 121 |
Net write-offs | (59) | (111) |
Exchange rate changes/other | (4) | (5) |
Balance at end of period | 1,315 | 940 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,246 | 832 |
Provision for credit losses | 25 | 177 |
Net write-offs | (69) | (139) |
Exchange rate changes/other | (1) | (2) |
Balance at end of period | 1,201 | 868 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 140 | 61 |
Provision for credit losses | 8 | 14 |
Net write-offs | (5) | (8) |
Exchange rate changes/other | (1) | |
Balance at end of period | 143 | 66 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 2,795 | 1,165 |
Provision for credit losses | (11) | 102 |
Net write-offs | (86) | (41) |
Exchange rate changes/other | (76) | (35) |
Balance at end of period | $ 2,622 | $ 1,191 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 518 | $ 402 |
Provision for credit losses | ||
Originations | 30 | 16 |
Maturities | (10) | (7) |
Changes in risk, parameters and exposures | (5) | (16) |
Write-offs | (9) | (12) |
Recoveries | 2 | 4 |
Exchange rate and other | (14) | (20) |
Balance at end of period | 512 | 367 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 206 | 146 |
Provision for credit losses | ||
Transfers to Stage 1 | 74 | 27 |
Transfers to Stage 2 | (6) | (4) |
Transfers to Stage 3 | (1) | |
Originations | 30 | 16 |
Maturities | (6) | (4) |
Changes in risk, parameters and exposures | (104) | (45) |
Exchange rate and other | (2) | (3) |
Balance at end of period | 192 | 132 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 160 | 77 |
Provision for credit losses | ||
Transfers to Stage 1 | (69) | (18) |
Transfers to Stage 2 | 8 | 6 |
Transfers to Stage 3 | (13) | (8) |
Maturities | (4) | (3) |
Changes in risk, parameters and exposures | 86 | 29 |
Exchange rate and other | (6) | (3) |
Balance at end of period | 162 | 80 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 152 | 179 |
Provision for credit losses | ||
Transfers to Stage 1 | (5) | (9) |
Transfers to Stage 2 | (2) | (2) |
Transfers to Stage 3 | 13 | 9 |
Changes in risk, parameters and exposures | 13 | |
Write-offs | (9) | (12) |
Recoveries | 2 | 4 |
Exchange rate and other | (6) | (14) |
Balance at end of period | $ 158 | $ 155 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,309 | $ 935 |
Provision for credit losses | ||
Originations | 33 | 25 |
Maturities | (49) | (35) |
Changes in risk, parameters and exposures | 85 | 131 |
Write-offs | (94) | (149) |
Recoveries | 35 | 38 |
Exchange rate and other | (4) | (5) |
Balance at end of period | 1,315 | 940 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 480 | 272 |
Provision for credit losses | ||
Transfers to Stage 1 | 197 | 119 |
Transfers to Stage 2 | (27) | (19) |
Transfers to Stage 3 | (1) | (1) |
Originations | 33 | 25 |
Maturities | (22) | (12) |
Changes in risk, parameters and exposures | (182) | (111) |
Exchange rate and other | (2) | |
Balance at end of period | 476 | 273 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 733 | 520 |
Provision for credit losses | ||
Transfers to Stage 1 | (196) | (119) |
Transfers to Stage 2 | 27 | 19 |
Transfers to Stage 3 | (14) | (20) |
Maturities | (27) | (23) |
Changes in risk, parameters and exposures | 198 | 141 |
Exchange rate and other | (1) | |
Balance at end of period | 721 | 517 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 96 | 143 |
Provision for credit losses | ||
Transfers to Stage 1 | (1) | |
Transfers to Stage 3 | 15 | 21 |
Changes in risk, parameters and exposures | 69 | 101 |
Write-offs | (94) | (149) |
Recoveries | 35 | 38 |
Exchange rate and other | (2) | (4) |
Balance at end of period | $ 118 | $ 150 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,246 | $ 832 |
Provision for credit losses | ||
Originations | 2 | 2 |
Maturities | (10) | (9) |
Changes in risk, parameters and exposures | 33 | 184 |
Write-offs | (106) | (174) |
Recoveries | 37 | 35 |
Exchange rate and other | (1) | (2) |
Balance at end of period | 1,201 | 868 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 364 | 173 |
Provision for credit losses | ||
Transfers to Stage 1 | 226 | 118 |
Transfers to Stage 2 | (30) | (22) |
Transfers to Stage 3 | (2) | |
Originations | 2 | 2 |
Maturities | (2) | (1) |
Changes in risk, parameters and exposures | (205) | (94) |
Exchange rate and other | (2) | |
Balance at end of period | 353 | 174 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 882 | 659 |
Provision for credit losses | ||
Transfers to Stage 1 | (226) | (118) |
Transfers to Stage 2 | 30 | 22 |
Transfers to Stage 3 | (60) | (88) |
Maturities | (8) | (8) |
Changes in risk, parameters and exposures | 231 | 227 |
Exchange rate and other | (1) | |
Balance at end of period | 848 | 694 |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 62 | 88 |
Changes in risk, parameters and exposures | 7 | 51 |
Write-offs | (106) | (174) |
Recoveries | $ 37 | $ 35 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 140 | $ 61 |
Provision for credit losses | ||
Originations | 9 | 3 |
Maturities | (9) | (2) |
Changes in risk, parameters and exposures | 8 | 13 |
Write-offs | (7) | (10) |
Recoveries | 2 | 2 |
Exchange rate and other | (1) | |
Balance at end of period | 143 | 66 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 78 | 29 |
Provision for credit losses | ||
Transfers to Stage 1 | 13 | 1 |
Transfers to Stage 2 | (1) | (1) |
Originations | 9 | 3 |
Maturities | (6) | (1) |
Changes in risk, parameters and exposures | (20) | (2) |
Exchange rate and other | 1 | |
Balance at end of period | 74 | 29 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 29 | 10 |
Provision for credit losses | ||
Transfers to Stage 1 | (13) | (1) |
Transfers to Stage 2 | 1 | 1 |
Transfers to Stage 3 | (1) | (1) |
Maturities | (3) | (1) |
Changes in risk, parameters and exposures | 20 | 4 |
Exchange rate and other | (1) | |
Balance at end of period | 33 | 11 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 33 | 22 |
Provision for credit losses | ||
Transfers to Stage 3 | 1 | 1 |
Changes in risk, parameters and exposures | 8 | 11 |
Write-offs | (7) | (10) |
Recoveries | 2 | 2 |
Exchange rate and other | (1) | |
Balance at end of period | $ 36 | $ 26 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 2,795 | $ 1,165 |
Provision for credit losses | ||
Originations | 207 | 66 |
Maturities | (304) | (96) |
Changes in risk, parameters and exposures | 86 | 132 |
Write-offs | (98) | (54) |
Recoveries | 12 | 13 |
Exchange rate and other | (76) | (35) |
Balance at end of period | 2,622 | 1,191 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 995 | 281 |
Provision for credit losses | ||
Transfers to Stage 1 | 129 | 27 |
Transfers to Stage 2 | (47) | (8) |
Transfers to Stage 3 | (1) | (1) |
Originations | 207 | 66 |
Maturities | (165) | (43) |
Changes in risk, parameters and exposures | (207) | (17) |
Exchange rate and other | (16) | (5) |
Balance at end of period | 895 | 300 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,132 | 396 |
Provision for credit losses | ||
Transfers to Stage 1 | (129) | (26) |
Transfers to Stage 2 | 61 | 9 |
Transfers to Stage 3 | (15) | (18) |
Maturities | (139) | (53) |
Changes in risk, parameters and exposures | 257 | 99 |
Exchange rate and other | (22) | |
Balance at end of period | 1,145 | 407 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 668 | 488 |
Provision for credit losses | ||
Transfers to Stage 1 | (1) | |
Transfers to Stage 2 | (14) | (1) |
Transfers to Stage 3 | 16 | 19 |
Changes in risk, parameters and exposures | 36 | 50 |
Write-offs | (98) | (54) |
Recoveries | 12 | 13 |
Exchange rate and other | (38) | (30) |
Balance at end of period | $ 582 | $ 484 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses, Key Inputs and Assumptions - Additional Information (Detail) - $ / Perbarrel | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | |
Oil price (West Texas Intermediate) average price [member] | Downside Scenario [member] | Next Twelve Months [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers oil price per barrel | 24 | ||||
Oil price (West Texas Intermediate) average price [member] | Downside Scenario [member] | Next Two To Five Years [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers oil price per barrel | 35 | ||||
Oil price (West Texas Intermediate) average price [member] | Base Scenario [member] | Next Twelve Months [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers oil price per barrel | 50 | 43 | |||
Oil price (West Texas Intermediate) average price [member] | Base Scenario [member] | Next Two To Five Years [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers oil price per barrel | 51 | 48 | |||
Oil price (West Texas Intermediate) average price [member] | Upside Scenario [member] | Next Twelve Months [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers oil price per barrel | 59 | ||||
Oil price (West Texas Intermediate) average price [member] | Upside Scenario [member] | Next Two To Five Years [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers oil price per barrel | 52 | ||||
Canadian unemployment rate [member] | Quarterly Average [Member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 8.50% | ||||
US unemployment rate [member] | Quarterly Average [Member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 8.50% | 6.60% | |||
Canada GDP growth rate [member] | Events after reporting period [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 1.10% | ||||
Canada GDP growth rate [member] | Below Fourth Quarter 2020 Level | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 0.20% | 4.20% | |||
U.S. GDP growth rate [member] | Events after reporting period [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 1.90% | ||||
U.S. GDP growth rate [member] | Below Fourth Quarter 2020 Level | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 0.30% | 1.60% | |||
Canadian housing price index [member] | Downside Scenario [member] | Next Twelve Months [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | (29.60%) | ||||
Canadian housing price index [member] | Downside Scenario [member] | Next Two To Five Years [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 4.50% | ||||
Canadian housing price index [member] | Base Scenario [member] | Next Twelve Months [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 4.90% | 0.60% | |||
Canadian housing price index [member] | Base Scenario [member] | Next Two To Five Years [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 4.50% | 4.50% | |||
Canadian housing price index [member] | Upside Scenario [member] | Next Twelve Months [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 8.00% | ||||
Canadian housing price index [member] | Upside Scenario [member] | Next Two To Five Years [member] | |||||
Statement [Line Items] | |||||
Average value macroeconomic drivers percentage | 11.10% |
Loans and Allowance for Cred_10
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 351,677 | $ 342,344 |
Items not subject to impairment | 255 | 253 |
Gross carrying amount of financial assets | 351,932 | 342,597 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 282,310 | 273,244 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 18,010 | 18,537 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,037 | 5,813 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 43,642 | 44,112 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 678 | 638 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 342,324 | 333,148 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 280,049 | 270,396 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,066 | 15,230 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,480 | 4,346 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 42,729 | 43,176 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,675 | 8,558 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,261 | 2,848 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,944 | 3,307 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,557 | 1,467 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 913 | 936 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 678 | 638 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 678 | $ 638 |
Loans and Allowance for Cred_11
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 90,496 | $ 92,011 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 70,835 | 72,329 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,931 | 9,389 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,439 | 2,233 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,049 | 7,848 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 242 | 212 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 82,771 | 83,740 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 70,029 | 71,245 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,028 | 3,974 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 814 | 817 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,900 | 7,704 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,483 | 8,059 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 806 | 1,084 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,903 | 5,415 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,625 | 1,416 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 149 | 144 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 242 | 212 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 242 | $ 212 |
Loans and Allowance for Cred_12
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 16,379 | $ 17,626 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,302 | 11,887 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,335 | 3,956 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,207 | 1,237 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 535 | 546 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,278 | 14,042 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,271 | 11,824 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,404 | 1,596 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 124 | 132 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 479 | 490 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,101 | 3,584 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 31 | 63 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,931 | 2,360 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,083 | 1,105 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 56 | $ 56 |
Loans and Allowance for Cred_13
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 5,772 | $ 5,742 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,007 | 2,206 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,352 | 3,119 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 320 | 318 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3 | 9 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 90 | 90 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,772 | 4,145 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,766 | 2,034 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 860 | 1,976 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 143 | 126 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3 | 9 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 910 | 1,507 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 241 | 172 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 492 | 1,143 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 177 | 192 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 90 | 90 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 90 | $ 90 |
Loans and Allowance for Cred_14
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 235,189 | $ 232,381 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 218,144 | 215,063 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,633 | 10,693 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,445 | 1,270 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,967 | 5,355 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 233,989 | 230,957 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 217,435 | 214,176 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,451 | 10,402 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,271 | 1,141 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,832 | 5,238 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,200 | 1,424 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 709 | 887 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 182 | 291 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 174 | 129 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 135 | $ 117 |
Loans and Allowance for Cred_15
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 203,068 | $ 200,095 |
Items not subject to impairment | 10,394 | 8,560 |
Gross carrying amount of financial assets | 213,462 | 208,655 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 53,877 | 51,326 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 137,382 | 139,009 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,947 | 7,525 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,862 | 2,235 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 175,934 | 170,525 |
Stage one loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 53,719 | 50,998 |
Stage one loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 112,706 | 112,434 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,509 | 7,093 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 25,272 | 27,335 |
Stage two loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 158 | 328 |
Stage two loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 24,676 | 26,575 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 438 | 432 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,862 | 2,235 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1,862 | $ 2,235 |
Loans and Allowance for Cred_16
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, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 358,749 | $ 361,027 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 237,389 | 243,266 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 117,880 | 113,843 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,480 | 3,918 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 339,166 | 338,424 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 237,339 | 242,244 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 98,347 | 92,262 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,480 | 3,918 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 19,583 | 22,603 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 50 | 1,022 |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 19,533 | $ 21,581 |
Loans and Allowance for Cred_17
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 2,489 | $ 1,729 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,785 | 1,142 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 704 | 587 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 2,313 | 1,587 |
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 | 1,620 | 1,013 |
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 | 693 | 574 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 176 | 142 |
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 | 165 | 129 |
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 | $ 11 | $ 13 |
Loans and Allowance for Cred_18
Loans and Allowance for Credit Losses, Loan modifications - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Modified loans, in Stage 2 or Stage 3, Pre-modification | $ 0 | $ 0 |
Gross carrying amount of loans transferred to Stage 1 | $ 0 | $ 0 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Term | $ 451,802 | $ 421,864 |
Total deposits | 1,054,597 | 1,011,885 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 188,943 | 182,745 |
Notice | 62,835 | 61,761 |
Term | 96,526 | 98,546 |
Total deposits | 348,304 | 343,052 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 318,203 | 315,472 |
Notice | 17,399 | 16,585 |
Term | 324,462 | 292,254 |
Total deposits | 660,064 | 624,311 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 14,687 | 12,502 |
Notice | 728 | 956 |
Term | 30,814 | 31,064 |
Total deposits | 46,229 | 44,522 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 521,833 | 510,719 |
Notice | 80,962 | 79,302 |
Term | 451,802 | 421,864 |
Total deposits | 1,054,597 | 1,011,885 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 130,607 | 123,402 |
Notice | 7,902 | 7,390 |
Term | 362 | 368 |
Total deposits | 138,871 | 131,160 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 291,099 | 287,046 |
Notice | 19,535 | 19,036 |
Term | 323,605 | 310,492 |
Total deposits | 634,239 | 616,574 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 42,239 | 43,831 |
Total deposits | 42,239 | 43,831 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 6,417 | 7,190 |
Notice | 52,669 | 52,046 |
Term | 68,274 | 57,037 |
Total deposits | 127,360 | 116,273 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 846 | 654 |
Total deposits | 846 | 654 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 35,883 | 33,810 |
Notice | 856 | 830 |
Term | 44,226 | 37,250 |
Total deposits | 80,965 | 71,890 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,635 | 7,372 |
Total deposits | 7,635 | 7,372 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,107 | 7,414 |
Term | 15,335 | 16,717 |
Total deposits | $ 22,442 | $ 24,131 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Total deposits | $ 1,054,597 | $ 1,011,885 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 375,000 | 347,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 34,000 | 32,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 47,000 | 47,000 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 33,000 | $ 33,000 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 451,802 | $ 421,864 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 418,000 | 388,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 163,188 | 121,144 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 51,329 | 62,892 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 76,645 | 78,676 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 38,429 | 32,950 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 40,418 | 42,201 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 23,849 | 26,749 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 26,055 | 24,651 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 31,889 | $ 32,601 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of pension and other post employment plan [Line Items] | ||
Total pension and other post-employment benefit expense | $ 4,288 | $ 4,060 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 90 | 92 |
Net interest expense (income) | 2 | 5 |
Administrative expense | 3 | 4 |
Defined benefit pension expense | 95 | 101 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Defined contribution pension expense | 66 | 63 |
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 | 161 | 164 |
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 | 11 |
Net interest expense (income) | 14 | 15 |
Remeasurements of other long term benefits | 1 | 4 |
Defined benefit pension expense | 26 | 30 |
Total pension and other post-employment benefit expense | $ 26 | $ 30 |
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, 2021 | Jan. 31, 2020 | |
Defined benefit pension plans [member] | ||
Actuarial (gains) losses: | ||
Changes in financial assumptions | $ (12) | $ 1,047 |
Return on plan assets (excluding interest based on discount rate) | (1,024) | (507) |
Total remeasurements of employee benefit plans | (1,036) | 540 |
Other post employment benefit [member] | ||
Actuarial (gains) losses: | ||
Changes in financial assumptions | (22) | 96 |
Total remeasurements of employee benefit plans | $ (22) | $ 96 |
Significant capital and fundi_3
Significant capital and funding transactions - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions | Jan. 28, 2021 | Jan. 20, 2021 | Nov. 02, 2020 | Jan. 31, 2021 | Jan. 31, 2020 |
Disclosure of classes of share capital [line items] | |||||
Issue of share capital | $ 1,283 | $ 18 | |||
Limited Recourse Capital Notes [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Trust Assets | $ 1,250 | ||||
Stock Issue face value | $ / shares | $ 1,000 | ||||
Limited Recourse Capital Notes Series Two [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Interest rate | 4.00% | ||||
Maturity | February 24, 2081 | ||||
Borrowings adjustment to interest rate basis | 3.617% | ||||
Borrowings, interest rate basis | 5-year Government of Canada Yield plus 3.617% | ||||
Preferred Shares Series BQ [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Issue of share capital | $ 1,250 | ||||
Stock Issue face value | $ / shares | $ 1,000 | ||||
Subordinated debentures [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Dated subordinated liabilities | $ 1,500 | ||||
Interest rate | 3.31% | 1.67% | |||
Maturity | January 28, 2028 | January 20, 2026 | |||
Redemption date | Jan. 20, 2021 | ||||
Percentage of principal amount | 100.00% | ||||
Dated subordinated issued | $ 1,000 | ||||
Borrowings adjustment to interest rate basis | 0.55% | ||||
Borrowings, interest rate basis | January 28, 2033 |
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, 2021 | Jan. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Issued in connection with share-based compensation plans | $ (2) | $ 2 |
Purchased for cancellation | $ (727) | |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Issued in connection with share-based compensation plans, shares | 496 | 233 |
Purchased for cancellation, shares | (6,993) | |
Increase (decrease) in number of ordinary shares issued, shares | 496 | (6,760) |
Issued in connection with share-based compensation plans | $ 36 | $ 18 |
Purchased for cancellation | (86) | |
Increase (decrease) in equity | $ 36 | $ (68) |
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, 2021 | Jan. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Book value of shares purchased for cancellation | $ 727 | |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Fair value of shares purchased for cancellation | $ 0 | 727 |
Book value of shares purchased for cancellation | $ 86 | |
Average cost of shares purchased for cancellation | $ 0 | $ 104.02 |
Average book value of shares purchased for cancellation | $ 0 | $ 12.34 |
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, 2021 | Jan. 31, 2020 | |
Basic earnings per share | ||
Net income | $ 3,847 | $ 3,509 |
Dividends on preferred shares and distributions on other equity instruments | (59) | (66) |
Net income attributable to non-controlling interests | (2) | (5) |
Net income available to common shareholders | $ 3,787 | $ 3,439 |
Weighted average number of common shares (in thousands) | 1,423,350 | 1,427,599 |
Basic earnings per share (in dollars) | $ 2.66 | $ 2.41 |
Diluted earnings per share | ||
Net income available to common shareholders | $ 3,787 | $ 3,439 |
Dilutive impact of exchangeable shares | 4 | |
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 3,787 | $ 3,443 |
Weighted average number of common shares (in thousands) | 1,423,350 | 1,427,599 |
Stock options | 1,188 | 1,698 |
Issuable under other share-based compensation plans | 742 | 750 |
Exchangeable shares | 3,013 | |
Average number of diluted common shares (in thousands) | 1,425,280 | 1,433,060 |
Diluted earnings per share (in dollars) | $ 2.66 | $ 2.40 |
Equity attributable to shareholders [member] | ||
Basic earnings per share | ||
Net income | $ 3,845 | $ 3,504 |
Dividends on preferred shares and distributions on other equity instruments | $ (58) | $ (65) |
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, 2021 | Jan. 31, 2020 | |
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 1,690,512,000 | 0 |
Average exercise price | $ 105.17 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 5,035 | $ 5,221 | |
Non-interest income | 7,908 | 7,615 | |
Total revenue | 12,943 | 12,836 | |
Provision for credit losses | 110 | 419 | |
Insurance policyholder benefits, claims and acquisition expense | 1,406 | 1,614 | |
Non-interest expense | 6,542 | 6,378 | |
Net income (loss) before income taxes | 4,885 | 4,425 | |
Income taxes (recoveries) | 1,038 | 916 | |
Net income | 3,847 | 3,509 | |
Non-interest expense includes: | |||
Depreciation and amortization | 633 | 636 | |
Total assets | 1,671,151 | $ 1,624,548 | |
Total liabilities | 1,580,902 | 1,537,781 | |
Operating segments [member] | Personal & Commercial Banking [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 3,161 | 3,226 | |
Non-interest income | 1,402 | 1,384 | |
Total revenue | 4,563 | 4,610 | |
Provision for credit losses | 165 | 342 | |
Non-interest expense | 1,978 | 1,984 | |
Net income (loss) before income taxes | 2,420 | 2,284 | |
Income taxes (recoveries) | 627 | 598 | |
Net income | 1,793 | 1,686 | |
Non-interest expense includes: | |||
Depreciation and amortization | 224 | 234 | |
Total assets | 517,139 | 509,679 | |
Total liabilities | 517,104 | 509,682 | |
Operating segments [member] | Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 666 | 738 | |
Non-interest income | 2,721 | 2,428 | |
Total revenue | 3,387 | 3,166 | |
Provision for credit losses | (29) | (2) | |
Non-interest expense | 2,563 | 2,370 | |
Net income (loss) before income taxes | 853 | 798 | |
Income taxes (recoveries) | 204 | 175 | |
Net income | 649 | 623 | |
Non-interest expense includes: | |||
Depreciation and amortization | 220 | 210 | |
Total assets | 127,868 | 129,706 | |
Total liabilities | 127,844 | 129,673 | |
Operating segments [member] | Insurance [member] | |||
Disclosure of operating segments [line items] | |||
Non-interest income | 1,809 | 1,994 | |
Total revenue | 1,809 | 1,994 | |
Insurance policyholder benefits, claims and acquisition expense | 1,406 | 1,614 | |
Non-interest expense | 149 | 153 | |
Net income (loss) before income taxes | 254 | 227 | |
Income taxes (recoveries) | 53 | 46 | |
Net income | 201 | 181 | |
Non-interest expense includes: | |||
Depreciation and amortization | 14 | 15 | |
Total assets | 21,684 | 21,253 | |
Total liabilities | 21,764 | 21,311 | |
Operating segments [member] | Investor & Treasury Services [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 91 | 58 | |
Non-interest income | 474 | 539 | |
Total revenue | 565 | 597 | |
Provision for credit losses | (2) | ||
Non-interest expense | 401 | 402 | |
Net income (loss) before income taxes | 166 | 195 | |
Income taxes (recoveries) | 43 | 52 | |
Net income | 123 | 143 | |
Non-interest expense includes: | |||
Depreciation and amortization | 49 | 50 | |
Total assets | 256,491 | 230,695 | |
Total liabilities | 256,423 | 230,618 | |
Operating segments [member] | Capital Markets [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,199 | 1,161 | |
Non-interest income | 1,509 | 1,387 | |
Total revenue | 2,708 | 2,548 | |
Provision for credit losses | (23) | 79 | |
Non-interest expense | 1,441 | 1,435 | |
Net income (loss) before income taxes | 1,290 | 1,034 | |
Income taxes (recoveries) | 223 | 152 | |
Net income | 1,067 | 882 | |
Non-interest expense includes: | |||
Depreciation and amortization | 125 | 127 | |
Total assets | 700,056 | 688,054 | |
Total liabilities | 699,884 | 688,314 | |
Unallocated amounts [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | (82) | 38 | |
Non-interest income | (7) | (117) | |
Total revenue | (89) | (79) | |
Provision for credit losses | (1) | ||
Non-interest expense | 10 | 34 | |
Net income (loss) before income taxes | (98) | (113) | |
Income taxes (recoveries) | (112) | (107) | |
Net income | 14 | $ (6) | |
Non-interest expense includes: | |||
Depreciation and amortization | 1 | ||
Total assets | 47,913 | 45,161 | |
Total liabilities | $ (42,117) | $ (41,817) |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Capital | ||
CET1 capital | $ 69,555 | $ 68,082 |
Tier 1 capital | 76,733 | 74,005 |
Total capital | 86,543 | 84,928 |
Risk-weighted assets (RWA) used in calculation of capital ratios | ||
Credit risk | 458,162 | 448,821 |
Market risk | 28,449 | 27,374 |
Operational risk | 70,908 | 70,047 |
Total RWA | $ 557,519 | $ 546,242 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 12.50% | 12.50% |
Tier 1 capital ratio | 13.80% | 13.50% |
Total capital ratio | 15.50% | 15.50% |
Leverage ratio | 4.80% | 4.80% |
Leverage ratio exposure (billions) | $ 1,585.3 | $ 1,552.9 |