Cover Page
Cover Page | 6 Months Ended |
Apr. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
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 | Apr. 30, 2021 | Oct. 31, 2020 |
Assets | ||
Cash and due from banks | $ 114,307 | $ 118,888 |
Interest-bearing deposits with banks | 63,438 | 39,013 |
Securities | ||
Trading | 125,733 | 136,071 |
Investment, net of applicable allowance (Note 4) | 129,419 | 139,743 |
Securities | 255,152 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 308,031 | 313,015 |
Loans (Note 5) | ||
Retail | 476,230 | 457,976 |
Wholesale | 202,427 | 208,655 |
Loans | 678,657 | 666,631 |
Allowance for loan losses (Note 5) | (5,146) | (5,639) |
Loans, net | 673,511 | 660,992 |
Segregated fund net assets | 2,338 | 1,922 |
Other | ||
Customers' liability under acceptances | 18,817 | 18,507 |
Derivatives | 97,236 | 113,488 |
Premises and equipment | 7,601 | 7,934 |
Goodwill | 10,816 | 11,302 |
Other intangibles | 4,497 | 4,752 |
Other assets | 59,572 | 58,921 |
Total other assets | 198,539 | 214,904 |
Total assets | 1,615,316 | 1,624,548 |
Deposits (Note 6) | ||
Personal | 348,114 | 343,052 |
Business and government | 644,283 | 624,311 |
Bank | 40,926 | 44,522 |
Total deposits | 1,033,323 | 1,011,885 |
Segregated fund net liabilities | 2,338 | 1,922 |
Other | ||
Acceptances | 18,942 | 18,618 |
Obligations related to securities sold short | 31,817 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 257,049 | 274,231 |
Derivatives | 92,402 | 109,927 |
Insurance claims and policy benefit liabilities | 12,109 | 12,215 |
Other liabilities | 65,500 | 69,831 |
Total other liabilities | 477,819 | 514,107 |
Subordinated debentures (Note 9) | 9,014 | 9,867 |
Total liabilities | 1,522,494 | 1,537,781 |
Equity attributable to shareholders | ||
Retained earnings | 66,163 | 59,806 |
Other components of equity | 1,683 | 3,414 |
Total equity attributable to shareholders | 92,735 | 86,664 |
Non-controlling interests | 87 | 103 |
Total equity | 92,822 | 86,767 |
Total liabilities and equity | 1,615,316 | 1,624,548 |
Preferred shares and other equity instruments [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 9) | 7,191 | 5,945 |
Common shares [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 9) | $ 17,698 | $ 17,499 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Interest and dividend income (Note 3) | ||||
Loans | $ 5,296 | $ 5,937 | $ 10,803 | $ 12,295 |
Securities | 1,217 | 1,730 | 2,493 | 3,472 |
Assets purchased under reverse repurchase agreements and securities borrowed | 322 | 1,492 | 711 | 3,501 |
Deposits and other | 63 | 67 | 127 | 196 |
Interest and dividend income | 6,898 | 9,226 | 14,134 | 19,464 |
Interest expense (Note 3) | ||||
Deposits and other | 1,392 | 2,337 | 2,900 | 5,357 |
Other liabilities | 609 | 1,343 | 1,250 | 3,257 |
Subordinated debentures | 43 | 81 | 95 | 164 |
Interest expense | 2,044 | 3,761 | 4,245 | 8,778 |
Net interest income | 4,854 | 5,465 | 9,889 | 10,686 |
Non-interest income | ||||
Insurance premiums, investment and fee income | 536 | 197 | 2,345 | 2,191 |
Trading revenue | 377 | (66) | 901 | 392 |
Investment management and custodial fees | 1,711 | 1,500 | 3,414 | 3,035 |
Mutual fund revenue | 1,014 | 890 | 2,014 | 1,836 |
Securities brokerage commissions | 431 | 460 | 832 | 778 |
Service charges | 460 | 468 | 918 | 956 |
Underwriting and other advisory fees | 747 | 544 | 1,337 | 1,171 |
Foreign exchange revenue, other than trading | 292 | 280 | 581 | 533 |
Card service revenue | 281 | 212 | 553 | 499 |
Credit fees | 368 | 304 | 700 | 664 |
Net gains on investment securities | 82 | 45 | 117 | 56 |
Share of profit in joint ventures and associates | 24 | 15 | 49 | 37 |
Other | 441 | 19 | 911 | 335 |
Non-interest income | 6,764 | 4,868 | 14,672 | 12,483 |
Total revenue | 11,618 | 10,333 | 24,561 | 23,169 |
Provision for credit losses (Notes 4 and 5) | (96) | 2,830 | 14 | 3,249 |
Insurance policyholder benefits, claims and acquisition expense | 149 | (177) | 1,555 | 1,437 |
Non-interest expense | ||||
Human resources (Note 7) | 4,152 | 3,573 | 8,440 | 7,633 |
Equipment | 487 | 468 | 980 | 930 |
Occupancy | 400 | 417 | 804 | 814 |
Communications | 212 | 252 | 425 | 502 |
Professional fees | 314 | 324 | 605 | 608 |
Amortization of other intangibles | 318 | 315 | 637 | 618 |
Other | 496 | 593 | 1,030 | 1,215 |
Non-interest expense | 6,379 | 5,942 | 12,921 | 12,320 |
Income before income taxes | 5,186 | 1,738 | 10,071 | 6,163 |
Income taxes | 1,171 | 257 | 2,209 | 1,173 |
Net income | 4,015 | 1,481 | 7,862 | 4,990 |
Net income attributable to: | ||||
Shareholders | 4,014 | 1,484 | 7,859 | 4,988 |
Non-controlling interests | 1 | (3) | 3 | 2 |
Net income | $ 4,015 | $ 1,481 | $ 7,862 | $ 4,990 |
Basic earnings per share (in dollars) (Note 10) | $ 2.76 | $ 1 | $ 5.42 | $ 3.41 |
Diluted earnings per share (in dollars) (Note 10) | 2.76 | 1 | 5.42 | 3.40 |
Dividends per common share (in dollars) | $ 1.08 | $ 1.08 | $ 2.16 | $ 2.13 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of comprehensive income [abstract] | ||||
Net income | $ 4,015 | $ 1,481 | $ 7,862 | $ 4,990 |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | ||||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (79) | (989) | 290 | (806) |
Provision for credit losses recognized in income | 15 | 24 | 13 | 23 |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (66) | (64) | (102) | (73) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (130) | (1,029) | 201 | (856) |
Foreign currency translation adjustments | ||||
Unrealized foreign currency translation gains (losses) | (2,466) | 2,937 | (4,634) | 3,348 |
Net foreign currency translation gains (losses) from hedging activities | 1,035 | (1,126) | 1,827 | (1,304) |
Reclassification of losses (gains) on foreign currency translation to income | (7) | 0 | (7) | 0 |
Foreign currency translation adjustments | (1,438) | 1,811 | (2,814) | 2,044 |
Net change in cash flow hedges | ||||
Net gains (losses) on derivatives designated as cash flow hedges | 669 | (1,103) | 796 | (1,277) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 33 | 108 | 78 | 100 |
Net change in cash flow hedges | 702 | (995) | 874 | (1,177) |
Items that will not be reclassified subsequently to income: | ||||
Remeasurements of employee benefit plans (Note 7) | 938 | 457 | 1,719 | (12) |
Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | 88 | 662 | (36) | 553 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | (5) | 20 | (1) | 21 |
Total items that will not be reclassified subsequently to income | 1,021 | 1,139 | 1,682 | 562 |
Total other comprehensive income (loss), net of taxes | 155 | 926 | (57) | 573 |
Total comprehensive income (loss) | 4,170 | 2,407 | 7,805 | 5,563 |
Total comprehensive income attributable to: | ||||
Shareholders | 4,173 | 2,404 | 7,810 | 5,555 |
Non-controlling interests | (3) | 3 | (5) | 8 |
Total comprehensive income (loss) | 4,170 | 2,407 | 7,805 | 5,563 |
Income taxes on other comprehensive income | ||||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (49) | (147) | (2) | (92) |
Provision for credit losses recognized in income | 6 | 3 | 6 | 3 |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (10) | (23) | (23) | (26) |
Unrealized foreign currency translation gains (losses) | 0 | 1 | 2 | 1 |
Net foreign currency translation gains (losses) from hedging activities | 354 | (384) | 620 | (446) |
Net gains (losses) on derivatives designated as cash flow hedges | 238 | (394) | 283 | (457) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 12 | 39 | 28 | 36 |
Remeasurements of employee benefit plans | 331 | 165 | 608 | (2) |
Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | 31 | 237 | (13) | 198 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | (1) | 7 | (1) | 5 |
Total income tax expenses (recoveries) | $ 912 | $ (496) | $ 1,508 | $ (780) |
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 | 44 | 44 | 44 | ||||||||||
Common shares purchased for cancellation | (814) | $ (97) | (97) | (717) | (814) | ||||||||
Redemption of preferred shares and other equity instruments | (8) | (8) | (8) | ||||||||||
Sales of treasury shares and other equity instruments | 3,234 | 63 | 3,171 | 3,234 | |||||||||
Purchases of treasury shares and other equity instruments | (3,251) | (63) | (3,188) | (3,251) | |||||||||
Share-based compensation awards | 44 | ||||||||||||
Dividends on common shares | (3,034) | (3,034) | (3,034) | ||||||||||
Dividends on preferred shares and distributions on other equity instruments | (133) | (129) | (129) | (4) | |||||||||
Other | (79) | (78) | (78) | (1) | |||||||||
Net income | 4,990 | 4,988 | 4,988 | 2 | |||||||||
Total other comprehensive income (loss), net of taxes | 573 | 562 | 5 | 567 | 6 | (856) | 2,038 | (1,177) | |||||
Balance at end of period at Apr. 30, 2020 | 85,040 | 5,698 | 17,592 | 1 | (75) | 57,466 | 4,253 | 84,935 | 105 | (823) | 6,259 | (1,183) | |
Balance at beginning 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) | |
Changes in equity | |||||||||||||
Issues of share capital and other equity instruments | 26 | 26 | 26 | ||||||||||
Common shares purchased for cancellation | (87) | (11) | (11) | (76) | (87) | ||||||||
Sales of treasury shares and other equity instruments | 1,635 | 30 | 1,605 | 1,635 | |||||||||
Purchases of treasury shares and other equity instruments | (1,638) | (30) | (1,608) | (1,638) | |||||||||
Share-based compensation awards | (2) | 26 | (2) | (2) | |||||||||
Dividends on common shares | (1,538) | (1,538) | (1,538) | ||||||||||
Dividends on preferred shares and distributions on other equity instruments | (67) | (64) | (64) | (3) | |||||||||
Other | 243 | 244 | 244 | (1) | |||||||||
Net income | 1,481 | 1,484 | 1,484 | (3) | |||||||||
Total other comprehensive income (loss), net of taxes | 926 | 1,139 | (219) | 920 | 6 | (1,029) | 1,805 | (995) | |||||
Balance at end of period at Apr. 30, 2020 | 85,040 | 5,698 | 17,592 | 1 | (75) | 57,466 | 4,253 | 84,935 | 105 | (823) | 6,259 | (1,183) | |
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 | 1,308 | 1,250 | 61 | (3) | 1,308 | ||||||||
Sales of treasury shares and other equity instruments | 2,141 | 199 | 1,942 | 2,141 | |||||||||
Purchases of treasury shares and other equity instruments | (2,007) | (203) | (1,804) | (2,007) | |||||||||
Share-based compensation awards | (4) | 61 | (4) | (4) | |||||||||
Dividends on common shares | (3,079) | (3,079) | (3,079) | ||||||||||
Dividends on preferred shares and distributions on other equity instruments | (136) | (134) | (134) | (2) | |||||||||
Other | 27 | 36 | 36 | (9) | |||||||||
Net income | 7,862 | 7,859 | 7,859 | 3 | |||||||||
Total other comprehensive income (loss), net of taxes | (57) | 1,682 | (1,731) | (49) | (8) | 201 | (2,806) | 874 | |||||
Balance at end of period at Apr. 30, 2021 | 92,822 | 7,198 | 17,689 | (7) | 9 | 66,163 | 1,683 | 92,735 | 87 | 62 | 1,826 | (205) | |
Balance at beginning 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) | |
Changes in equity | |||||||||||||
Issues of share capital and other equity instruments | 25 | 25 | 0 | 25 | |||||||||
Sales of treasury shares and other equity instruments | 1,192 | 153 | 1,039 | 1,192 | |||||||||
Purchases of treasury shares and other equity instruments | (1,181) | (177) | (1,004) | (1,181) | |||||||||
Share-based compensation awards | (2) | $ 25 | (2) | (2) | |||||||||
Dividends on common shares | (1,540) | (1,540) | (1,540) | ||||||||||
Dividends on preferred shares and distributions on other equity instruments | (77) | (76) | (76) | (1) | |||||||||
Other | (14) | (5) | (5) | (9) | |||||||||
Net income | 4,015 | 4,014 | 4,014 | 1 | |||||||||
Total other comprehensive income (loss), net of taxes | 155 | 1,021 | (862) | 159 | (4) | (130) | (1,434) | 702 | |||||
Balance at end of period at Apr. 30, 2021 | $ 92,822 | $ 7,198 | $ 17,689 | $ (7) | $ 9 | $ 66,163 | $ 1,683 | $ 92,735 | $ 87 | $ 62 | $ 1,826 | $ (205) |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Cash flows from operating activities | ||||
Net income | $ 4,015 | $ 1,481 | $ 7,862 | $ 4,990 |
Adjustments for non-cash items and others | ||||
Provision for credit losses | (96) | 2,830 | 14 | 3,249 |
Depreciation | 318 | 326 | 632 | 659 |
Deferred income taxes | 454 | (428) | 786 | (414) |
Amortization and impairment of other intangibles | 319 | 316 | 639 | 627 |
Net changes in investments in joint ventures and associates | (24) | (13) | (48) | (35) |
Losses (Gains) on investment securities | (82) | (86) | (123) | (98) |
Losses (Gains) on disposition of businesses | (26) | (26) | 8 | |
Adjustments for net changes in operating assets and liabilities | ||||
Insurance claims and policy benefit liabilities | (645) | (876) | (106) | (18) |
Net change in accrued interest receivable and payable | (138) | (231) | (359) | (329) |
Current income taxes | 394 | (699) | 673 | (954) |
Derivative assets | 13,681 | (46,825) | 16,252 | (39,247) |
Derivative liabilities | (13,669) | 50,099 | (17,525) | 46,167 |
Trading securities | 22,295 | 8,788 | 10,343 | 10,292 |
Loans, net of securitizations | (605) | (46,092) | (11,980) | (57,727) |
Assets purchased under reverse repurchase agreements and securities borrowed | 3,002 | (1,347) | 4,984 | (18,573) |
Obligations related to assets sold under repurchase agreements and securities loaned | (17,858) | 24,214 | (17,182) | 52,019 |
Obligations related to securities sold short | (752) | 4,723 | 2,532 | 5,278 |
Deposits, net of securitizations | (21,296) | 107,220 | 21,368 | 124,456 |
Brokers and dealers receivable and payable | 440 | 2,997 | (698) | 2,353 |
Other | 3,718 | (14,436) | 6,220 | (20,798) |
Net cash from (used in) operating activities | (6,555) | 91,961 | 24,258 | 111,905 |
Cash flows from investing activities | ||||
Change in interest-bearing deposits with banks | (29,700) | (17,068) | (24,418) | (10,052) |
Proceeds from sales and maturities of investment securities | 33,637 | 35,777 | 63,310 | 52,581 |
Purchases of investment securities | (28,584) | (43,533) | (61,765) | (78,733) |
Net acquisitions of premises and equipment and other intangibles | (496) | (758) | (925) | (1,503) |
Proceeds from dispositions | 78 | 78 | ||
Net cash from (used in) investing activities | (25,065) | (25,582) | (23,720) | (37,707) |
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 | 22 | 23 | 53 | 39 |
Common shares purchased for cancellation | (87) | (814) | ||
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 | 1,192 | 1,635 | 2,141 | 3,234 |
Purchases of treasury shares and other equity instruments | (1,181) | (1,638) | (2,007) | (3,251) |
Dividends paid on shares and distributions paid on other equity instruments | (1,597) | (1,561) | (3,210) | (3,128) |
Dividends/distributions paid to non-controlling interests | (1) | (3) | (2) | (4) |
Change in short-term borrowings of subsidiaries | (1) | (1,248) | (8) | 1,531 |
Repayment of lease liabilities | (152) | (155) | (298) | (296) |
Net cash from (used in) financing activities | (1,718) | (3,034) | (2,584) | (3,197) |
Effect of exchange rate changes on cash and due from banks | (1,943) | 1,312 | (2,535) | 1,466 |
Net change in cash and due from banks | (35,281) | 64,657 | (4,581) | 72,467 |
Cash and due from banks at beginning of period | 149,588 | 34,120 | 118,888 | 26,310 |
Cash and due from banks at end of period | 114,307 | 98,777 | 114,307 | 98,777 |
Amount of interest paid | 2,161 | 3,811 | 4,295 | 8,568 |
Amount of interest received | 6,692 | 8,903 | 13,471 | 18,654 |
Amount of dividends received | 696 | 646 | 1,351 | 1,304 |
Amount of income taxes paid | $ 1,248 | $ 842 | $ 2,274 | $ 1,717 |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - CAD ($) $ in Billions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Statement of cash flows [abstract] | |||||
Mandatory reserve deposits at central banks | $ 2.2 | $ 2.5 | $ 2.5 | $ 2.6 | $ 2.6 |
General information
General information | 6 Months Ended |
Apr. 30, 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 May 26, 2021, the Board of Directors authorized the Condensed Financial Statements for issue. |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 6 Months Ended |
Apr. 30, 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. On March 5, 2021 the Financial Conduct Authority (FCA), the regulator of the ICE Benchmark Administration (IBA) which administers LIBOR, made an announcement regarding the permanent cessation or loss of representativeness of all 35 LIBOR settings currently published by the IBA. Details related to certain settings to which we are exposed are noted below. • Publication of the 1-week and 2-month U.S. dollar LIBOR settings will cease immediately after December 31, 2021. Publication of the overnight and 12-month U.S. dollar LIBOR settings will cease immediately after June 30, 2023, while the 1-month, 3-month and 6-month U.S. dollar LIBOR settings will no longer be representative of the underlying market and economic reality they are intended to measure after June 30, 2023. The FCA may consult on requiring the IBA to publish 1-month, 3-month and 6- month USD LIBOR settings after the end of June 2023 on a non-representative “synthetic” basis. • Publication of the overnight, 1-week, 2-month and 12-month sterling LIBOR settings will cease immediately after December 31, 2021, while the 1-month, 3-month and 6-month sterling LIBOR settings will no longer be representative of the underlying market and economic reality they are intended to measure after December 31, 2021. The FCA will consult on requiring the IBA to publish the 1-month, 3-month and 6-month sterling LIBOR settings after the end of 2021, for an unspecified period of time, on a non-representative “synthetic” basis. The FCA announcement triggered fallback provisions related to our LIBOR linked products, including certain loans, bonds, and derivatives, and defined the dates of their transition to alternative benchmark rates. The fixed spreads to be used in the transition to the relevant alternative benchmark rate for each LIBOR setting were also defined as a result of the announcement. 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 On March 5, 2021, the final cessation date of certain USD LIBOR settings was revised from December 31, 2021 to June 30, 2023. As a result of the change in cessation date, our significant exposures to USD LIBOR as at November 1, 2020 for non-derivative financial assets, non-derivative financial liabilities, derivative notional and undrawn balances of loan commitments subject to the Reform, that have yet to transition and are maturing after June 30, 2023, were $57,432 million, $941 million, $3,368,307 million and $82,054 million, respectively. The tables below show our significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to alternative benchmark interest rates and are maturing after December 31, 2021 as at November 1, 2020, which represent our opening balances for the annual period ending on October 31, 2021. Changes in our exposures during the quarter did not result in significant changes to the risks arising from transition since November 1, 2020. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at November 1, 2020 (Millions of Canadian dollars) Non-derivative Non-derivative Derivative 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 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 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 Canadian Dollar Offered Rate (CDOR), EURO Interbank Offered Rate (EURIBOR) and Australian Bank Bill Swap Rate (BBSW), which are excluded from the tables above. |
Fair value of financial instrum
Fair value of financial instruments | 6 Months Ended |
Apr. 30, 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 values and fair values for financial instruments classified or designated as fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI). Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2020 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter. As at April 30, 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 $ – $ 41,380 $ – $ – $ 22,058 $ 22,058 $ 63,438 $ 63,438 Securities Trading 116,265 9,468 – – – – 125,733 125,733 Investment, net of applicable allowance – – 62,619 505 66,295 66,612 129,419 129,736 116,265 9,468 62,619 505 66,295 66,612 255,152 255,469 Assets purchased under reverse repurchase agreements and securities borrowed 265,880 – – – 42,151 42,151 308,031 308,031 Loans, net of applicable allowance Retail – 243 259 – 472,783 478,217 473,285 478,719 Wholesale 6,576 2,027 817 – 190,806 192,567 200,226 201,987 6,576 2,270 1,076 – 663,589 670,784 673,511 680,706 Other Derivatives 97,236 – – – – – 97,236 97,236 Other assets ( 1 4,048 – – – 55,563 55,528 59,611 59,576 Financial liabilities Deposits Personal $ 270 $ 17,305 $ 330,539 $ 330,101 $ 348,114 $ 347,676 Business and government ( 2 590 122,791 520,902 522,490 644,283 645,871 Bank ( 3 – 14,844 26,082 26,079 40,926 40,923 860 154,940 877,523 878,670 1,033,323 1,034,470 Other Obligations related to securities sold short 31,817 – – – 31,817 31,817 Obligations related to assets sold under repurchase agreements and securities loaned – 235,509 21,540 21,540 257,049 257,049 Derivatives 92,402 – – – 92,402 92,402 Other liabilities ( 4 (11 ) 136 62,841 62,844 62,966 62,969 Subordinated debentures – – 9,014 9,279 9,014 9,279 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 banks $ – $ 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. Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at April 30, 2021 October 31, 2020 Fair value measurements using Netting adjustments Fair value Fair value measurements using Netting adjustments Fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Interest-bearing deposits with banks $ – $ 41,380 $ – $ $ 41,380 $ – $ 21,603 $ – $ $ 21,603 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 8,901 2,251 – 11,152 12,773 3,012 – 15,785 Provincial and municipal – 10,598 – 10,598 – 11,562 – 11,562 U.S. federal, state, municipal and agencies (1) 652 21,610 33 22,295 1,508 35,029 44 36,581 Other OECD government (2) 4,092 3,289 – 7,381 3,085 3,380 – 6,465 Mortgage-backed securities (1) – 24 – 24 – 39 – 39 Asset-backed securities Non-CDO securities (3) – 511 2 513 – 526 2 528 Corporate debt and other debt – 22,560 18 22,578 – 21,464 30 21,494 Equities 47,065 2,761 1,366 51,192 39,795 2,561 1,261 43,617 60,710 63,604 1,419 125,733 57,161 77,573 1,337 136,071 Investment Debt issued or guaranteed by: Canadian government (1) Federal 793 2,094 – 2,887 647 1,894 – 2,541 Provincial and municipal – 3,325 – 3,325 – 3,233 – 3,233 U.S. federal, state, municipal and agencies (1) 265 25,530 – 25,795 160 38,364 – 38,524 Other OECD government – 5,890 – 5,890 – 7,345 – 7,345 Mortgage-backed securities (1) – 2,207 20 2,227 – 2,343 27 2,370 Asset-backed securities CDO – 7,003 – 7,003 – 7,414 – 7,414 Non-CDO securities – 504 – 504 – 854 – 854 Corporate debt and other debt – 14,842 146 14,988 – 18,954 160 19,114 Equities 44 139 322 505 38 152 335 525 1,102 61,534 488 63,124 845 80,553 522 81,920 Assets purchased under reverse repurchase agreements and securities borrowed – 265,880 – 265,880 – 264,394 – 264,394 Loans – 8,777 1,145 9,922 – 8,747 1,070 9,817 Other Derivatives Interest rate contracts – 37,376 272 37,648 1 53,720 501 54,222 Foreign exchange contracts – 42,027 75 42,102 – 39,246 57 39,303 Credit derivatives – 510 – 510 – 463 – 463 Other contracts 2,821 15,495 20 18,336 4,458 16,767 36 21,261 Valuation adjustments – (777 ) 11 (766 ) – (1,112 ) 8 (1,104 ) Total gross derivatives 2,821 94,631 378 97,830 4,459 109,084 602 114,145 Netting adjustments (594 ) (594 ) (657 ) (657 ) Total derivatives 97,236 113,488 Other assets 1,489 2,557 2 4,048 1,154 2,207 53 3,414 $ 66,122 $ 538,363 $ 3,432 $ (594 ) $ 607,323 $ 63,619 $ 564,161 $ 3,584 $ (657 ) $ 630,707 Financial liabilities Deposits Personal $ – 17,505 $ 70 $ $ 17,575 $ – $ 17,061 $ 139 $ $ 17,200 Business and government – 123,381 – 123,381 – 107,855 – 107,855 Bank – 14,844 – 14,844 – 18,015 – 18,015 Other Obligations related to securities sold short 13,533 18,284 – 31,817 12,484 16,801 – 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 235,509 – 235,509 – 255,922 – 255,922 Derivatives Interest rate contracts – 31,177 938 32,115 – 46,723 1,089 47,812 Foreign exchange contracts – 39,698 29 39,727 – 38,210 35 38,245 Credit derivatives – 674 – 674 – 531 – 531 Other contracts 3,322 16,736 361 20,419 5,734 18,041 337 24,112 Valuation adjustments – 71 (10 ) 61 – (84 ) (32 ) (116 ) Total gross derivatives 3,322 88,356 1,318 92,996 5,734 103,421 1,429 110,584 Netting adjustments (594 ) (594 ) (657 ) (657 ) Total derivatives 92,402 109,927 Other liabilities 220 (106 ) 11 125 118 10 38 166 $ 17,075 $ 497,773 $ 1,399 $ (594 ) $ 515,653 $ 18,336 $ 519,085 $ 1,606 $ (657 ) $ 538,370 (1) As at April 30, 2021, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $14,141 million and $nil (October 31, 2020 – $20,520 million and $nil), respectively, and in all fair value levels of Investment securities were $7,917 million and $2,041 million (October 31, 2020 – $9,487 million and $2,137 million), respectively. (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 April 30, 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 April 30, 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 April 30, 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 $ 39 $ – $ (2 ) $ – $ (4 ) $ – $ – $ 33 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 36 (1 ) – – (4 ) – (13 ) 18 (1 ) Equities 1,332 30 (33 ) 55 (43 ) 25 – 1,366 50 1,409 29 (35 ) 55 (51 ) 25 (13 ) 1,419 49 Investment Mortgage-backed securities 21 – (1 ) – – – – 20 n.a. Corporate debt and other debt 154 – (9 ) – 1 – – 146 n.a. Equities 336 – (14 ) – – – – 322 n.a. 511 – (24 ) – 1 – – 488 n.a. Loans 1,113 (18 ) (15 ) 51 (4 ) 54 (36 ) 1,145 18 Other Net derivative balances (3) Interest rate contracts (643 ) (32 ) – 15 (2 ) (6 ) 2 (666 ) (32 ) Foreign exchange contracts 42 12 (2 ) 10 (8 ) 6 (14 ) 46 12 Other contracts (100 ) 14 2 (39 ) – (232 ) 14 (341 ) 6 Valuation adjustments 36 – – – (15 ) – – 21 – Other assets 9 – – – (7 ) – – 2 – $ 2,377 $ 5 $ (74 ) $ 92 $ (86 ) $ (153 ) $ (47 ) $ 2,114 $ 53 Liabilities Deposits $ (169 ) $ (26 ) $ 2 $ (47 ) $ 34 $ (5 ) $ 141 $ (70 ) $ 9 Other Other liabilities (13 ) – – – 2 – – (11 ) – $ (182 ) $ (26 ) $ 2 $ (47 ) $ 36 $ (5 ) $ 141 $ (81 ) $ 9 For the three months ended April 30, 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 $ 55 $ – $ 4 $ – $ (5 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 19 – – – – – – 19 – Equities 1,236 (51 ) 43 47 (19 ) – – 1,256 (37 ) 1,312 (51 ) 47 47 (24 ) – – 1,331 (37 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 158 – 6 1 – – – 165 n.a. Equities 293 – 36 4 – – – 333 n.a. 478 – 43 5 – – – 526 n.a. Loans 995 (7 ) – 172 (490 ) 332 (8 ) 994 16 Other Net derivative balances (3) Interest rate contracts (610 ) (114 ) (2 ) (3 ) 7 34 92 (596 ) (55 ) Foreign exchange contracts 25 39 1 5 – – (4 ) 66 33 Other contracts (155 ) (79 ) (8 ) (72 ) (1 ) (23 ) 12 (326 ) (60 ) Valuation adjustments 16 – – – (6 ) – – 10 – Other assets 80 (26 ) 4 – (9 ) – – 49 (27 ) $ 2,141 $ (238 ) $ 85 $ 154 $ (523 ) $ 343 $ 92 $ 2,054 $ (130 ) Liabilities Deposits $ (268 ) $ 87 $ (4 ) $ (39 ) $ 8 $ (66 ) $ 119 $ (163 ) $ 96 Other Other liabilities (59 ) 16 (3 ) 1 9 – – (36 ) 16 $ (327 ) $ 103 $ (7 ) $ (38 ) $ 17 $ (66 ) $ 119 $ (199 ) $ 112 For the six months ended April 30, 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 $ – $ (3 ) $ – $ (8 ) $ – $ – $ 33 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 30 (1 ) – 3 (4 ) 14 (24 ) 18 (1 ) Equities 1,261 48 (66 ) 164 (66 ) 25 – 1,366 89 1,337 47 (69 ) 167 (78 ) 39 (24 ) 1,419 88 Investment Mortgage-backed securities 27 – (7 ) – – – – 20 n.a. Corporate debt and other debt 160 – (16 ) – 2 – – 146 n.a. Equities 335 – (15 ) – 2 – – 322 n.a. 522 – (38 ) – 4 – – 488 n.a. Loans 1,070 (23 ) (9 ) 133 – 70 (96 ) 1,145 38 Other Net derivative balances (3) Interest rate contracts (588 ) (31 ) (2 ) 12 (40 ) (9 ) (8 ) (666 ) (23 ) Foreign exchange contracts 22 25 1 15 (14 ) 7 (10 ) 46 29 Other contracts (301 ) 3 13 (56 ) 47 (224 ) 177 (341 ) 20 Valuation adjustments 40 – – – (19 ) – – 21 – Other assets 53 (39 ) (2 ) – (10 ) – – 2 (39 ) $ 2,155 $ (18 ) $ (106 ) $ 271 $ (110 ) $ (117 ) $ 39 $ 2,114 $ 113 Liabilities Deposits $ (139 ) $ (55 ) $ 5 $ (92 ) $ 47 $ (77 ) $ 241 $ (70 ) $ 12 Other Other liabilities (38 ) 22 1 – 4 – – (11 ) 22 $ (177 ) $ (33 ) $ 6 $ (92 ) $ 51 $ (77 ) $ 241 $ (81 ) $ 34 For the six months ended April 30, 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 $ – $ 4 $ – $ (8 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – – (1 ) – – 19 – Equities 1,219 (78 ) 47 118 (47 ) – (3 ) 1,256 (49 ) 1,300 (79 ) 51 118 (56 ) – (3 ) 1,331 (49 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 153 – 11 1 – – – 165 n.a. Equities 294 – 36 4 (1 ) – – 333 n.a. 474 – 48 5 (1 ) – – 526 n.a. Loans 680 19 – 490 (499 ) 340 (36 ) 994 17 Other Net derivative balances (3) Interest rate contracts (585 ) (110 ) (2 ) (39 ) 8 34 98 (596 ) (56 ) Foreign exchange contracts 21 40 1 16 – (5 ) (7 ) 66 31 Other contracts (195 ) (94 ) (7 ) (74 ) 7 (33 ) 70 (326 ) (72 ) Valuation adjustments 22 – – – (12 ) – – 10 – Other assets 77 (19 ) 4 – (13 ) – – 49 (20 ) $ 1,794 $ (243 ) $ 95 $ 516 $ (566 ) $ 336 $ 122 $ 2,054 $ (149 ) Liabilities Deposits $ (156 ) $ 86 $ (4 ) $ (213 ) $ 18 $ (82 ) $ 188 $ (163 ) $ 94 Other Other liabilities (60 ) 12 (3 ) 4 11 – – (36 ) 12 $ (216 ) $ 98 $ (7 ) $ (209 ) $ 29 $ (82 ) $ 188 $ (199 ) $ 106 (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 $8 million for the three months ended April 30, 2021 (April 30, 2020 – gains of $25 million) and losses of $11 million for the six months ended April 30, 2021 (April 30, 2020 – gains of $29 million), excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at April 30, 2021 included derivative assets of $378 million (April 30, 2020 – $698 million) and derivative liabilities of $1,318 million (April 30, 2020 – $1,544 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 April 30, 2021, transfers out of Level 1 to Level 2 included Obligations related to securities sold short of $360 million. During the three months ended April 30, 2021 transfers out of Level 2 to Level 1 included Obligations related to securities sold short of $130 million. 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 April 30, 2021 transfers out of Level 2 to Level 3 included: • $232 million of OTC equity options in Other contracts, comprised primarily of $233 million of derivative related liabilities, due to changes in the significance of unobservable inputs. During the three months ended April 30, 2021, transfers out of Level 3 to Level 2 included: • $141 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 For the six months ended (Millions of Canadian dollars) April 30 2021 April 30 April 30 2021 April 30 2020 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 1,080 $ 2,436 $ 2,252 $ 5,421 Financial instruments measured at fair value through other comprehensive income 92 305 194 614 Financial instruments measured at amortized cost 5,726 6,485 11,688 13,429 6,898 9,226 14,134 19,464 Interest expense (1) Financial instruments measured at fair value through profit or loss $ 702 $ 1,635 $ 1,439 $ 3,995 Financial instruments measured at amortized cost 1,342 2,126 2,806 4,783 2,044 3,761 4,245 8,778 Net interest income $ 4,854 $ 5,465 $ 9,889 $ 10,686 (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: f f (2) Includes dividend income for the three months ended April 30, 2021 of $609 million (April 30, 2020 – $614 million) and for the six months ended April 30, 2021 of $1,217 million (April 30, 2020 – $1,222 million), which is presented in Interest and dividend income in the Interim Consolidated Statements of Income. |
Securities
Securities | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Securities | Note 4 Securities Unrealized gains and losse s (1), (2) As at April 30, 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) $ 3,003 $ 2 $ (118 ) $ 2,887 $ 2,562 $ 1 $ (22 ) $ 2,541 Provincial and municipal 3,547 3 (225 ) 3,325 3,237 27 (31 ) 3,233 U.S. federal, state, municipal and agencies (3) 25,472 422 (99 ) 25,795 38,523 323 (322 ) 38,524 Other OECD government 5,888 3 (1 ) 5,890 7,336 11 (2 ) 7,345 Mortgage-backed securities (3) 2,237 3 (13 ) 2,227 2,418 5 (53 ) 2,370 Asset-backed securities CDO 7,004 1 (2 ) 7,003 7,504 – (90 ) 7,414 Non-CDO securities 498 6 – 504 859 2 (7 ) 854 Corporate debt and other debt 14,934 58 (4 ) 14,988 19,041 76 (3 ) 19,114 Equities 264 242 (1 ) 505 276 253 (4 ) 525 $ 62,847 $ 740 $ (463 ) $ 63,124 $ 81,756 $ 698 $ (534 ) $ 81,920 (1) Excludes $66,295 million of held-to-collect securities as at April 30, 2021 that are carried at amortized cost, net of allowance for credit losses (October 31, 2020 – $57,823 million). (2) Gross unrealized gains and losses includes $1 million of allowance for credit losses on debt securities at FVOCI as at April 30, 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 $2,052 million, $1 million, $12 million and $2,041 million, respectively as at April 30, 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 April 30, 2021 April 30, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 7 $ 3 $ (5 ) $ 5 $ 6 $ – $ (9 ) $ (3 ) Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 3 – – 3 9 – – 9 Sales and maturities (3 ) (1 ) – (4 ) (2 ) – – (2 ) Changes in risk, parameters and exposures – – (2 ) (2 ) 9 – 10 19 Exchange rate and other – (1 ) – (1 ) 1 – (1 ) – Balance at end of period $ 7 $ 1 $ (7 ) $ 1 $ 23 $ – $ – $ 23 For the six months ended April 30, 2021 April 30, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 12 $ – $ (4 ) $ 8 $ 4 $ – $ (7 ) $ (3 ) Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 5 – – 5 11 – – 11 Sales and maturities (7 ) (1 ) – (8 ) (2 ) – – (2 ) Changes in risk, parameters and exposures (2 ) 3 (4 ) (3 ) 9 – 8 17 Exchange rate and other (1 ) (1 ) 1 (1 ) 1 – (1 ) – Balance at end of period $ 7 $ 1 $ (7 ) $ 1 $ 23 $ – $ – $ 23 (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 April 30, 2021 April 30, 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 $ 8 $ 18 $ – $ 26 $ 5 $ 17 $ – $ 22 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 4 – – 4 3 – – 3 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures – (1 ) – (1 ) 2 2 – 4 Exchange rate and other – – – – – 1 – 1 Balance at end of period $ 11 $ 17 $ – $ 28 $ 9 $ 20 $ – $ 29 For the six months ended April 30, 2021 April 30, 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 7 – – 7 5 – – 5 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures (5 ) – – (5 ) – 1 – 1 Exchange rate and other – (2 ) – (2 ) – – – – Balance at end of period $ 11 $ 17 $ – $ 28 $ 9 $ 20 $ – $ 29 Credit risk exposure by internal risk rating The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date , As at April 30, 2021 October 31, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 62,074 $ 38 $ – $ 62,112 $ 80,719 $ 87 $ – $ 80,806 Non-investment grade 363 – – 363 431 1 – 432 Impaired – – 144 144 – – 157 157 62,437 38 144 62,619 81,150 88 157 81,395 Items not subject to impairment (2) 505 525 $ 63,124 $ 81,920 Securities at amortized cost Investment grade $ 65,196 $ – $ – $ 65,196 $ 56,885 $ – $ – $ 56,885 Non-investment grade 849 278 – 1,127 647 320 – 967 Impaired – – – – – – – – 66,045 278 – 66,323 57,532 320 – 57,852 Allowance for credit losses 11 17 – 28 10 19 – 29 Amortized cost $ 66,034 $ 261 $ – $ 66,295 $ 57,522 $ 301 $ – $ 57,823 (1) Reflects (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 | 6 Months Ended |
Apr. 30, 2021 | |
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Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Allowance for credit losses For the three months ended April 30, 2021 April 30, 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 $ 512 $ 2 $ (7 ) $ (12 ) $ 495 $ 367 $ 126 $ (8 ) $ (1 ) $ 484 Personal 1,315 42 (79 ) (3 ) 1,275 940 437 (119 ) – 1,258 Credit cards 1,201 17 (81 ) (2 ) 1,135 868 393 (142 ) 2 1,121 Small business 143 1 (5 ) 50 189 66 50 (9 ) – 107 Wholesale 2,622 (143 ) (36 ) (132 ) 2,311 1,191 1,660 (67 ) 6 2,790 Customers’ liability under acceptances 121 (2 ) – 1 120 39 68 – (2 ) 105 $ 5,914 $ (83 ) $ (208 ) $ (98 ) $ 5,525 $ 3,471 $ 2,734 $ (345 ) $ 5 $ 5,865 Presented as: Allowance for loan losses $ 5,478 $ 5,146 $ 3,139 $ 5,230 Other liabilities – Provisions 309 227 292 529 Customers’ liability under acceptances 121 120 39 105 Other components of equity 6 32 1 1 For the six months ended April 30, 2021 April 30, 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 $ 17 $ (14 ) $ (26 ) $ 495 $ 402 $ 119 $ (16 ) $ (21 ) $ 484 Personal 1,309 111 (138 ) (7 ) 1,275 935 558 (230 ) (5 ) 1,258 Credit cards 1,246 42 (150 ) (3 ) 1,135 832 570 (281 ) – 1,121 Small business 140 9 (10 ) 50 189 61 64 (17 ) (1 ) 107 Wholesale 2,795 (154 ) (122 ) (208 ) 2,311 1,165 1,762 (108 ) (29 ) 2,790 Customers’ liability under acceptances 107 13 – – 120 24 82 – (1 ) 105 $ 6,115 $ 38 $ (434 ) $ (194 ) $ 5,525 $ 3,419 $ 3,155 $ (652 ) $ (57 ) $ 5,865 Presented as: Allowance for loan losses $ 5,639 $ 5,146 $ 3,100 $ 5,230 Other liabilities – Provisions 363 227 295 529 Customers’ liability under acceptances 107 120 24 105 Other components of equity 6 32 – 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 April 30, 2021 April 30, 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 $ 192 $ 162 $ 158 $ 512 $ 132 $ 80 $ 155 $ 367 Provision for credit losses Transfers to stage 1 46 (41 ) (5 ) – 33 (21 ) (12 ) – Transfers to stage 2 (4 ) 4 – – (22 ) 23 (1 ) – Transfers to stage 3 (1 ) (14 ) 15 – (1 ) (7 ) 8 – Originations 23 – – 23 11 – – 11 Maturities (10 ) (14 ) – (24 ) (3 ) (4 ) – (7 ) Changes in risk, parameters and exposures (52 ) 55 – 3 (39 ) 159 2 122 Write-offs – – (10 ) (10 ) – – (10 ) (10 ) Recoveries – – 3 3 – – 2 2 Exchange rate and other (2 ) (4 ) (6 ) (12 ) 3 (7 ) 3 (1 ) Balance at end of period $ 192 $ 148 $ 155 $ 495 $ 114 $ 223 $ 147 $ 484 Personal Balance at beginning of period $ 476 $ 721 $ 118 $ 1,315 $ 273 $ 517 $ 150 $ 940 Provision for credit losses Transfers to stage 1 145 (144 ) (1 ) – 110 (107 ) (3 ) – Transfers to stage 2 (25 ) 25 – – (37 ) 38 (1 ) – Transfers to stage 3 – (18 ) 18 – (1 ) (19 ) 20 – Originations 28 – – 28 28 – – 28 Maturities (25 ) (42 ) – (67 ) (11 ) (24 ) – (35 ) Changes in risk, parameters and exposures (108 ) 140 49 81 (20 ) 352 112 444 Write-offs – – (112 ) (112 ) – – (148 ) (148 ) Recoveries – – 33 33 – – 29 29 Exchange rate and other – (2 ) (1 ) (3 ) 1 – (1 ) – Balance at end of period $ 491 $ 680 $ 104 $ 1,275 $ 343 $ 757 $ 158 $ 1,258 Credit cards Balance at beginning of period $ 353 $ 848 $ – $ 1,201 $ 174 $ 694 $ – $ 868 Provision for credit losses Transfers to stage 1 152 (152 ) – – 117 (117 ) – – Transfers to stage 2 (28 ) 28 – – (25 ) 25 – – Transfers to stage 3 – (76 ) 76 – (1 ) (94 ) 95 – Originations 1 – – 1 3 – – 3 Maturities (2 ) (7 ) – (9 ) (4 ) (6 ) – (10 ) Changes in risk, parameters and exposures (149 ) 168 6 25 (20 ) 373 47 400 Write-offs – – (121 ) (121 ) – – (173 ) (173 ) Recoveries – – 40 40 – – 31 31 Exchange rate and other (1 ) – (1 ) (2 ) 2 – – 2 Balance at end of period $ 326 $ 809 $ – $ 1,135 $ 246 $ 875 $ – $ 1,121 Small business Balance at beginning of period $ 74 $ 33 $ 36 $ 143 $ 29 $ 11 $ 26 $ 66 Provision for credit losses Transfers to stage 1 26 (26 ) – – 4 (4 ) – – Transfers to stage 2 (5 ) 5 – – (2 ) 2 – – Transfers to stage 3 – – – – – – – – Originations 8 – – 8 5 – – 5 Maturities (5 ) (3 ) – (8 ) (2 ) – – (2 ) Changes in risk, parameters and exposures (39 ) 32 8 1 22 11 14 47 Write-offs – – (7 ) (7 ) – – (10 ) (10 ) Recoveries – – 2 2 – – 1 1 Exchange rate and other 22 30 (2 ) 50 – 1 (1 ) – Balance at end of period $ 81 $ 71 $ 37 $ 189 $ 56 $ 21 $ 30 $ 107 Wholesale Balance at beginning of period $ 895 $ 1,145 $ 582 $ 2,622 $ 300 $ 407 $ 484 $ 1,191 Provision for credit losses Transfers to stage 1 126 (123 ) (3 ) – 39 (38 ) (1 ) – Transfers to stage 2 (40 ) 52 (12 ) – (37 ) 37 – – Transfers to stage 3 (1 ) (22 ) 23 – (1 ) (27 ) 28 – Originations 153 – – 153 413 – – 413 Maturities (133 ) (135 ) – (268 ) (34 ) (42 ) – (76 ) Changes in risk, parameters and exposures (194 ) 163 3 (28 ) 555 463 305 1,323 Write-offs – – (51 ) (51 ) – – (82 ) (82 ) Recoveries – – 15 15 – – 15 15 Exchange rate and other (42 ) (56 ) (34 ) (132 ) 11 7 (12 ) 6 Balance at end of period $ 764 $ 1,024 $ 523 $ 2,311 $ 1,246 $ 807 $ 737 $ 2,790 For the six months ended April 30, 2021 April 30, 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 1 120 (110 ) (10 ) – 60 (39 ) (21 ) – Transfers to stage 2 (10 ) 12 (2 ) – (26 ) 29 (3 ) – Transfers to stage 3 (1 ) (27 ) 28 – (2 ) (15 ) 17 – Originations 53 – – 53 27 – – 27 Maturities (16 ) (18 ) – (34 ) (7 ) (7 ) – (14 ) Changes in risk, parameters and exposures (156 ) 141 13 (2 ) (84 ) 188 2 106 Write-offs – – (19 ) (19 ) – – (22 ) (22 ) Recoveries – – 5 5 – – 6 6 Exchange rate and other (4 ) (10 ) (12 ) (26 ) – (10 ) (11 ) (21 ) Balance at end of period $ 192 $ 148 $ 155 $ 495 $ 114 $ 223 $ 147 $ 484 Personal Balance at beginning of period $ 480 $ 733 $ 96 $ 1,309 $ 272 $ 520 $ 143 $ 935 Provision for credit losses – Transfers to stage 1 342 (340 ) (2 ) – 229 (226 ) (3 ) – Transfers to stage 2 (52 ) 52 – – (56 ) 57 (1 ) – Transfers to stage 3 (1 ) (32 ) 33 – (2 ) (39 ) 41 – Originations 61 – – 61 53 – – 53 Maturities (47 ) (69 ) – (116 ) (23 ) (47 ) – (70 ) Changes in risk, parameters and exposures (290 ) 338 118 166 (131 ) 493 213 575 Write-offs – – (206 ) (206 ) – – (297 ) (297 ) Recoveries – – 68 68 – – 67 67 Exchange rate and other (2 ) (2 ) (3 ) (7 ) 1 (1 ) (5 ) (5 ) Balance at end of period $ 491 $ 680 $ 104 $ 1,275 $ 343 $ 757 $ 158 $ 1,258 Credit cards Balance at beginning of period $ 364 $ 882 $ – $ 1,246 $ 173 $ 659 $ – $ 832 Provision for credit losses – Transfers to stage 1 378 (378 ) – – 235 (235 ) – – Transfers to stage 2 (58 ) 58 – – (47 ) 47 – – Transfers to stage 3 (2 ) (136 ) 138 – (1 ) (182 ) 183 – Originations 3 – – 3 5 – – 5 Maturities (4 ) (15 ) – (19 ) (5 ) (14 ) – (19 ) Changes in risk, parameters and exposures (354 ) 399 13 58 (114 ) 600 98 584 Write-offs – – (227 ) (227 ) – – (347 ) (347 ) Recoveries – – 77 77 – – 66 66 Exchange rate and other (1 ) (1 ) (1 ) (3 ) – – – – Balance at end of period $ 326 $ 809 $ – $ 1,135 $ 246 $ 875 $ – $ 1,121 Small business Balance at beginning of period $ 78 $ 29 $ 33 $ 140 $ 29 $ 10 $ 22 $ 61 Provision for credit losses – Transfers to stage 1 39 (39 ) – – 5 (5 ) – – Transfers to stage 2 (6 ) 6 – – (3 ) 3 – – Transfers to stage 3 – (1 ) 1 – – (1 ) 1 – Originations 17 – – 17 8 – – 8 Maturities (11 ) (6 ) – (17 ) (3 ) (1 ) – (4 ) Changes in risk, parameters and exposures (59 ) 52 16 9 20 15 25 60 Write-offs – – (14 ) (14 ) – – (20 ) (20 ) Recoveries – – 4 4 – – 3 3 Exchange rate and other 23 30 (3 ) 50 – – (1 ) (1 ) Balance at end of period $ 81 $ 71 $ 37 $ 189 $ 56 $ 21 $ 30 $ 107 Wholesale Balance at beginning of period $ 995 $ 1,132 $ 668 $ 2,795 $ 281 $ 396 $ 488 $ 1,165 Provision for credit losses – Transfers to stage 1 255 (252 ) (3 ) – 66 (64 ) (2 ) – Transfers to stage 2 (87 ) 113 (26 ) – (45 ) 46 (1 ) – Transfers to stage 3 (2 ) (37 ) 39 – (2 ) (45 ) 47 – Originations 360 – – 360 479 – – 479 Maturities (298 ) (274 ) – (572 ) (77 ) (95 ) – (172 ) Changes in risk, parameters and exposures (401 ) 420 39 58 538 562 355 1,455 Write-offs – – (149 ) (149 ) – – (136 ) (136 ) Recoveries – – 27 27 – – 28 28 Exchange rate and other (58 ) (78 ) (72 ) (208 ) 6 7 (42 ) (29 ) Balance at end of period $ 764 $ 1,024 $ 523 $ 2,311 $ 1,246 $ 807 $ 737 $ 2,790 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 some regions, including the emergence and progression of new variants of COVID-19, has resulted in certain regions re-imposing or increasing the level of containment measures. 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 and progression of new variants of COVID-19 in different regions, governments continue 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. While vaccines have been approved for use in many countries, uncertainty remains regarding vaccine efficacy against new variants of COVID-19, vaccine supply and availability, and the ability of governments to quickly and effectively distribute vaccines to inoculate a sufficient proportion of the population to enable widespread easing of containment measures and support the transition to a fully reopened economy. All of these factors contribute to the uncertainty regarding the timing of a full recovery. Accordingly, our allowances continue to 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 our weighted allowance for credit losses. In light of the significant uncertainty, the impact of expert credit judgment on our allowances remains elevated as compared to pre-pandemic levels. We applied quantitative and qualitative adjustments for the impacts of the unprecedented macroeconomic scenarios arising from the COVID-19 pandemic, including the efficacy and distribution of vaccines, the temporary effects of the bank and extended government led payment support programs which may not completely mitigate future losses, and the impacts to particularly vulnerable sectors affected by the COVID-19 pandemic. All of our IFRS 9 scenarios are designed to include the impact of COVID-19 and depict an ongoing stressed environment as at April 30, 2021 relative to pre-pandemic conditions. Despite positive developments and continuous economic improvement, the possibility of a more prolonged recovery period, including the duration of containment measures in some regions of varying degrees, as well as heightened risk in the real estate sector, 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. Vaccine distribution has accelerated since Q1 2021, and the recovery is expected to occur more quickly than our January 31, 2021 forecast. Canadian and U.S. unemployment rates are expected to remain above pre-shock levels at the end of calendar 2021 but we expect the pace of GDP growth to pick up from Q2 2021 onwards alongside the expectation that rising vaccination rates will enable a more significant and sustainable 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 Q2 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 April 30, 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 $ 287,863 $ 2,291 $ – $ 290,154 $ 270,396 $ 2,848 $ – $ 273,244 Medium risk 14,628 2,685 – 17,313 15,230 3,307 – 18,537 High risk 4,755 1,184 – 5,939 4,346 1,467 – 5,813 Not rated (1) 42,641 1,010 – 43,651 43,176 936 – 44,112 Impaired – – 703 703 – – 638 638 349,887 7,170 703 357,760 333,148 8,558 638 342,344 Items not subject to impairment (2) 243 253 Total $ 358,003 $ 342,597 Loans outstanding – Personal Low risk $ 69,836 $ 711 $ – $ 70,547 $ 71,245 $ 1,084 $ – $ 72,329 Medium risk 3,827 5,187 – 9,014 3,974 5,415 – 9,389 High risk 860 1,347 – 2,207 817 1,416 – 2,233 Not rated (1) 8,370 130 – 8,500 7,704 144 – 7,848 Impaired – – 251 251 – – 212 212 Total $ 82,893 $ 7,375 $ 251 $ 90,519 $ 83,740 $ 8,059 $ 212 $ 92,011 Loans outstanding – Credit cards Low risk $ 11,373 $ 25 $ – $ 11,398 $ 11,824 $ 63 $ – $ 11,887 Medium risk 1,455 2,006 – 3,461 1,596 2,360 – 3,956 High risk 137 1,078 – 1,215 132 1,105 – 1,237 Not rated (1) 468 54 – 522 490 56 – 546 Total $ 13,433 $ 3,163 $ – $ 16,596 $ 14,042 $ 3,584 $ – $ 17,626 Loans outstanding – Small business (3) Low risk $ 7,527 $ 295 $ – $ 7,822 $ 2,034 $ 172 $ – $ 2,206 Medium risk 1,611 1,014 – 2,625 1,976 1,143 – 3,119 High risk 306 240 – 546 126 192 – 318 Not rated (1) 3 – – 3 9 – – 9 Impaired – – 116 116 – – 90 90 Total $ 9,447 $ 1,549 $ 116 $ 11,112 4,145 $ 1,507 $ 90 $ 5,742 Undrawn loan commitments – Retail Low risk $ 224,206 $ 713 $ – $ 224,919 $ 214,176 $ 887 $ – $ 215,063 Medium risk 10,350 131 – 10,481 10,402 291 – 10,693 High risk 1,276 116 – 1,392 1,141 129 – 1,270 Not rated (1) 4,733 110 – 4,843 5,238 117 – 5,355 Total $ 240,565 $ 1,070 $ – $ 241,635 $ 230,957 $ 1,424 $ – $ 232,381 Wholesale – Loans outstanding (3) Investment grade $ 50,970 $ 265 $ – $ 51,235 $ 50,998 $ 328 $ – $ 51,326 Non-investment grade 111,018 21,136 – 132,154 112,434 26,575 – 139,009 Not rated (1) 8,292 436 – 8,728 7,093 432 – 7,525 Impaired – – 1,707 1,707 – – 2,235 2,235 170,280 21,837 1,707 193,824 170,525 27,335 2,235 200,095 Items not subject to impairment (2) 8,603 8,560 Total $ 202,427 $ 208,655 Undrawn loan commitments – Wholesale Investment grade $ 238,391 $ 164 $ – $ 238,555 $ 242,244 $ 1,022 $ – $ 243,266 Non-investment grade 105,539 11,242 – 116,781 92,262 21,581 – 113,843 Not rated (1) 3,419 – – 3,419 3,918 – – 3,918 Total $ 347,349 $ 11,406 $ – $ 358,755 $ 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. (3) Commencing Q2 2021, certain loans are now classified as Retail – Small business and were previously classified as Wholesale, reflecting an alignment with capital measurement and reporting. Loans past due but not impaired (1), (2) As at April 30, 2021 October 31, 2020 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,007 $ 158 $ 1,165 $ 1,013 $ 129 $ 1,142 Wholesale 433 10 443 574 13 587 $ 1,440 $ 168 $ 1,608 $ 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 | 6 Months Ended |
Apr. 30, 2021 | |
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Deposits | Note 6 Deposits As at April 30, 2021 October 31, 2020 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 194,114 $ 62,462 $ 91,538 $ 348,114 $ 182,745 $ 61,761 $ 98,546 $ 343,052 Business and governmen t 333,729 19,085 291,469 644,283 315,472 16,585 292,254 624,311 Bank 13,872 686 26,368 40,926 12,502 956 31,064 44,522 $ 541,715 $ 82,233 $ 409,375 $ 1,033,323 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 Non-interest-bearing (4) Canada $ 139,665 $ 7,871 $ 518 $ 148,054 $ 123,402 $ 7,390 $ 368 $ 131,160 United States 46,606 – – 46,606 43,831 – – 43,831 Europe (5) 447 – – 447 654 – – 654 Other International 7,143 – – 7,143 7,372 – – 7,372 Interest-bearing (4) Canada 300,002 19,698 288,866 608,566 287,046 19,036 310,492 616,574 United States 6,605 53,856 72,017 132,478 7,190 52,046 57,037 116,273 Europe (5) 34,740 808 36,390 71,938 33,810 830 37,250 71,890 Other International 6,507 – 11,584 18,091 7,414 – 16,717 24,131 $ 541,715 $ 82,233 $ 409,375 $ 1,033,323 $ 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 April 30, 2021, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $355.0 billion, $30.5 billion, $41.8 billion and $28.1 billion, respectively (October 31, 2020 – $347.5 billion, $31.9 billion, $46.6 billion and $33.4 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) April 30 2021 October 31 2020 (1) Within 1 year: less than 3 months $ 129,516 $ 123,290 3 to 6 months 49,929 65,782 6 to 12 months 86,826 80,737 1 to 2 years 32,304 34,400 2 to 3 years 35,986 42,907 3 to 4 years 25,332 21,136 4 to 5 years 21,179 22,885 Over 5 years 28,303 30,727 $ 409,375 $ 421,864 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 378,000 $ 388,000 (1) Amounts previously presented were reclassified to reflect the contractual maturities of certain term deposits. |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 6 Months Ended |
Apr. 30, 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 present the composition of our pension and other post-employment benefit expense and the effects of remeasurements recorded in other comprehensive income . Pension and other post-employment benefit expense For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Current service costs $ 90 $ 91 $ 11 $ 12 Net interest expense (income) 2 5 14 15 Remeasurements of other long term benefits – – (11 ) – Administrative expense 3 5 – – Defined benefit pension expense 95 101 14 27 Defined contribution pension expense 57 55 – – $ 152 $ 156 $ 14 $ 27 For the six months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Current service costs $ 180 $ 183 $ 22 $ 23 Net interest expense (income) 4 10 28 30 Remeasurements of other long term benefits – – (10 ) 4 Administrative expense 6 9 – – Defined benefit pension expense 190 202 40 57 Defined contribution pension expense 123 118 – – $ 313 $ 320 $ 40 $ 57 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) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Actuarial (gains) losses: Changes in financial assumptions (2) $ (1,380 ) $ (1,009 ) $ (113 ) $ (95 ) Experience adjustments – – (3 ) (2 ) Return on plan assets (excluding interest based on discount rate) 227 484 – – $ (1,153) $ (525 ) $ (116) $ (97 ) For the six months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Actuarial (gains) losses: Changes in financial assumptions (2) $ (1,392 ) $ 38 $ (135 ) $ 1 Experience adjustments – – (3 ) (2 ) Return on plan assets (excluding interest based on discount rate) (797 ) (23 ) – – $ (2,189) $ 15 $ (138 ) $ (1 ) (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 | 6 Months Ended |
Apr. 30, 2021 | |
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Income taxes | Note 8 Income taxes Tax examinations and assessments During the second quarter of 2021, we received proposal letters (the Proposals) from the Canada Revenue Agency (CRA), in respect of the 2016 taxation year which suggests that Royal Bank of Canada owes additional taxes of approximately $298 million as they denied the deductibility of certain dividends. This amount represents the maximum additional taxes owing for that year. The Proposals are consistent with the previously received reassessments 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. During the first quarter of 2021, we received a reassessment that is consistent with the previously received proposal letters from the CRA in respect of the 2015 taxation year. 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 | 6 Months Ended |
Apr. 30, 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 millio n 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, reset every fifth year, 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% per annum until January 28, 2028, and at the three-month Canadian Dollar Offered Rate plus 0.55% thereafter until their maturity on January 28, 2033. Common shares issued (1) For the three months ended April 30, 2021 April 30, 2020 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 324 $ 25 314 $ 26 Purchased for cancellation (3) – – (867 ) (11 ) 324 $ 25 (553 ) $ 15 For the six months ended April 30, 2021 April 30, 2020 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 820 $ 61 547 $ 44 Purchased for cancellation (3) – – (7,860 ) (97 ) 820 $ 61 (7,313 ) $ (53 ) (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and six months ended April 30, 2021 and April 30, 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 and six months ended April 30, 2021, we did not purchase for cancellation any common shares. During the three months ended April 30, 2020, we purchased for cancellation common shares at a total fair value of $87 million (average cost of $ |
Earnings per share
Earnings per share | 6 Months Ended |
Apr. 30, 2021 | |
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Earnings per share | Note 10 Earnings per share For the three months ended For the six months ended (Millions of Canadian dollars, except share and per share amounts) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Basic earnings per share Net income $ 4,015 $ 1,481 $ 7,862 $ 4,990 Dividends on preferred shares and distributions on other equity instrument s (76 ) (64 ) (134 ) (129 ) Net income attributable to non-controlling interests (1 ) 3 (3 ) (2 ) Net income available to common shareholders 3,938 1,420 7,725 4,859 Weighted average number of common shares (in thousands) 1,424,889 1,422,754 1,424,107 1,425,203 Basic earnings per share (in dollars) $ 2.76 $ 1.00 $ 5.42 $ 3.41 Diluted earnings per share Net income available to common shareholders $ 3,938 $ 1,420 $ 7,725 $ 4,859 Dilutive impact of exchangeable shares – 3 – 7 Net income available to common shareholders including dilutive impact of exchangeable shares 3,938 1,423 7,725 4,866 Weighted average number of common shares (in thousands) 1,424,889 1,422,754 1,424,107 1,425,203 Stock options (1) 1,533 906 1,362 1,280 Issuable under other share-based compensation plans 685 753 714 751 Exchangeable shares – 3,458 – 3,234 Average number of diluted common shares (in thousands) 1,427,107 1,427,871 1,426,183 1,430,468 Diluted earnings per share (in dollars) $ 2.76 $ 1.00 $ 5.42 $ 3.40 (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 April 30, 2021, no outstanding options were excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2020, an average of 2,941,928 outstanding options with an average exercise price of $101.06 were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2021, no outstanding options were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2020, an average of 1,584,011 outstanding options with an average exercise price of $103.55 were excluded from the calculation of diluted earnings per share. |
Legal and regulatory matters
Legal and regulatory matters | 6 Months Ended |
Apr. 30, 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 2 5 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. Foreign exchange matters Royal Bank of Canada and multiple other foreign exchange dealers were named in an action filed in the U.K. by several institutional investors alleging, among other things, collusive behaviour in global foreign exchange trading. |
Results by business segment
Results by business segment | 6 Months Ended |
Apr. 30, 2021 | |
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Results by business segment | Note 12 Results by business segment For the three months ended April 30, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,085 $ 666 $ – $ 87 $ 1,121 $ (105 ) $ 4,854 Non-interest income 1,442 2,728 536 447 1,597 14 6,764 Total revenue 4,527 3,394 536 534 2,718 (91 ) 11,618 Provision for credit losses 35 (2 ) – (2 ) (127 ) – (96 ) Insurance policyholder benefits, claims and acquisition expense – – 149 – – – 149 Non-interest expense 1,915 2,495 140 375 1,468 (14 ) 6,379 Income (loss) before income taxes 2,577 901 247 161 1,377 (77 ) 5,186 Income taxes (recoveries) 669 210 60 41 306 (115 ) 1,171 Net income $ 1,908 $ 691 $ 187 $ 120 $ 1,071 $ 38 $ 4,015 Non-interest expense includes: Depreciation and amortization $ 229 $ 218 $ 15 $ 47 $ 126 $ 1 $ 636 For the three months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,149 $ 737 $ – $ 74 $ 1,456 $ 49 $ 5,465 Non-interest income 1,251 2,085 197 635 857 (157 ) 4,868 Total revenue 4,400 2,822 197 709 2,313 (108 ) 10,333 Provision for credit losses 1,706 91 1 14 1,017 1 2,830 Insurance policyholder benefits, claims and acquisition expense – – (177 ) – – – (177 ) Non-interest expense 1,947 2,169 148 392 1,291 (5 ) 5,942 Income (loss) before income taxes 747 562 225 303 5 (104 ) 1,738 Income taxes (recoveries) 215 138 45 77 (100 ) (118 ) 257 Net income $ 532 $ 424 $ 180 $ 226 $ 105 $ 14 $ 1,481 Non-interest expense includes: Depreciation and amortization $ 223 $ 223 $ 14 $ 54 $ 127 $ – $ 641 For the six months ended April 30, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 6,246 $ 1,332 $ – $ 178 $ 2,320 $ (187 ) $ 9,889 Non-interest income 2,844 5,449 2,345 921 3,106 7 14,672 Total revenue 9,090 6,781 2,345 1,099 5,426 (180 ) 24,561 Provision for credit losses 200 (31 ) – (4 ) (150 ) (1 ) 14 Insurance policyholder benefits, claims and acquisition expense – – 1,555 – – – 1,555 Non-interest expense 3,893 5,058 289 776 2,909 (4 ) 12,921 Income (loss) before income taxes 4,997 1,754 501 327 2,667 (175 ) 10,071 Income taxes (recoveries) 1,296 414 113 84 529 (227 ) 2,209 Net income $ 3,701 $ 1,340 $ 388 $ 243 $ 2,138 $ 52 $ 7,862 Non-interest expense includes: Depreciation and amortization $ 453 $ 438 $ 29 $ 96 $ 251 $ 2 $ 1,269 For the six months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 6,375 $ 1,475 $ – $ 132 $ 2,617 $ 87 $ 10,686 Non-interest income 2,635 4,513 2,191 1,174 2,244 (274 ) 12,483 Total revenue 9,010 5,988 2,191 1,306 4,861 (187 ) 23,169 Provision for credit losses 2,048 89 1 14 1,096 1 3,249 Insurance policyholder benefits, claims and acquisition expense – – 1,437 – – – 1,437 Non-interest expense 3,931 4,539 301 794 2,726 29 12,320 Income (loss) before income taxes 3,031 1,360 452 498 1,039 (217 ) 6,163 Income taxes (recoveries) 813 313 91 129 52 (225 ) 1,173 Net income $ 2,218 $ 1,047 $ 361 $ 369 $ 987 $ 8 $ 4,990 Non-interest expense includes: Depreciation and amortization $ 457 $ 433 $ 29 $ 104 $ 254 $ – $ 1,277 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. Total assets and total liabilities by business segment As at April 30, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 523,063 $ 133,488 $ 21,011 $ 217,607 $ 669,157 $ 50,990 $ 1,615,316 Total liabilities 522,979 133,468 21,263 217,519 668,854 (41,589 ) 1,522,494 As at October 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Markets 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 | 6 Months Ended |
Apr. 30, 2021 | |
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Capital management | Note 13 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage target s As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) April 30 2021 October 31 2020 Capital (1) CET1 capital $ 70,970 $ 68,082 Tier 1 capital 78,139 74,005 Total capital 87,636 84,928 Risk-weighted assets (RWA) used in calculation of capital ratios (1) Credit risk $ 452,857 $ 448,821 Market risk 30,617 27,374 Operational risk 72,133 70,047 Total RWA $ 555,607 $ 546,242 Capital ratios and Leverage ratio (1) CET1 ratio 12.8% 12.5% Tier 1 capital ratio 14.1% 13.5% Total capital ratio 15.8% 15.5% Leverage ratio 5.0% 4.8% Leverage ratio exposure (billions) $ 1,576.3 $ 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. |
Subsequent events
Subsequent events | 6 Months Ended |
Apr. 30, 2021 | |
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Subsequent events | Note 14 Subsequent events On May 24, 2021, we redeemed all 29 million of our issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BK at a price of $25 per share. |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 6 Months Ended |
Apr. 30, 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. On March 5, 2021 the Financial Conduct Authority (FCA), the regulator of the ICE Benchmark Administration (IBA) which administers LIBOR, made an announcement regarding the permanent cessation or loss of representativeness of all 35 LIBOR settings currently published by the IBA. Details related to certain settings to which we are exposed are noted below. • Publication of the 1-week and 2-month U.S. dollar LIBOR settings will cease immediately after December 31, 2021. Publication of the overnight and 12-month U.S. dollar LIBOR settings will cease immediately after June 30, 2023, while the 1-month, 3-month and 6-month U.S. dollar LIBOR settings will no longer be representative of the underlying market and economic reality they are intended to measure after June 30, 2023. The FCA may consult on requiring the IBA to publish 1-month, 3-month and 6- month USD LIBOR settings after the end of June 2023 on a non-representative “synthetic” basis. • Publication of the overnight, 1-week, 2-month and 12-month sterling LIBOR settings will cease immediately after December 31, 2021, while the 1-month, 3-month and 6-month sterling LIBOR settings will no longer be representative of the underlying market and economic reality they are intended to measure after December 31, 2021. The FCA will consult on requiring the IBA to publish the 1-month, 3-month and 6-month sterling LIBOR settings after the end of 2021, for an unspecified period of time, on a non-representative “synthetic” basis. The FCA announcement triggered fallback provisions related to our LIBOR linked products, including certain loans, bonds, and derivatives, and defined the dates of their transition to alternative benchmark rates. The fixed spreads to be used in the transition to the relevant alternative benchmark rate for each LIBOR setting were also defined as a result of the announcement. 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 On March 5, 2021, the final cessation date of certain USD LIBOR settings was revised from December 31, 2021 to June 30, 2023. As a result of the change in cessation date, our significant exposures to USD LIBOR as at November 1, 2020 for non-derivative financial assets, non-derivative financial liabilities, derivative notional and undrawn balances of loan commitments subject to the Reform, that have yet to transition and are maturing after June 30, 2023, were $57,432 million, $941 million, $3,368,307 million and $82,054 million, respectively. The tables below show our significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to alternative benchmark interest rates and are maturing after December 31, 2021 as at November 1, 2020, which represent our opening balances for the annual period ending on October 31, 2021. Changes in our exposures during the quarter did not result in significant changes to the risks arising from transition since November 1, 2020. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at November 1, 2020 (Millions of Canadian dollars) Non-derivative Non-derivative Derivative 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 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 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 Canadian Dollar Offered Rate (CDOR), EURO Interbank Offered Rate (EURIBOR) and Australian Bank Bill Swap Rate (BBSW), which are excluded from the tables above. |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments (Tables) | 6 Months Ended |
Apr. 30, 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 Non-derivative Derivative 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 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) | 6 Months Ended |
Apr. 30, 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 values and fair values for financial instruments classified or designated as fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI). Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2020 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter. As at April 30, 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 $ – $ 41,380 $ – $ – $ 22,058 $ 22,058 $ 63,438 $ 63,438 Securities Trading 116,265 9,468 – – – – 125,733 125,733 Investment, net of applicable allowance – – 62,619 505 66,295 66,612 129,419 129,736 116,265 9,468 62,619 505 66,295 66,612 255,152 255,469 Assets purchased under reverse repurchase agreements and securities borrowed 265,880 – – – 42,151 42,151 308,031 308,031 Loans, net of applicable allowance Retail – 243 259 – 472,783 478,217 473,285 478,719 Wholesale 6,576 2,027 817 – 190,806 192,567 200,226 201,987 6,576 2,270 1,076 – 663,589 670,784 673,511 680,706 Other Derivatives 97,236 – – – – – 97,236 97,236 Other assets ( 1 4,048 – – – 55,563 55,528 59,611 59,576 Financial liabilities Deposits Personal $ 270 $ 17,305 $ 330,539 $ 330,101 $ 348,114 $ 347,676 Business and government ( 2 590 122,791 520,902 522,490 644,283 645,871 Bank ( 3 – 14,844 26,082 26,079 40,926 40,923 860 154,940 877,523 878,670 1,033,323 1,034,470 Other Obligations related to securities sold short 31,817 – – – 31,817 31,817 Obligations related to assets sold under repurchase agreements and securities loaned – 235,509 21,540 21,540 257,049 257,049 Derivatives 92,402 – – – 92,402 92,402 Other liabilities ( 4 (11 ) 136 62,841 62,844 62,966 62,969 Subordinated debentures – – 9,014 9,279 9,014 9,279 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 banks $ – $ 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 As at April 30, 2021 October 31, 2020 Fair value measurements using Netting adjustments Fair value Fair value measurements using Netting adjustments Fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Interest-bearing deposits with banks $ – $ 41,380 $ – $ $ 41,380 $ – $ 21,603 $ – $ $ 21,603 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 8,901 2,251 – 11,152 12,773 3,012 – 15,785 Provincial and municipal – 10,598 – 10,598 – 11,562 – 11,562 U.S. federal, state, municipal and agencies (1) 652 21,610 33 22,295 1,508 35,029 44 36,581 Other OECD government (2) 4,092 3,289 – 7,381 3,085 3,380 – 6,465 Mortgage-backed securities (1) – 24 – 24 – 39 – 39 Asset-backed securities Non-CDO securities (3) – 511 2 513 – 526 2 528 Corporate debt and other debt – 22,560 18 22,578 – 21,464 30 21,494 Equities 47,065 2,761 1,366 51,192 39,795 2,561 1,261 43,617 60,710 63,604 1,419 125,733 57,161 77,573 1,337 136,071 Investment Debt issued or guaranteed by: Canadian government (1) Federal 793 2,094 – 2,887 647 1,894 – 2,541 Provincial and municipal – 3,325 – 3,325 – 3,233 – 3,233 U.S. federal, state, municipal and agencies (1) 265 25,530 – 25,795 160 38,364 – 38,524 Other OECD government – 5,890 – 5,890 – 7,345 – 7,345 Mortgage-backed securities (1) – 2,207 20 2,227 – 2,343 27 2,370 Asset-backed securities CDO – 7,003 – 7,003 – 7,414 – 7,414 Non-CDO securities – 504 – 504 – 854 – 854 Corporate debt and other debt – 14,842 146 14,988 – 18,954 160 19,114 Equities 44 139 322 505 38 152 335 525 1,102 61,534 488 63,124 845 80,553 522 81,920 Assets purchased under reverse repurchase agreements and securities borrowed – 265,880 – 265,880 – 264,394 – 264,394 Loans – 8,777 1,145 9,922 – 8,747 1,070 9,817 Other Derivatives Interest rate contracts – 37,376 272 37,648 1 53,720 501 54,222 Foreign exchange contracts – 42,027 75 42,102 – 39,246 57 39,303 Credit derivatives – 510 – 510 – 463 – 463 Other contracts 2,821 15,495 20 18,336 4,458 16,767 36 21,261 Valuation adjustments – (777 ) 11 (766 ) – (1,112 ) 8 (1,104 ) Total gross derivatives 2,821 94,631 378 97,830 4,459 109,084 602 114,145 Netting adjustments (594 ) (594 ) (657 ) (657 ) Total derivatives 97,236 113,488 Other assets 1,489 2,557 2 4,048 1,154 2,207 53 3,414 $ 66,122 $ 538,363 $ 3,432 $ (594 ) $ 607,323 $ 63,619 $ 564,161 $ 3,584 $ (657 ) $ 630,707 Financial liabilities Deposits Personal $ – 17,505 $ 70 $ $ 17,575 $ – $ 17,061 $ 139 $ $ 17,200 Business and government – 123,381 – 123,381 – 107,855 – 107,855 Bank – 14,844 – 14,844 – 18,015 – 18,015 Other Obligations related to securities sold short 13,533 18,284 – 31,817 12,484 16,801 – 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 235,509 – 235,509 – 255,922 – 255,922 Derivatives Interest rate contracts – 31,177 938 32,115 – 46,723 1,089 47,812 Foreign exchange contracts – 39,698 29 39,727 – 38,210 35 38,245 Credit derivatives – 674 – 674 – 531 – 531 Other contracts 3,322 16,736 361 20,419 5,734 18,041 337 24,112 Valuation adjustments – 71 (10 ) 61 – (84 ) (32 ) (116 ) Total gross derivatives 3,322 88,356 1,318 92,996 5,734 103,421 1,429 110,584 Netting adjustments (594 ) (594 ) (657 ) (657 ) Total derivatives 92,402 109,927 Other liabilities 220 (106 ) 11 125 118 10 38 166 $ 17,075 $ 497,773 $ 1,399 $ (594 ) $ 515,653 $ 18,336 $ 519,085 $ 1,606 $ (657 ) $ 538,370 (1) As at April 30, 2021, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $14,141 million and $nil (October 31, 2020 – $20,520 million and $nil), respectively, and in all fair value levels of Investment securities were $7,917 million and $2,041 million (October 31, 2020 – $9,487 million and $2,137 million), respectively. (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 April 30, 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 $ 39 $ – $ (2 ) $ – $ (4 ) $ – $ – $ 33 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 36 (1 ) – – (4 ) – (13 ) 18 (1 ) Equities 1,332 30 (33 ) 55 (43 ) 25 – 1,366 50 1,409 29 (35 ) 55 (51 ) 25 (13 ) 1,419 49 Investment Mortgage-backed securities 21 – (1 ) – – – – 20 n.a. Corporate debt and other debt 154 – (9 ) – 1 – – 146 n.a. Equities 336 – (14 ) – – – – 322 n.a. 511 – (24 ) – 1 – – 488 n.a. Loans 1,113 (18 ) (15 ) 51 (4 ) 54 (36 ) 1,145 18 Other Net derivative balances (3) Interest rate contracts (643 ) (32 ) – 15 (2 ) (6 ) 2 (666 ) (32 ) Foreign exchange contracts 42 12 (2 ) 10 (8 ) 6 (14 ) 46 12 Other contracts (100 ) 14 2 (39 ) – (232 ) 14 (341 ) 6 Valuation adjustments 36 – – – (15 ) – – 21 – Other assets 9 – – – (7 ) – – 2 – $ 2,377 $ 5 $ (74 ) $ 92 $ (86 ) $ (153 ) $ (47 ) $ 2,114 $ 53 Liabilities Deposits $ (169 ) $ (26 ) $ 2 $ (47 ) $ 34 $ (5 ) $ 141 $ (70 ) $ 9 Other Other liabilities (13 ) – – – 2 – – (11 ) – $ (182 ) $ (26 ) $ 2 $ (47 ) $ 36 $ (5 ) $ 141 $ (81 ) $ 9 For the three months ended April 30, 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 $ 55 $ – $ 4 $ – $ (5 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 19 – – – – – – 19 – Equities 1,236 (51 ) 43 47 (19 ) – – 1,256 (37 ) 1,312 (51 ) 47 47 (24 ) – – 1,331 (37 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 158 – 6 1 – – – 165 n.a. Equities 293 – 36 4 – – – 333 n.a. 478 – 43 5 – – – 526 n.a. Loans 995 (7 ) – 172 (490 ) 332 (8 ) 994 16 Other Net derivative balances (3) Interest rate contracts (610 ) (114 ) (2 ) (3 ) 7 34 92 (596 ) (55 ) Foreign exchange contracts 25 39 1 5 – – (4 ) 66 33 Other contracts (155 ) (79 ) (8 ) (72 ) (1 ) (23 ) 12 (326 ) (60 ) Valuation adjustments 16 – – – (6 ) – – 10 – Other assets 80 (26 ) 4 – (9 ) – – 49 (27 ) $ 2,141 $ (238 ) $ 85 $ 154 $ (523 ) $ 343 $ 92 $ 2,054 $ (130 ) Liabilities Deposits $ (268 ) $ 87 $ (4 ) $ (39 ) $ 8 $ (66 ) $ 119 $ (163 ) $ 96 Other Other liabilities (59 ) 16 (3 ) 1 9 – – (36 ) 16 $ (327 ) $ 103 $ (7 ) $ (38 ) $ 17 $ (66 ) $ 119 $ (199 ) $ 112 For the six months ended April 30, 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 $ – $ (3 ) $ – $ (8 ) $ – $ – $ 33 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 30 (1 ) – 3 (4 ) 14 (24 ) 18 (1 ) Equities 1,261 48 (66 ) 164 (66 ) 25 – 1,366 89 1,337 47 (69 ) 167 (78 ) 39 (24 ) 1,419 88 Investment Mortgage-backed securities 27 – (7 ) – – – – 20 n.a. Corporate debt and other debt 160 – (16 ) – 2 – – 146 n.a. Equities 335 – (15 ) – 2 – – 322 n.a. 522 – (38 ) – 4 – – 488 n.a. Loans 1,070 (23 ) (9 ) 133 – 70 (96 ) 1,145 38 Other Net derivative balances (3) Interest rate contracts (588 ) (31 ) (2 ) 12 (40 ) (9 ) (8 ) (666 ) (23 ) Foreign exchange contracts 22 25 1 15 (14 ) 7 (10 ) 46 29 Other contracts (301 ) 3 13 (56 ) 47 (224 ) 177 (341 ) 20 Valuation adjustments 40 – – – (19 ) – – 21 – Other assets 53 (39 ) (2 ) – (10 ) – – 2 (39 ) $ 2,155 $ (18 ) $ (106 ) $ 271 $ (110 ) $ (117 ) $ 39 $ 2,114 $ 113 Liabilities Deposits $ (139 ) $ (55 ) $ 5 $ (92 ) $ 47 $ (77 ) $ 241 $ (70 ) $ 12 Other Other liabilities (38 ) 22 1 – 4 – – (11 ) 22 $ (177 ) $ (33 ) $ 6 $ (92 ) $ 51 $ (77 ) $ 241 $ (81 ) $ 34 For the six months ended April 30, 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 $ – $ 4 $ – $ (8 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO securities 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – – (1 ) – – 19 – Equities 1,219 (78 ) 47 118 (47 ) – (3 ) 1,256 (49 ) 1,300 (79 ) 51 118 (56 ) – (3 ) 1,331 (49 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 153 – 11 1 – – – 165 n.a. Equities 294 – 36 4 (1 ) – – 333 n.a. 474 – 48 5 (1 ) – – 526 n.a. Loans 680 19 – 490 (499 ) 340 (36 ) 994 17 Other Net derivative balances (3) Interest rate contracts (585 ) (110 ) (2 ) (39 ) 8 34 98 (596 ) (56 ) Foreign exchange contracts 21 40 1 16 – (5 ) (7 ) 66 31 Other contracts (195 ) (94 ) (7 ) (74 ) 7 (33 ) 70 (326 ) (72 ) Valuation adjustments 22 – – – (12 ) – – 10 – Other assets 77 (19 ) 4 – (13 ) – – 49 (20 ) $ 1,794 $ (243 ) $ 95 $ 516 $ (566 ) $ 336 $ 122 $ 2,054 $ (149 ) Liabilities Deposits $ (156 ) $ 86 $ (4 ) $ (213 ) $ 18 $ (82 ) $ 188 $ (163 ) $ 94 Other Other liabilities (60 ) 12 (3 ) 4 11 – – (36 ) 12 $ (216 ) $ 98 $ (7 ) $ (209 ) $ 29 $ (82 ) $ 188 $ (199 ) $ 106 (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 $8 million for the three months ended April 30, 2021 (April 30, 2020 – gains of $25 million) and losses of $11 million for the six months ended April 30, 2021 (April 30, 2020 – gains of $29 million), excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at April 30, 2021 included derivative assets of $378 million (April 30, 2020 – $698 million) and derivative liabilities of $1,318 million (April 30, 2020 – $1,544 million). n.a. not applicable |
Summary of Net Interest Income From Financial Instruments | Net interest income from financial instruments Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income. For the three months ended For the six months ended (Millions of Canadian dollars) April 30 2021 April 30 April 30 2021 April 30 2020 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 1,080 $ 2,436 $ 2,252 $ 5,421 Financial instruments measured at fair value through other comprehensive income 92 305 194 614 Financial instruments measured at amortized cost 5,726 6,485 11,688 13,429 6,898 9,226 14,134 19,464 Interest expense (1) Financial instruments measured at fair value through profit or loss $ 702 $ 1,635 $ 1,439 $ 3,995 Financial instruments measured at amortized cost 1,342 2,126 2,806 4,783 2,044 3,761 4,245 8,778 Net interest income $ 4,854 $ 5,465 $ 9,889 $ 10,686 (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: f f (2) Includes dividend income for the three months ended April 30, 2021 of $609 million (April 30, 2020 – $614 million) and for the six months ended April 30, 2021 of $1,217 million (April 30, 2020 – $1,222 million), which is presented in Interest and dividend income in the Interim Consolidated Statements of Income. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized gains and losse s (1), (2) As at April 30, 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) $ 3,003 $ 2 $ (118 ) $ 2,887 $ 2,562 $ 1 $ (22 ) $ 2,541 Provincial and municipal 3,547 3 (225 ) 3,325 3,237 27 (31 ) 3,233 U.S. federal, state, municipal and agencies (3) 25,472 422 (99 ) 25,795 38,523 323 (322 ) 38,524 Other OECD government 5,888 3 (1 ) 5,890 7,336 11 (2 ) 7,345 Mortgage-backed securities (3) 2,237 3 (13 ) 2,227 2,418 5 (53 ) 2,370 Asset-backed securities CDO 7,004 1 (2 ) 7,003 7,504 – (90 ) 7,414 Non-CDO securities 498 6 – 504 859 2 (7 ) 854 Corporate debt and other debt 14,934 58 (4 ) 14,988 19,041 76 (3 ) 19,114 Equities 264 242 (1 ) 505 276 253 (4 ) 525 $ 62,847 $ 740 $ (463 ) $ 63,124 $ 81,756 $ 698 $ (534 ) $ 81,920 (1) Excludes $66,295 million of held-to-collect securities as at April 30, 2021 that are carried at amortized cost, net of allowance for credit losses (October 31, 2020 – $57,823 million). (2) Gross unrealized gains and losses includes $1 million of allowance for credit losses on debt securities at FVOCI as at April 30, 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 $2,052 million, $1 million, $12 million and $2,041 million, respectively as at April 30, 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 April 30, 2021 April 30, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 7 $ 3 $ (5 ) $ 5 $ 6 $ – $ (9 ) $ (3 ) Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 3 – – 3 9 – – 9 Sales and maturities (3 ) (1 ) – (4 ) (2 ) – – (2 ) Changes in risk, parameters and exposures – – (2 ) (2 ) 9 – 10 19 Exchange rate and other – (1 ) – (1 ) 1 – (1 ) – Balance at end of period $ 7 $ 1 $ (7 ) $ 1 $ 23 $ – $ – $ 23 For the six months ended April 30, 2021 April 30, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 12 $ – $ (4 ) $ 8 $ 4 $ – $ (7 ) $ (3 ) Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 5 – – 5 11 – – 11 Sales and maturities (7 ) (1 ) – (8 ) (2 ) – – (2 ) Changes in risk, parameters and exposures (2 ) 3 (4 ) (3 ) 9 – 8 17 Exchange rate and other (1 ) (1 ) 1 (1 ) 1 – (1 ) – Balance at end of period $ 7 $ 1 $ (7 ) $ 1 $ 23 $ – $ – $ 23 (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 April 30, 2021 April 30, 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 $ 8 $ 18 $ – $ 26 $ 5 $ 17 $ – $ 22 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 4 – – 4 3 – – 3 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures – (1 ) – (1 ) 2 2 – 4 Exchange rate and other – – – – – 1 – 1 Balance at end of period $ 11 $ 17 $ – $ 28 $ 9 $ 20 $ – $ 29 For the six months ended April 30, 2021 April 30, 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 7 – – 7 5 – – 5 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures (5 ) – – (5 ) – 1 – 1 Exchange rate and other – (2 ) – (2 ) – – – – Balance at end of period $ 11 $ 17 $ – $ 28 $ 9 $ 20 $ – $ 29 |
Summary of Credit risk exposure on Investment Securities by internal risk rating | Credit risk exposure by internal risk rating The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date , As at April 30, 2021 October 31, 2020 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 62,074 $ 38 $ – $ 62,112 $ 80,719 $ 87 $ – $ 80,806 Non-investment grade 363 – – 363 431 1 – 432 Impaired – – 144 144 – – 157 157 62,437 38 144 62,619 81,150 88 157 81,395 Items not subject to impairment (2) 505 525 $ 63,124 $ 81,920 Securities at amortized cost Investment grade $ 65,196 $ – $ – $ 65,196 $ 56,885 $ – $ – $ 56,885 Non-investment grade 849 278 – 1,127 647 320 – 967 Impaired – – – – – – – – 66,045 278 – 66,323 57,532 320 – 57,852 Allowance for credit losses 11 17 – 28 10 19 – 29 Amortized cost $ 66,034 $ 261 $ – $ 66,295 $ 57,522 $ 301 $ – $ 57,823 (1) Reflects (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) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Disclosure of Allowance for Credit Losses | Allowance for credit losses For the three months ended April 30, 2021 April 30, 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 $ 512 $ 2 $ (7 ) $ (12 ) $ 495 $ 367 $ 126 $ (8 ) $ (1 ) $ 484 Personal 1,315 42 (79 ) (3 ) 1,275 940 437 (119 ) – 1,258 Credit cards 1,201 17 (81 ) (2 ) 1,135 868 393 (142 ) 2 1,121 Small business 143 1 (5 ) 50 189 66 50 (9 ) – 107 Wholesale 2,622 (143 ) (36 ) (132 ) 2,311 1,191 1,660 (67 ) 6 2,790 Customers’ liability under acceptances 121 (2 ) – 1 120 39 68 – (2 ) 105 $ 5,914 $ (83 ) $ (208 ) $ (98 ) $ 5,525 $ 3,471 $ 2,734 $ (345 ) $ 5 $ 5,865 Presented as: Allowance for loan losses $ 5,478 $ 5,146 $ 3,139 $ 5,230 Other liabilities – Provisions 309 227 292 529 Customers’ liability under acceptances 121 120 39 105 Other components of equity 6 32 1 1 For the six months ended April 30, 2021 April 30, 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 $ 17 $ (14 ) $ (26 ) $ 495 $ 402 $ 119 $ (16 ) $ (21 ) $ 484 Personal 1,309 111 (138 ) (7 ) 1,275 935 558 (230 ) (5 ) 1,258 Credit cards 1,246 42 (150 ) (3 ) 1,135 832 570 (281 ) – 1,121 Small business 140 9 (10 ) 50 189 61 64 (17 ) (1 ) 107 Wholesale 2,795 (154 ) (122 ) (208 ) 2,311 1,165 1,762 (108 ) (29 ) 2,790 Customers’ liability under acceptances 107 13 – – 120 24 82 – (1 ) 105 $ 6,115 $ 38 $ (434 ) $ (194 ) $ 5,525 $ 3,419 $ 3,155 $ (652 ) $ (57 ) $ 5,865 Presented as: Allowance for loan losses $ 5,639 $ 5,146 $ 3,100 $ 5,230 Other liabilities – Provisions 363 227 295 529 Customers’ liability under acceptances 107 120 24 105 Other components of equity 6 32 – 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 April 30, 2021 April 30, 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 $ 192 $ 162 $ 158 $ 512 $ 132 $ 80 $ 155 $ 367 Provision for credit losses Transfers to stage 1 46 (41 ) (5 ) – 33 (21 ) (12 ) – Transfers to stage 2 (4 ) 4 – – (22 ) 23 (1 ) – Transfers to stage 3 (1 ) (14 ) 15 – (1 ) (7 ) 8 – Originations 23 – – 23 11 – – 11 Maturities (10 ) (14 ) – (24 ) (3 ) (4 ) – (7 ) Changes in risk, parameters and exposures (52 ) 55 – 3 (39 ) 159 2 122 Write-offs – – (10 ) (10 ) – – (10 ) (10 ) Recoveries – – 3 3 – – 2 2 Exchange rate and other (2 ) (4 ) (6 ) (12 ) 3 (7 ) 3 (1 ) Balance at end of period $ 192 $ 148 $ 155 $ 495 $ 114 $ 223 $ 147 $ 484 Personal Balance at beginning of period $ 476 $ 721 $ 118 $ 1,315 $ 273 $ 517 $ 150 $ 940 Provision for credit losses Transfers to stage 1 145 (144 ) (1 ) – 110 (107 ) (3 ) – Transfers to stage 2 (25 ) 25 – – (37 ) 38 (1 ) – Transfers to stage 3 – (18 ) 18 – (1 ) (19 ) 20 – Originations 28 – – 28 28 – – 28 Maturities (25 ) (42 ) – (67 ) (11 ) (24 ) – (35 ) Changes in risk, parameters and exposures (108 ) 140 49 81 (20 ) 352 112 444 Write-offs – – (112 ) (112 ) – – (148 ) (148 ) Recoveries – – 33 33 – – 29 29 Exchange rate and other – (2 ) (1 ) (3 ) 1 – (1 ) – Balance at end of period $ 491 $ 680 $ 104 $ 1,275 $ 343 $ 757 $ 158 $ 1,258 Credit cards Balance at beginning of period $ 353 $ 848 $ – $ 1,201 $ 174 $ 694 $ – $ 868 Provision for credit losses Transfers to stage 1 152 (152 ) – – 117 (117 ) – – Transfers to stage 2 (28 ) 28 – – (25 ) 25 – – Transfers to stage 3 – (76 ) 76 – (1 ) (94 ) 95 – Originations 1 – – 1 3 – – 3 Maturities (2 ) (7 ) – (9 ) (4 ) (6 ) – (10 ) Changes in risk, parameters and exposures (149 ) 168 6 25 (20 ) 373 47 400 Write-offs – – (121 ) (121 ) – – (173 ) (173 ) Recoveries – – 40 40 – – 31 31 Exchange rate and other (1 ) – (1 ) (2 ) 2 – – 2 Balance at end of period $ 326 $ 809 $ – $ 1,135 $ 246 $ 875 $ – $ 1,121 Small business Balance at beginning of period $ 74 $ 33 $ 36 $ 143 $ 29 $ 11 $ 26 $ 66 Provision for credit losses Transfers to stage 1 26 (26 ) – – 4 (4 ) – – Transfers to stage 2 (5 ) 5 – – (2 ) 2 – – Transfers to stage 3 – – – – – – – – Originations 8 – – 8 5 – – 5 Maturities (5 ) (3 ) – (8 ) (2 ) – – (2 ) Changes in risk, parameters and exposures (39 ) 32 8 1 22 11 14 47 Write-offs – – (7 ) (7 ) – – (10 ) (10 ) Recoveries – – 2 2 – – 1 1 Exchange rate and other 22 30 (2 ) 50 – 1 (1 ) – Balance at end of period $ 81 $ 71 $ 37 $ 189 $ 56 $ 21 $ 30 $ 107 Wholesale Balance at beginning of period $ 895 $ 1,145 $ 582 $ 2,622 $ 300 $ 407 $ 484 $ 1,191 Provision for credit losses Transfers to stage 1 126 (123 ) (3 ) – 39 (38 ) (1 ) – Transfers to stage 2 (40 ) 52 (12 ) – (37 ) 37 – – Transfers to stage 3 (1 ) (22 ) 23 – (1 ) (27 ) 28 – Originations 153 – – 153 413 – – 413 Maturities (133 ) (135 ) – (268 ) (34 ) (42 ) – (76 ) Changes in risk, parameters and exposures (194 ) 163 3 (28 ) 555 463 305 1,323 Write-offs – – (51 ) (51 ) – – (82 ) (82 ) Recoveries – – 15 15 – – 15 15 Exchange rate and other (42 ) (56 ) (34 ) (132 ) 11 7 (12 ) 6 Balance at end of period $ 764 $ 1,024 $ 523 $ 2,311 $ 1,246 $ 807 $ 737 $ 2,790 For the six months ended April 30, 2021 April 30, 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 1 120 (110 ) (10 ) – 60 (39 ) (21 ) – Transfers to stage 2 (10 ) 12 (2 ) – (26 ) 29 (3 ) – Transfers to stage 3 (1 ) (27 ) 28 – (2 ) (15 ) 17 – Originations 53 – – 53 27 – – 27 Maturities (16 ) (18 ) – (34 ) (7 ) (7 ) – (14 ) Changes in risk, parameters and exposures (156 ) 141 13 (2 ) (84 ) 188 2 106 Write-offs – – (19 ) (19 ) – – (22 ) (22 ) Recoveries – – 5 5 – – 6 6 Exchange rate and other (4 ) (10 ) (12 ) (26 ) – (10 ) (11 ) (21 ) Balance at end of period $ 192 $ 148 $ 155 $ 495 $ 114 $ 223 $ 147 $ 484 Personal Balance at beginning of period $ 480 $ 733 $ 96 $ 1,309 $ 272 $ 520 $ 143 $ 935 Provision for credit losses – Transfers to stage 1 342 (340 ) (2 ) – 229 (226 ) (3 ) – Transfers to stage 2 (52 ) 52 – – (56 ) 57 (1 ) – Transfers to stage 3 (1 ) (32 ) 33 – (2 ) (39 ) 41 – Originations 61 – – 61 53 – – 53 Maturities (47 ) (69 ) – (116 ) (23 ) (47 ) – (70 ) Changes in risk, parameters and exposures (290 ) 338 118 166 (131 ) 493 213 575 Write-offs – – (206 ) (206 ) – – (297 ) (297 ) Recoveries – – 68 68 – – 67 67 Exchange rate and other (2 ) (2 ) (3 ) (7 ) 1 (1 ) (5 ) (5 ) Balance at end of period $ 491 $ 680 $ 104 $ 1,275 $ 343 $ 757 $ 158 $ 1,258 Credit cards Balance at beginning of period $ 364 $ 882 $ – $ 1,246 $ 173 $ 659 $ – $ 832 Provision for credit losses – Transfers to stage 1 378 (378 ) – – 235 (235 ) – – Transfers to stage 2 (58 ) 58 – – (47 ) 47 – – Transfers to stage 3 (2 ) (136 ) 138 – (1 ) (182 ) 183 – Originations 3 – – 3 5 – – 5 Maturities (4 ) (15 ) – (19 ) (5 ) (14 ) – (19 ) Changes in risk, parameters and exposures (354 ) 399 13 58 (114 ) 600 98 584 Write-offs – – (227 ) (227 ) – – (347 ) (347 ) Recoveries – – 77 77 – – 66 66 Exchange rate and other (1 ) (1 ) (1 ) (3 ) – – – – Balance at end of period $ 326 $ 809 $ – $ 1,135 $ 246 $ 875 $ – $ 1,121 Small business Balance at beginning of period $ 78 $ 29 $ 33 $ 140 $ 29 $ 10 $ 22 $ 61 Provision for credit losses – Transfers to stage 1 39 (39 ) – – 5 (5 ) – – Transfers to stage 2 (6 ) 6 – – (3 ) 3 – – Transfers to stage 3 – (1 ) 1 – – (1 ) 1 – Originations 17 – – 17 8 – – 8 Maturities (11 ) (6 ) – (17 ) (3 ) (1 ) – (4 ) Changes in risk, parameters and exposures (59 ) 52 16 9 20 15 25 60 Write-offs – – (14 ) (14 ) – – (20 ) (20 ) Recoveries – – 4 4 – – 3 3 Exchange rate and other 23 30 (3 ) 50 – – (1 ) (1 ) Balance at end of period $ 81 $ 71 $ 37 $ 189 $ 56 $ 21 $ 30 $ 107 Wholesale Balance at beginning of period $ 995 $ 1,132 $ 668 $ 2,795 $ 281 $ 396 $ 488 $ 1,165 Provision for credit losses – Transfers to stage 1 255 (252 ) (3 ) – 66 (64 ) (2 ) – Transfers to stage 2 (87 ) 113 (26 ) – (45 ) 46 (1 ) – Transfers to stage 3 (2 ) (37 ) 39 – (2 ) (45 ) 47 – Originations 360 – – 360 479 – – 479 Maturities (298 ) (274 ) – (572 ) (77 ) (95 ) – (172 ) Changes in risk, parameters and exposures (401 ) 420 39 58 538 562 355 1,455 Write-offs – – (149 ) (149 ) – – (136 ) (136 ) Recoveries – – 27 27 – – 28 28 Exchange rate and other (58 ) (78 ) (72 ) (208 ) 6 7 (42 ) (29 ) Balance at end of period $ 764 $ 1,024 $ 523 $ 2,311 $ 1,246 $ 807 $ 737 $ 2,790 |
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 April 30, 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 $ 287,863 $ 2,291 $ – $ 290,154 $ 270,396 $ 2,848 $ – $ 273,244 Medium risk 14,628 2,685 – 17,313 15,230 3,307 – 18,537 High risk 4,755 1,184 – 5,939 4,346 1,467 – 5,813 Not rated (1) 42,641 1,010 – 43,651 43,176 936 – 44,112 Impaired – – 703 703 – – 638 638 349,887 7,170 703 357,760 333,148 8,558 638 342,344 Items not subject to impairment (2) 243 253 Total $ 358,003 $ 342,597 Loans outstanding – Personal Low risk $ 69,836 $ 711 $ – $ 70,547 $ 71,245 $ 1,084 $ – $ 72,329 Medium risk 3,827 5,187 – 9,014 3,974 5,415 – 9,389 High risk 860 1,347 – 2,207 817 1,416 – 2,233 Not rated (1) 8,370 130 – 8,500 7,704 144 – 7,848 Impaired – – 251 251 – – 212 212 Total $ 82,893 $ 7,375 $ 251 $ 90,519 $ 83,740 $ 8,059 $ 212 $ 92,011 Loans outstanding – Credit cards Low risk $ 11,373 $ 25 $ – $ 11,398 $ 11,824 $ 63 $ – $ 11,887 Medium risk 1,455 2,006 – 3,461 1,596 2,360 – 3,956 High risk 137 1,078 – 1,215 132 1,105 – 1,237 Not rated (1) 468 54 – 522 490 56 – 546 Total $ 13,433 $ 3,163 $ – $ 16,596 $ 14,042 $ 3,584 $ – $ 17,626 Loans outstanding – Small business (3) Low risk $ 7,527 $ 295 $ – $ 7,822 $ 2,034 $ 172 $ – $ 2,206 Medium risk 1,611 1,014 – 2,625 1,976 1,143 – 3,119 High risk 306 240 – 546 126 192 – 318 Not rated (1) 3 – – 3 9 – – 9 Impaired – – 116 116 – – 90 90 Total $ 9,447 $ 1,549 $ 116 $ 11,112 4,145 $ 1,507 $ 90 $ 5,742 Undrawn loan commitments – Retail Low risk $ 224,206 $ 713 $ – $ 224,919 $ 214,176 $ 887 $ – $ 215,063 Medium risk 10,350 131 – 10,481 10,402 291 – 10,693 High risk 1,276 116 – 1,392 1,141 129 – 1,270 Not rated (1) 4,733 110 – 4,843 5,238 117 – 5,355 Total $ 240,565 $ 1,070 $ – $ 241,635 $ 230,957 $ 1,424 $ – $ 232,381 Wholesale – Loans outstanding (3) Investment grade $ 50,970 $ 265 $ – $ 51,235 $ 50,998 $ 328 $ – $ 51,326 Non-investment grade 111,018 21,136 – 132,154 112,434 26,575 – 139,009 Not rated (1) 8,292 436 – 8,728 7,093 432 – 7,525 Impaired – – 1,707 1,707 – – 2,235 2,235 170,280 21,837 1,707 193,824 170,525 27,335 2,235 200,095 Items not subject to impairment (2) 8,603 8,560 Total $ 202,427 $ 208,655 Undrawn loan commitments – Wholesale Investment grade $ 238,391 $ 164 $ – $ 238,555 $ 242,244 $ 1,022 $ – $ 243,266 Non-investment grade 105,539 11,242 – 116,781 92,262 21,581 – 113,843 Not rated (1) 3,419 – – 3,419 3,918 – – 3,918 Total $ 347,349 $ 11,406 $ – $ 358,755 $ 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. (3) Commencing Q2 2021, certain loans are now classified as Retail – Small business and were previously classified as Wholesale, reflecting an alignment with capital measurement and reporting. |
Disclosure of Loans Past Due But Not Impaired | Loans past due but not impaired (1), (2) As at April 30, 2021 October 31, 2020 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,007 $ 158 $ 1,165 $ 1,013 $ 129 $ 1,142 Wholesale 433 10 443 574 13 587 $ 1,440 $ 168 $ 1,608 $ 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) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Deposit Liabilities | As at April 30, 2021 October 31, 2020 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 194,114 $ 62,462 $ 91,538 $ 348,114 $ 182,745 $ 61,761 $ 98,546 $ 343,052 Business and governmen t 333,729 19,085 291,469 644,283 315,472 16,585 292,254 624,311 Bank 13,872 686 26,368 40,926 12,502 956 31,064 44,522 $ 541,715 $ 82,233 $ 409,375 $ 1,033,323 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 Non-interest-bearing (4) Canada $ 139,665 $ 7,871 $ 518 $ 148,054 $ 123,402 $ 7,390 $ 368 $ 131,160 United States 46,606 – – 46,606 43,831 – – 43,831 Europe (5) 447 – – 447 654 – – 654 Other International 7,143 – – 7,143 7,372 – – 7,372 Interest-bearing (4) Canada 300,002 19,698 288,866 608,566 287,046 19,036 310,492 616,574 United States 6,605 53,856 72,017 132,478 7,190 52,046 57,037 116,273 Europe (5) 34,740 808 36,390 71,938 33,810 830 37,250 71,890 Other International 6,507 – 11,584 18,091 7,414 – 16,717 24,131 $ 541,715 $ 82,233 $ 409,375 $ 1,033,323 $ 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 April 30, 2021, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $355.0 billion, $30.5 billion, $41.8 billion and $28.1 billion, respectively (October 31, 2020 – $347.5 billion, $31.9 billion, $46.6 billion and $33.4 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) April 30 2021 October 31 2020 (1) Within 1 year: less than 3 months $ 129,516 $ 123,290 3 to 6 months 49,929 65,782 6 to 12 months 86,826 80,737 1 to 2 years 32,304 34,400 2 to 3 years 35,986 42,907 3 to 4 years 25,332 21,136 4 to 5 years 21,179 22,885 Over 5 years 28,303 30,727 $ 409,375 $ 421,864 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 378,000 $ 388,000 (1) Amounts previously presented were reclassified to reflect the contractual maturities of certain term deposits. |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 6 Months Ended |
Apr. 30, 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) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Current service costs $ 90 $ 91 $ 11 $ 12 Net interest expense (income) 2 5 14 15 Remeasurements of other long term benefits – – (11 ) – Administrative expense 3 5 – – Defined benefit pension expense 95 101 14 27 Defined contribution pension expense 57 55 – – $ 152 $ 156 $ 14 $ 27 For the six months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Current service costs $ 180 $ 183 $ 22 $ 23 Net interest expense (income) 4 10 28 30 Remeasurements of other long term benefits – – (10 ) 4 Administrative expense 6 9 – – Defined benefit pension expense 190 202 40 57 Defined contribution pension expense 123 118 – – $ 313 $ 320 $ 40 $ 57 |
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) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Actuarial (gains) losses: Changes in financial assumptions (2) $ (1,380 ) $ (1,009 ) $ (113 ) $ (95 ) Experience adjustments – – (3 ) (2 ) Return on plan assets (excluding interest based on discount rate) 227 484 – – $ (1,153) $ (525 ) $ (116) $ (97 ) For the six months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Actuarial (gains) losses: Changes in financial assumptions (2) $ (1,392 ) $ 38 $ (135 ) $ 1 Experience adjustments – – (3 ) (2 ) Return on plan assets (excluding interest based on discount rate) (797 ) (23 ) – – $ (2,189) $ 15 $ (138 ) $ (1 ) (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) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Common Shares Issued | For the three months ended April 30, 2021 April 30, 2020 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 324 $ 25 314 $ 26 Purchased for cancellation (3) – – (867 ) (11 ) 324 $ 25 (553 ) $ 15 For the six months ended April 30, 2021 April 30, 2020 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 820 $ 61 547 $ 44 Purchased for cancellation (3) – – (7,860 ) (97 ) 820 $ 61 (7,313 ) $ (53 ) (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and six months ended April 30, 2021 and April 30, 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 and six months ended April 30, 2021, we did not purchase for cancellation any common shares. During the three months ended April 30, 2020, we purchased for cancellation common shares at a total fair value of $87 million (average cost of $ |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Earnings Per Share | For the three months ended For the six months ended (Millions of Canadian dollars, except share and per share amounts) April 30 2021 April 30 2020 April 30 2021 April 30 2020 Basic earnings per share Net income $ 4,015 $ 1,481 $ 7,862 $ 4,990 Dividends on preferred shares and distributions on other equity instruments (76 ) (64 ) (134 ) (129 ) Net income attributable to non-controlling interests (1 ) 3 (3 ) (2 ) Net income available to common shareholders 3,938 1,420 7,725 4,859 Weighted average number of common shares (in thousands) 1,424,889 1,422,754 1,424,107 1,425,203 Basic earnings per share (in dollars) $ 2.76 $ 1.00 $ 5.42 $ 3.41 Diluted earnings per share Net income available to common shareholders $ 3,938 $ 1,420 $ 7,725 $ 4,859 Dilutive impact of exchangeable shares – 3 – 7 Net income available to common shareholders including dilutive impact of exchangeable shares 3,938 1,423 7,725 4,866 Weighted average number of common shares (in thousands) 1,424,889 1,422,754 1,424,107 1,425,203 Stock options (1) 1,533 906 1,362 1,280 Issuable under other share-based compensation plans 685 753 714 751 Exchangeable shares – 3,458 – 3,234 Average number of diluted common shares (in thousands) 1,427,107 1,427,871 1,426,183 1,430,468 Diluted earnings per share (in dollars) $ 2.76 $ 1.00 $ 5.42 $ 3.40 (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 April 30, 2021, no outstanding options were excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2020, an average of 2,941,928 outstanding options with an average exercise price of $101.06 were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2021, no outstanding options were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2020, an average of 1,584,011 outstanding options with an average exercise price of $103.55 were excluded from the calculation of diluted earnings per share. |
Results by business segment (Ta
Results by business segment (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Disclosure of operating segments | For the three months ended April 30, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,085 $ 666 $ – $ 87 $ 1,121 $ (105 ) $ 4,854 Non-interest income 1,442 2,728 536 447 1,597 14 6,764 Total revenue 4,527 3,394 536 534 2,718 (91 ) 11,618 Provision for credit losses 35 (2 ) – (2 ) (127 ) – (96 ) Insurance policyholder benefits, claims and acquisition expense – – 149 – – – 149 Non-interest expense 1,915 2,495 140 375 1,468 (14 ) 6,379 Income (loss) before income taxes 2,577 901 247 161 1,377 (77 ) 5,186 Income taxes (recoveries) 669 210 60 41 306 (115 ) 1,171 Net income $ 1,908 $ 691 $ 187 $ 120 $ 1,071 $ 38 $ 4,015 Non-interest expense includes: Depreciation and amortization $ 229 $ 218 $ 15 $ 47 $ 126 $ 1 $ 636 For the three months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,149 $ 737 $ – $ 74 $ 1,456 $ 49 $ 5,465 Non-interest income 1,251 2,085 197 635 857 (157 ) 4,868 Total revenue 4,400 2,822 197 709 2,313 (108 ) 10,333 Provision for credit losses 1,706 91 1 14 1,017 1 2,830 Insurance policyholder benefits, claims and acquisition expense – – (177 ) – – – (177 ) Non-interest expense 1,947 2,169 148 392 1,291 (5 ) 5,942 Income (loss) before income taxes 747 562 225 303 5 (104 ) 1,738 Income taxes (recoveries) 215 138 45 77 (100 ) (118 ) 257 Net income $ 532 $ 424 $ 180 $ 226 $ 105 $ 14 $ 1,481 Non-interest expense includes: Depreciation and amortization $ 223 $ 223 $ 14 $ 54 $ 127 $ – $ 641 For the six months ended April 30, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 6,246 $ 1,332 $ – $ 178 $ 2,320 $ (187 ) $ 9,889 Non-interest income 2,844 5,449 2,345 921 3,106 7 14,672 Total revenue 9,090 6,781 2,345 1,099 5,426 (180 ) 24,561 Provision for credit losses 200 (31 ) – (4 ) (150 ) (1 ) 14 Insurance policyholder benefits, claims and acquisition expense – – 1,555 – – – 1,555 Non-interest expense 3,893 5,058 289 776 2,909 (4 ) 12,921 Income (loss) before income taxes 4,997 1,754 501 327 2,667 (175 ) 10,071 Income taxes (recoveries) 1,296 414 113 84 529 (227 ) 2,209 Net income $ 3,701 $ 1,340 $ 388 $ 243 $ 2,138 $ 52 $ 7,862 Non-interest expense includes: Depreciation and amortization $ 453 $ 438 $ 29 $ 96 $ 251 $ 2 $ 1,269 For the six months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 6,375 $ 1,475 $ – $ 132 $ 2,617 $ 87 $ 10,686 Non-interest income 2,635 4,513 2,191 1,174 2,244 (274 ) 12,483 Total revenue 9,010 5,988 2,191 1,306 4,861 (187 ) 23,169 Provision for credit losses 2,048 89 1 14 1,096 1 3,249 Insurance policyholder benefits, claims and acquisition expense – – 1,437 – – – 1,437 Non-interest expense 3,931 4,539 301 794 2,726 29 12,320 Income (loss) before income taxes 3,031 1,360 452 498 1,039 (217 ) 6,163 Income taxes (recoveries) 813 313 91 129 52 (225 ) 1,173 Net income $ 2,218 $ 1,047 $ 361 $ 369 $ 987 $ 8 $ 4,990 Non-interest expense includes: Depreciation and amortization $ 457 $ 433 $ 29 $ 104 $ 254 $ – $ 1,277 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. Total assets and total liabilities by business segment As at April 30, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 523,063 $ 133,488 $ 21,011 $ 217,607 $ 669,157 $ 50,990 $ 1,615,316 Total liabilities 522,979 133,468 21,263 217,519 668,854 (41,589 ) 1,522,494 As at October 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Markets 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) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) April 30 2021 October 31 2020 Capital (1) CET1 capital $ 70,970 $ 68,082 Tier 1 capital 78,139 74,005 Total capital 87,636 84,928 Risk-weighted assets (RWA) used in calculation of capital ratios (1) Credit risk $ 452,857 $ 448,821 Market risk 30,617 27,374 Operational risk 72,133 70,047 Total RWA $ 555,607 $ 546,242 Capital ratios and Leverage ratio (1) CET1 ratio 12.8% 12.5% Tier 1 capital ratio 14.1% 13.5% Total capital ratio 15.8% 15.5% Leverage ratio 5.0% 4.8% Leverage ratio exposure (billions) $ 1,576.3 $ 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) - CAD ($) $ in Millions | Mar. 05, 2021 | Nov. 01, 2020 |
Statement [Line Items] | ||
Non-derivative financial assets | $ 86,965 | |
Non-derivative financial liabilities | 8,818 | |
Derivative notional | 7,368,480 | |
USD LIBOR [member] | ||
Statement [Line Items] | ||
Non-derivative financial assets | $ 57,432 | |
Non-derivative financial liabilities | 941 | |
Derivative notional | $ 3,368,307 | |
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 |
Summary of significant accoun_6
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) - CAD ($) $ in Millions | Mar. 05, 2021 | Nov. 01, 2020 |
Disclosure of property, plant and equipment and intangibles [line items] | ||
Non derivative financial assets | $ 86,965 | |
Non derivative financial liabilities | 8,818 | |
Derivative Notional loans | $ 7,368,480 | |
Usd Libor [Member] | ||
Disclosure of property, plant and equipment and intangibles [line items] | ||
Non derivative financial assets | $ 57,432 | |
Non derivative financial liabilities | 941 | |
Derivative Notional loans | 3,368,307 | |
Undrawn Balances | $ 82,054 |
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 | Apr. 30, 2021 | Oct. 31, 2020 |
Financial assets | ||
Interest-bearing deposits with banks | $ 63,438 | $ 39,013 |
Securities | ||
Trading | 125,733 | 136,071 |
Investment, net of applicable allowance | 129,419 | 139,743 |
Securities | 255,152 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 308,031 | 313,015 |
Loans, net of applicable allowance | ||
Loans, net | 673,511 | 660,992 |
Other | ||
Derivatives | 97,236 | 113,488 |
Deposits | ||
Personal | 348,114 | 343,052 |
Business and government | 644,283 | 624,311 |
Bank | 40,926 | 44,522 |
Deposits | 1,033,323 | 1,011,885 |
Other | ||
Obligations related to securities sold short | 31,817 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 257,049 | 274,231 |
Derivatives | 92,402 | 109,927 |
Subordinated debentures | 9,014 | 9,867 |
Financial assets classified as FVTPL [member] | ||
Securities | ||
Trading | 116,265 | 126,027 |
Securities | 116,265 | 126,027 |
Assets purchased under reverse repurchase agreements and securities borrowed | 265,880 | 264,394 |
Loans, net of applicable allowance | ||
Wholesale | 6,576 | 6,197 |
Loans, net | 6,576 | 6,197 |
Other | ||
Derivatives | 97,236 | 113,488 |
Other assets | 4,048 | 3,414 |
Financial assets designated as FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 41,380 | 21,603 |
Securities | ||
Trading | 9,468 | 10,044 |
Securities | 9,468 | 10,044 |
Loans, net of applicable allowance | ||
Retail | 243 | 253 |
Wholesale | 2,027 | 2,363 |
Loans, net | 2,270 | 2,616 |
Financial assets classified as FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 62,619 | 81,395 |
Securities | 62,619 | 81,395 |
Loans, net of applicable allowance | ||
Retail | 259 | 260 |
Wholesale | 817 | 744 |
Loans, net | 1,076 | 1,004 |
Financial assets designated as FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 505 | 525 |
Securities | 505 | 525 |
Financial liabilities classified as FVTPL [member] | ||
Deposits | ||
Personal | 270 | 104 |
Business and government | 590 | 389 |
Deposits | 860 | 493 |
Other | ||
Obligations related to securities sold short | 31,817 | 29,285 |
Derivatives | 92,402 | 109,927 |
Other liabilities | (11) | 80 |
Financial liabilities designated as FVTPL [member] | ||
Deposits | ||
Personal | 17,305 | 17,096 |
Business and government | 122,791 | 107,466 |
Bank | 14,844 | 18,015 |
Deposits | 154,940 | 142,577 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 235,509 | 255,922 |
Other liabilities | 136 | 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 | 22,058 | 17,410 |
Securities | ||
Investment, net of applicable allowance | 66,612 | 58,627 |
Securities | 66,612 | 58,627 |
Assets purchased under reverse repurchase agreements and securities borrowed | 42,151 | 48,621 |
Loans, net of applicable allowance | ||
Retail | 478,217 | 462,884 |
Wholesale | 192,567 | 198,753 |
Loans, net | 670,784 | 661,637 |
Other | ||
Other assets | 55,528 | 57,065 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 330,101 | 324,804 |
Business and government | 522,490 | 518,501 |
Bank | 26,079 | 26,518 |
Deposits | 878,670 | 869,823 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 21,540 | 18,309 |
Other liabilities | 62,844 | 65,719 |
Subordinated debentures | 9,279 | 10,071 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 63,438 | 39,013 |
Securities | ||
Trading | 125,733 | 136,071 |
Investment, net of applicable allowance | 129,419 | 139,743 |
Securities | 255,152 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 308,031 | 313,015 |
Loans, net of applicable allowance | ||
Retail | 473,285 | 454,942 |
Wholesale | 200,226 | 206,050 |
Loans, net | 673,511 | 660,992 |
Other | ||
Derivatives | 97,236 | 113,488 |
Other assets | 59,611 | 60,479 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 22,058 | 17,410 |
Securities | ||
Investment, net of applicable allowance | 66,295 | 57,823 |
Securities | 66,295 | 57,823 |
Assets purchased under reverse repurchase agreements and securities borrowed | 42,151 | 48,621 |
Loans, net of applicable allowance | ||
Retail | 472,783 | 454,429 |
Wholesale | 190,806 | 196,746 |
Loans, net | 663,589 | 651,175 |
Other | ||
Other assets | 55,563 | 57,065 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 63,438 | 39,013 |
Securities | ||
Trading | 125,733 | 136,071 |
Investment, net of applicable allowance | 129,736 | 140,547 |
Securities | 255,469 | 276,618 |
Assets purchased under reverse repurchase agreements and securities borrowed | 308,031 | 313,015 |
Loans, net of applicable allowance | ||
Retail | 478,719 | 463,397 |
Wholesale | 201,987 | 208,057 |
Loans, net | 680,706 | 671,454 |
Other | ||
Derivatives | 97,236 | 113,488 |
Other assets | 59,576 | 60,479 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 348,114 | 343,052 |
Business and government | 644,283 | 624,311 |
Bank | 40,926 | 44,522 |
Deposits | 1,033,323 | 1,011,885 |
Other | ||
Obligations related to securities sold short | 31,817 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 257,049 | 274,231 |
Derivatives | 92,402 | 109,927 |
Other liabilities | 62,966 | 65,878 |
Subordinated debentures | 9,014 | 9,867 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 330,539 | 325,852 |
Business and government | 520,902 | 516,456 |
Bank | 26,082 | 26,507 |
Deposits | 877,523 | 868,815 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 21,540 | 18,309 |
Other liabilities | 62,841 | 65,712 |
Subordinated debentures | 9,014 | 9,867 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 347,676 | 342,004 |
Business and government | 645,871 | 626,356 |
Bank | 40,923 | 44,533 |
Deposits | 1,034,470 | 1,012,893 |
Other | ||
Obligations related to securities sold short | 31,817 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 257,049 | 274,231 |
Derivatives | 92,402 | 109,927 |
Other liabilities | 62,969 | 65,885 |
Subordinated debentures | $ 9,279 | $ 10,071 |
Fair value of financial instr_4
Fair value of financial instrument - Additional Information (Detail) $ in Millions | 3 Months Ended |
Apr. 30, 2021CAD ($) | |
Over-the-counter equity options [Member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 2 to Level 3 | $ 232 |
Derivative liabilities [member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 2 to Level 3 | 233 |
Personal deposits [member] | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |
Transfers out of Level 3 to Level 2 | 141 |
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 | 360 |
Transfers out of Level 2 to Level 1 | $ 130 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | $ 6,898 | $ 9,226 | $ 14,134 | $ 19,464 |
Interest expense | 2,044 | 3,761 | 4,245 | 8,778 |
Net interest income | 4,854 | 5,465 | 9,889 | 10,686 |
Interest and dividend income [member] | Financial liabilities measured at fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 6,898 | 9,226 | 14,134 | 19,464 |
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 | 1,080 | 2,436 | 2,252 | 5,421 |
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 | 92 | 305 | 194 | 614 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 5,726 | 6,485 | 11,688 | 13,429 |
Interest expense [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest expense | 2,044 | 3,761 | 4,245 | 8,778 |
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 | 702 | 1,635 | 1,439 | 3,995 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest expense | $ 1,342 | $ 2,126 | $ 2,806 | $ 4,783 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | $ 536 | $ 197 | $ 2,345 | $ 2,191 |
Dividend income | 609 | 614 | 1,217 | 1,222 |
Interest expense [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | 1 | 1 | 2 | 3 |
Interest and dividend income [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | $ 139 | $ 123 | $ 288 | $ 255 |
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 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Financial assets | ||||||
Interest-bearing deposits with banks | $ 63,438 | $ 39,013 | ||||
Trading | ||||||
Trading securities | 125,733 | 136,071 | ||||
Investment | ||||||
Assets purchased under reverse repurchase agreements and securities borrowed | 308,031 | 313,015 | ||||
Loans | 673,511 | 660,992 | ||||
Derivatives | ||||||
Derivatives | 97,236 | 113,488 | ||||
Deposits | ||||||
Personal | 348,114 | 343,052 | ||||
Business and government | 644,283 | 624,311 | ||||
Bank | 40,926 | 44,522 | ||||
Other | ||||||
Obligations related to securities sold short | 31,817 | 29,285 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 257,049 | 274,231 | ||||
Derivatives | ||||||
Total derivatives | 92,402 | 109,927 | ||||
Netting adjustments [member] | ||||||
Derivatives | ||||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (594) | (657) | ||||
Financial assets | (594) | (657) | ||||
Derivatives | ||||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (594) | (657) | ||||
Financial liabilities | (594) | (657) | ||||
Total gross fair value [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 60,710 | 57,161 | ||||
Investment | ||||||
Investment securities | 1,102 | 845 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 2,821 | 4,459 | ||||
Other assets | 1,489 | 1,154 | ||||
Financial assets | 66,122 | 63,619 | ||||
Other | ||||||
Obligations related to securities sold short | 13,533 | 12,484 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 3,322 | 5,734 | ||||
Other liabilities | 220 | 118 | ||||
Financial liabilities | 17,075 | 18,336 | ||||
Total gross fair value [member] | Level 2 [member] | ||||||
Financial assets | ||||||
Interest-bearing deposits with banks | 41,380 | 21,603 | ||||
Trading | ||||||
Trading securities | 63,604 | 77,573 | ||||
Investment | ||||||
Investment securities | 61,534 | 80,553 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 265,880 | 264,394 | ||||
Loans | 8,777 | 8,747 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 94,631 | 109,084 | ||||
Other assets | 2,557 | 2,207 | ||||
Financial assets | 538,363 | 564,161 | ||||
Deposits | ||||||
Personal | 17,505 | 17,061 | ||||
Business and government | 123,381 | 107,855 | ||||
Bank | 14,844 | 18,015 | ||||
Other | ||||||
Obligations related to securities sold short | 18,284 | 16,801 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 235,509 | 255,922 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 88,356 | 103,421 | ||||
Other liabilities | (106) | 10 | ||||
Financial liabilities | 497,773 | 519,085 | ||||
Total gross fair value [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 1,419 | 1,337 | ||||
Investment | ||||||
Investment securities | 488 | 522 | ||||
Loans | 1,145 | 1,070 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 378 | 602 | ||||
Other assets | 2 | 53 | ||||
Financial assets | 3,432 | 3,584 | ||||
Deposits | ||||||
Personal | 70 | 139 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 1,318 | 1,429 | ||||
Other liabilities | 11 | 38 | ||||
Financial liabilities | 1,399 | 1,606 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 8,901 | 12,773 | ||||
Investment | ||||||
Investment securities | 793 | 647 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 2,251 | 3,012 | ||||
Investment | ||||||
Investment securities | 2,094 | 1,894 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 10,598 | 11,562 | ||||
Investment | ||||||
Investment securities | 3,325 | 3,233 | ||||
Total gross fair value [member] | U.S. federal, state, municipal and agencies debt - issued or guaranteed [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 652 | 1,508 | ||||
Investment | ||||||
Investment securities | 265 | 160 | ||||
Total gross fair value [member] | U.S. federal, state, municipal and agencies debt - issued or guaranteed [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 21,610 | 35,029 | ||||
Investment | ||||||
Investment securities | 25,530 | 38,364 | ||||
Total gross fair value [member] | U.S. federal, state, municipal and agencies debt - issued or guaranteed [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 33 | 44 | ||||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 4,092 | 3,085 | ||||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 3,289 | 3,380 | ||||
Investment | ||||||
Investment securities | 5,890 | 7,345 | ||||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 24 | 39 | ||||
Investment | ||||||
Investment securities | 2,207 | 2,343 | ||||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | ||||||
Investment | ||||||
Investment securities | 20 | 27 | ||||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 511 | 526 | ||||
Investment | ||||||
Investment securities | 504 | 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 | 22,560 | 21,464 | ||||
Investment | ||||||
Investment securities | 14,842 | 18,954 | ||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 18 | 30 | ||||
Investment | ||||||
Investment securities | 146 | 160 | ||||
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 47,065 | 39,795 | ||||
Investment | ||||||
Investment securities | 44 | 38 | ||||
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 2,761 | 2,561 | ||||
Investment | ||||||
Investment securities | 139 | 152 | ||||
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 1,366 | 1,261 | ||||
Investment | ||||||
Investment securities | 322 | 335 | ||||
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | ||||||
Investment | ||||||
Investment securities | 7,003 | 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 | 37,376 | 53,720 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 272 | 501 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 42,027 | 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 | 510 | 463 | ||||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 2,821 | 4,458 | ||||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 15,495 | 16,767 | ||||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 20 | 36 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | (777) | (1,112) | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 11 | 8 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 31,177 | 46,723 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 938 | 1,089 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 39,698 | 38,210 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 29 | 35 | ||||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 674 | 531 | ||||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 3,322 | 5,734 | ||||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 16,736 | 18,041 | ||||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 361 | 337 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 71 | (84) | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | (10) | (32) | ||||
Recurring [member] | ||||||
Financial assets | ||||||
Interest-bearing deposits with banks | 41,380 | 21,603 | ||||
Trading | ||||||
Trading securities | 125,733 | 136,071 | ||||
Investment | ||||||
Investment securities | 63,124 | 81,920 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 265,880 | 264,394 | ||||
Loans | 9,922 | 9,817 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 97,830 | 114,145 | ||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (594) | (657) | ||||
Derivatives | 97,236 | 113,488 | ||||
Other assets | 4,048 | 3,414 | ||||
Financial assets | 607,323 | 630,707 | ||||
Deposits | ||||||
Personal | 17,575 | 17,200 | ||||
Business and government | 123,381 | 107,855 | ||||
Bank | 14,844 | 18,015 | ||||
Other | ||||||
Obligations related to securities sold short | 31,817 | 29,285 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 235,509 | 255,922 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 92,996 | 110,584 | ||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (594) | (657) | ||||
Total derivatives | 92,402 | 109,927 | ||||
Other liabilities | 125 | 166 | ||||
Financial liabilities | 515,653 | 538,370 | ||||
Recurring [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Financial assets | 2,114 | $ 2,377 | 2,155 | $ 2,054 | $ 2,141 | $ 1,794 |
Derivatives | ||||||
Financial liabilities | (81) | $ (182) | (177) | $ (199) | $ (327) | $ (216) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | ||||||
Trading | ||||||
Trading securities | 11,152 | 15,785 | ||||
Investment | ||||||
Investment securities | 2,887 | 2,541 | ||||
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||||||
Trading | ||||||
Trading securities | 10,598 | 11,562 | ||||
Investment | ||||||
Investment securities | 3,325 | 3,233 | ||||
Recurring [member] | U.S. federal, state, municipal and agencies debt - issued or guaranteed [member] | ||||||
Trading | ||||||
Trading securities | 22,295 | 36,581 | ||||
Investment | ||||||
Investment securities | 25,795 | 38,524 | ||||
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | ||||||
Trading | ||||||
Trading securities | 7,381 | 6,465 | ||||
Investment | ||||||
Investment securities | 5,890 | 7,345 | ||||
Recurring [member] | Mortgage-backed securities [member] | ||||||
Trading | ||||||
Trading securities | 24 | 39 | ||||
Investment | ||||||
Investment securities | 2,227 | 2,370 | ||||
Recurring [member] | Asset- backed securities, Non-CDO [member] | ||||||
Trading | ||||||
Trading securities | 513 | 528 | ||||
Investment | ||||||
Investment securities | 504 | 854 | ||||
Recurring [member] | Corporate debt and other debt [member] | ||||||
Trading | ||||||
Trading securities | 22,578 | 21,494 | ||||
Investment | ||||||
Investment securities | 14,988 | 19,114 | ||||
Recurring [member] | Equity securities [member] | ||||||
Trading | ||||||
Trading securities | 51,192 | 43,617 | ||||
Investment | ||||||
Investment securities | 505 | 525 | ||||
Recurring [member] | Asset-backed securities, CDO [member] | ||||||
Investment | ||||||
Investment securities | 7,003 | 7,414 | ||||
Recurring [member] | Interest rate contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 37,648 | 54,222 | ||||
Recurring [member] | Foreign exchange contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 42,102 | 39,303 | ||||
Recurring [member] | Credit derivatives [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 510 | 463 | ||||
Recurring [member] | Other contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 18,336 | 21,261 | ||||
Recurring [member] | Valuation adjustments [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | (766) | (1,104) | ||||
Recurring [member] | Interest rate contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 32,115 | 47,812 | ||||
Recurring [member] | Foreign exchange contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 39,727 | 38,245 | ||||
Recurring [member] | Credit derivatives [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 674 | 531 | ||||
Recurring [member] | Other contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 20,419 | 24,112 | ||||
Recurring [member] | Valuation adjustments [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | $ 61 | $ (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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 125,733 | $ 136,071 |
Investment securities | 129,419 | 139,743 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 14,141 | 20,520 |
Investment securities | 7,917 | 9,487 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 2,041 | $ 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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | $ 630,707 | |||
Fair value assets, ending balance | $ 607,323 | 607,323 | ||
Fair value liabilities, beginning balance | 538,370 | |||
Fair value liabilities, ending balance | 515,653 | 515,653 | ||
Level 3 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 2,377 | $ 2,141 | 2,155 | $ 1,794 |
Gains (losses) included in earnings | 5 | (238) | (18) | (243) |
Gains (losses) included in OCI | (74) | 85 | (106) | 95 |
Purchases (issuances) | 92 | 154 | 271 | 516 |
Settlement (sales) and other | (86) | (523) | (110) | (566) |
Transfers into Level 3 | (153) | 343 | (117) | 336 |
Transfers out of Level 3 | (47) | 92 | 39 | 122 |
Fair value assets, ending balance | 2,114 | 2,054 | 2,114 | 2,054 |
Gains (losses) included in earnings for positions still held | 53 | (130) | 113 | (149) |
Fair value liabilities, beginning balance | (182) | (327) | (177) | (216) |
Gains (losses) included in earnings | (26) | 103 | (33) | 98 |
Gains (losses) included in OCI | 2 | (7) | 6 | (7) |
Purchases (issuances) | (47) | (38) | (92) | (209) |
Settlement (sales) and other | 36 | 17 | 51 | 29 |
Transfers into Level 3 | (5) | (66) | (77) | (82) |
Transfers out of Level 3 | 141 | 119 | 241 | 188 |
Fair value liabilities, ending balance | (81) | (199) | (81) | (199) |
Gains (losses) included in earnings for positions still held | 9 | 112 | 34 | 106 |
Level 3 [member] | Investment [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 511 | 478 | 522 | 474 |
Gains (losses) included in OCI | (24) | 43 | (38) | 48 |
Purchases (issuances) | 5 | 5 | ||
Settlement (sales) and other | 1 | 4 | (1) | |
Fair value assets, ending balance | 488 | 526 | 488 | 526 |
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 | 0 | (2) | (2) | (2) |
Fair value net derivative, beginning balance | (643) | (610) | (588) | (585) |
Gains (losses) included in earnings | (32) | (114) | (31) | (110) |
Purchases (issuances) | 15 | (3) | 12 | (39) |
Settlement (sales) and other | (2) | 7 | (40) | 8 |
Transfers into Level 3 | (6) | 34 | (9) | 34 |
Transfers out of Level 3 | 2 | 92 | (8) | 98 |
Fair value net derivative, ending balance | (666) | (596) | (666) | (596) |
Gains (losses) included in earnings for positions still held | (32) | (55) | (23) | (56) |
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 | (2) | 1 | 1 | 1 |
Fair value net derivative, beginning balance | 42 | 25 | 22 | 21 |
Gains (losses) included in earnings | 12 | 39 | 25 | 40 |
Purchases (issuances) | 10 | 5 | 15 | 16 |
Settlement (sales) and other | (8) | (14) | ||
Transfers into Level 3 | 6 | 7 | (5) | |
Transfers out of Level 3 | (14) | (4) | (10) | (7) |
Fair value net derivative, ending balance | 46 | 66 | 46 | 66 |
Gains (losses) included in earnings for positions still held | 12 | 33 | 29 | 31 |
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 | (100) | (155) | (301) | (195) |
Gains (losses) included in earnings | 14 | (79) | 3 | (94) |
Gains (losses) included in OCI | 2 | (8) | 13 | (7) |
Purchases (issuances) | (39) | (72) | (56) | (74) |
Settlement (sales) and other | 0 | (1) | 47 | 7 |
Transfers into Level 3 | (232) | (23) | (224) | (33) |
Transfers out of Level 3 | 14 | 12 | 177 | 70 |
Fair value net derivative, ending balance | (341) | (326) | (341) | (326) |
Gains (losses) included in earnings for positions still held | 6 | (60) | 20 | (72) |
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 | 36 | 16 | 40 | 22 |
Settlement (sales) and other | (15) | (6) | (19) | (12) |
Fair value net derivative, ending balance | 21 | 10 | 21 | 10 |
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 | 0 | 4 | (2) | 4 |
Fair value net derivative, beginning balance | 9 | 80 | 53 | 77 |
Gains (losses) included in earnings | 0 | (26) | (39) | (19) |
Settlement (sales) and other | (7) | (9) | (10) | (13) |
Fair value net derivative, ending balance | 2 | 49 | 2 | 49 |
Gains (losses) included in earnings for positions still held | 0 | (27) | (39) | (20) |
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 | 154 | 158 | 160 | 153 |
Gains (losses) included in OCI | (9) | 6 | (16) | 11 |
Purchases (issuances) | 1 | 1 | ||
Fair value assets, ending balance | 146 | 165 | 146 | 165 |
Settlement (sales) and other | 1 | 2 | ||
Level 3 [member] | Equities [member] | Investment [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 336 | 293 | 335 | 294 |
Gains (losses) included in OCI | (14) | 36 | (15) | 36 |
Purchases (issuances) | 4 | 4 | ||
Fair value assets, ending balance | 322 | 333 | 322 | 333 |
Settlement (sales) and other | 0 | 2 | (1) | |
Level 3 [member] | Loans [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 1,113 | 995 | 1,070 | 680 |
Gains (losses) included in earnings | (18) | (7) | (23) | 19 |
Gains (losses) included in OCI | (15) | (9) | ||
Purchases (issuances) | 51 | 172 | 133 | 490 |
Settlement (sales) and other | (4) | (490) | 0 | (499) |
Transfers into Level 3 | 54 | 332 | 70 | 340 |
Transfers out of Level 3 | (36) | (8) | (96) | (36) |
Fair value assets, ending balance | 1,145 | 994 | 1,145 | 994 |
Gains (losses) included in earnings for positions still held | 18 | 16 | 38 | 17 |
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 | 21 | 27 | 27 | 27 |
Gains (losses) included in OCI | (1) | 1 | (7) | 1 |
Fair value assets, ending balance | 20 | 28 | 20 | 28 |
Level 3 [member] | Trading Securities [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 1,409 | 1,312 | 1,337 | 1,300 |
Gains (losses) included in earnings | 29 | (51) | 47 | (79) |
Gains (losses) included in OCI | (35) | 47 | (69) | 51 |
Purchases (issuances) | 55 | 47 | 167 | 118 |
Settlement (sales) and other | (51) | (24) | (78) | (56) |
Transfers into Level 3 | 25 | 39 | ||
Transfers out of Level 3 | (13) | (24) | (3) | |
Fair value assets, ending balance | 1,419 | 1,331 | 1,419 | 1,331 |
Gains (losses) included in earnings for positions still held | 49 | (37) | 88 | (49) |
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 | 39 | 55 | 44 | 58 |
Gains (losses) included in OCI | (2) | 4 | (3) | 4 |
Settlement (sales) and other | (4) | (5) | (8) | (8) |
Fair value assets, ending balance | 33 | 54 | 33 | 54 |
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 | 2 | 2 |
Fair value assets, ending balance | 2 | 2 | 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 | 36 | 19 | 30 | 21 |
Gains (losses) included in earnings | (1) | (1) | (1) | |
Purchases (issuances) | 0 | 3 | ||
Settlement (sales) and other | (4) | (4) | (1) | |
Transfers out of Level 3 | (13) | (24) | ||
Fair value assets, ending balance | 18 | 19 | 18 | 19 |
Gains (losses) included in earnings for positions still held | (1) | (1) | ||
Transfers into Level 3 | 0 | 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 | 1,332 | 1,236 | 1,261 | 1,219 |
Gains (losses) included in earnings | 30 | (51) | 48 | (78) |
Gains (losses) included in OCI | (33) | 43 | (66) | 47 |
Purchases (issuances) | 55 | 47 | 164 | 118 |
Settlement (sales) and other | (43) | (19) | (66) | (47) |
Transfers into Level 3 | 25 | 25 | ||
Transfers out of Level 3 | 0 | 0 | (3) | |
Fair value assets, ending balance | 1,366 | 1,256 | 1,366 | 1,256 |
Gains (losses) included in earnings for positions still held | 50 | (37) | 89 | (49) |
Level 3 [member] | Deposits - Personal [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value liabilities, beginning balance | (169) | (268) | (139) | (156) |
Gains (losses) included in earnings | (26) | 87 | (55) | 86 |
Gains (losses) included in OCI | 2 | (4) | 5 | (4) |
Purchases (issuances) | (47) | (39) | (92) | (213) |
Settlement (sales) and other | 34 | 8 | 47 | 18 |
Transfers into Level 3 | (5) | (66) | (77) | (82) |
Transfers out of Level 3 | 141 | 119 | 241 | 188 |
Fair value liabilities, ending balance | (70) | (163) | (70) | (163) |
Gains (losses) included in earnings for positions still held | 9 | 96 | 12 | 94 |
Level 3 [member] | Other liabilities [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value liabilities, beginning balance | (13) | (59) | (38) | (60) |
Gains (losses) included in earnings | 0 | 16 | 22 | 12 |
Gains (losses) included in OCI | 0 | (3) | 1 | (3) |
Purchases (issuances) | 1 | 4 | ||
Settlement (sales) and other | 2 | 9 | 4 | 11 |
Fair value liabilities, ending balance | (11) | (36) | (11) | (36) |
Gains (losses) included in earnings for positions still held | $ 0 | $ 16 | $ 22 | $ 12 |
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 | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Derivative assets | $ 97,236 | $ 97,236 | $ 113,488 | ||
Derivative liabilities | 92,402 | 92,402 | 109,927 | ||
Recurring [member] | |||||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Derivative assets | 97,236 | 97,236 | 113,488 | ||
Derivative liabilities | 92,402 | 92,402 | $ 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 | 8 | $ 25 | 11 | $ 29 | |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | |||||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Derivative assets | 378 | 698 | 378 | 698 | |
Derivative liabilities | $ 1,318 | $ 1,544 | $ 1,318 | $ 1,544 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 62,847 | $ 81,756 |
Gross unrealized gains | 740 | 698 |
Gross unrealized losses | (463) | (534) |
Fair value | 63,124 | 81,920 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,003 | 2,562 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (118) | (22) |
Fair value | 2,887 | 2,541 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,547 | 3,237 |
Gross unrealized gains | 3 | 27 |
Gross unrealized losses | (225) | (31) |
Fair value | 3,325 | 3,233 |
U.S. federal, state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 25,472 | 38,523 |
Gross unrealized gains | 422 | 323 |
Gross unrealized losses | (99) | (322) |
Fair value | 25,795 | 38,524 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,888 | 7,336 |
Gross unrealized gains | 3 | 11 |
Gross unrealized losses | (1) | (2) |
Fair value | 5,890 | 7,345 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,237 | 2,418 |
Gross unrealized gains | 3 | 5 |
Gross unrealized losses | (13) | (53) |
Fair value | 2,227 | 2,370 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,004 | 7,504 |
Gross unrealized gains | 1 | |
Gross unrealized losses | (2) | (90) |
Fair value | 7,003 | 7,414 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 498 | 859 |
Gross unrealized gains | 6 | 2 |
Gross unrealized losses | 0 | (7) |
Fair value | 504 | 854 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 14,934 | 19,041 |
Gross unrealized gains | 58 | 76 |
Gross unrealized losses | (4) | (3) |
Fair value | 14,988 | 19,114 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 264 | 276 |
Gross unrealized gains | 242 | 253 |
Gross unrealized losses | (1) | (4) |
Fair value | $ 505 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 62,847 | $ 81,756 |
Allowance for credit losses on debt securities at FVOCI | 1 | 8 |
Gross unrealized gains on securities measured at FVOCI | 740 | 698 |
Gross unrealized losses on securities measured at FVOCI | 463 | 534 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 2,052 | 2,185 |
Gross unrealized gains on securities measured at FVOCI | 1 | 0 |
Gross unrealized losses on securities measured at FVOCI | 12 | 48 |
Fair value | 2,041 | 2,137 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 66,295 | $ 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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | $ 5 | $ (3) | $ 8 | $ (3) |
Provision for credit losses | ||||
Purchases | 3 | 9 | 5 | 11 |
Sales and maturities | (4) | (2) | (8) | (2) |
Changes in risk, parameters and exposures | (2) | 19 | (3) | 17 |
Exchange rate and other | (1) | (1) | ||
Balance at end of period | 1 | 23 | 1 | 23 |
Performing Stage one [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | 7 | 6 | 12 | 4 |
Provision for credit losses | ||||
Purchases | 3 | 9 | 5 | 11 |
Sales and maturities | (3) | (2) | (7) | (2) |
Changes in risk, parameters and exposures | 9 | (2) | 9 | |
Exchange rate and other | 1 | (1) | 1 | |
Balance at end of period | 7 | 23 | 7 | 23 |
Performing Stage two [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | 3 | |||
Provision for credit losses | ||||
Sales and maturities | (1) | (1) | ||
Changes in risk, parameters and exposures | 3 | |||
Exchange rate and other | (1) | (1) | ||
Balance at end of period | 1 | 1 | ||
Impaired Stage three [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | (5) | (9) | (4) | (7) |
Provision for credit losses | ||||
Changes in risk, parameters and exposures | (2) | 10 | (4) | 8 |
Exchange rate and other | $ (1) | 1 | $ (1) | |
Balance at end of period | $ (7) | $ (7) |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Credit Losses - Securities at Amortized Cost (Detail) - Debt securities at amortized cost [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 26 | $ 22 | $ 29 | $ 24 |
Provision for credit losses | ||||
Purchases | 4 | 3 | 7 | 5 |
Sales and maturities | (1) | (1) | (1) | (1) |
Changes in risk, parameters and exposures | (1) | 4 | (5) | 1 |
Exchange rate and other | 1 | (2) | ||
Balance at end of period | 28 | 29 | 28 | 29 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 8 | 5 | 10 | 5 |
Provision for credit losses | ||||
Purchases | 4 | 3 | 7 | 5 |
Sales and maturities | (1) | (1) | (1) | (1) |
Changes in risk, parameters and exposures | 2 | (5) | ||
Balance at end of period | 11 | 9 | 11 | 9 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 18 | 17 | 19 | 19 |
Provision for credit losses | ||||
Changes in risk, parameters and exposures | (1) | 2 | 1 | |
Exchange rate and other | 1 | (2) | ||
Balance at end of period | $ 17 | $ 20 | $ 17 | $ 20 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 62,847 | $ 81,756 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 62,112 | 80,806 |
Non-investment grade | 363 | 432 |
Impaired | 144 | 157 |
Carrying amount of securities measured at FVOCI subject to impairment | 62,619 | 81,395 |
Items not subject to impairment | 505 | 525 |
Carrying amount of securities measured at FVOCI | 63,124 | 81,920 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 65,196 | 56,885 |
Non-investment grade | 1,127 | 967 |
Amount before allowance for credit losses | 66,323 | 57,852 |
Allowance for credit losses | 28 | 29 |
Amortized cost | 66,295 | 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 | 62,074 | 80,719 |
Non-investment grade | 363 | 431 |
Carrying amount of securities measured at FVOCI subject to impairment | 62,437 | 81,150 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 65,196 | 56,885 |
Non-investment grade | 849 | 647 |
Amount before allowance for credit losses | 66,045 | 57,532 |
Allowance for credit losses | 11 | 10 |
Amortized cost | 66,034 | 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 | 38 | 87 |
Non-investment grade | 1 | |
Carrying amount of securities measured at FVOCI subject to impairment | 38 | 88 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Non-investment grade | 278 | 320 |
Amount before allowance for credit losses | 278 | 320 |
Allowance for credit losses | 17 | 19 |
Amortized cost | 261 | 301 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 144 | 157 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 144 | $ 157 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 144 | $ 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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Customers' liability under acceptances [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 121 | $ 39 | $ 107 | $ 24 |
Provision for credit losses | (2) | 68 | 13 | 82 |
Exchange rate changes/other | 1 | (2) | 0 | (1) |
Balance at end of period | 120 | 105 | 120 | 105 |
Allowance for credit losses [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 5,914 | 3,471 | 6,115 | 3,419 |
Provision for credit losses | (83) | 2,734 | 38 | 3,155 |
Net write-offs | (208) | (345) | (434) | (652) |
Exchange rate changes/other | (98) | 5 | (194) | (57) |
Balance at end of period | 5,525 | 5,865 | 5,525 | 5,865 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 5,478 | 3,139 | 5,639 | 3,100 |
Balance at end of period | 5,146 | 5,230 | 5,146 | 5,230 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 309 | 292 | 363 | 295 |
Balance at end of period | 227 | 529 | 227 | 529 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 121 | 39 | 107 | 24 |
Balance at end of period | 120 | 105 | 120 | 105 |
Allowance for credit losses [member] | Other components of equity [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 6 | 1 | 6 | 0 |
Balance at end of period | 32 | 1 | 32 | 1 |
Retail [member] | Residential mortgages [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 512 | 367 | 518 | 402 |
Provision for credit losses | 2 | 126 | 17 | 119 |
Net write-offs | (7) | (8) | (14) | (16) |
Exchange rate changes/other | (12) | (1) | (26) | (21) |
Balance at end of period | 495 | 484 | 495 | 484 |
Retail [member] | Personal [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1,315 | 940 | 1,309 | 935 |
Provision for credit losses | 42 | 437 | 111 | 558 |
Net write-offs | (79) | (119) | (138) | (230) |
Exchange rate changes/other | (3) | 0 | (7) | (5) |
Balance at end of period | 1,275 | 1,258 | 1,275 | 1,258 |
Retail [member] | Credit cards [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1,201 | 868 | 1,246 | 832 |
Provision for credit losses | 17 | 393 | 42 | 570 |
Net write-offs | (81) | (142) | (150) | (281) |
Exchange rate changes/other | (2) | 2 | (3) | 0 |
Balance at end of period | 1,135 | 1,121 | 1,135 | 1,121 |
Retail [member] | Small business [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 143 | 66 | 140 | 61 |
Provision for credit losses | 1 | 50 | 9 | 64 |
Net write-offs | (5) | (9) | (10) | (17) |
Exchange rate changes/other | 50 | 0 | 50 | (1) |
Balance at end of period | 189 | 107 | 189 | 107 |
Wholesale [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 2,622 | 1,191 | 2,795 | 1,165 |
Provision for credit losses | (143) | 1,660 | (154) | 1,762 |
Net write-offs | (36) | (67) | (122) | (108) |
Exchange rate changes/other | (132) | 6 | (208) | (29) |
Balance at end of period | $ 2,311 | $ 2,790 | $ 2,311 | $ 2,790 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 512 | $ 367 | $ 518 | $ 402 |
Provision for credit losses | ||||
Originations | 23 | 11 | 53 | 27 |
Maturities | (24) | (7) | (34) | (14) |
Changes in risk, parameters and exposures | 3 | 122 | (2) | 106 |
Write-offs | (10) | (10) | (19) | (22) |
Recoveries | 3 | 2 | 5 | 6 |
Exchange rate and other | (12) | (1) | (26) | (21) |
Balance at end of period | 495 | 484 | 495 | 484 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 192 | 132 | 206 | 146 |
Provision for credit losses | ||||
Transfers to Stage 1 | 46 | 33 | 120 | 60 |
Transfers to Stage 2 | (4) | (22) | (10) | (26) |
Transfers to Stage 3 | (1) | (1) | (1) | (2) |
Originations | 23 | 11 | 53 | 27 |
Maturities | (10) | (3) | (16) | (7) |
Changes in risk, parameters and exposures | (52) | (39) | (156) | (84) |
Exchange rate and other | (2) | 3 | (4) | |
Balance at end of period | 192 | 114 | 192 | 114 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 162 | 80 | 160 | 77 |
Provision for credit losses | ||||
Transfers to Stage 1 | (41) | (21) | (110) | (39) |
Transfers to Stage 2 | 4 | 23 | 12 | 29 |
Transfers to Stage 3 | (14) | (7) | (27) | (15) |
Maturities | (14) | (4) | (18) | (7) |
Changes in risk, parameters and exposures | 55 | 159 | 141 | 188 |
Exchange rate and other | (4) | (7) | (10) | (10) |
Balance at end of period | 148 | 223 | 148 | 223 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 158 | 155 | 152 | 179 |
Provision for credit losses | ||||
Transfers to Stage 1 | (5) | (12) | (10) | (21) |
Transfers to Stage 2 | 0 | (1) | (2) | (3) |
Transfers to Stage 3 | 15 | 8 | 28 | 17 |
Changes in risk, parameters and exposures | 0 | 2 | 13 | 2 |
Write-offs | (10) | (10) | (19) | (22) |
Recoveries | 3 | 2 | 5 | 6 |
Exchange rate and other | (6) | 3 | (12) | (11) |
Balance at end of period | $ 155 | $ 147 | $ 155 | $ 147 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 1,315 | $ 940 | $ 1,309 | $ 935 |
Provision for credit losses | ||||
Originations | 28 | 28 | 61 | 53 |
Maturities | (67) | (35) | (116) | (70) |
Changes in risk, parameters and exposures | 81 | 444 | 166 | 575 |
Write-offs | (112) | (148) | (206) | (297) |
Recoveries | 33 | 29 | 68 | 67 |
Exchange rate and other | (3) | (7) | (5) | |
Balance at end of period | 1,275 | 1,258 | 1,275 | 1,258 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 476 | 273 | 480 | 272 |
Provision for credit losses | ||||
Transfers to Stage 1 | 145 | 110 | 342 | 229 |
Transfers to Stage 2 | (25) | (37) | (52) | (56) |
Transfers to Stage 3 | (1) | (1) | (2) | |
Originations | 28 | 28 | 61 | 53 |
Maturities | (25) | (11) | (47) | (23) |
Changes in risk, parameters and exposures | (108) | (20) | (290) | (131) |
Exchange rate and other | 1 | (2) | 1 | |
Balance at end of period | 491 | 343 | 491 | 343 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 721 | 517 | 733 | 520 |
Provision for credit losses | ||||
Transfers to Stage 1 | (144) | (107) | (340) | (226) |
Transfers to Stage 2 | 25 | 38 | 52 | 57 |
Transfers to Stage 3 | (18) | (19) | (32) | (39) |
Maturities | (42) | (24) | (69) | (47) |
Changes in risk, parameters and exposures | 140 | 352 | 338 | 493 |
Exchange rate and other | (2) | (2) | (1) | |
Balance at end of period | 680 | 757 | 680 | 757 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 118 | 150 | 96 | 143 |
Provision for credit losses | ||||
Transfers to Stage 1 | (1) | (3) | (2) | (3) |
Transfers to Stage 2 | (1) | (1) | ||
Transfers to Stage 3 | 18 | 20 | 33 | 41 |
Changes in risk, parameters and exposures | 49 | 112 | 118 | 213 |
Write-offs | (112) | (148) | (206) | (297) |
Recoveries | 33 | 29 | 68 | 67 |
Exchange rate and other | (1) | (1) | (3) | (5) |
Balance at end of period | $ 104 | $ 158 | $ 104 | $ 158 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 1,201 | $ 868 | $ 1,246 | $ 832 |
Provision for credit losses | ||||
Originations | 1 | 3 | 3 | 5 |
Maturities | (9) | (10) | (19) | (19) |
Changes in risk, parameters and exposures | 25 | 400 | 58 | 584 |
Write-offs | (121) | (173) | (227) | (347) |
Recoveries | 40 | 31 | 77 | 66 |
Exchange rate and other | (2) | 2 | (3) | 0 |
Balance at end of period | 1,135 | 1,121 | 1,135 | 1,121 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 353 | 174 | 364 | 173 |
Provision for credit losses | ||||
Transfers to Stage 1 | 152 | 117 | 378 | 235 |
Transfers to Stage 2 | (28) | (25) | (58) | (47) |
Transfers to Stage 3 | 0 | (1) | (2) | (1) |
Originations | 1 | 3 | 3 | 5 |
Maturities | (2) | (4) | (4) | (5) |
Changes in risk, parameters and exposures | (149) | (20) | (354) | (114) |
Exchange rate and other | (1) | 2 | (1) | 0 |
Balance at end of period | 326 | 246 | 326 | 246 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 848 | 694 | 882 | 659 |
Provision for credit losses | ||||
Transfers to Stage 1 | (152) | (117) | (378) | (235) |
Transfers to Stage 2 | 28 | 25 | 58 | 47 |
Transfers to Stage 3 | (76) | (94) | (136) | (182) |
Maturities | (7) | (6) | (15) | (14) |
Changes in risk, parameters and exposures | 168 | 373 | 399 | 600 |
Exchange rate and other | (1) | |||
Balance at end of period | 809 | 875 | 809 | 875 |
Impaired Stage three [member] | ||||
Provision for credit losses | ||||
Transfers to Stage 3 | 76 | 95 | 138 | 183 |
Changes in risk, parameters and exposures | 6 | 47 | 13 | 98 |
Write-offs | (121) | (173) | (227) | (347) |
Recoveries | 40 | $ 31 | 77 | $ 66 |
Exchange rate and other | $ (1) | $ (1) |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 143 | $ 66 | $ 140 | $ 61 |
Provision for credit losses | ||||
Originations | 8 | 5 | 17 | 8 |
Maturities | (8) | (2) | (17) | (4) |
Changes in risk, parameters and exposures | 1 | 47 | 9 | 60 |
Write-offs | (7) | (10) | (14) | (20) |
Recoveries | 2 | 1 | 4 | 3 |
Exchange rate and other | 50 | 50 | (1) | |
Balance at end of period | 189 | 107 | 189 | 107 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 74 | 29 | 78 | 29 |
Provision for credit losses | ||||
Transfers to Stage 1 | 26 | 4 | 39 | 5 |
Transfers to Stage 2 | (5) | (2) | (6) | (3) |
Originations | 8 | 5 | 17 | 8 |
Maturities | (5) | (2) | (11) | (3) |
Changes in risk, parameters and exposures | (39) | 22 | (59) | 20 |
Exchange rate and other | 22 | 23 | ||
Balance at end of period | 81 | 56 | 81 | 56 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 33 | 11 | 29 | 10 |
Provision for credit losses | ||||
Transfers to Stage 1 | (26) | (4) | (39) | (5) |
Transfers to Stage 2 | 5 | 2 | 6 | 3 |
Transfers to Stage 3 | (1) | (1) | ||
Maturities | (3) | (6) | (1) | |
Changes in risk, parameters and exposures | 32 | 11 | 52 | 15 |
Exchange rate and other | 30 | 1 | 30 | |
Balance at end of period | 71 | 21 | 71 | 21 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 36 | 26 | 33 | 22 |
Provision for credit losses | ||||
Transfers to Stage 3 | 1 | 1 | ||
Changes in risk, parameters and exposures | 8 | 14 | 16 | 25 |
Write-offs | (7) | (10) | (14) | (20) |
Recoveries | 2 | 1 | 4 | 3 |
Exchange rate and other | (2) | (1) | (3) | (1) |
Balance at end of period | $ 37 | $ 30 | $ 37 | $ 30 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 2,622 | $ 1,191 | $ 2,795 | $ 1,165 |
Provision for credit losses | ||||
Originations | 153 | 413 | 360 | 479 |
Maturities | (268) | (76) | (572) | (172) |
Changes in risk, parameters and exposures | (28) | 1,323 | 58 | 1,455 |
Write-offs | (51) | (82) | (149) | (136) |
Recoveries | 15 | 15 | 27 | 28 |
Exchange rate and other | (132) | 6 | (208) | (29) |
Balance at end of period | 2,311 | 2,790 | 2,311 | 2,790 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 895 | 300 | 995 | 281 |
Provision for credit losses | ||||
Transfers to Stage 1 | 126 | 39 | 255 | 66 |
Transfers to Stage 2 | (40) | (37) | (87) | (45) |
Transfers to Stage 3 | (1) | (1) | (2) | (2) |
Originations | 153 | 413 | 360 | 479 |
Maturities | (133) | (34) | (298) | (77) |
Changes in risk, parameters and exposures | (194) | 555 | (401) | 538 |
Exchange rate and other | (42) | 11 | (58) | 6 |
Balance at end of period | 764 | 1,246 | 764 | 1,246 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1,145 | 407 | 1,132 | 396 |
Provision for credit losses | ||||
Transfers to Stage 1 | (123) | (38) | (252) | (64) |
Transfers to Stage 2 | 52 | 37 | 113 | 46 |
Transfers to Stage 3 | (22) | (27) | (37) | (45) |
Maturities | (135) | (42) | (274) | (95) |
Changes in risk, parameters and exposures | 163 | 463 | 420 | 562 |
Exchange rate and other | (56) | 7 | (78) | 7 |
Balance at end of period | 1,024 | 807 | 1,024 | 807 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 582 | 484 | 668 | 488 |
Provision for credit losses | ||||
Transfers to Stage 1 | (3) | (1) | (3) | (2) |
Transfers to Stage 2 | (12) | 0 | (26) | (1) |
Transfers to Stage 3 | 23 | 28 | 39 | 47 |
Changes in risk, parameters and exposures | 3 | 305 | 39 | 355 |
Write-offs | (51) | (82) | (149) | (136) |
Recoveries | 15 | 15 | 27 | 28 |
Exchange rate and other | (34) | (12) | (72) | (42) |
Balance at end of period | $ 523 | $ 737 | $ 523 | $ 737 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses, Key Inputs and Assumptions - Additional Information (Detail) - $ / Perbarrel | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | |
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 | 25 | ||
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 | 61 | 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 | 53 | 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 | 74 | ||
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 | 55 | ||
Canadian unemployment rate [member] | Quarterly Average [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 7.80% | ||
US unemployment rate [member] | Quarterly Average [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 5.80% | ||
U.S. GDP growth rate [member] | Events after reporting period [member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 3.80% | ||
U.S. GDP growth rate [member] | Above Fourth Quarter 2019 Level [member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 0.70% | ||
Canada GDP growth rate [member] | Events after reporting period [member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 2.20% | ||
Canada GDP growth rate [member] | Below Fourth Quarter 2019 Level [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 1.00% | ||
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 | 4.20% | ||
Canadian housing price index [member] | Base Scenario [member] | Next Twelve Months [member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 3.00% | 0.60% | |
Canadian housing price index [member] | Base Scenario [member] | Next Two To Five Years [member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 3.70% | 4.50% | |
Canadian housing price index [member] | Upside Scenario [member] | Next Twelve Months [member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 10.90% | ||
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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 357,760 | $ 342,344 |
Items not subject to impairment | 243 | 253 |
Gross carrying amount of financial assets | 358,003 | 342,597 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 290,154 | 273,244 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 17,313 | 18,537 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,939 | 5,813 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 43,651 | 44,112 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 703 | 638 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 349,887 | 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 | 287,863 | 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 | 14,628 | 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 | 4,755 | 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 | 42,641 | 43,176 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,170 | 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 | 2,291 | 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 | 2,685 | 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 | 1,184 | 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 | 1,010 | 936 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 703 | 638 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 703 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 90,519 | $ 92,011 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 70,547 | 72,329 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,014 | 9,389 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,207 | 2,233 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,500 | 7,848 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 251 | 212 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 82,893 | 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 | 69,836 | 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 | 3,827 | 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 | 860 | 817 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,370 | 7,704 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,375 | 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 | 711 | 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 | 5,187 | 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 | 1,347 | 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 | 130 | 144 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 251 | 212 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 251 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 16,596 | $ 17,626 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,398 | 11,887 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,461 | 3,956 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,215 | 1,237 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 522 | 546 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,433 | 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 | 11,373 | 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 | 1,455 | 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 | 137 | 132 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 468 | 490 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,163 | 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 | 25 | 63 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,006 | 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 | 1,078 | 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 | $ 54 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 11,112 | $ 5,742 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,822 | 2,206 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,625 | 3,119 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 546 | 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 | 116 | 90 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,447 | 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 | 7,527 | 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 | 1,611 | 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 | 306 | 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 | 1,549 | 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 | 295 | 172 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,014 | 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 | 240 | 192 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 116 | 90 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 116 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 241,635 | $ 232,381 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 224,919 | 215,063 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,481 | 10,693 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,392 | 1,270 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,843 | 5,355 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 240,565 | 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 | 224,206 | 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 | 10,350 | 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 | 1,276 | 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 | 4,733 | 5,238 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,070 | 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 | 713 | 887 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 131 | 291 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 116 | 129 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 110 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 193,824 | $ 200,095 |
Items not subject to impairment | 8,603 | 8,560 |
Gross carrying amount of financial assets | 202,427 | 208,655 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 51,235 | 51,326 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 132,154 | 139,009 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,728 | 7,525 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,707 | 2,235 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 170,280 | 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 | 50,970 | 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 | 111,018 | 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 | 8,292 | 7,093 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 21,837 | 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 | 265 | 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 | 21,136 | 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 | 436 | 432 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,707 | 2,235 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1,707 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 358,755 | $ 361,027 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 238,555 | 243,266 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 116,781 | 113,843 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,419 | 3,918 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 347,349 | 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 | 238,391 | 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 | 105,539 | 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 | 3,419 | 3,918 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,406 | 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 | 164 | 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 | $ 11,242 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 1,608 | $ 1,729 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,165 | 1,142 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 443 | 587 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,440 | 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 | 1,007 | 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 | 433 | 574 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 168 | 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 | 158 | 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 | $ 10 | $ 13 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Demand | $ 541,715 | $ 510,719 |
Notice | 82,233 | 79,302 |
Term | 409,375 | 421,864 |
Total deposits | 1,033,323 | 1,011,885 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 194,114 | 182,745 |
Notice | 62,462 | 61,761 |
Term | 91,538 | 98,546 |
Total deposits | 348,114 | 343,052 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 333,729 | 315,472 |
Notice | 19,085 | 16,585 |
Term | 291,469 | 292,254 |
Total deposits | 644,283 | 624,311 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 13,872 | 12,502 |
Notice | 686 | 956 |
Term | 26,368 | 31,064 |
Total deposits | 40,926 | 44,522 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 541,715 | 510,719 |
Notice | 82,233 | 79,302 |
Term | 409,375 | 421,864 |
Total deposits | 1,033,323 | 1,011,885 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 139,665 | 123,402 |
Notice | 7,871 | 7,390 |
Term | 518 | 368 |
Total deposits | 148,054 | 131,160 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 300,002 | 287,046 |
Notice | 19,698 | 19,036 |
Term | 288,866 | 310,492 |
Total deposits | 608,566 | 616,574 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 46,606 | 43,831 |
Total deposits | 46,606 | 43,831 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 6,605 | 7,190 |
Notice | 53,856 | 52,046 |
Term | 72,017 | 57,037 |
Total deposits | 132,478 | 116,273 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 447 | 654 |
Total deposits | 447 | 654 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 34,740 | 33,810 |
Notice | 808 | 830 |
Term | 36,390 | 37,250 |
Total deposits | 71,938 | 71,890 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,143 | 7,372 |
Total deposits | 7,143 | 7,372 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 6,507 | 7,414 |
Term | 11,584 | 16,717 |
Total deposits | $ 18,091 | $ 24,131 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Total deposits | $ 1,033,323 | $ 1,011,885 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 355,000 | 347,500 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 30,500 | 31,900 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 41,800 | 46,600 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 28,100 | $ 33,400 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 409,375 | $ 421,864 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 378,000 | 388,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 129,516 | 123,290 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 49,929 | 65,782 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 86,826 | 80,737 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 32,304 | 34,400 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 35,986 | 42,907 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 25,332 | 21,136 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 21,179 | 22,885 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 28,303 | $ 30,727 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of pension and other post employment plan [Line Items] | ||||
Total pension and other post-employment benefit expense | $ 4,152 | $ 3,573 | $ 8,440 | $ 7,633 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||||
Disclosure of pension and other post employment plan [Line Items] | ||||
Current service costs | 90 | 91 | 180 | 183 |
Net interest expense (income) | 2 | 5 | 4 | 10 |
Administrative expense | 3 | 5 | 6 | 9 |
Defined benefit pension expense | 95 | 101 | 190 | 202 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||||
Disclosure of pension and other post employment plan [Line Items] | ||||
Defined contribution pension expense | 57 | 55 | 123 | 118 |
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 | 152 | 156 | 313 | 320 |
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 | 12 | 22 | 23 |
Net interest expense (income) | 14 | 15 | 28 | 30 |
Remeasurements of other long term benefits | (11) | 0 | (10) | 4 |
Defined benefit pension expense | 14 | 27 | 40 | 57 |
Total pension and other post-employment benefit expense | $ 14 | $ 27 | $ 40 | $ 57 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Defined benefit pension plans [member] | ||||
Actuarial (gains) losses: | ||||
Changes in financial assumptions | $ (1,380) | $ (1,009) | $ (1,392) | $ 38 |
Return on plan assets (excluding interest based on discount rate) | 227 | 484 | (797) | (23) |
Total remeasurements of employee benefit plans | (1,153) | (525) | (2,189) | 15 |
Other post employment benefit [member] | ||||
Actuarial (gains) losses: | ||||
Changes in financial assumptions | (113) | (95) | (135) | 1 |
Experience adjustments | (3) | (2) | (3) | (2) |
Total remeasurements of employee benefit plans | $ (116) | $ (97) | $ (138) | $ (1) |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020USD ($) | |
2015 taxation years [member] | |
Additional details on Income taxes [line items] | |
Tax examinations and assessments amount | $ 298 |
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 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Disclosure of classes of share capital [line items] | |||||||
Issue of share capital | $ 25 | $ 26 | $ 1,308 | $ 44 | |||
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% | 4.00% | |||||
Maturity | February 24, 2081 | ||||||
Borrowings adjustment to interest rate basis | 3.617% | 3.617% | |||||
Borrowings, interest rate basis | 5-year Government of Canada Yield plus 3.617% | ||||||
Maturity Date for Interest Paid Semi annually | Feb. 24, 2026 | ||||||
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 | $ 1,000 | |||||
Subordinated debentures [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Dated subordinated liabilities | $ 1,500 | ||||||
Interest rate | 1.67% | 3.31% | |||||
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 | ||||||
Debentures issuance date | Jan. 28, 2021 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of classes of share capital [line items] | ||||
Issued in connection with share-based compensation plans | $ (2) | $ (2) | $ (4) | |
Purchased for cancellation | $ (87) | $ (814) | ||
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued in connection with share-based compensation plans, shares | 324 | 314 | 820 | 547 |
Purchased for cancellation, shares | (867) | (7,860) | ||
Increase (decrease) in number of ordinary shares issued, shares | 324 | (553) | 820 | (7,313) |
Issued in connection with share-based compensation plans | $ 25 | $ 26 | $ 61 | $ 44 |
Purchased for cancellation | (11) | (97) | ||
Increase (decrease) in equity | $ 25 | $ 15 | $ 61 | $ (53) |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of classes of share capital [line items] | ||||
Book value of shares purchased for cancellation | $ 87 | $ 814 | ||
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Fair value of shares purchased for cancellation | $ 0 | 87 | $ 0 | 814 |
Book value of shares purchased for cancellation | $ 11 | $ 97 | ||
Average cost of shares purchased for cancellation | $ 0 | $ 100.34 | $ 0 | $ 103.62 |
Average book value of shares purchased for cancellation | $ 0 | $ 12.35 | $ 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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Basic earnings per share | ||||
Net income | $ 4,015 | $ 1,481 | $ 7,862 | $ 4,990 |
Dividends on preferred shares and distributions on other equity instruments | (77) | (67) | (136) | (133) |
Net income attributable to non-controlling interests | (1) | 3 | (3) | (2) |
Net income available to common shareholders | $ 3,938 | $ 1,420 | $ 7,725 | $ 4,859 |
Weighted average number of common shares (in thousands) | 1,424,889 | 1,422,754 | 1,424,107 | 1,425,203 |
Basic earnings per share (in dollars) | $ 2.76 | $ 1 | $ 5.42 | $ 3.41 |
Diluted earnings per share | ||||
Net income available to common shareholders | $ 3,938 | $ 1,420 | $ 7,725 | $ 4,859 |
Dilutive impact of exchangeable shares | 3 | 7 | ||
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 3,938 | $ 1,423 | $ 7,725 | $ 4,866 |
Weighted average number of common shares (in thousands) | 1,424,889 | 1,422,754 | 1,424,107 | 1,425,203 |
Stock options | 1,533 | 906 | 1,362 | 1,280 |
Issuable under other share-based compensation plans | 685 | 753 | 714 | 751 |
Exchangeable shares | 3,458 | 0 | 3,234 | |
Average number of diluted common shares (in thousands) | 1,427,107 | 1,427,871 | 1,426,183 | 1,430,468 |
Diluted earnings per share (in dollars) | $ 2.76 | $ 1 | $ 5.42 | $ 3.40 |
Equity attributable to shareholders [member] | ||||
Basic earnings per share | ||||
Net income | $ 4,014 | $ 1,484 | $ 7,859 | $ 4,988 |
Dividends on preferred shares and distributions on other equity instruments | $ (76) | $ (64) | $ (134) | $ (129) |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings per share [line items] | ||||
Outstanding options excluded from calculation of diluted earnings per share | 0 | 2,941,928 | 0 | 1,584,011 |
Average exercise price | $ 101.06 | $ 103.55 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 4,854 | $ 5,465 | $ 9,889 | $ 10,686 | |
Non-interest income | 6,764 | 4,868 | 14,672 | 12,483 | |
Total revenue | 11,618 | 10,333 | 24,561 | 23,169 | |
Provision for credit losses | (96) | 2,830 | 14 | 3,249 | |
Insurance policyholder benefits, claims and acquisition expense | 149 | (177) | 1,555 | 1,437 | |
Non-interest expense | 6,379 | 5,942 | 12,921 | 12,320 | |
Net income (loss) before income taxes | 5,186 | 1,738 | 10,071 | 6,163 | |
Income taxes (recoveries) | 1,171 | 257 | 2,209 | 1,173 | |
Net income | 4,015 | 1,481 | 7,862 | 4,990 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 636 | 641 | 1,269 | 1,277 | |
Total assets | 1,615,316 | 1,615,316 | $ 1,624,548 | ||
Total liabilities | 1,522,494 | 1,522,494 | 1,537,781 | ||
Operating segments [member] | Personal & Commercial Banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 3,085 | 3,149 | 6,246 | 6,375 | |
Non-interest income | 1,442 | 1,251 | 2,844 | 2,635 | |
Total revenue | 4,527 | 4,400 | 9,090 | 9,010 | |
Provision for credit losses | 35 | 1,706 | 200 | 2,048 | |
Non-interest expense | 1,915 | 1,947 | 3,893 | 3,931 | |
Net income (loss) before income taxes | 2,577 | 747 | 4,997 | 3,031 | |
Income taxes (recoveries) | 669 | 215 | 1,296 | 813 | |
Net income | 1,908 | 532 | 3,701 | 2,218 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 229 | 223 | 453 | 457 | |
Total assets | 523,063 | 523,063 | 509,679 | ||
Total liabilities | 522,979 | 522,979 | 509,682 | ||
Operating segments [member] | Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 666 | 737 | 1,332 | 1,475 | |
Non-interest income | 2,728 | 2,085 | 5,449 | 4,513 | |
Total revenue | 3,394 | 2,822 | 6,781 | 5,988 | |
Provision for credit losses | (2) | 91 | (31) | 89 | |
Non-interest expense | 2,495 | 2,169 | 5,058 | 4,539 | |
Net income (loss) before income taxes | 901 | 562 | 1,754 | 1,360 | |
Income taxes (recoveries) | 210 | 138 | 414 | 313 | |
Net income | 691 | 424 | 1,340 | 1,047 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 218 | 223 | 438 | 433 | |
Total assets | 133,488 | 133,488 | 129,706 | ||
Total liabilities | 133,468 | 133,468 | 129,673 | ||
Operating segments [member] | Insurance [member] | |||||
Disclosure of operating segments [line items] | |||||
Non-interest income | 536 | 197 | 2,345 | 2,191 | |
Total revenue | 536 | 197 | 2,345 | 2,191 | |
Provision for credit losses | 1 | 1 | |||
Insurance policyholder benefits, claims and acquisition expense | 149 | (177) | 1,555 | 1,437 | |
Non-interest expense | 140 | 148 | 289 | 301 | |
Net income (loss) before income taxes | 247 | 225 | 501 | 452 | |
Income taxes (recoveries) | 60 | 45 | 113 | 91 | |
Net income | 187 | 180 | 388 | 361 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 15 | 14 | 29 | 29 | |
Total assets | 21,011 | 21,011 | 21,253 | ||
Total liabilities | 21,263 | 21,263 | 21,311 | ||
Operating segments [member] | Investor & Treasury Services [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 87 | 74 | 178 | 132 | |
Non-interest income | 447 | 635 | 921 | 1,174 | |
Total revenue | 534 | 709 | 1,099 | 1,306 | |
Provision for credit losses | (2) | 14 | (4) | 14 | |
Non-interest expense | 375 | 392 | 776 | 794 | |
Net income (loss) before income taxes | 161 | 303 | 327 | 498 | |
Income taxes (recoveries) | 41 | 77 | 84 | 129 | |
Net income | 120 | 226 | 243 | 369 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 47 | 54 | 96 | 104 | |
Total assets | 217,607 | 217,607 | 230,695 | ||
Total liabilities | 217,519 | 217,519 | 230,618 | ||
Operating segments [member] | Capital Markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,121 | 1,456 | 2,320 | 2,617 | |
Non-interest income | 1,597 | 857 | 3,106 | 2,244 | |
Total revenue | 2,718 | 2,313 | 5,426 | 4,861 | |
Provision for credit losses | (127) | 1,017 | (150) | 1,096 | |
Non-interest expense | 1,468 | 1,291 | 2,909 | 2,726 | |
Net income (loss) before income taxes | 1,377 | 5 | 2,667 | 1,039 | |
Income taxes (recoveries) | 306 | (100) | 529 | 52 | |
Net income | 1,071 | 105 | 2,138 | 987 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 126 | 127 | 251 | 254 | |
Total assets | 669,157 | 669,157 | 688,054 | ||
Total liabilities | 668,854 | 668,854 | 688,314 | ||
Unallocated amounts [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | (105) | 49 | (187) | 87 | |
Non-interest income | 14 | (157) | 7 | (274) | |
Total revenue | (91) | (108) | (180) | (187) | |
Provision for credit losses | 1 | (1) | 1 | ||
Non-interest expense | (14) | (5) | (4) | 29 | |
Net income (loss) before income taxes | (77) | (104) | (175) | (217) | |
Income taxes (recoveries) | (115) | (118) | (227) | (225) | |
Net income | 38 | $ 14 | 52 | $ 8 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 1 | 2 | |||
Total assets | 50,990 | 50,990 | 45,161 | ||
Total liabilities | $ (41,589) | $ (41,589) | $ (41,817) |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Capital | ||
CET1 capital | $ 70,970 | $ 68,082 |
Tier 1 capital | 78,139 | 74,005 |
Total capital | 87,636 | 84,928 |
Risk-weighted assets (RWA) used in calculation of capital ratios | ||
Credit risk | 452,857 | 448,821 |
Market risk | 30,617 | 27,374 |
Operational risk | 72,133 | 70,047 |
Total RWA | $ 555,607 | $ 546,242 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 12.80% | 12.50% |
Tier 1 capital ratio | 14.10% | 13.50% |
Total capital ratio | 15.80% | 15.50% |
Leverage ratio | 5.00% | 4.80% |
Leverage ratio exposure (billions) | $ 1,576.3 | $ 1,552.9 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - Series BK Preferred Shares [Member] - Non Adjusting Event After Reporting Date [Member] $ / shares in Units, $ in Millions | May 24, 2021CAD ($)$ / shares |
Disclosure of non-adjusting events after reporting period [line items] | |
Preferred shares latest redemption date | May 24, 2021 |
Term of limited recourse capital note preferred shares held in trust | 5 years |
Redemption value of preferred shares | $ | $ 29 |
Redemption price per share | $ / shares | $ 25 |